Chap. 245.—An ACT to amend and re-enact sections one and five of an
act entitled an act to incorporate the Shenandoah Iron, Lumber, Min-
ing and Manufacturing Company, approved June 30, 1870.

Approved March 3, 1884.

1. Be it enacted by the general assembly of Virginia, That
sections one and five of an act approved June thirtieth, elgh-
teen hundred and seventy, entitled an act to incorporate the
Shenandoah iron, lumber, mining, and manufacturing com-
pany, be amended and re-enacted 80 as to read as follows:

§1. That William Milnes, John Fields, Thomas Johns, and
William Milnes, Junior, and their associates, successors, and
assiens, be and they are hereby constituted a body politic and
corporate under the name, style, and title of The Shenandoah
Iron Company, with a capital stock of one million dollars,
with the privilege of increasing the same from time to time,
to any amount not exceeding three millions of dollars, to be
divided into shares of one hundred dollars each; and by that
name shall have perpetual succession, and be capable i in law of
receiving, holding, and conveying such real and personal
property as may “be necessary for “the object of this corpora-
tion; and ‘may sue and be sued, plead and be impleaded in all
courts of law and equity, and may have a common seal which
they shall have power to alter and renew at pleasure; and
may receive, execute, and deliver all such instruments of
writing and do such acts and things necessary to promote the
objects, interests, and designs of said company as are author-
ized by this act, namely: trom time to time to open and mine
iron ore and any other minerals in the lands belonging to the
said company, situated in the counties of Page, Rockingham,
and Warren, and to manufacture, sell, and dispose of the same;
and to cut and manufacture any timber that may be on the
lands of said company, and to sell and dispose of the same, or
to make lease or leases for mining, selling, and manufacturing
the same; to make and construct railroads not exceeding
twenty miles in len gth, with branches not exceeding ten miles
in length, for their purposes. And the said company shall
have the right to enter upon and pass over adjacent or adjoin-
ing lands in the construction of said roads and branches, the
consent of the owners thereof having been first obtained or
by condemnation of the same inthe mode prescribed by chap-
ter fifty-six of the Code of Virginia of eighteen hundred and
seventy-three, and charge toll thereon. The said company
shall have power generally to do and perform all things per-
taining to the leasing, mining, manufacturing, and preparing
for market, and to selling and disposing of the minerals, tim-
ber, and lumber manufactured or otherwise, on said lands,
with full power, also, to sell or mortgage the said lands with
improvements thereon, or any part thereof and to make pur-
chases of any other tract or tracts of land in the counties of
Page, Rockingham, and Warren, and elsewhere in this state
not. exceeding one hundred thousand acres.

§ 5. That the said company may make sale of shares of its
capital stuck at such rates ag may be deemed most advan-
tagcous to the interests of the said company by its board of
directors. The said company may borrow money and create
indebtedness in such way and manner as the board of direc-
tors shall prescribe, and may issue stock, coupon bonds,
receipt certificates, and other evidences of indebtedness as
they may deem proper in payment and exchange, and in pay-
ment of evidences of like values, properties, personal and real,
material, labor, services and otherwise, as the board of direc-
tors may deem necessary for the management of the business
of the same, and to issue the securities in such form and man-
ner, and payable in such place or places as they may deem
proper, and at any rate of interest, not exceeding twelve per
centum per annum, and by and with such stock, bonds, cer-
tificutes, and other evidences of indebtedness, may purchase
and hold all such personal and other property as may be
necessary or convenient for the prosecution of their business,
and to sell and dispose of the property, bo&&h real and per-
sonal, of said company. Subscriptions to the capital stock
may be made payable in money, or in real and personal
property appropriate to the business contemplated by this
act, at a fair valuation to be fixed upon by a majority in the
interest of its stockholders at the time of such purchase, and
such purchase may include the real and personal estate,
leases, and contracts of said company.

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