Chap. 172.—An ACT to incorporate the Mineral Springs Railroad
Company.
Approved February 19, 1886.

1. Be it enacted by the general assembly of Virginia, That
W. D. Pollard, C. H. Krumbhaar, H. G. Ward, Daniel Bray,
J. R. Fell, C. A. Harte and Samuel G. Merrick, 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 corporate; under the name and
style of The Mineral Springs Railroad Company, and as such
are authorized and empowered to. locate, construct, equip and
operate a railroad not exceeding twenty-five miles in length,
commencing at a point at or near the line of the Valley railroad,
or Valley branch of the Baltimore and Ohio railroad in the
county of Shenandoah, running thence in a westwardly direc-
tion to a point at or near the West Virginia state line, by such
route as may be deemed most suitable by the directors of said
company, and by that name shall be known in law; and

2. The said company shall have perpetual succession, and
have power to sue and be sued, plead and be impleaded, defend
and be defended in all courts, whether in law or in equity, and
may make and have a common seal, and alter or renew the
same at pleasure. |

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 regulations
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 business of the
company, in payment of subscriptions to the capital stock, at
such valuation as may be agreed upon between the directors
and the subscribers, and may make such subscription 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 may se-
cure the payment of said bonds by mortgages or deeds of 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 requires,
sell, lease, convey and incumber the same.

5. It shall be lawful for said company to subscribe to and
hold shares in the capital stock of any mining or manufacturing
corporation, and any mining or manufacturing, or other corpo-
ration, may lease or operate the road and property of the said
company, or guarantee or hold the stock or bonds of the said
company.
_ 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 in length, to any springs, ore-
banks, mine, or other operation; and it may acquire, hold,
operate and convey mineral lands along or in the vicinity of
its line, not exceeding twenty thousand acres, mine iron or
other minerals therefrom, and transport and sell the same.

7. The said company may acquire, by condemnation, ac-
cording to the laws of Virginia, the lands required for the right
of way of its railroad, and the necessary stations and depots
for its operation, and may connect or unite its railroad with
that of any other railroad company.

8. The said company shall be required to commence the con-
struction 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 fran-
chises hereby granted shall be zfso facto void.

g. 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. °

10. 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. —

11. The board of directors may establish offices and agen-
cies at such places as they may deem proper, but the principal
office of the company shall be located at some point within the
limits of the state of Virginia.

12. Whenever this corporation shall exercise any of the pri-
vileges conferred by this act, it shall be liable to the same taxes
as may be imposed by law upon other like corporations or per-
sons exercising like privileges; and all taxes due the common-
wealth by said company shall be paid in lawful money of the
United States, and not in coupons.

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