Chap. 42.—An ACT to incorporate the Holston Iron and Steel Com-
pany.

Approved January 26, 1882.

1. Be it enacted by the general assembly of Virginia, That
John Leisenmng, E. K. Hyndman, Samuel Thomas, Robert
H. Sayre, John Fritz, Samuel Dickson, John 8. Wentz, M.S.
Kemmerer, Edward B. Leisenring, George W. Miller, George
S. Wentz, Daniel Bertsch, John C. Bullitt, and A. W. Leisen-
ring, or such of them as may accept the provisions of this
act, their associates and successors, be and they are hereby
incorporated and made a body politic and corporate, under
the name and style of The Holston Iron and Steel Company,
and by that name shall be known in law, and shall have per-
fetual succession, and have power to sue and be sued, plead
and be impleaded, defend and be defended, in all courts, whe-
ther in law or in equity, and may make and have a common
seal,and alter or renew the same at pleasure, and shall bave,
enjov, and exercise all the rights, powers, and privileges per-
taining to corporate bodies and necessary for the purposes of
this act, and make by-laws, rules, and’ regulations consistent
with the existing laws of the state, for the government of
all under its authority, the management of its estate and
properties, and the due and orderly conduct of its affairs.

2. The capital stock of the said company shall not be less
than fitty thousand dollars, and may be increased to any
amount not exceeding two and a half million dollars, by
issue and sale of shares, the par value of which shall not be
less than fifty dollars, from time to time, under such regula-
tions as the board of directors of said company shall, from
time to time, prescribe; and the directors may receive real
or personal property suited to the business of the company,
in payment for subscriptions to the capital stock at such val-
uation as may be agreed upon between the directors and the
subscribers.

3. The said company is authorized and empowered to pur-
chase, hold, own, lease, and control, in any manner, such real
estute in the counties of Washington, Scott, Lee, and Wise,
inthe state of Virginia, as may be necessary for the pur-
poses of its business, and from time to time to manufacture
iron and steel, and other metals and articles composed wholly
or partly of iron and steel, and to sell and dispose of the
same, and to erect blast furnaces, rolling mills, forges, mills,
machinery, fixtures, buildings, and the necessary appurte-
nances, required in the conduct of their business, and to
make, lease, or contract for these or any of these purposes;
and the said company shall have the right, from time to
time, to purchase, lease, hold, and convey iron ore and lime-
stone lands, rights, and interests in lands, situate in any
county in the state of Virginia or elsewhere, and to mine
iron ore or other minerals therefrom, to prepare the same for
market, and transport and sell the same; and the said com-
pany shall also bave the right to buy, store, sell, and deal in
goods, wares, and merchandise, upon such terms and in such
manner as the board of directors may deem expedient.

4. The nine persons first named in this act shall constitute

_the first board of directors of the said company, and shall

)

continue in office until the first meeting of the stockholders
thereof. At such first mecting, and at every annual meet-
ing, so many directors shall be elected as may be prescribed
by the by-laws and regulations of said company, who may
be removed by the stockholders in general meeting; but,

unless so removed, shall continue in office until their succes-

sors shall be elected and qualified. Hach stockholder in the
company shall, at all meetings or elections thereafter, be
entitled to one vote for cach share of stock registered in his
name.

5. The board of directors shall be stockholders of said

“company. They shall appoint one of their number presi-

dent, and may fill any vacancy that may occur in said board,
unless by removal, in which case the same shall be filled by
the stockholders in general meeting. Whenever the mini-

"mum amount of capital stock herein named shall have been

subscribed, and the board of directors shall have elected a
president, said company shall be considered legally organ-
ized, and may proceed to the transaction of business. he
board shall appoint, to bold during its pleasure, the subordi-
nate officers and agents of the said company, prescribe their
compensations, and take from them such bonds, with such
security as they may deem fit.

6. The board of directors may establish offices and agen-
cies at such places as they may decm proper: but the princi-
pal office of the company shall be located at some point
within the limits of the state of Virginia.

7. The annual meeting of the stockholders of the said
company shall be held at Alexandria, in Alexandria counLly,
Virginia, on the first Wednesday of February of each year,
or as soon thereafter as practicable, and on such other day,
and at such other place, as the stockhulders may, by resolu.
tion adopt in any annual meeting, to take effect at the next
annual meeting, prescribe. A general meeting of the stock-
holders of said company may be held at any time, as provided
for by the tenth section of chapter fifty-seven of the Code of
Virginia, edition of cighteen hundred and seventy-three.

