CHAP. 495.—An ACT to authorize the board of supervisors of
the county of Montgomery to issue bonds for the purpose of
ralging money to build a bridge over New river at or near

ord.

Approved March 4, 1890

1. Beit enacted by the general assembly of Virginia,
That it shall be lawful for the board of supervisors of the
county of Montgomery to borrow upon the bonds of said
county such sum of money as the board may deem it ad-
visable to raise for the purpose of building a bridge be-
tween the counties of Montgomery and Pulaski over New
river at or near the town of Radford, so that the amount
borrowed shall not exceed fifteen thousand dollars.

2. The bonds shall be payable and redeemable at such
periods as may be prescribed by said board, but shall not
be negotiated at less than ninety-five per centum of their
face value, and shall not bear a greater rate of interest
than six per centum, and in other respects the terms of
said bonds and method of paying interest shall be as the
board may prescribe, to be set forth on the face of the
bonds. They shall be sufficiently executed when signed
by the president of the board and countersigned by the
clerk, with the seal of the board attached.

3. The payment of the interest upon said bonds and
the principal thereof, when called or due, shall be pro-
vided for by a special tax to be known as the “ bridge
tax,” which shall be levied on all land and property in
the present limits of said county, whether included in the
limits of incorporated towns or not; and should any cities
with municipal governments and not subject to county
levies hereafter exist within the present boundaries of
either of said counties, said bridge tax shall be levied and
collected by the proper officers of said cities on the real
and personal property, based upon the assessment for state
tax at the same rate as the land and property of said
county shall] be taxed, until the bonds shall be fully dis-
charged by the county, and be paid by the city to the
county treasurer on account of said bridge tax.
4, The funds arising from said bridge tax shall be kept
separate from all other funds, and applied to no other pur-
pose than the payment of the bonds and interest until
the same shall be fully discharged, but any balance then
remaining shall be disposed of as the board of supervi-
sors of the county or council of the city by which said
fund was raised shall determine.

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

(‘HAP. 496.—An ACT to define a lawful fence for the counties of
New Kent and Powhatan. °

Approved March 4, 1880.

1. Be it enacted by the general assembly of Virginia,
That within the counties of New Kent and Powhatan the
boundary lines of each lot or tract of land shall be, and
are hereby, declared to be a lawful fence, and all animals
going at large in said counties shall be subject to the pro-
visions of sections two thousand and forty-two, two thou-
sand and forty-nine, and two thousand and fifty of the code
of Virginia.

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

(HAP. 497.—An ACT to incorporate the Midland Virginia steel
and iron company.

Approved March 4, 1890.

1. Be it enacted by the general assembly of Virginia,
That John L. Hurt, William T. Sutherland, G. W. B.
Hale, Thomas Fauntleroy, Peter J. Otey, James Clark,
John W. Daniel, Max Guggenheimer, John F. Slaughter,
Edward S. Hutter, Henry S. Trout, James S. Simmons,
M. M. Rogers, J. Allen Watts, S. D. Fergusson, of Vir-
ginia; C. Ross Grubb, W. W. Marsh, of New Jersey;
W. G. Mendinhall, of Delaware; Edmund D. Smith, of
Pennsylvania; James B. Pace, Archer Anderson, A. S.
Buford, James D. Patton, C. D. Langhorne, John H. In-
man, C. C. McPhail, and such other persons as may be
associated with them, and their successors, are hereby
created and constituted a body politic and corporate
by the name and style of the Midland Virginia steel
and iron company, and by such name shall have per-
petual succession, may contract and be contracted with,
sue and be sued, make and use a common geal, and
alter the same at pleasure, and make and maintain such
by-laws, rules, and regulations for the government of said
corporation ¢£ and the conduct of its business as may be
deemed necessary, not to conflict with the laws or consti-
tution of this state or of the United States.

