Chap. 122,—An ACT to incorporate the Black Mountain Coal and Iron
company.

Approved February 14, 1888.

1. Beit enacted by the general assembly of Virginia, That |
William D. Jones, Henry Hamburg, S. Lawrence French,
John M. Bailey, W. W. James, Senior, Samuel J. James, 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 Black Mountain coal and iron company, and by |
that name shall be known in law, and shall have perpetual
succession, and have power to sue and be sued, plead and be
impleaded, defend and be defended in all courts whether in
law or equity, and may make or have a common seal, and
alter or renew the same at pleasure; and shall have, enjoy,
and exercise all the rights, powers, and privileges pertaining
to corporate bodies | and necessary for the purposes of this
act; and make by-laws, rules, and regulations consistent with
existing laws of the state for the government of all under its
authority, the management of its estates and properties, and
the due and orderly conduct of its affairs.

2. The capital stock of said company shall not be less than
one hundred thousand dollars, and may be increased to any
amount not exceeding five million dollars, by issue and sale
of shares thereof, not less than ten dollars each, from time to
time, under such regulations as the board of directors of said
company shall from time to time prescribe; and the directors
may receive real or personal property in payment for sub-
scription to the capital stock at such valuation as may be
agreed upon between the directors and the subscribers,

3. The said company is authorized and empowered to
urchase, hold, own, lease, and control in any manner, grant,
argain, sell, mortgage, convey, and otherwise dispose of real

and personal property in this state or elsewhere: provided,
that said company shall not hold more than ten thousand
acres in any one county; ang the said company is authorized
and empowered to lay out said lands or any part thereof into
parcels or lots of convenient size, with intervening roads,
lanes, streets, alleys, and develop, work, improve and culti-
vate, or otherwise dispose of the same in such manner and
upon such terms as the said company may think proper; and
may contract for, purchase, hold, construct, operate, and
maintain any work of public or private improvement in this
state or elsewhere, with the right and power of laying out,
constructing, and operating any railroad or railroads or other
road from any of the lands or works of the said company, to
any point on the Norfolk and Western railroad, the South
Atlantic and Ohio railroad, or any other railroad that is now
or may hereafter be constructed in or through the counties
of Lee, Wise, Buchanan, Dickenson, Scott, Russell, Tazewell,
and Washington: provided however, that nothing in this sec-
tion shall be construed as exempting the said company from
the provisions of chapter sixty-one of the Code of eighteen
hundred and seventy-three, if it shall engage in constructing
or operating any work of internal improvement in this state.

4. The said company is authorized and empowered to mine
and quarry coal, iron ore, marble and other mineral substances,
and prepare and manufacture the same for use and sale in all
manner of forms it may adopt; and to manufacture and pre-
pare for market and sale all other raw materials, mineral or
vegetable, produced by its own lands or obtained from others;
and for this purpose may erect and operate all kinds of fur-
naces, mills, manufactories, coke ovens, works and machinery
necessary for the enjoyment of the privileges herein granted,
to the fullest and most ample extent. The said company
shall have power and may manufacture, purchase, sell, ship
and deal in goods, wares and merchandise, and grant certifi-
cates therefor, in such form and under such rules and regula-
tions as the said company may from time to time by by-laws
prescribe; and so transport goods, wares and merchandise,

either by, late or water.
5. The six persons first named in this act, shall constitute
the board of directors of the said company, and shall con-
tinue in office until the first meeting of the stockholders
thereof. At such first meeting, and at every annual meeting,
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
80 removed, shall continue in office until their successors shall
be elected and qualified. Each stockholder in the company -
shall, at all meetings or elections thereafter, be entitled to |
one vote for each share of stock registered in his name.

6. The board of directors shall be stockholders of said com- !
pany. They shall appoint one of their number president, and
may fill any vacancy that may occur in said board, unless by
removal, in which case the same shall be filled by the stock-
holders in general meeting. Whenever the minimum amount
of capital stock herein named shall have been subscribed, and
the board of directors shall have elected a president, said com-
pany shall be considered legally organized, and may proceed
to the transaction of business. The board shall appoint, to |
hold during its pleasure, the subordinate officers and agents '
of the said company, prescribe their compensation and take
from them such bonds, with security, as they may deem fit.

7. The board of directors may establish offices and agencies |
at such places as they may deem proper, but the principal’
office of the company shall be located at some point within
the limits of the state of Virginia.

8. The annual meeting of the stockholders of the said.
company shall be held at Goodson, in Washington county, |
Virginia, on the first Wednesday of May of each year, or
on such other day and at such other place as the stockholders
may, by resolution adopted in any annual meeting, to take
effect at the next annual meeting prescribe. A general meet-
ing of the stockholders of the 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 eighteen hundred
and seventy-three.

9. The said company shall issue certificates of stock in said
company to the subscribers thereof, in shares of not less than
ten dollars each, signed by the president and countersigned
by the secretary of said company. The said certificates shall
be transferable only upon the books of the company by the
said subscribers, their personal representatives or duly au-
thorized agent or attorney; and the said certificates, when so
transferred as aforesaid, may be returned to the said com-
pany and canceled, and new certificates of stock shall be
issued in lieu thereof to the person entitled thereto for a like
number of shares.

10. It shall be lawful for said company to issue and sell its
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 its works; and to secure the payment of
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 for said company
to guarantee the payment of the interest, or principal and
interest, of any bonds or any other evidences of indebtedness
that may be issued by any railroad company or other incor-
porated company, or subscribe to and hold shares in the capi-
tal stock of any such company, whenever the board of direc-
tors of the Bessemer steel and iron company shall deem it to
its interest so to do.

11. Whenever this corporation shall exercise any of the
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. Said tax to be paid in
lawful money, and not in coupons.

12. 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
due to the said company for stock subscribed for by said
stockholder.

13. The charter hereinbefore granted, except as to matters

_herein otherwise specially provided for, is hereby declared to
be subject to the provisions of the general law in regard to
chartered companies and corporations, as expressed in the
Code of Virginia, edition of eighteen hundred and seventy-
three, chapters fifty-six, fifty-seven, fifty-eight, fifty-nine and
sixty-one.

14. This act shall be in force from its passage; but the
general assembly of Virginia reserves to itself the right to
modify, alter or repeal this act at any time hereafter.

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