Chap. 61.—An ACT to incorporate the Clinch river construetion
company.

Approved April 11, 1887.

1. Be it enacted by the general assembly of Virginia, That
John 58. B. Thompson, T. C. Leake, Jr, John P. Branch, John
L. Hurt, James B. Pace, C. G. Holland, A. S. Bulord, HL C.
Parsons, T. C. Williams, EB. D. Christian, ——— Anderson,
C. D. Langhorne, Dr. C. W. Thorn, Henry Stuart, John W.
Jobnston, and EB. Dillon, their associates, assigns, and succes-
sors, are hereby incorporated and constituted a body politic
and corporate of this State under the uame and style of the
Clinch river construction Company.

2. That said company is hereby authorized and empowered
to construct, Improve, and equip railroads, bridges, tunnels,
depots, section houses. and other structures proper to the use
and operation of railroads; to contract with any railroad
company or companics heretofore incorporated or hereafter
to be incorporated; to construct, improve, and equip rail-
roads, bridges, tunnels, depots, section houses, and other
structures proper to the use and operation of railroads, aud
to take and receive in payment therefor, shares of the capital
stock of such company or companies, bonds secured by mort-
gage or otherwise that may be issued by such company or
compunies, and any other bonds or securities, real and per-
sonal property, moneys, and valuable considerations which
such railroad company shall have the right lawfully to dis-
pose of and as shall be avreed between the contracting
parties; and to bargain, sell, use, or otherwise dispose of the
same as it may deem best for its interests.

3. The said company may carry on its work in this and
other States, and may commence operations a3 soon as one
hundred thousand dollars of the capital stock shall have been
subscribed for. Certificates of stock, in shares of one hun.
dred dollars each, may be issued under such revulations as the
board of directors shall prescribe. The capital stock may from
time to time be increased by the board of directors to an
amount not exceeding five hundred thousand dollars, anid
with the consent of a majority in interest of the stockholders
given in any general meeting, the capital stock may be in-
creased to a sum not exceeding two million five hundred
thousand dollars. Each share of stock shall be entitled to
one vote in any meeting of stockholders.
4. The said company shall have the power to borrow money
and secure the same by mortyaye on its franchises and pro-
perty, or any part thereof.

5. Said company shall have all the general powers conferred
upon Chartered companies by chapter tifty-seven of the Code
of Virginia of cighteen hundred and seventy-three, and sball
be subject to all its provisions, except so far as tho same are
modified by or inconsistent with this act.

6. The eight corporators first named in the first section
of this act shall constitute the board of directors for the first
year, or until otherwise constituted or appointed by the stock
holders atany general meeting of the company, one of w hom
shall be chosen hy them as president of the board and of the
company; but the board of directors may at any time fill a
vacancy in its body or in the office of president, whether
such vacancy occur by death, resignation, or otherwise.

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i. ‘The board of directors may meet as soen as practicable

afier the passage of this act; and if at such meeting the

minimum capital stock of one hundred thousand dollars shall
be subscribed, the company shall thereupon be deemed. or-
ganized, and the board shall proceed to adopt by-laws for the
conduct of the company, appoint such officers as may be ne-
cessary, and take such further action as the interest of the
company may require. The by-laws shall prescribe the time
and place of holding the annual meeting of stouckbolders, as
well as the notice of such me CUES, and the manner of SUIV-
ing the sane. But the by-laws may at any time be changed
by the board of directors, or any general meeting of the
stockholders.

8. This charter shall be subject to amendment or repeal
at any time by the General Assembly; and all taxes, dues, or
demands due or to become due by this company to the State
of Virginia, shall be paid in lawful currency of the United
States. and not in coupons.

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