CHAP. 45.—An ACT to incorporate the Bent mountain iron
mining and manufacturing company; alsoto authorize said
company to construct and operate railroads for the purpose of
connecting their works or mineral lands, or to connect the same
witb other railroads, highways, or other internal improvements.

Approved January 14, 1890.

1. Be it enacted by the general assembly of Virginia,
That C.S. Cleaver, J. V. Reyerson, Charles Cleaver, Peyton
L. Terry and William P. Dupuy, or a majority of them,
their associates, successors or assigns, or such of them
and such other persons as may become stockholders, be,
and they are hereby, incorporated a body politic and corpo-
rate, in fact and in law, under the name, style and title
of the “ Bent mountain iron mining and manufacturing
company,” and by that name shall have perpetual succes-
sion, and be able and capable in law to take, receive and
hold, in fee simple or otherwise, lands, tenements and
estates, personal and all other property, by deed of con-
veyance, lease or otherwise, and may improve, sell, lease,
exchange, mortgage, or dispose of the same or any part
thereof as may be necessary and expedient for the pur-
poses thereof; may sue and be sued, plead or be impleaded
in all courts of law and equity; may have a common seal
which they shall have the power to alter and renew at
pleasure; may receive, execute and deliver all such instru-
ments of writing as may be necessary; and to do all such
acts and things as may be necessary or expedient to assist
and promote the objects and designs of the said company,
and generally to possess and enjoy all the privileges inci-
dent to a corporation.
2. Whenever twenty-five thousand dollars of the stock
shall have been subscribed, the subscribers, their execu-
tors, administrators or assigns, shall be permitted to
organize the said corporation, and the said corporation
may then commence its operations.

3. That the capital stock of the said company shall
consist of two thousand shares, of par value of one hun-
dred dollars each, with the privilege of increasing the
same from time to time to an amount not exceeding ten
thousand shares; and the said company may receive sub-
scriptions to their capital stock, or payments of such
subscriptions in such property suited to the business of
the company, upon such terms and at such rate and value
as shall be agreed upon by a majority in value of the
stockholders of thecompany. Atall meetings of the stock-
holders for the election of officers or for any other purpose
each share of stock shall entitle the holder to one vote.

4. That the said company shall have the right, from
time to time, to purchase, lease, hold and convey coal,
mineral and other lands situated in the counties of
Roanoke, Montgomery, Floyd and Franklin, not. to exceed
thirty thousand acres in quantity at any one time; to
mine coal, iron ore, fire clay, limestone and other mineral
productions of their lands; to manufacture iron, steel
and other metals, and articles composed wholly or partly
of iron or steel; to cut and manufacture timber and pre-
pare the same for market, sell and transport the same, and
to store, deal and traffic in such like commodities as shall
be deemed advantageous for the successful prosecution of
their business; to erect blast furnaces, rolling-mills, forges,
mills, machinery, fixtures, buildings and the necessary
appurtenances required in the conduct of their business,
and to make leases or contracts for these or any of these
purposes. ,

5. The said corporation may, whenever it is deemed
necessary or expedient, with the consent of the holders
of a majority of the shares of the stock, levy and collect
assessments for unpaid subscriptions, and forfeit and sell
delinquent shares for such assessments, in such manner
as the by-laws may direct.

6. That the said company shall have the right to lay out,
construct, equip, operate and maintain a railroad or rail-
roads in any of the counties above named, with one or
more tracks through their lands, or from any portion of
their lands, for the purpose of connecting their works
or mineral lands, or to connect the same with any railroad
or other internal improvements or highway now or which
may hereafter be constructed, at any point they may select
for such connection or connections, and charge tolls
thereon, with full power and authority to enter upon, take,
occupy and use, in the survey, construction and operation
of such roads, such lands as may be deemed necessary and
expedient: provided that the length of said railroads so
to be made by them shall not exceed fifty miles in length
each beyond the line of lands owned, controlled or operated
by the said company; that when such railroad is con-
structed beyond the line of such lands, and the consent
of the owner of the land through which the road will pass
cannot be first obtained, condemnation proceedings may
be instituted under the general laws of this state applica-
ble to other railroads.

7. That the stockholders shall meet as soon as practica-
ble after the passage of this act, and shall then and there
proceed to elect not less than three nor more than five
directors, and annually thereafter, to serve for the term
of one year, or until others are chosen in their places;
and said election shall be made by such of the stockholders
of the said company as shall attend for that purpose,
either in person or by proxy, each share of stock to entitle
the holder thereof to one vote.

8. The directors so chosen shall elect one of their number
to be president of the board of directors of said company :
provided that the number of directors of said company
may at any time be increased or diminished by said com-
pany; but the said number of directors shall never be
Yess than three nor more than five.

9. That the directors shall have full power to make
by-laws and to appoint such officers and agents as they
shall deem expedient for the well conducting and trans-
acting of the businessof thecompany. The said company,
in addition to the office for the general transaction of
business in the country where its chief operations are
conducted, may also have an office or offices for the trans-
action of business in the cities of Richmond, New York
and Boston, or in either of them.

10. That the said company may borrow money, create
indebtedness, for the purpose of its business, in such way
as the board of directors may prescribe; may issue and
negotiate bonds, orders and other evidences of indebted-
ness, as they may deem proper; and may issue the same
in purchase or payment or exchange for property, real or
personal, materials, labor or services, and in such form
and manner, and payable in such place or places, as they
may deem proper.

11. The company may issue bonds and secure the same
by one or more mortgages or deeds of trust on its mines,
lands, roads, property, real and personal, and franchises,
at the time owned and held and thereafter to be acquired,
or any part thereof; and shall have the power to dispose
of its bonds or evidences of indebtedness at less than par
value, and such transactions shall not be deemed usurious.
12. That subscriptions to the capital stock of said com-
pany may be payable in money, real estate, or other prop-
arty appropriate to its business, at a valuation to be fixed
by & majority in value of the stockholders.

13. All taxes and dues from said company to the state
shall be paid in lawful money and not in coupons.

14. That it shall be lawful for said company, from time
to time, as it may deem proper, to sell, lease, or dispose of
its property, or any part thereof or interest therein, by
contract, lease, or otherwise; to contract for the improve-
ment or operation of the same, or any part thereof, upon
such terms, rents, payments, or in such manner as to the
board of directors, or a majority of them, may seem
expedient.

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