Chap. 188.—An ACTF to incorporate the James River and North
Carolina Railroad :Company.

Approved February 24, 1886.

‘1. Be it enacted by the general assembly of Virginia, That
William P. Burke, Samuel M. Bolling, Thomas D. Berry, R.
G. Turpin, James M. Mathews, George T. Cauthorn, Edward
H. Myler, George D. Wright, Robert B. Clayton, William H.
McGhee, John R. Thurman, John A. Lazenby, Samuel Griffin,

ohn Q. Rorer, William F. Graves, Benjamin H. Maulton,
William A. Wingfield, William P. Thurman, William A. Goad,
Peter Saunders, George E. Dennis, John L. Hurt, Beverly B.
Munford, and Nathaniel T. Vandegrift, and their associates
and successors, be and they are hereby constituted and made a
body politic and corporate, by the name and style of the James
River and North Carolina railroad company, and by that
name and style shall have all the rights, and powers, and privi-
leges conferred, and be subject to all the provisions of chapters
fifty-six, fifty-seven and sixty-one, of the Code of eighteen
hundred and seventy-three, so far as the same may be applica-
ble to and not inconsistent with this act.

2. The capital stock of said company shall not be less than
one hundred thousand nor more than ten million dollars, di-
vided into shares of one hundred dollars each; and for the pur-
pose of obtaining subscriptions to said capital stock, any five
of the persons named in the foregoing section may open books
of subscription at such times and places .as they may appoint.

3. The annual meeting of the stockholders in said company
shall be held at such time and place as the stockholders in an-
nual meeting may appoint; and at all meetings of stockholders,
subscribers who have paid all calls on their stock theretofore
made, Shall be entitled to one vote for each share of stock held
by each subscriber, which vote shall be cast in person or by
proxy.

4. The said James river and North Carolina railroad com-
pany is hereby authorized and empowered to construct, operate
and maintain a railroad, from some point on the Richmond
and Alleghany railroad, between Lynchburg and Lexington,
to the town of Liberty, through the counties of Bedford,
Franklin, Henry, Patrick or Pittsylvania, to some suitable
point on the North Carolina line; and the company shall have
power to purchase and hold mineral lands for the purpose of
working the same, in order to furnish tonnage to its road, and
to lease or sell the same: provided, that such company shall
orly hold such lands in the counties through which said road
passes, and shall not hold more than twenty thousand acres at
any one time in any one county.

5. Said company shall have power to unite, consolidate or
connect its railway with any line of railway which has been
constructed, or is now in process of construction in this state,
upon such terms as may be agreed upon between it, and such
other railway company; and for this purpose power is hereby
granted to it, and to any railway company incorporated by this
state, to make and carry out such contracts by lease, purchase
or otherwise, as will facilitate and consummate such connection
or consolidation: provided, however, it shall not consolidate or
connect with any competing or parallel line; and if it should
ever consolidate with a foreign corporation, in accordance with
the provisions of this section, the consolidated company shall
always remain a Virginia corporation in regard to the right of
suing and being sued. A copy of any such agreement of con-
solidation shall be filed by said company with the secretary of
the commonwealth, within'sixty days after the same is made.
_ 6, Any railway or other transportation company with which
said James River and North Carolina railway company may
connect, is hereby authorized to subscribe to the capital stock
of said company, and the stock so subscribed shall have the
same privileges and powers, and be subject to the same condi-
tions and regulations as the stock held by other stockholders
therein.

7. It shall also be lawful for the counties, through which said
road may be constructed, in their corporate capacities, to sub-
scribe to the capital stock of said James River and North Caro-
lina railroad company, whenever such subscriptions shall be
authorized by a vote of the people of such counties and towns,
as provided by the laws of the state of Virginia, and to make

ayment of any such subscriptions so authorized. It shall be
lawful for such counties and towns to issue bonds, and to se-
cure the payment of interest and principal of the same by a
special tax upon such subjects as are taxable by the state of
Virginia, sufficient to pay current interest thereon, and to pro-
vide a sinking fund, adequate to the ultimate discharge of the
principal at maturity.

8. The said company is also authorized, from time to time, to
borrow such sums of money as may be necessary for its pur-
poses, and for such loans to issue its bonds, bearing interest
not exceeding six per centum per annum, to sell, exchange and
hypothecate said bonds on such terms as it may deem advisa-
ble, and to secure the said bonds, and interest thereon, by
deeds of trust or mortgage conveying its works, property and
franchises in whole or in part.
g. The said railroad company, by the acceptance of this
charter, hereby agrees to pay all taxes, dues and demands, due
the state, that may be hereafter assessed against it, in lawful
money of the United States, and not in coupons; and the right
to repeal, alter or amend this charter is hereby reserved to the
general assembly.

10. Said company is required to commence work on said
road within two years, and to complete the same within seven
years from the passage of this act.

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