CHAP. 25.—An ACT to incorporate the Russell fork coal and
lumber company.

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Approved December 22, 189L.

1. Be it enacted by the general assembly of Virginia,
That A. S. Buford, John D. H. Ross, B. A. Simmons, I. H.
Wing, A. L. Boulware, R. L. Traylor, W. E. Turner and F.
W. Scott, and such persons as may be associated with
them and their successors, are hereby created and consti-
tuted a body politic and corporate by the name and
style of the Russell fork coal and lumber company,
and by such name shall have perpetual succession, may
contract and be contracted with, sue and be sued, make
and use a common seal and alter the same at pleasure,
and may make and maintain such by-laws, rules and reg-
ulations for the government of said corporation and the
conduct of its business as may be deemed necessary, not
to conflict with the laws or constitution of this state or of
the United States. ,

2. The capital stock of said company shall be not less
than ten thousand dollars, to be divided into shares of
one hundred dollars each, and the same may from time to
time be increased by additional subscriptions, or the issue
and sale of shares to such an amount, not exceeding two
million five hundred thousand 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 may
be agreed or authorized by the board of directors, and
Baid company may give a preference to a portion of its
capital stock over the residue thereof, as to dividends and
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 ten
thousand dollars shall have been subscribed, the said sub-
scribers may organize said company by the election of
six 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
company.

4. The said company is hereby authorized to carry on
the business of developing, producing and dealing in coal,
iron, zinc and other oresgmetals and minerals; salt, oil,
natural gas, marble, lumber and other natural materials;
and of mining, coking, working, quarrying, smelting, cut-
ting, sawing, manufacturing, transporting and vending the
same, and may conduct such business at one or more
points in the counties of Dickenson, Buchanan and Wise,
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 that pur-
pose ; and for these purposes the said company shall have
authority to buy, hold, sell, lease or otherwise dispose of
any real or personal estate deemed necessary to the proper
prosecution of its business, and may, on any property so
acquired, erect and maintain buildings, machinery and
structures needful for coking, smelting, manufacturing
and treating ores, metals and minerals of whatever kinds,
or for the production of lumber or of manufactured pro-
ducts from wood, stone, wool, cotton, hemp or other mate-
rials; and may operate, lease, sell or otherwise dispose of
the same; and may, on its own lands, contiguous or adja-
cent to any such manufactory or works, erected or to be
erected, survey and lay out lots, squares or other divisions
of such lands, and improve the same by buildings or oth-
erwise, 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
occupants and others engaged or interested in any manu-
factory or works there established or to be established ;
and the said company may, in connection with the use or
improvement of any of its properties, make, build, and
operate any canals or waterways, tramways or railways,
operated by horse or steam power, any such railway not to
exceed in length fifty miles; and for this purpose, when
necessary, acquire by contract or condemnation such lands
or other property or rights of way as may be necessary
therefor; proceeding for such condemnations to be in
accordance with chapters fifty-six and fifty-seven of the
code of Virginia, and the laws amendatory thereof: pro-
vided, that in case of the construction of any such rail-
way, to be operated by steam power, and the condemnation
of land therefor, as above provided, the said company in
that event, as to such railway, shall be subject to all the
duties, obligations and restrictions of common carriers,
as prescribed by law.

5. It shall be lawful for said company, from time to
time, to sell its bonds 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 payment of the principal and interest
thereof, by mortgages or deeds of trust upon all or any
portion of its property, rights gnd franchises, including
its 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 company or other corpora-
tion, whenever the board of directors shall deem it to be
its interest todo so. Each stockholder in said company
shall be entitled to one vote for each share held by him,
and no stockholder shall be held individually liable for
the debts or liabilities of the company in any larger or
further sum than to such amount as may be due and un-
paid severally upon his stock subscription. 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 property 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
thereunder, shall be deemed a waiver by said company of
any right to pay taxes, or dues, or assessment, hereafter
made from said company to the state of Virginia in cou-
pons of this state, and shall be taken 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.

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