8. The said company shall issue certificates of stock in said
company to the subscribers therefor, in shares of not less
than fifty dollars each, signed by the president and counter-
signed by the secretary of said company. The said certifi- p
cates shall be transferable only upon the books of the com- 5
pany, by the said subscribers, their personal representatives,
or duly authorized agent or attorney; and the said certifi-
cates. where so transferred as aforesaid, may be returned to
the said company and cancelled, and new certificates of stock
shall be issued in lieu thereof to the person entitled thereto
for a like number of shares.

9. It shall be lawful for said company to issue and sell its 4
bonds, from time to time, for such sums and on such terms as }
its board of directors may deem expedient and proper in the
prosecution of any of its works; and may secure the pay-
ment ot said bonds by mortgages or deeds of trust upon all
or any portion of its property and franchises, including its
franchise to be a corporation; and it shall be lawful tor said 4
company to subscribe to and hold shares in the capital stock §
of any railroad company, or other corporation, whenever the i
board of directors of the Holston iron and steel company ©
shall deem it to its interest so to do.

10. No stockholder in said company shall ever be held»
liable or made responsible for its debts and liabilities in a ¢
larger or further sum than the amount of any unpaid balance a
due to the said company for stock subscribed for by said °
stock bolder.

11. Whenever this corporation shall exercise any of the 1
privileges conferred by this act. it shall be liable to the same ©
taxes as may be imposed by law upon other like corporations
or persons exercising like privileges.

12. This act shall be in force from its passage, but the gen- c
eral assembly of the state of Virginia reserves to itself the
night to modify, alter, or repeal this act at any time here-
after.

Chap. 42.—An ACT to authorize the trustees of Atlantic school dis-
trict, in the county of Accomac, to take charge of and invest in a
school-house the Piper charity fund, and sell and convey old school.
house, if necessary.

Approved Aprll 14, 1882.

1. Be it enacted by the general assembly of Virginia, Tha
the school trustees for the district of Atlantic, in the county
of Accomac, be and they are hereby authorized to draw anc
receipt for the Piper charity fund, now in the custody ane
control of the circuit court of said county of Accomac, an:
that they, the said trustees, are authorized and directed t
use the said fund for the purpose of crecting a school-hous
in the village of Horntown, to be used for public school pur
poses. And they, the said trustees, are authorized to sell an
convey the old school-house and lot upon which the same i
situated, if necessary.

2. This act shall be in force from its passage.
Chap. 42.—An ACT to incorporate the Holston Iron and Steel Com-
pany.

Approved January 26, 1882.

1. Be it enacted by the general assembly of Virginia, That
John Leisenmng, E. K. Hyndman, Samuel Thomas, Robert
H. Sayre, John Fritz, Samuel Dickson, John 8. Wentz, M.S.
Kemmerer, Edward B. Leisenring, George W. Miller, George
S. Wentz, Daniel Bertsch, John C. Bullitt, and A. W. Leisen-
ring, or such of them as may accept the provisions of this
act, their associates and successors, be and they are hereby
incorporated and made a body politic and corporate, under
the name and style of The Holston Iron and Steel Company,
and by that name shall be known in law, and shall have per-
fetual succession, and have power to sue and be sued, plead
and be impleaded, defend and be defended, in all courts, whe-
ther in law or in equity, and may make and have a common
seal,and alter or renew the same at pleasure, and shall bave,
enjov, and exercise all the rights, powers, and privileges per-
taining to corporate bodies and necessary for the purposes of
this act, and make by-laws, rules, and’ regulations consistent
with the existing laws of the state, for the government of
all under its authority, the management of its estate and
properties, and the due and orderly conduct of its affairs.

2. The capital stock of the said company shall not be less
than fitty thousand dollars, and may be increased to any
amount not exceeding two and a half million dollars, by
issue and sale of shares, the par value of which shall not be
less than fifty dollars, from time to time, under such regula-
tions as the board of directors of said company shall, from
time to time, prescribe; and the directors may receive real
or personal property suited to the business of the company,
in payment for subscriptions to the capital stock at such val-
uation as may be agreed upon between the directors and the
subscribers.

3. The said company is authorized and empowered to pur-
chase, hold, own, lease, and control, in any manner, such real
estute in the counties of Washington, Scott, Lee, and Wise,
inthe state of Virginia, as may be necessary for the pur-
poses of its business, and from time to time to manufacture
iron and steel, and other metals and articles composed wholly
or partly of iron and steel, and to sell and dispose of the
same, and to erect blast furnaces, rolling mills, forges, mills,
machinery, fixtures, buildings, and the necessary appurte-
nances, required in the conduct of their business, and to
make, lease, or contract for these or any of these purposes;
and the said company shall have the right, from time to
time, to purchase, lease, hold, and convey iron ore and lime-
stone lands, rights, and interests in lands, situate in any
county in the state of Virginia or elsewhere, and to mine
iron ore or other minerals therefrom, to prepare the same for
market, and transport and sell the same; and the said com-
pany shall also bave the right to buy, store, sell, and deal in
goods, wares, and merchandise, upon such terms and in such
manner as the board of directors may deem expedient.

