CHAP. 324.—An ACT to incorporate the Ohio and Big Sandy coal
company.

Approved February 22, 1890.

1. Be it enacted by the general assembly of Virginia
That Louis T. Hanckel, John B. Moon, John F. Slaughter
Mason Gordon, George W. Morriss, and E. Mcfkg. Train,
and their associates and successors, be, and they ar$ hereby,
constituted and made a body politic and corporgte by the
name and style of the Ohio and Big Sandy coa! company,
and by that name and style shall have as the rights,
powers, and privileges conferred by and be subject to all
the provisions of the general laws of the state of Virginia
in reference to corporations and chartered companies, so
far as the same may be applicable to and not inconsistent
with the provisions of this act; and provided, however,
that the corporate powers hereby granted shall not cease
or be in any way impaired by reason of anything contained
in section eleven hundred and forty-one of the Virginia
code of eighteen hundred and eighty-seven.

2. The capital stock of said company shall not be less
than ten thousand dollars, and shall be divided into shares
of one hundred dollars each, and the amount of the same
may be increased from time to time by the board of direc-
tors, and such board may issue shares of stock and sell the
same at such price as may be fixed and agreed to by them.
Subscriptions to the said capital stock in said company
may be paid for in property, money, or in the stock of
other corporations at such prices as the board of directors
may deem best, and said board is authorized to issue shares
of stock to represent enhanced value of its property: pro-
vided, that the maximum amount of the capital stock of
said company shall at no time exceed three million of
dollars.

3. The first meeting of the corporators hereinbefore
named shall be held in the city of Charlottesville, Vir-
ginia, as soon as the majority of the corporators may con-
vene, and upon the minimum amount of the capital stock
being taken or subscribed for, then such meeting, if at-
tended by a majority of said corporators, shall constitute
the first general annual meeting of the stockholders; and
the general annual meeting of such stockholders shall be
held annually thereafter in said city, or at such other time
and place as may be appointed by said stockholders in
general meeting; and the principal office of said com-
pany shall also be in said city, or at such other place as
the stockholders in general meeting may designate.

4. No stockholder shall be held liable on account of his
stock further than for any unpaid subscription he may
owe thereon.

5. The board of directors shall consist of five members,
who shall from their number choose a president, and may
appoint such officers or agents as they may deem neces-
sary or proper, but the stockholders may in general meet-
ing increase the number of such directors.

6. The said company is authorized and empowered to
prospect for, explore, work, develop, improve, and mdn-
age mineral properties and mines of coal, iron, salt, water,
gas and other substances; may prepare and manufacture
any and all of the same for use or sale, in all manner of
forms it may adopt; and to manufacture and to prepare
for market and sale all other raw materials, mineral or
vegetable, produced by its own lands or obtained from
others; and for this purpose may erect and operate all
kinds of furnaces, mills, manufactories, coke ovens, works
and machinery necessary for the enjoyment of the privi-
leges herein granted to the fullest and most ample extent.
Said company may acquire and hold by purchase, lease,
or otherwise, real and personal property, and may also
sell, encumber, lease, or otherwise dispose of the same and
may borrow money on mortgage or deed of trust on its
properties and franchises or otherwise. And said com-
pany is authorized to build, maintain, and operate tram-
ways, wagon-roads, or other ways and to connect by rail-
roads the different works or properties which it may own
or acquire with each other, and also with the lines of other
railroads now or to be hereafter constructed, such con-
necting railroads to be constructed, operated and main-
tained in all respects pursuant to the laws of this state in
reference to works of internal improvement, and said com-
pany may, pursuant to the laws of this state, construct,
operate and maintain dams, pipes and conduits for the pur-
pose of carrying water to their mines or works.

7. Any other company or corporation may hold shares
of stock in this company, and this company may in like
manner hold shares of stock 1n any other company or cor-
porations in all respects as a natural person.

8. The acceptance of this charter by said company shal]
be taken as an agreement on its part to pay all taxes or
dues due to this state in lawful money of the United
States, and a waiver of any right, or supposed right, to
pay the same in coupons.

9. This act shall be in-force from its passage.