Chap. 132.—An ACT to incorporate the Round Mountain mining and
manufacturing company.

Approved May 5, 1887

1. Be it enacted by the general assembly of Virginia, That
C. G. Holland. J. D. Blair, A. S. Buford, Harman Newberry,
Joseph Stras, George W. Gillespie J. Willeox Brown, 8S. W.
Williams, W. FE. Peery, H. C. Alderson, James H. Young,
Robert L. Harrison, A. D. Shepard, or any seven of them,
their associates and BUCCOSROTS, be and they are hereby incor-
porated and made a body politic and corporate, under the
name and style of the Round Mountain mining and manutac-
turing 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 Jaw or in equity; and may have a
common seal, and alter or renew the samo 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, and rules and
regulations consistent with the existing laws of the State,
for the government of all under its authority, the manage-
ment of’ its estate and properties, and the due and orderly con-
duct 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 three nillion dollars, by issue and sale
of shares, the par value of which shall not be less than one
hundred dollars. 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 prop-
erty, suited to the business of the company, in payment for
stock of’ the company, at such valuations as may be agreed
upon between the directors and subscribers,

3. The said company is authorized and empowered to mine
coal. iron ore, or other minerals, to prepare the products
thereof for market; to make coke and transport and sell the
same: to manufacture wood, Jumber, iron and steel and other
metals, and articles composed wholly or partly of iron and steel
and other metals or materials; 10 bore for salt, oil. and gas, and
manufacture the same, and to sell and dispose of the same;
and to crect. blast furnaces, rolling mills, forges, machinery,
fixtures, and other buildings. and the necessary appliances
and appurtenances required in the conduct of their business:
and to make, lease, or contract for these or any of these pur-
poses. And the said company shall have the nicht from
time to time to purchase, lease, hold and control in any
manner, grant, bargain, sell and convey iron ore, mineral and
limestone and other lan: Is, and rights and interest in lands,
situate in the counties of Giles, Bland, Wythe, Carroll, Taze-
well, and Buchanan in the State of Virginia, not exceeding,
however, fifty thousand acres of land in any one county. And
the said company shall have similar rights In the counties of
Botetourt, Smyth, Wise, Dickenson, and Russell: provided
in the last-named counties, they shall have no rights or inter-
est in lands in excess of twenty thousand acres.

4. Any seven of the persons named in this act, or such of
them as shall accept the provisions thereof. may clect a
board of directors of the said company, until the first meeting’
of the stockholders thereof. At such first meeting, and at
every annual mecting, so many directors shall be elected as
may be prescribed by the by-laws and regulations of said com-
pany, who may be removed by the stockholders in general
meeting, but, unless so removed, shall continue in office until
their successors shall be elected and qualified. Fach stock-
holder in the company shall at all meetings or elections there-
after, be entitled to one vote for cach share of stock regis-
tered in his name.

5. The board of directors shall be stockholders in said
company, and a majority of said board of directors shall be
residents of the State of Virginia. ‘They shall appoint one
of thei 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 stockholders in general meet-
ing. Whenever the minimum amount of capital stock herein
named shall have been subscribed, and the board of direc-
tors shall have elected a president, said company shall be con-
sidered 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 com-
pany, prescribe their compensations, and take from them
such bonds with such security as they may deem fit.

6. The board of directors may establish oftices and agen-
cies at such places as they may deem proper, but the princi-
pal office of the company shall be located at some point
within the limits of the State of Virginia.

7. The annual meeting of the stockholders of the said
company shall be held at ‘such place in Virginia, west of New
river, as the board of directors shall select, on the first Wed-
nesday of May of each year, or as soon thereafter as practi-
eable, and on such other day as the stockholders may, by
resolution adopted in any annual meeting to take effect at
the next annual meeting prescribe. A general meeting 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 cighteen hundred
and seventy-three.

8. The said company shall issue certificates of stock in said
company to the subscribers therefor, in shares of not less
than one hundred dollars each, signed by the president and
countersigned by the secretary of the company. The said
certificates shall be transferable only upon the books of the
company by the said subscribers, their personal representa-
tives, or duly authorized agent or attorney ; and the said certifi-
cates when so transferred as aforesaid, may be returned to
the said company and cancelled, and new certificates of stock
shall be issued in licu thereof to the person entitled thereto for
a like number of shares.

9. It shall be lawful for said company to issue and sell its
bonds from time to time for such sum and on such terms as
its board of directors may deem expedient and proper in the
prosecution of any of its work; and may secure the pay-
ment of said bonds by mortgages or deeds of trust upon all
or any portion of its property or franchises, including its
franchises to be a corporation.

10. No stockholder in said company shall be held Hable or
made responsible for its debts and liabilities ina larger or
further sum than the amount of any unpaid balance due to
the said company for stock subscribed for by said stockholder,
to be discharged in money or other thing according to the
contract of subscription.

11, Whenever this corporation shall exercise any of the
privileges conferred by this act, it shall be liable to the samo
taxes as may be imposed by law upon like corporations or
persons exercising like privileges. And all taxes or demands
due the State of Virginia, shall be paid in lawful money of
the United States and not in coupons.

12. This act shall be in force from its passago, but the
general assembly of the State of Virginia reserves to itself
the right to modify, alter, or repeal this act at any time hero-
after.