Chap. 108.—An ACT to incorporate the Spotsylvania Mining and Man-

nfantumnae pAmnany
Powell, W. P. T. Nelson, Wm. L. Day, J. Horace Lacy, Thomas
H. Lumsden, George Mason, C. L. Stranghan, Robert Jerrell
and Wm. S. Grymes, of Virginia, or any three of them, and
such other persons as may be associated with them, and their
successors, are hereby created a body, politic and corporate,
by the name of the Spotsylvania mining and manufacturin
company, and as such shall have all the rights, franchises an
immunities applicable to such a corporation under the laws
of Virginia.

2. The capital stock of the company shall not be less than
twenty thousand dollars, and may be increased by the com-
pany’s directors to one million dollars, and the.same shall be
divided into shares of one hundred dollars each.

3. Any three or more of the incorporators may act as
commissioners to receive subscriptions to the capital stock of
the company; said commissioners to be chosen by a majority
of the corporators present at their first meeting, not less than
three being present. Such subscriptions may be received and
paid in money or lands, mines, mineral rights, metals, leases,
options, material, labor, machinery, lumber, timber and bonds,
and stocks of other corporations, at a valuation in each case
to be agreed on between the commissioners or the company,
and those respectively, making the subscriptions. But on all
subscriptions, whether in money or other thing, two per cen-
tum in money shall be paid to the commissioners at times of
subscriptions.

4, The company shall have the right to mine all mineral
ores, buy, sell and transport same and manufacture same. It
shall have the right to cut and manufacture lumber for any
and all uses, and engage in any and all manufactures for which
said ores and lumber may furnish the crude materials. It
shall have the right to buy, sell, lease, hold, grant, convey,
exchange, mortgage, use and improve its property, real and
persona’, in aid of the mining and manufacturing aforesaid.

ut said company shall not hold in fee-simple more than
twenty-five thousand acres of land at one time.

5. The company shall have the right to build, equip and
operate, or assist other corporations in building, equipping
and operating, tramways or railroads from its works or mines
to connect with established tramways, railroads, water-ways
and rivers. But this company shall build no such roads ex-
ceeding forty miles in length. And this company may sub-
scribe to and hold shares in the capital stock of any corpora-
tion formed for building any such tramways or railroads, or
make loans to or guarantee the obligations of such corpo-
ration.

6. The comp¥ny may issue bonds not exceeding in the total
amount the paid up capital of the company, securing the pay-
ment of the same by trust deeds on its franchises and prop-
erty, real and personal.

7. The principal office of the company shall be in the county
where its main mine or works may be located, but the com-
pany may establish branch offices elsewhere.

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8. No stockholder shall ever be personally responsible or |
liable for any of the debts of the company; but each shall |
be liable to the company for the amounts, respectively, of
their subscriptions of stock until paid up.

9. The acceptance of this charter by any three or more of
said incorporators, or others desiring to become incorporators,
and organizing the company hereby provided for in accord-
ance with the laws of Virginia applicable to such joint stock
companies, shall be deemed an agreed waiver of any and all
rights to pay taxes in interest coupons of Virginia bonds;
but shall be in effect an agreement to pay the same in lawful '
money ot the United States.

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