CHAP. 105.—An ACT to incorporate the southern coal and iron
company.

Approved January 27, 1890.

1. Be it enacted by the general assembly of Virginia,
That Ware B. Gay, A. L. Boulware, M. M. Gilliam, Hamp-
den Hoge, George H. Ball, James H. Freeland, H. C. Skin-
ner, H. W. Cunningham, and their associates and suc-
cessors, be, and they hereby are, constituted and madea
body corporate and. politic, by the name and style of the
southern coal and iron company, and by that name and
style shall have perpetual succession and all the rights,
powers and privileges applicable to such a corporation
under the Jaws of Virginia.

2. The capital stock of said company shall not be less
than one hundred thousand dollars, divided into shares of
one hundred dollars each, and may be increased to any
amount not exceeding five million 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 of subscriptions
to the capital stock, at such valuation as may be agreed
upon between the directors and the subscribers.

3. The said company is empowered to mine iron ore,
limestone, coal and other minerals, and prepare the same
for market, and transport and sell these or other products,
to manufacture iron, steel and other metals, and for these
purposes to purchase, hold, lease and convey real estate,
lands, and mineral] rights not exceeding fifteen thousand
acres in this state; to erect and operate furnaces, mills,
coke ovens, appliances, buildings and any work that may
be requisite therefor; and to locate, construct and operate
any railroad, not exceeding fifteen miles .in length, from
the lands or works of said company, to any point on the
Richmond and Danville, Norfolk and Western, Chesa-
peake and Ohio, Richmond and Alleghany, Richmond,
Fredericksburg and Potomac, Richmond and Petersburg,
or any other railroad now or that may be hereafter con-
structed, and by mutual consent make traffic arrangements
and connections with such roads and the right to be leased
by such connecting roads: provided, that the company
hereby chartered shall not be leased to, merged with, or
purchased by any railroad company whichis exempt from
the payment of taxes in Virginia, unless said company
agrees to surrender its non-taxable feature and pay its
proportion of just taxes.

4. The persons first named in this act, or such of them
as shall accept the provisions hereof, shall constitute the
rst board of directors of said company, and shall con-
inue in office until the first meeting of the stockholders
aereof. At such first meeting, and at every annual meet-
ng, 80 many directors shall be elected as may be pre-
cribed by the by-laws and regulations of said company,
rho may be removed by the stockholders in general meet-
ng; but unless so removed shall continue in office until
heir successors shall be elected and qualified. Each
ttockholder in the company shall, at all meetings or elec-
ions thereafter, be entitled to one vote for each share of
‘tock registered in his name.

3. The board of directors shall be stockholders of said
‘ommpany. They shall appoint one of their number pres-
ident, and may fill any vacancy that may occur in said
poard, unless by removal, in which case the same shall be
filled by the stockholders in general meeting. Whenever
the minimum amount of capital stock herein named shall
have been subscribed and the board of directors shall have
elected a president, 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 compensation, and take from
them such bonds, with security, as they may deem fit.

6. The board of directors may establish offices’ and
agencies at such places as they may teem proper, but the
principal office of the company shall be located in the
state of Virginia.

7. The annual meetings of the stockholders of the said
company shall be held at the principal office of the com-
pany on the first Tuesday in March of each year, or as
soon thereafter as practicable, and on such other day, an-
nually, as the stockholders may, by resolution, adopt in
any annual meeting, to take effect at the next annual
meeting.

8. The said company shall issue certificates of stock in
said company to the subscribers thereof, in shares of one
hundred dollars each, signed by the president and also
countersigned by the secretary or the treasurer, as the
board of directors may establish.

9. It shall be lawful for said company to issue and sell
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 its work; and may secure the
payment of said bonds by mortgage or deeds of trust
upon all or any portion of its property and franchises, and
it shall be lawful for said company to subcribe to and
hold shares in the capital stock of any railroad, or other
corporation, whenever the board of directors of the com-
pany shall deem it to its interest to do so.
10. No stockholder in said company shall be held liai
or made responsible for its debts and liabilities in a le:
or further sum than the amount of any unpaid balars
due to the said company for stock subscribed for by si:
stockholder.

11. All dues, taxes, and demands due the commonw-.:.
shall be paid in lawful money of the United States x::
not in coupons.

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