Chap. 49.—An ACT to amend the fifth and sixth sections of an
act entitled ‘‘an act to incorporate the Big Stone Gap steel and
iron company,’’ approved February 14, 1888.

Approved January 14, 1892.

1. Be it enacted by the general assembly of Virginia,
That sections five and six of an act entitled “an act to
incorporate the Big Stone Gap steel and iron company,”
approved February fourteenth, eighteen hundred and
eighty-eight, be amended and re-enacted so as to read as
follows:

§ 5. The said company is authorized and empowered
to bore, lease, and operate wells for gas, oil or other
liquids, and to mine and quarry coal, iron, marble, or
other mineral substances, and to prepare and manufacture
the same for use and sale in all manner of forms it may
adopt, and to manufacture and prepare for market and
sale, all other raw materials, mineral, vegetable or animal,
and for these purposes may erect and operate all kinds of
furnaces, mills, manufactories, coke ovens, smelting works,
machinery and other instrumentalities necessary for the
enjoyment of the privileges, franchises and powers herein
granted to the fullest and most ample extent. The said
compauy may also carry on the business of constructing,
for individuals or corporations, any and all kinds of
works of public or private improvement, either through
its own officers, agents and servants or by means of other
agencies, or indirectly by the loan of its money or its
credit; and the said company may receive in payment
therefor, or as security, and may purchase or subscribe
for stocks, bonds and other securities which it may hold,
enjoy, control, sell, hypothecate or otherwise use for ite
benefit, in any manner its board of directors may deem
to be for the best interest of the company.

§ 6. The five persons first named in this act shall con-
stitute the first board of directors of the said company,
one of whom they shall elect president. They shall
adopt a code of by-laws, appoint a secretary and treas-
urer, and when so organized they shall be authorized to
change the corporate name of the company, if so desired,
to fix from time to time the amount of capital stock, and
to issue both common and preferred stock to an amount
not exceeding the maximum of capital stock authorized
in the preceding sections, and to exercise all the powers
conferred by this charter. The secretary shall certify
said organization on the books of the company, a copy of
which, duly attested by a notary public, shall be received
in all courts and elsewhere as evidence of the legal organ-
ization of the company. They shall continue in office for
one year and until their successors are elected by the
stockholders. Each stockholder in the company shall at
all meetings or elections be entitled to ona vote for each
share of stock registered in his or her name. The board
of directors may increase the number of directors to any
number not exceeding fifteen, by the appointment of
stockholders to the office of directors. The board of di-
rectors may appoint an executive committee, consisting
of not less than three nor more than five, to which com-
mittee the board of directors may delegate such of the
powers conferred by this charter as the board may deem
advisable. All acts performed by the executive commit-
tee, within the powers delegated by the board of directors,
shall be as binding upon the company as if such acts
were performed directly by the board of directors. A
majority of the board of directors or of the executive
committee shall constitute a quorum for transacting any
business which might be done by a full board or commit-
tee.

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