Chap. 341.—An ACT to incorporate the Staley’s Creek manganese and
iron company.

Approved May 21, 1887.

1. Be it enacted by the general assembly of Virginia, That
John M. Preston, Menter Jackson, C. H. C. Preston, D. D.
Hull, J.S. Apperson, Auther C. Cummings, Walter Preston,
Thomas E. Gardner, or such of them as may accept the pro-
visions of this act, their associates, successors, and assigns,
be and they are hereby incorporated and made a body politic
and corporate; and by that name shall be known in law, and
shall have perpetual succession and have power to sue and be
sued, to plead and be impleaded, and may make and have a
common seal, and alter and renew the same at pleasure, and
eball have all the rights and privileges granted, and be sub-
ject to all the restrictions imposed by the general laws of Vir-
ginia in relation to joint stock companies, so far as they are
applicable to and not inconsistent with the provisons of this
act.
2. The said company is authorized and empowered to mine
manganese, iron ore, and other minerals; to prepare the
same for market; to transport and sell the same; to m&nu-
facture iron, steel, and other metals, and for these or any of
these purposes, to purchase, hold, lease, and convey real es-
tate, lands, and mineral rights, not exceeding fifteen thousand
acres in this State at any one time; to erect and operate fur-
naces, mills, and any works that may be requisite, and to
locate and construct any railroad not exceeding fifteen miles
in length from tho lands or works of said company, to any
point on the Norfolk and Western railroad in Smyth or

ashington counties. ,

3. The capital stock of said company shall not be less than
five thousand dollars, to be divided into shares of one hun-
dred dollars éach, and may be increased to any amount not
exceeding five hundred thousand dollars, by the issue and
sale of shares of stock of the par value of one hundred dol-
lars from time to time, under such regulations as the board
of directors of said company shall from time to time pre-
scribe. ,

4. The persons named in this act shall constitute its first
board of directors, and shall serve until the first meeting of
stockholders, and any three or more of whom may act, and
may receive subscriptions to the capital stock, (at any time
and place) either to be paid in money or in real estate, at
such valuation as may be agreed upon between the directors
and subscribers.

5. When one-half or more of the minimum capital stock
shall be subscribed, the directors named in this act, or any
three of them, shall convene the stockholders for the pur-
pose of organizing said company; and at said meeting a ma-
jority of the shares of stock being represented in person
or by proxy, one of said directors ehall preside, and the
organization shall be certified upon the books of the company
by three or more of said directors, and this certificate, or a
copy thereof duly authenticated, shall be received as evi-
dence of the legal organization of the company.

6. The directors of said company shall be stockholders,
and they shall be elected and their number and term of office
shall be fixed by the stockholders in gencral meeting.

7. The said company shall have the right to make euch
by-laws, rules, and regulations for its management and gov-
ernment, as are not inconsistent with the laws of the United
States or of this State.

8. No stockholder shall be in anywise responsible for the
debts of said company for a larger sum than the amount of
any unpaid balance due to said company for stock subscribed
for by said stockholder.

9. It shall be lawful for said company to issue and sell its
bonds from time to time, for such sums and upon such terms
as the stockholders in general meetings may direct, and may
secure the payment of said bonds, by mortgage or deeds of
trust upon all or any portion of its property and franchises,
including its franchise to be a corporation. a
10. By accepting this charter, the said company agrees to
pay all taxes and dues to the State in gold or legal currency
of the United States, and not in coupons.

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