Chap. 256.—An ACT to incorporate the Craig Company.
Approved March 4, 1884.

1. Be it enacted by the general assembly of Virginia, That
D. F. Connell, of Portsmouth, Ohio; H. C. Parsons, of Rock-
bridge county: Edward Dillon, of Botetourt county; J. C.
McDonald and Elbert Fowler, of Hinton, West Virginia; F.
J. Chapman, of Roanoke; Joseph R. Anderson, Richmond
city; Samuel Coit, of Hartford, Connecticut; S. B. Fizzard
and H. KE. Parrott, of Dayton, Ohio; W. A. Glasgow, ot Boto-
tout county; James W. Marshall, John A. I. Lee, and Andrew
McCartney, of Craig county; and William N. Palmer, of Rich-
mond city; Henry M. Mathews and Charles C. Lewis, of West
Virginia; and their successors, or such of them as may accept
the provisions of this act, be and they are hereby made a
body corporate and politic under the name and style of the
Craig company; under which name it shall have the right to
sue and be sued, implead and be impleaded in all courts,
whether of law or equity, and shall have perpetual succession,
and may have a corporate seal, and alter and renew the same
at pleasure, and may make by-laws, rules and regulations,
not inconsistent with the laws of this commonwealth, for the
government of all under its authority.

2. The capital stock of said company shall not be less than
fifty thousand dollars, and may be increased from time to
time to any amount not to excecd five millions of dollars, by
the issue and sales of shares upon such terms as the board of
directors may prescribe. The par value of each share shall
be one htindred dollars. The directors may receive real and
personal property, suited to the business of the company in
payment of subscriptions to the capital stock of the com-
pany, at such valuation as may be agreed upon between the
directors and the subscribers. Certificates of stock shall be
issued to the subscribers in shares of one hundred dollars,
signed by the president and seerctary of the company. Said
stock shall be transferable only on the books of the company
by the owners, their personal representatives, agent or attor-
ney, and when so transferred, the certificates shall be can-
celled and new certificates issued in lien thereof, to the per-
son entitled thercto for a like number of shares.

3. The said company is authorized and empowered to pur-
chase, own, hold, lease and control in any manner, sell. grant
and convey real and personal estate: provided that such com-
pany shall not hold any more real estate than is proper for
the purposcs for which it is incorporated, but shall not hold
real estate except in the county of Craig and the counties
adjoining thereto, to mine and dig for iron ores, coal, marble,
stone, slate, and other minerals and metals, and to manufac-
ture iron, steel, coke, fire-brick, glass, and any article com-
posed either wholly or in part of wood, iron, steel, stone,
slate, or any metal or mineral, and may market and sell any
of its products. It may erect furnaces, rolling-mills, forges,
mills, fixtures and appurtenances, and any machinery neces-
sary for the operation of its business, and operate the same.
It may lay pipes, cut canals and erect water-works, build and
operate roads, tramways and railways, and may connect any
of its lands, works or property with its other lands, works or
property by tramways and railways, and may connect them
with any railroad: provided it shall not be authorized to con-
struct any railroad or water line which shall excecd twenty
miles in length, except that such company shall be authorized
to construct, operate and maintain a railroad from any point
on Craig’s creck, in Craig county, to the Richmond and Alle-
ghany railroad, in Botetourt county, and from any point on
said creek to the New river division of the Norfolk and
Western railroad, in the counties of Giles or Pulaski. In
constructing and operating its tramways and railways, it
shall be entitled to the benefit and subject to all the penalties
of the general laws of this state in regard to railroad and
internal improvement companies. It may lay out manufac-
turing sites, streets and alleys, grade streets, erect houses and
gas works, and sell or use the same. It shall have its prin-
cipal office at New Castle, in Craig county, Virginia, or else-
where in the state of Virginia, as the stockholders may in
general meeting direct.

4. It shall be lawful for any railroad company and incor-
porated company to subscribe to the capital stock of said
company, and they may acquire its bonds, full power being
hereby given such companies for that purpose; and it shall
be lawful for any stockholder of said company to hold the
stock of said company in any sum not prohibited by the by-
laws of suid company, and to cast one vote for each share of
stock owned by him.

5. It may issue its bonds and sell the same upon such
terms as the board of directors may prescribe, and may secure
said bonds by deeds of trust or mortgages upon its franchise
and property, or any part of its property.

6. No stockholder shall be held liable or made responsible
for the debts or liabilities of said company in a sum beyond
any balance due from said stockholder to said company on
stock subscribed by said stockholder.

7. The directors of said company shall be stockholders,
and they shall elect one of their number president. Their
number shall be not less than five, and they shall be elected
by the stockholders in their annual meetings. They shall
serve until their successors are elected, and they may fill any
vacancy in their board. For the purpose of organizing said
company, the seven persons first named in this act shall con-
stitute its first board of directors, any three of whom may
act. They may reccive subscriptions to the capital stock at
any time and place without advertising, and when the sum
of fifty thousand dollars or more is subscribed, they shall
convene the stockholders and organize said company, and
certify such organization on the books of the company, and
such certificate, or a copy thereof, when attested by a notary
public, shall be ‘received as evidence of the legal organization
of such company. Butsuch organization shall be had within
one year after the passage of this act.

8. That the said company by the acceptance of this charter
hereby ayrees to pay all taxes, dues and demands due to the
state that may be hereafter ‘assessed against it, in lawful
money of the United States, and not in coupons.

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