4. The nine persons first named in this act shall constitute

_the first board of directors of the said company, and shall

)

continue in office until the first meeting of the stockholders
thereof. At such first mecting, and at every annual meet-
ing, so many directors shall be elected as may be prescribed
by the by-laws and regulations of said company, who may
be removed by the stockholders in general meeting; but,

unless so removed, shall continue in office until their succes-

sors shall be elected and qualified. Hach stockholder in the
company shall, at all meetings or elections thereafter, be
entitled to one vote for cach share of stock registered in his
name.

5. The board of directors shall be stockholders of said

“company. They shall appoint one of their number presi-

dent, and may fill any vacancy that may occur in said board,
unless by removal, in which case the same shall be filled by
the stockholders in general meeting. Whenever the mini-

"mum amount of capital stock herein named shall have been

subscribed, and the board of directors shall have elected a
president, said company shall be considered legally organ-
ized, and may proceed to the transaction of business. he
board shall appoint, to bold during its pleasure, the subordi-
nate officers and agents of the said company, prescribe their
compensations, and take from them such bonds, with such
security as they may deem fit.

6. The board of directors may establish offices and agen-
cies at such places as they may decm proper: but the princi-
pal office of the company shall be located at some point
within the limits of the state of Virginia.

7. The annual meeting of the stockholders of the said
company shall be held at Alexandria, in Alexandria counLly,
Virginia, on the first Wednesday of February of each year,
or as soon thereafter as practicable, and on such other day,
and at such other place, as the stockhulders may, by resolu.
tion adopt in any annual meeting, to take effect at the next
annual meeting, prescribe. A general meeting of the stock-
holders of said company may be held at any time, as provided
for by the tenth section of chapter fifty-seven of the Code of
Virginia, edition of cighteen hundred and seventy-three.

8. The said company shall issue certificates of stock in said
company to the subscribers therefor, in shares of not less
than fifty dollars each, signed by the president and counter-
signed by the secretary of said company. The said certifi- p
cates shall be transferable only upon the books of the com- 5
pany, by the said subscribers, their personal representatives,
or duly authorized agent or attorney; and the said certifi-
cates. where so transferred as aforesaid, may be returned to
the said company and cancelled, and new certificates of stock
shall be issued in lieu thereof to the person entitled thereto
for a like number of shares.

9. It shall be lawful for said company to issue and sell its 4
bonds, from time to time, for such sums and on such terms as }
its board of directors may deem expedient and proper in the
prosecution of any of its works; and may secure the pay-
ment ot said bonds by mortgages or deeds of trust upon all
or any portion of its property and franchises, including its
franchise to be a corporation; and it shall be lawful tor said 4
company to subscribe to and hold shares in the capital stock §
of any railroad company, or other corporation, whenever the i
board of directors of the Holston iron and steel company ©
shall deem it to its interest so to do.

10. No stockholder in said company shall ever be held»
liable or made responsible for its debts and liabilities in a ¢
larger or further sum than the amount of any unpaid balance a
due to the said company for stock subscribed for by said °
stock bolder.

11. Whenever this corporation shall exercise any of the 1
privileges conferred by this act. it shall be liable to the same ©
taxes as may be imposed by law upon other like corporations
or persons exercising like privileges.

12. This act shall be in force from its passage, but the gen- c
eral assembly of the state of Virginia reserves to itself the
night to modify, alter, or repeal this act at any time here-
after.

Chap. 42.—An ACT to authorize the trustees of Atlantic school dis-
trict, in the county of Accomac, to take charge of and invest in a
school-house the Piper charity fund, and sell and convey old school.
house, if necessary.

Approved Aprll 14, 1882.

1. Be it enacted by the general assembly of Virginia, Tha
the school trustees for the district of Atlantic, in the county
of Accomac, be and they are hereby authorized to draw anc
receipt for the Piper charity fund, now in the custody ane
control of the circuit court of said county of Accomac, an:
that they, the said trustees, are authorized and directed t
use the said fund for the purpose of crecting a school-hous
in the village of Horntown, to be used for public school pur
poses. And they, the said trustees, are authorized to sell an
convey the old school-house and lot upon which the same i
situated, if necessary.

2. This act shall be in force from its passage.