CHAP. 224.—An ACT to incorporate the Big Ax coal, coke and iron
company.

Approved February 17, 1890.

1. Be it enacted by the general assembly of Virginia,
That L. T. Maury, J. D. Imboden, A. 8. Buford, H. Hairs-
ton, J. G. Friend, J. A. Moon, C. G. Holland, E. L. Wat-
kins, W.N. Ruffin, J. D. Blair, John A. Hart, and J. F.
Rison, or any 81x of them, their associates and successors,
be, and they are hereby, incorporated and made a body
politic and corporate, under the name and style of the
Big Ax coal, coke, and iron company, and by that name
shall be known in law, and shal) have perpetual succession
and have power to sue and be sued, plead and be impleaded,
and be defended in all courts, whether in law or equity ;
and may 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 and rules and regulations consistent with the exist-
ing laws of the state, for the government of all under its
authority, the management of its estates and properties,
and the due and orderly conduct of its affairs.

2. The capital stock of said company shall not be less
than ten 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 be 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 per-
sonal property suited to the business of the company, in
payment for stock of the company, at such valuations as
may be agreed upon between the directors and subscribers.

3. The corporators hereinbefore named, or any of them,
may receive subscriptions to the capital stock, and when
the minimum capital of ten thousand dollars shall have

been subscribed the persons named in this act, or such of

them as shall accept the provisions thereof, may organize

and elect a board of five directors, of whom they shall
elect one as president, to remain in office one year and

until their successors are elected, unless sooner removed

by the stockholders. The company shall be organized in

Danville, Virginia, after ten days’ notice to each of the

persons named in this act and the subscribers, or in the
event of the death of any of them, to the survivors; and

thereafter a general meeting of the stockholders may be

held at such time and place in Virginia as shall be desig-

nated for that purpose by the by-laws of the company,

or by resolutions of the stockholders, and when any such

general meeting shall be held under the call of the presi-

dent, or of the board of directors, or of the stockholders

holding, together, one-tenth of the capital stock, such call

shall designate the time and place of such meeting, and:
at least two weeks’ notice thereof shall be given by publi-
cation in some newspaper published in Virginia. After
organization as aforesaid, the stockholders, at any general
meeting, may change the number of directors and may
provide for the proper government of the corporation by
adopting such by-laws as they may deem fit and proper
as hereinbefore authorized. The board of directors may
appoint, or authorize to be appointed, such agents and.
officers of the company and require such bond of them as.
they may deem necessary and proper for the proper dis-

patch of the business of the company.

4. The said company is authorized and empowered to
mine coal, iron ore, and other minerals; to prepare the |
products thereof for market; to make coke and transport
and sell the same; to manufacture wood, lumber, iron,
and steel, and other metals and articles composed wholly
or partly of iron and steel, and other metals or mate-
rials; to bore for salt, oil, and gas, and manufacture
the same and to sell. and dispose of the same; to
erect blast furnaces, rolling mills, forges, machinery,
fixtures, and other buildings, and the necessary appli-
ances and appurtenances required in the conduct of
their business, 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
control in any manner, and to grant, bargain, sell, convey,
and develop iron ore, mineral and limestone, and other
lands, and rights and interest in lands, situated, in the
counties of Tazewell, Buchanan, Dickenson, Russell, Wise,
and Washington, in the state of Virginia, not exceeding,
however, ten thousand acres in any one county, at any one
time.

5. 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 any of its works or business,
and may secure the principal and interest thereof by
mortgages or deeds of trust upon all or any portion of its
property, rights, and franchises, including its franchise to
be a corporation; but no mortgage or deed of trust or
other encumbrances upon the company’s property shall be
valid until same is approved by a majority of the stock-
holders in general meeting. And it shall be lawful for
said company to subscribe to and hold shares in the capi-
tal stock of said company or other corporation whenever
the board of directors shall deem it to be to its interest to
do so. Each stockholder shall be entitled to one vote for
each share held by him; and no stockholder shall be held
individually liable for the debts or liability of the com-
pany in any larger or further sum than the amount of any
unpaid balance due upon its stock subscription, to be dis-
charged in money or other thing, according to the con-
tract of subscription.

6. It shall be lawful for said company to survey and lay
off on its lands, lots, squares, or other divisions of such
lands, and improve the same by buildings or otherwise
for sale, lease, or other disposition or use, and may estab-
lish such lawful rules and regulations in the use thereof
as the board of directors of said company may deem best
to secure the comfort and welfare of the occupants and
others engaged or interested in any manufactory or works
there established or to be established.

7. The acceptance of this charter, and organization
thereunder, shall be deemed to be a waiver by said com-
pany of any right to pay its taxes or dues hereafter made
from said company to the state of Virginia in coupons of
this state, and shall be considered as an agreement on the
part of said company to pay all of said taxes, dues, and
assessments in lawful money of the United States. —

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