Chap. 252.—An ACT to incorporate the Magnetic mining company.

Approved May 16, 1887.

1. Be it enacted by the general assembly of Virginia, That
George T. Mills, Lee S. Calfee, George W. Palmer, John W.
Robinson, James Early, W. H. Early, D. W. Bolen, B. W.
Dobyns, and John Wilkinson, or such of them as may accept
the provisions of this act, their associates and successors, be
and they are hereby made a body politic under the name and
style of the Magnetic mining company.

2. The capital stock of said company shall not be less than
twenty-five thousand dollars, which may be increased to one
million dollars by issue and sale cf shares, the par value of
which shall not be ‘tess than fifty dollars. Subscriptions to
the capital stock of said company may be received in real or
persona property at such valuation as may be agreed upon

etween the subscribers and the board of directors of said
company.

3. The said company is authorized and empowered to ac-
quire, hold, own, lease, operate, and control such real estate
in the counties of Carroll, Wythe, Pulaski, Floyd, and Gray-
son, in the State of Virginia, as may be necessary for the
purposes of its business, not to exceed twenty-five thousand
acres in any one county, and to manufacture iron, steel, cop-
per, zinc, lead, and other metals and articles, and to erect
furnaces, rolling mills, forges, founderies, machinery, fixtures,
and the necessary appurtenances required in the conduct of
their business, and to lease, hold, purchase, and convey iron,
limestone, and other ores, to prepare the same for market,
and transport and sell the same; and shall have the right to
build tramways and railroads ‘of no greater length than
twenty miles, in order to connect their various mines and
manufactories, and may build railroads of greater length in
order to connect their mines or factories in active operation
with the nearest line of railroad.

4. The persons first named in this act shall constitute the
first board of directors of said company, and shall continue
in office until their successors are elected and qualified. At
the first meeting of the stockholders of said company, and at
every annual meeting thereafter, 80 many directors shall be
elected by the by-laws and regulations of said company, who
in general mecting of said stockholders may be removed; but
unless so removed, shall continue in office until their suc-
cessors are elected and qualified. Each stockholder in said
company shall be entitled to one vote for each share of stock
registered in his name.

5. The board of directors may be stockholders in said com-
pany, and they shall elect one of their number president, and

may fill all vacancies occurring in said board except by re-
moval, in which case the vacancy shall be filled by the stock-
holders in general mecting. Whenever the minimum amount
of stock herein named shall have been subscribed, and the
board of directors shall have elected a president, said com-
pany shall be legally organized and may proceed to business.
The board may appoint, to hold during its pleasure, such offi-
cers and agents, and pay such compensation as it may see fit.

6. The principal office of said company shall be located at
Hillsville, Virginia, or Pulaski City, Virginia, whichever the
board of directors may select.

7. The said company shall issue certificates of stock to the
subscribers therefor in shares of not less than twenty-five
dollars each, signed by the president and countersigned by
the secretary of said company. Certificates of stock shall
be transferable only upon the books of said company by the
holder or his legal agent or representative; and when certifi-
cates are transferred they shall be returned to the company
and cancelled, and new certificates issued in lieu thereof to
the person or persons entitled to the same.

8. It shall be lawful for the company to issue and sell its
bonds, from time to time, in such sums and on such terms as
the board of directors may prescribe, and such bonds may be
secured by such mortgages or deeds of trust upon a part or
all of the property and franchises, including its franchise to
be a corporation; and it shall be lawful for said company to
subscribe to and hold shares in the capital stock ot any other
corporation or railroad company, when the directors of the
Magnetic mining company shall deem it to its interest to do
so: provided that if the Magnetic mining company shall con-
struct, own, or operate any railroad of its own, it shall not
subscribe to or become interested in the capital stock of any
competing or parallel line of railroad.

9. No stockholder in the Magnetic mining company shall
be held liable or responsible for its debts or liabilities in a
larger sum than the amount of any unpaid balance due to
said company for stock subscribed for by said stockholder.

10. By the acceptance of this charter, said company agrees
to pay all of its taxes in lawful money of the United States,
and not in coupons.

11. The legislature reserves the right to repeal or revoke
this act, or to modify the same at its pleasure.

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