Chap. 141.—An ACT to incorporate the Wytheville and Iron Moun-
tain railroad company.

Approved February 16, 1886.

1. Be it enacted, by the general assembly of Virginia, That
J. F. Slaughter, James A. Walker, John W. Robinson, W. C.
Bullett, George R. Dunn, Peyton L. Terry, J. C. Green and
R. T. W. Duke, or such of them as may accept the provisions
of this act, their associates, successors and assigns, be and they
are hereby incorporated and made a body politic and corpo-
rate, under the name and style of the Wytheville and Iron
Mountain railroad company, and by that name shall be known
in law, and as such are authorized and empowered to locate,
construct, equip and operate a railroad, commencing at a point
on the line of the Norfolk and Western railroad, between
Wytheville and the Smythe county line, running thence to a
point in Wythe county, at or near the Grayson county line, by
such route as may be deemed most suitable by the directors of
said company. :
2. The said company shall have perpetual succession, and
have power to sue and be sued, plead and he impleaded, defend
and be defended in all courts, whether in law or in equity, and
make and have a common seal, and alter or renew the same at
pleasure, and shall have and enjoy all the rights, powers and
privileges pertaining to corporate bodies and necessary for the
purposes of this act.

3. The capital stock of the said company shall not be less
than fifty thousand dollars, and may, from time to time, be in-
creased to any amount, not exceeding one million dollars, by
issue and sale of shares, the par value of which. shall not be
less than fifty dollars, from time to time, under such regula-
tions as the board of directors of said company shall, from
time to time, prescribe; and the directors may receive cash,
labor, material, real’ or personal property, suited to the busi-
ness of the company, in payment of subscriptions to the capi-
tal stock, at such valuation as may be agreed upon between
the directors and the subscribers, and may make such sub-
scription payable in such manner or amounts, and at such
times, as may be agreed upon with the subscribers.

4. It shall be lawful for said company to borrow money, and’
issue and sell its bonds, from time to time, for such sum, and
on such terms as its board of directors may deem’ expedient
and proper in the prosecution of any of its work; and my
secure the payment of said bonds by mortgages or deeds ot
trust upon all or any portion of its property, real, personal and
mixed, its covenants, contracts and privileges, and its chartered
rights and franchises, including its franchises to be a corpora-
tion; and it may, as the business of the company may require,
sell, lease, convey and incumber the said property, contracts,
privileges, rights and franchises. |

5. It shall be lawful for said company to subscribe to and
hold shares in the capital stock of any mining or manufactur-
ing corporation, and any mining, or manufacturing, or other
corporation may, as the directors of such corporation deter-
mine, guarantee or hold the stock or bonds of the said com-
pany. :

6. The said company is authorized and empowered to locate,
construct, equip and operate lateral or branch roads or tram-
ways, not exceeding ten miles each in length; to any furnaces,
ore banks, mines, or factory, or railroad; and the said com-
pany may acquire by condemnation, according to the laws of
Virginia, the lands required for the right of way of its rail-
road and the necessary stations and depots for its opera-
tion, and may connect or unite its railroad with that of any
other railroad company, and any connecting railroad company
may lease, operate or purchase the said railroad, on such terms
as may be agreed upon between the directors of the respective
companies, |

7. The said company shall be-required to commence the
construction of said railroad within two years from the passage
of this act, and to complete the construction of its main line
within four years thereafter; otherwise, the powers, privileges
and franchises hereby granted shall be zfse facto void.

8. The persons first named in this act, or such of. them as
shall accept the provisions thereof, shall have the powers and
authority of a president and board of directors for the pur-
poses of organization and for all other purposes. They shall
constitute the board of directors for the first year, and shall
continue in office until their successors shall be elected and
qualified. Each stockholder in the company shall, at all meet-
ings or elections, be entitled to one vote for each share of stock
registered in his name. }

9g. The board of directors shall be stockholders of said com-
pany. They shall appoint one of their number president, and
may fill any vacancy that may occur in said board,°’unless by
removal; in which case the same shall be filled by the stock-
holders in general meeting. Whenever ten per centum of the
capital stock shall have been subscribed, and the board of di-
rectors shall have elected a president, said company shall be
considered legally organized, and may proceed to the transac-
tion:of business.

10. The board of directors may establish officers and agen-
cies at such places as they may deem proper, but the principal
office of the company shall be at Wytheville, Wythe county,
state of Virginia.

11. All taxes due the commonwealth by the said company
shall be paid in lawful money of the United States, and not in
coupons. ;

12. This act shall be in force from its passage; but the gene-
ral assembly of the state of Virginia reserves to itself the right
to modify, alter or repeal this act at any time hereafter.