Chap. 66.—An ACT to incorporate the Abingdon coal and iron rail-
road company.

Approved April 11, 1887.

1. Beit. enacted by the general assembly of Virginia, That
A. C. Cummings, James li. White, James C. Greenw: ay, F.S.
Findlay, W. G. G. Lowry, 8S. F. Hurt, T. G. McConnell, J.
D. Imboden, F. B. Hutton, J.J. Stuart, citizens of the county
of Washington, H. H. Dickenson and H. A. Routh, citizens
of the county of Russell, and such other persons as they
may associate with them, be and they are hereby declared a
body politic and corporate, by the name and style of the
Abingdon coal and iron railroad company, and shall be and
hereby is authorized and empowered to survey, locate, con-
struct, equip, maintain, and operate a line of railw ay from
Abingdon on the Norfolk and Western railroad through any
of’ the counties of Washington, Smyth, and Griyson, to any
point or points bordering on the States of Tennessee or North
Carolina, or on any point on any road leading to tide-water,
by such practical route as may be deemed most advantageous
for the development of the avricultural mining and manu.
facturing interests of the country thereby traversed, and also
from Abinedon through any of the counties of Washington,
Russell, Seott. Dickeuson, Buchanan, or Wise, to any point
or points on the Kentucky line. |

2. The capital stock of said company shall be such amount
per mile as may be found necessary, and be entered of record
in the proceedings of said company, not excecding fifty thou.

sand dollars per mile, in shares of one hundred dollars each.
Said company may issue bonds in the usual form of such se.
curilies to an amount not excecding its authorized and de.
clared capital stock per mile, and secure the principal and
interest of such bonds to the purchasers therceot, by mort.
gage or mortgages, or decd or deeds of trust on its trarchises
and property of all kinds, and may lawfully accept the guar:
anty, and endorsement of its bonds by any railroad company
in this State or any adjoining State or States.

3. Books of subscription to the capital stock shall be opened
under the supervision and direction of any three of the cor.
porators at Abingdon, Virginia; and when one hundred
shares have been subscribed | tor, the subscribers shall, upon
reasonable notice being given to them, assemble at the call of
any five of the corporators at such time and place as in such
notice may be fixed, and a majority of them may organize
the company un-ler this act, and elect a president and board
of directors, whose term of office shall not exceed one year.
Subsequently elections of directors shall be by stockholders,
and the directors elect the president.

4. The said company shall have power, by a majority vote
of its stockholders, to consolidate and merge its franchises
and property with those of any railroad company connection
with whose lines may be made for the purpose of reaching
the iron ore deposits of Kast Tennessee, and Western North
Carolina, and connecting the same with the iron ore and coal
deposits of Virginia and for general railroad purposes, and
to execute such contract to “the effectual carrying out of
the same, and the said agreement, so adopted, or certified
copies thereof, shall be filed in the office of the secretary of
the commonwealth, and taken as the agreements of the acts
of consolidation of such companies. And any consolidated
company thus formed and under such name as it may adopt,
and set forth in said agreement, shall be entitled to all the
property, rights, and franchises 5, anul subject to all the liabil-
ities of the consolidated companies: provided if this company
should ever be consolidated with any foreign ‘corporation, in
accordance with the provisions of this act, the consolidated
company shall always remain a Virginia corporation in re-
gard to the right of suing and being sued.

5. The said company is invested with all the powers con-
ferred by the Code and general lawa of the State, and subject.
to all the restrictions of the same relating to railway com-
panies: provided the said company shall pay its taxes to the
State of Virginia in lawful money of the United States: and
provided that the franchises hereby granted may be amended
or repealed by the general assembly.

6. The fraueldavs conferred by this act are hereby granted
and conferred unto said cowpany on condition that the work
of actively constructing said road be commenced within five
years and completed within ten years from the passage of
this act, otherwise this charter shall be void.

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