2. That the capital stock of said company shall not be
less than one hundred thousand dollars, to be divided
into shares of fifty dollars each, and that the same may
from time to time be increased by additional subscrip-
tions, or the issue and sale of shares to such an amount
not exceeding five million dollars as the stockholders at
any general or special meeting, may authorize or pre-
scribe. The said company may receive subscriptions to
its capital stock, or payment for its shares so issued, in
money, land, or other property, upon such terms as shall
be agreed upon or authorized by the board of directors.
and said company may give a preference to a portion of its
capital stock over the residue thereof as to dividends or
the payment thereof.

3. The corporators herein above named, or any three of
them, may receive subscriptions to the capital stock of
said company, and when the minimum capital of one hun-
dred thousand dollars shall have been subscribed, the said
subscribers may organize said company by the election of
nine 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.
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 such by-laws as they may deem fit and proper, as herein
above authorized. The board of directors may appoint, or
authorize to be appointed, such subordinate agents and
officers of the company as they may deem necessary and
proper for the proper dispatch of the business of the com-
pan

4. The said company is hereby authorized to carry on
the business of developing, producing and dealing in iron,
coal and other ores, metals and minerals, salt, oil, natural
gas, marble, lumber and other materials, and of mining,
working, quarrying, smelting, manufacturing, transport-
ing and vending the same, and may conduct such busi-
ness at one or more points in the counties of Campbell,
Pittsylvania, Franklin, Henry, Patrick, or either of them,
and in such other counties of this or any adjoining
state in which the company may deem it proper to acquire
property or establish works for the purpose, and for these
purposes, the said company shall have authority to buy,
hold, sell, lease, or otherwise dispose of any real or per-
sonal estate deemed necessary to the proper prosecution
of its business, and may, as to any property so acquired,
erect and maintain buildings, machinery and structures
needful for smelting, manufacturing and treating ores,
metals and minerals of whatever kinds, or for the produc-
tion of manufactured products from wood, stone, wool,
cotton, hemp, or other materials, and may operate, lease
sell, or otherwise dispose of the same, and may, on its own
lands, contiguous or adjacent to any such manufactory or
works, survey and lay out lots, squares or other division
of such lands, and improve the same by building or other-
wise, for sale, lease, or other disposition or use; and may
establish 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 occu-
pants and others engaged or interested in any manufac-
tory or works there established or to be established; and
the said company may, in connection with the use or im-.
‘provement of any of its properties, make, build and ope-
rate any canals or water-ways or tramway or railways ope-
rated by horse or steam power; any such railways not to ex-
ceed in length fifty miles; and for this purpose, when neces-
sary, may acquire by contract or condemnation, such lands
or other property or rights of way as may be necessary there-
for; proceeding for such condemnations to be in accor-
dance with chapter fifty-six and fifty-seven of the code of
Virginia, and the laws amendatory thereof: provided, that
in the case of the construction of any such railway to be
operated by steam power, and the condemnation of land
-therefor, as above provided, the said company in that
event, as to such railways, shall be subject to all duties,
obligations and restrictions of common carriers as pre-
scribed by law.

5. It shall be lawful for said company to sell its bonds
from time to time, for such sums and on such terms as its
hoard of directors may deem expedient and proper, in the
prosecution of any of its works or business, and may
secure the payment of the principal and interest thereof
by mortgages or deeds of trust upon all or any portion of
its property, rights, and franchises 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 com-
pany or other corporation, whenever the board of directors
may deem it to be its interest to do so. Each stock-
holder in said company shall be entitled to one vote tor
each share held by him, and no stockholder shall be held
individually liable for the debts or liabilities of the com-
pany in any larger or further sum than to such amount
as may be due and unpaid severally upon his stock sub-
scription. There shall be no limit, except as the by-laws
of the company may prescribe, upon the number of shares
of stock which any stockholder may hold, and four-fifths
of the capital stock of the company may become the prop-
erty of less than five persons; and a majority of the stock
may for more than six months be the property of one
person.

6. The acceptance of this charter, and organization under
it, shall be deemed to be a waiver by said company of any
right to pay taxes or dues or assessment hereafter made
against said company, to pay in coupons, but all such
taxes, dues, and assessments shall be paid in lawful money
of the United States. '

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