Chap. 24.—An ACT to incorporate the Roanoke and Northwestern
railroad company.

Approved March 30, 1887.

1. Be it enacted by the general assembly of Virginia, That
D. F. Houstan, Charles G. Eddy, Henry 8S. Trout, P.S. Terry,
E.. H. Stewart, J. M. Gambill, of Roanoke, Virginia; J. C.
McDonald, of Hinton, West Virginia; J. W. Marshall, Giles
C. Huffman, of New Castle, Virginia, 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
Roanoke and Northwestern railroad company, and as such,
are authorized and empowered to locate, construct, equip, and
operate a railroad commencing at a point on or near the line
of the Nortolk and Western railroad, in the county of Roa-
poke, running thence ina northwesterly direction to a point
at or near New Castle, in the county of Craig, by such route
as may be deemed most advisable by the directors of said
company, and by that name shall be known in law.

2. ‘The said company shall have perpetual succession and
have power to sue and be sued, plead and be impleaded,
defend and be detended in all courts, whether ino law or in
equity, and may make and have a common seal and alter or
renew the same at pleasure; and shall have, possess, and
enjoy all the rights and privileges of a corporation or body
politic in the law 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 trom time to time be
increased to any amount not exceeding five 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, in payment of sub-
scriptions to the capital stock, at such valuation as may be
agrecd 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. Tt shall be Jawtul for said company to borrow money
and issue and sell its bonds trom time to time, for such sum
and on such terms as its board of directors may deem expe-
dient and proper in the prosecution of any of its work; and
may secure the payment of said bonds and 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 franchise
to be a corporation; and it may. as the business of the com-
pany may require, sell, lease, convey, and encumber the same.

5. It shall be lawtul for said company to subscribe to and
hold shares in the capital stock of any mining or manutac-
turing corporation, and any miming or manufacturing, or
other corporation, may lease or operate the road and prop-
erty 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 tramways from any point on its line of railroad to any
springs, ore banks, mine, or other operation in the county of
Craig or countics adjacent thereto, or to connect the said line
with. that of any other railroad now or hereafter to be con-
structed in or to any of said counties; and the said company
May connect or unite its said road with that of any other
company, or consolidate and merge its stock, property, and
franchises with those of any other company operating or
authorized to operate a connecting line of railroad, upon such
terms as may be agreed upon between the companies 80
unitipg or connecting, merging or consolidating; and for that
purpose, power is hereby given to it and to such other com-
pany or companies, to make and carry out such contracts as
will facilitate and consummate such connection, merger, or
consolidation: provided that a copy of every such contract of
consolidation and merger shall be filed in the office of the
board of public works.

7. The said company may acquire by condemnation, ac-
cording to the laws of Virginia, the lands required tor the
right of w ay of its railroad, and the necessary stulions 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
construction of the said railroad within two years from the pas-
save of this act, and to complete the construction of its main
line within five years thereafter; otherwise the powers, privi-
leges, and franchises hereby granted, shall be ipso tacto void.
The said company may mine ore and other minerals from
lands received by it in payment of subscriptions to its Capital
stock, but such lands shall not be operated by it for a period
longer than twenty years.

9. The persons first named in this act or such of them as
shall accept the provisions thereof, shall have the power and
authority of a president and board of directors for the pur-
poses of organization, and for all other purposes. They 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
company. 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
stoulcholines in general meeting. Whenever ten per centum
of the capital stock shall have been subscribed, and tne board
of directors shall have elected a president, said company shall
be considered legally organized and may proceed to the trans-
action of business.

11. The board of directors may establish offices and agencies
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 the corporation shall exercise any of the
privileges conferred by this act, it shall be liable to the same
taxes as may be imposed by law upon other like corporations
or persons exercising like privileges, and all taxes due the
commonwealth 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
gencral assembly of the State of Virginia reserves to itself
the right to modify, aller or repeal this act at any time
hereatter.