Chap. 284.—An ACT to incorporate the Hairston mining company.

_ Approved February 6, 1900.

1. Be it enacted by the general assembly of Virginia, That J. Allen
Watts, W. L. Keen, W. G. Robertson, D. W. Flickwir, W. B. Bevill, and
EK. W. Robertson, all residing in the city of Roanoke, Virginia, and such
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 Hairston mining 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
make and maintain such by-laws, rules, and regulations for the govern-
ment 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 not be less than three
thousand dollars ($3,000.00), to be divided into shares of fifty dollars
($50.00) each, and the same may from time to time be increased by
additional subscriptions, and the issue and sale of shares to such
amount not exceeding twenty-five thousand dollars ($25,000.00), as
the stockholders at any general or special meeting may authorize or pre-
scribe.

The said company may receive subscriptions to its capital stock in
money, or payment for its shares so issued, in stock in other companies,
land, or other property upon such terms as may be agreed 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
and the payment thereof.

3. The incorporators hereinabove named, or any three of them, mav
receive subscriptions to the capital stock of said company, and when the
minimum capital of three thousand dollars ($3,000.00) shall have been
subscribed, the said subscribers may organize said company by the
election of five 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 afore-
said, 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 hereinabove author-
ized.

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-

any.
P 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
natural materials, and of mining, working, quarrying, smelting, manu-
facturing, transporting, and vending the same, and may conduct such
business at one or more points in the counties of Roanoke, Franklin,
Henry, and 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 that purpose, but shall maintain
its principal oflice in the city of Roanoke, Virginia; and for these pur-
poses 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 ac-
quired, erect and maintain buildings, mac hinery, and structures, needful
for smelting, manufacturing, and treating ores, metals, and minerals
of whatever kinds, or for the production 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
erected or to be erected, survey, and lay out lots, squares, and other
divisions of such lands, and improve the same by buildings or otherwise,
for sale, lease, or other disposition or use, and may establish such lawful
rules and regulations in the use thereof, as the board of said companv
may deem best to secure the comfort and welfare of the occupants and
others engaged or interested in any manufactory or works there es-
tablished; and the said company may, in connection with the operation

of its business aforesaid, establish and conduct a general mercantile
business in connection therewith; and the said company may, in con-
nection with the use and improv ement of any properties belonging to it,
or to any other person thereon, or corporation, make, build, and operate
any canals or waterways, roads, tramways, or railways, operated by
horse, steam, electric, or other motive power, and any such railway not
to exceed in ‘length fifty miles, by first obtaining the permission of the
board of supervisors of the counties, the common councils of the cities,
through which it passes, and for this purpose, when necessary, nay
acquire by contract, or condemnation such lands or other property o
rights of way as may be necessary therefor, proceeding for such onthen

nation to be in accordance with chapters forty- -s1x and forty-seven of the
code of Virginia, and the laws amendatory thereof: provided, that in
case of the construction of any 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 railway shall be subject to all the
duties, obligations and restrictions of common carriers as preseribed
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 board of directors mav deem
expedient and proper in the prosecution of anv of its works or business.
and may secure the pavment of the principal and interest thereof bv
mortgage or deeds of trust. upon all or any portion of its property,
rights, and franchises, including its fr anchise to be a corporation; and
it shall be lawful for said company to subseribe to and hold shares in
the capital stock of any railroad company, or other corporation whenever
the board of directors shall deem it to be to its interest to do 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 dehts and liabilities of the company in a larger or further
sum than to such amount as may be due and unpaid 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 (4-5) of the capital stock
of the company may become the property of less than five (5) persons,
and the majority of the stock may, for more than six months, be the
property of one (1) person.

6. The acceptance of this charter, and organization thereunder, shall
be deemed to be a waiver by said company of any right to pay taxes or
dues or assessments hereafter made from said company to the state of
Virginia, in coupons of this state, and shall be taken as an agreement
on the part of said company to pay all of said taxes, dues, and assess-
ments in lawful money of the United States.

%. Work under this charter, so far as it authorizes the construction of
any railroad, shall be begun in three years from the passage of this act
and completed within five years thereafter.

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