Chap. 327.—An ACT to amend and re-enact sections 2, 3, 4, 5, 7 and
9, of an act entitled an act to incorporate the Powell’s Fort mining
company, approved March 4, 1878.

Approved March 1, 1886.

1. Be it enacted by the general assembly of Virginia, That
sections two, three, four, five, seven and nine, of an act entitled
an act to incorporate the Powell’s Fort Mining company, ap-
proved March fourth, eighteen hundred and seventy-eight, be
and the same are hereby amended and re-enacted, to read as
follows: |

§ 2. That the capital stock of said company shall be two hun-
dred thousand dollars, which may be increased at one time, or
from time to time, but shall not exceed one million of dollars,
to be divided into shares of the par value of twenty-five dol-
lars each.

$3. That said company shall have the right to acquire, hold,
use, possess and enjoy, by purchase, gift, devise, trust, or other
legal means, estate, real, personal and mixed, and the same
may sell, alien, grant, lease and convey, so that the lands held
by them in fee, shall not exceed at any one time twenty thou-
sand acres in any one county; and the company shall have
power to make and use a common seal, and the same to change
at will, and to have all such other powers, rights and privileges
as are necessary and proper for them to have and possess as an
incorporated company, subject to the restrictions in the first
section of this act. ,

§ 4. That said company shall have power to operate and work
in the counties of Shenandoah, Warren, Page, Rockingham,
Augusta, Rockbridge and Amherst; and that any of the cor-
porators may put into the capital stock of said company any
of the lands owned by them in any county, to be held in fee
simple or by lease, by said company.

§ 5. That said company may, for the purpose of transporting
the production of their mines or manufactures, construct, main-
tain and operate rail or tramways, turnpikes and macadamized
roads, from their mines or any of them, in the counties of
Shenandoah, Warren, Page, Rockingham, Augusta, Rock-
bridge, and Amherst counties to such points as said company
may desire; and to acquire the right of way by gift, purchase,
lease, or condemnation, as provided by law.

§ 7. That said company shall be authorized and empowered
to borrow money, not exceeding one million of dollars, and to
secure the money so borrowed, the said company is hereby
authorized to issue coupon or registered bonds in such sums
as the directors thereof may deem best; and to secure the
payment of the moneys so borrowed, the president and direct-
ors of said company are hereby authorized and empowered to
execute a lien on any portion, or all of the property, rights,
and franchises of said company existing at the time of the
execution of such lien, and which may thereafter be acquired
by said company, and said company may sell bonds at less
than par, and at such rates of interest as may be agreed
upon.

§ 9. That the shares of said company shall be deemed per-
sonal property, and assignable as such on the books of said
company under such rules and regulations as may be prescribed
by the directors, who shall have power to increase the capital
stock of said company, so that it shall not exceed one million
of dollars as aforesaid. All taxes due the state or to become
due by said company shall be paid in lawful currency of the
United States, and not in coupons.

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