Chap. 335.—An ACT to incorporate Reed Island iron company.

Approved May 21, 1887.

1. Be it enacted by the general assembly of Virginia, That
David P. Graham, John W. Robinson, J. W. McGavock, R. C.
Hoffman, James Moon, 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 Reed Island iron com-
pany, and by that name shall be known in law, and shall
have perpetual succession.
2. The said company may by or under its corporate title
make and use a corporate seal, which it may alter or renew
at its pleasure, and may sue and be sued, plead and be im-
pleaded, contract and be contracted witb, and make by-laws,
rules, and regulations consistent with existing laws of the
State for the government of all under its authority, the man-
agement of its estates and properties, and the due and orderly
conduct of its affairs.
3. The capital stock of said company shall not be less than
twenty thousand dollars, and may be increased to any amount
not exceeding one million dollars, at any meeting of stock-
holders called for that purpose, not less than three-titths of the
outstanding capital stock voting therefor, by issue and sale of
shares thereof, not less than one hundred 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-
scriptions to the capital stock, at such valuations as may be
agreed upon between the directors and the subscriber, and
the board of directors shall appoint to hold during its plea-
sure, the subordinate officers and agents of said company,
prescribe their compensation, and take from them such bond
and security as they may deem fit.
+, The said company is authorized and empowered to pur-
chase, own, hold, lease, and control in any manner, sell, yrant,
and convey real and personal estate: provided that such com-
any shall not hold more than twenty-five thousand acres of
fand at any one time in any one county; to mine and dig for
iron ores, coal, marble, stone, slate, and other minerals and
metals, and to manufacture iron, steel, coke, fire bricks, glass,
and any articles composed either wholly or in part of wood,
iron, steel, stone, slate, or any metal or mineral, and may
market and sell any of its products. It may erect furnaces,
rolling mills, forges, mills, fixtures, and appurtenances, and
any machinery necessary for the operation of its business,
and operate the same. I[t may lay pipes, cut canals, and
erect water works, build and operate roads, tramways, and
railroads, and may connect any of its lands, works, or pro-
perty with its other lands, works, or property by tramways
and railways, and may connect them witb any railroad: pro-
vided it shall be authorized to construct a railroad only for
tbe purpose of developing its property: and provided further,
that it shall not be authorized to construct any railroad or
water line, the whole length of which shall exceed ten
miles. In constructing and operating its tramways and rail-
roads it shall be entitled to the benefit and subject to all the
penalties of the genera laws of this State in regard to rail-
road and internal improvement companies. It may lay out
manufacturing sites, streets, and alleys, grade streets, erect
houses aad gas works, and sell or use the same. The princi-
pal office of the company shall be located at Reed Island
Furnace, Pulaski county, Virginia, or at some other point
within the limits of the State of Virginia, as the stockholders
may from time to time, by resolution direct, at which place
the annual meeting of stockholders of said company shall be
held on such day as the stockholders may by resolution pre-
scribe, and the board of directors may establish offices and
agents al such places as they may deem fit; a general meet-
ing of stockholders shall be held at any time upon applica-
tion of stockholders owning one-third of the outstanding
stock, and the president of the company shall call such mect-
ing upon written application, and shall give written notice,
stating time and place to each stockholder at least ten days
before said called meeting. Each stockholder in the said
company, shall at all meetings or elections, be entitled to one
vote for each share of stock registered in his or her name.

5. It shall be lawful for any railroad company and incor-
porated company to subscribe to the capital stock of said
company; and they may acquire its bonds, full power being
hereby given such companies for that purpose, and it shall
be lawful for any stockholder of said company to hold the
stock of said company in any sum not prohibited by the by-
laws of said company, and to cast one vote for each share of
stock owned by bim.

6. The said company shall issue certificates for full paid
stock in said company to the subscribers thereof, in shares of
not less than one hundred dollars each, signed by the presi-
dent and countersigned by the secretary of said company.
The said certificate shall be transferable only on the books
of the company by the stockholders, their personal repre-
sentatives, or duly authorized attorney, and the said certifi-
cates, when so transferred as aforesaid, sball be returned to
the said company and cancelled, and new certificates of stock
shall be issued in lieu thereof to the person entitled thereto
for a number of shares.

7. It shall be lawful for the said company to issue and sell
its bonds, from time to time, on such terms as its board ot
directors may deem expedient and proper in the prosecution
of any of its works, and to secure the payment of said bonds
by mortgage or deeds of trust upon all or any portion of its
property and franchises.

8. No stockholder shall be held liable or made responsible
for the debts or liabilities of said company in a sum _ beyond
any balance due from said stockholder to said compauy on
stock subscribed by said stockholder.

9, The directors of said company shall be stockholders.
and they shall elect one of their number president. Their
number shall be not Jess than five, and they shall be elected
by the stockholders in their annual meetings. They shall
serve until their successors are clected and qualified, and thev
may fill any vacancy in their board. For the purpose of or-
ganizing said company, the five persons named in this act.
shall constitute its first board of directors, any three of whom
may act. They may receive subscriptions to the capital
stock at any time and place without advertising, and when
the sum of twenty thousand dollars or more is subscribed,
they shall convone the stockholders and organize said com-
pany, and certify such organization on the books of the com-

any, and such certificate or a copy thereof, when attested

y a notary public, shall be received as evidence of the legal
organization of such company. But such organization shall
be had witbin one year after the passage of this act.

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