Chap. 78.—An ACT to incorporate the Virginia Mining and Manufac-
turing company.

Approved February 8, 1888.

1. Be it enacted by the general assembly of Virginia, That
Joseph R. Anderson, A. 8. Buford, Basil B. Gordon, J. Wilcox
Brown, Douglas H. Gordon, J. Pembroke, Thomas De Cour-
sey, W. Thom, Edward Dillon, John D. Ross, C. G. Holland,
P. H. Mayo, John P. Branch, and such persons as may be as-
sociated with them and their successors, are hereby created
and constituted a body politic and corporate by the name
and style of the Virginia mining and manufacturing com-
pany, and by such name shall have perpetual succession;
may contract and be contracted with, sue and be sued, make
and use a common seal and alter the same at pleasure; and
make and maintain such by-laws, rules, and regulations for
the government of said corporation and the conduct of its
business as may be deemed necessary, not to conflict with
the laws or constitution of this state or of the United States.

2. The capital stock of said company shall not be less than
ten thousand dollars, to be divided into shares of fifty dollars
each, and the same may from time to time be increased by
additional subscriptions, or the issue and sale of shares to such
an amount not exceeding two million five hundred thousand
dollars, as the stockholders at any general or special meeting
may authorize or prescribe. The said company may receive
subscriptions to its capital stock or payment for its shares so
issued, in money, land, or other property upon such terms
as shall be agreed or authorized by the board of directors,
and said company may give a preference to a portion of its
capital stock over the residue thereof, as to dividends and the
payment thereof.

3. The corporators herein above named, or any three of
them, may receive subscriptions to the capital stock of said
company, and when the minimum capital of ten thousand
dollars shall have been subscribed, the said subscribers may
organize said company by the election of five directors, of
whom they shall elect one as president, to remain in office
one year, and until their successors are elected, unless sooner
removed by the stockholders. After organization, as afore-
said, the stockholders at any general meeting may change
the number of directors and may provide for the proper gov-
ernment of the corporation by such by-laws as they may
deem fit and proper, as herein above authorized. The board
of directors may appoint, or authorize to be appointed, such
subordinate agents and officers of the company as they may
deem necessary and proper for the proper dispatch of the
business of the company.

4. The said company is hereby authorized to carry on the
business of developing, producing and dealing in iron, coal,
and other ores, metals, and minerals; salt, oil, natural gas,
marble, lumber, and other natural materials; and of mining,

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working, quarrying, smelting, manufacturing, transporting,
and vending the same, and may conduct such business at one
or more points in the counties of Botetourt, Craig, Giles,
Bland, Tazewell, Russell, Dickenson, Wise, Scott, and Lee,
or either of them, and in such other counties of this
or any adjoining state in which the company may
deem it proper to acquire property or establish works for
that purpose; and for these purposes the said company shall
have authority to buy, hold, sell, lease, or otherwise dis- !
pose of any real or personal estate deemed necessary to the ‘
proper prosecution of its business, and may, on any property
so acquired, erect and maintain buildings, machinery, and
structures needful for smelting, manufacturing, and treating
ores, metals, and minerals of whatever kinds, or for the produc-
tion of manufactured products from wood, stone, wool, cotton,
hemp, or other materials, and may operate, lease, sell, or
otherwise dispose of the same; and may, on its own lands,
contiguous or adjacent to any such manufactory or works,
erected or to be erected, survey and lay out lots, squares, or
other divisions of such lands, and improve the same by build-
ings or otherwise, for sale, lease, or other disposition or use;
and may establish such lawful rules and regulations in the
use thereof as the board of directors of said company may
deem best to secure the comfort and welfare of the occupants
and others engaged or interested in any manufactory or
works there established or to be established; and the said
company may, in connection with the use or improvement of
any of its properties, make build, and operate any canals or
water-ways or tramways, or railways, operated by horse or
steam power, any such railway not to exceed in length fifty
miles, and for this purpose, when necessary, may acquire by
contract or condemnation, such lands or other property or
rights of way as may be necessary therefor; proceeding for
such condemnations to be in accordance with chapters fifty-
six and fifty-seven of the Code of Virginia, and the laws
amendatory thereof: provided, that in case of the construc-
tion of any such railway to be operated by steam power, and
the condemnation of land therefor, as above provided, the
said company, in that event, as to such railway, shall be sub-
ject to all the duties, obligations, and restrictions of common
carriers, as prescribed by law.

5. It shall be lawful for said company to 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 any of its works or business, and may secure the payment
of the principal and interest thereof by mortgages or deeds
of trust upon all or any portion of its property, rights, and
franchises, including its franchises to be a corporation; and
it shall be lawful for said company to subscribe to and hold
shares in the capital stock of any railroad company or other
corporation, whenever the board of directors shall deem it to
be its interest to do so. Each stockholder in said com-
pany shall be entitled to one vote for each share held by him,

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and no stockholder shall be held individually liable for the
debts or liabilities of the company in any larger or further
sum than to such amount as may be due and unpaid severally
upon his stock subscription. There shall be no limit, except
as the by-laws of the company may prescribe, upon the num-
ber of shares of stock which any stockholder may hold, and
four-fifths of the capital stock of the company may become
the property of less than five persons, and a majority of the
stock may, for more than six months, be the property of one
person.

6. The acceptance of this charter and organization there-
under, shall be deemed to be a waiver by said company of
any right to pay taxes or dues or assessment hereafter made
from said company to the state of Virginia, in coupons of
this state, and shall be taken as an agreement on the part of
said company to pay all of said taxes, dues, and assessments
in lawful money of the United States.

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