Chap. 404.—An ACT to incorporate the Rustin land, mining, and
manufacturing company.

Approved May 23, 1887.

1. Be it enacted by the general assembly of Virginia, That
A. N. Chaffin, D. P. Graham, John W. Robinson, J. W.
McGoverch, Ann E. Pope, H. J. Matthews, E. Denean, M. A.
Parkin, E. Chaffin, W. J. Raper, J. C. Raper, James Anman,
Vie M. Miller, Ellihue C. Humes, Ellen Tuttle, Thomas W.
White, Ellen Vernon, J. P. M. Sonders, Charles Noel, Mary
F. Noel, Rosalie Humes, Frank Humes, Susan P. Trigg, Pres-
ton White, J. G. Ogden, A. R. Humes, James L. White, E. S.
Campbell, D. C. Cummings, G. W. Lample, Elliste B. Parkin,
Joseph T. Parkin, Emily J. Parkin, Mary A. Tomlin, W. S.
Thorn, S. D. Sonders, Thomas Simmerman, H. 8. Bowen and
Mrs. M. B. Gibboney, or such of them as may accept the pro-
visions 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 Rustin land, mining,
and manufacturing company; and by that name sball be
known in law and shall have perpetual succession, and have
power to sue and be sued, plead and be impleaded, defend and

e defended in all courts, whether in law or cquity, and make
and have a common seal, and alter or renew the same 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,
rules, and regulations consistent with the existing laws of the
State for the government of all under its authority, the man-
agement of its estate and properties, and the due and orderly
conduct of its affairs.

2. The capital stock of the said company shall not be less
than fifty thousand dollars, and may be increased to any
amount not exceeding two million dollars by issue and sale
of shares, the par value of which shall not be less than fifty
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
property suited to the business of the company in payment
for subscriptions to the capital stock, at such valwation as
may be agreed upon between the directors and the sub-
scribers.

3. The said company is authorized and empowered to pur-
chase, bold, own, lease, and control in any manner not to ex-
ceed one hundred thousand acres of land in any one county,
in the counties of Wythe, Pulaski, Carroll, Grayson, and
Floyd, in the State of Virginia, as may be necessary for the
purposes of its business, and from time to time manufacture
iron and steel and other metals and articles, composed wholly
or partly of iron and steel and other metals, and to sell and
dispose of the same and to erect blast furnaces, forges, mills,
machinery, fixtures, buildings, and the necessary appurte-
nances required in the conduct of their business; mine coal,
iron, and other minerals, and to make, lease, or contract for
these or any of these purposes; and the said company shall
have the right from time to time, to purchase, lease, hold, and
convey iron ore, mineral, and limestone landa, rights and in-
terests in lands, situate in any county in the State of Vir-
ginia or elsewhere, and to mince iron ore or other minerals
therefrom, to prepare the same for market, and transport and
sell the same.

4. The persons first named in this act, or such of them as
shall accept the provisions thereof, shall constitute the first
board of directors of said company, and shall continue in
office until the first meeting of the stockholders thereof. At
such first meeting and at every annual meeting, s0 many di-
rectors shall be elected as may be prescribed by the by-laws
and regulations of said company, who may be removed
by the stockholders in general meeting; but, unless so re-
moved, shall continue in office until their successors shall be
elected and qualified. Each stockholder in the company shall,
at all meetings or clections thereafter, be entitled to one vote
for each share of stock registered in his name.

5. The board of directors shall be stockholders of said
company. They shall appoint one of their number presi-
dent, and may fill any vacancy that may occur in said board,
unless by removal; in which case the same shall be filled by
the stockholdersin general meeting. Whenever the minimum
amount of capital stock herein named shall bave been sub-
scribed, and the board of directors shall have elected a presi-
dent, said company shall be considered 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 company, prescribe their compensa-
tions, and take from them such bonds with such security as
they may deem fit.

6. The board of directors may establish offices and agen-
cies at such places as they may deem proper, but the prin-
a office of the company shall be located at Austinville,

ythe county, Virginia, or at such other place as may be
designated by the board of directors of said company, within
the State of Virginia.

7. The annual meeting of the stockholders of the said
company shall be beld at Austinville, in the said county of
Wythe, on the first Monday in May of each year, or as soon
thereafter as practicable, and on such other day and at such
other place 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
said company may be held at any time, as provided for by
the tenth section of chapter fifty-seven of the Code of Vir-
ginia, edition of eighteen 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 fifty dollars each, signed by the president and counter-
signed by the secretary of the company. The said certifi-
cates shall be transferable only upon the books of the com-
pany by the said subscribers, their personal representatives,
or duly authorized agent or attorney; and certificates when
so transferred as aforesaid, may be returned to the said com-
pany and cancelled, and new certificates of stock shall be
issued in lieu thereof for a like number of shares.

9. It shall be lawtul for said company to issue and scll 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 work, and may secure the payment
of its bonds by mortgages or deeds of trust upon all or any
portion of its 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 of any
railroad company or other corporation, whenever the board
of directors of the company shall deem it to its interest so
to do.

10. No stockholder in said company shall be held liable or
made responsible for its debts and liabilities in a larger or
further sum tban the amount of any unpaid balance due to
the said company for the stock subscribed for by said stock-
holders.

11. Whenever this corporation shall exercise any of the
privileges conferred by this act, it shall be liable to the same
taxes as may be imposed by law upon other like corporations
or persons exercising like privileges.

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