CHAP. 540.—An ACT to incorporate the Peak coal and iron com-
pany.

Approved March 4, 1890.

1. Be it enacted by the general assembly of Virginia,
That J. R. Miller, T. C. Blair, G. W. Yarbing, James L.
Treadway, E. T. Kindred, H. D. Flood, and W. B. Kelling,
and such other persons as may be hereafter associated with
them and their successors, be, and they are hereby, incor-
porated and made a hody politic and corporate under the
name and style of the Peak Creek coal and iron company
and by that name and style shall have perpetual succes-
sion; may sue and be sued, contract and be contracted
with, plead and be impleaded, have a common seal and
change the same at pleasure, and shall have, enjoy and
exercise all the rights, powers, and privileges pertaining
to corporate bodies, or conferred on them by the code of
Virginia, and shall be subject to all the provisions of the
code of Virginia, so far as the same may be applicable to
and not inconsistent with this act.

2. The capital stock of said company shall not be less
than ten thousand dollars, nor more than two hundred
thousand dollars, divided into shares of one hundred dol-
lars each; and said company may receive subscriptions
to its capital stock on payment of such subscriptions in
any kind of real or personal property, and upon such
terms and at such rate and value as the directors may
deem proper. The first five persons named as incorpora-
tors in this act are hereby appointed commissioners to
receive subscriptions to the capital stock of said company,
but they shall not be required to give public notice of the
time and place at which books shall be opened for sub-
scription, and any time after stock to at least the amount
of ten thousand dollars has been subscribed for, no mat-
ter when that event may occur, the said commissioners,
or a majority of them, may, after such notice, and in such
manner as they may deem proper, call a meeting of the
subscribers, and at such meeting, or any adjourned meet-
ing thereof, or as soon thereafter as convenient to or
agreeable to the subscribers, or to those who have sub-
scribed to a majority of the stock subscribed for, the said
company shall be organized under this charter.

3. The officers of said company shall consist of a presi-
dent, vice-president, general manager, secretary, treasurer,
and such other officers as the stockholders or directors
shall deem proper, all of whom shall be appointed or
elected by the directors. One person may hold more than
one office in said company, and the directors may require
bonds of any of its officers in such penalty and with such
condition as said directors may deem proper.

4. The board of directors shall consist of not less than
five nor more than twelve members, who shall be elected
by the stockholders in general meeting, and they shall
hold office until their successors have been elected and
qualified. Any vacancy occurring in the board shall be
filled by the remaining members until the next general
meeting of the stockholders. A majority of the directors
In office shall constitute a quorum. The number to be
elected shall be determined by the stockholders.

5. The stockholders shall have the right in general or
special meeting to adopt such by-laws for the government
of the company as they deem proper, not inconsistent
with the laws and constitution of the state and of the
United States, or with this act; and the directors may
also adopt such by-laws, provided they are not inconsis-
tent with those adopted by the stockholders, but by-laws
adopted by the directors may be changed or repealed by
the stockholders in general or special meeting. The prin-
cipal office of the said company shall be in Pulaski City,
Virginia, or within one mile thereof.

6. Any incorporated body located in the state of Virginia
shall be authorized to subscribe for, purchase, and hold
stock in said company.

7. Each share of stock shall entitle the holder thereof
to one vote at any meeting of the stockholders; and the
personal liability of any stockholder shall be limited to
the amount due and upaid upon the share or shares of
stock owned and held by him.

8. The said company is authorized and empowered to
carry on the business of mining and manufacturing any
of the ores, minerals, metals, materials, or products of this
state; to purchase, hold, own, lease, and control in any
manner, grant, bargain, sell, mortgage, convey, and other-
wise dispose of, real and personal properties of any kind
in the state of Virginia or elsewhere. The said company
is authorized and empowered to borrow money and con-
tract debts, and issue its notes and bonds, and may secure
the same, or any of them, by deed of trust or mortgage,
or pledge of any of its property, real or personal, or both.
The said company is authorized and empowered to sub-
scribe for and purchase the capital stock and bonds of any
other incorporated company, and to locate, construct,
equip, and operate, or let a railroad, commencing at some
point in the county of Pulaski, and running in any direc-
tion; and may also locate, construct, equip, and operate or
Jet lateral branches to said railroad, no one branch to ex-
ceed ten miles in length; and it may connect said rail-
road with any other railroad or railroads.

9. The said company is authorized and empowered to
engage in the business of manufacturing steel, iron, and
wooden, woolen, leather, cotton, and other goods, and may
engage in any kind of manufacturing that an individual
can lawfully engage in, and also engage in the business of
mining any kind of ores and minerals.

10. The said company is authorized and empowered to
improve any real estate it may acquire by the erection
of buildings for manufacturing and business purposes,
making, grading, paving streets, and in such other man-
ner as the directors may determine. It may erect hotels
on its property, and operate or let the same; it may erect
dwellings and storehouses and let the same; it may erect
factories, mills, and furnaces, and the necessary machi-
nery for operating the same, and may erect or make such
other buildings, improvements, and machinery as may be
required, in the opinion of the directors, to enable it to
engage in the mining, manufacturing, and other business
contemplated or authorized by this act to enable it to de-
velop any property it may require.

11. All taxes shall be paid in lawful money of the
United States and not in coupons.

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