Chap. 153.—An ACT to incorporate the Danville and East Tennessee
railroad company.

Approved February 18, 1888.

1. Be it enacted by the general assembly of Virginia, That
W. T. Sutherlin, A. M. Aiken, M. P. Jordan, Harry Wooding,
J.G. Peen, J. G. Covington, H. A. Wiseman, H. W. Cole, B
8. Crews, E. B. Withers, J. G. Lea, T. J. Talbott, C. G. Hol-
land, F. X. Burton, J. E. Schoolfield, John H. Schoolfield, E.
K. Jones, R. J. Jones, J. M. Neal, John R. Hutchings, E. F.
Acree, John O. Redd, T. N. Jordan, E. M. Pace, G. K. Poin-
dexter, T. J. Corbin, L. Wildman, A. Gerst, A. Isaacs, John
Carter, W. P. Hodnett, N. H. Massie, Henry E. Barksdale,
and such other persons as may be associated with them, their
successors and assigns, be and they are hereby constituted a
body politic and corporate under the name and style of the
Danville and Hast Tennessee railroad company, for the pur-
pose of constructing, equipping, maintaining and operating a
railroad from Danville, Virginia, to Bristol, Tennessee, or some
other point on the Norfolk and Western railroad, upon such
route as may be adopted by the said company.

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2. The capital stock of said company shall be not less than
one hundred thousand dollars, divided into shares of one hun-
dred dollars each, and the board of directors may, from time
to time, at their discretion, increase said capital stock to an
amount not exceeding three millions of dollars, and before
this company shall be deemed to be fully organized, at least
ten thousand dollars shall be subscribed, and twenty-five per
centum thereof paid in. Each share thereof shall entitle its
holder to one vote in all meetings of the stockholders, and
the company may receive real and personal property, suitable

_ for its business, in’ payment of subscriptions to the capital
stock at such valuations as may be agreed upon between the
board of directors and the subscribers thereto.

o 38. After the passage of this act the corporators heretofore
mentioned, or any ten of them, may, after ten days’ notice in
the newspapers of Danville, meet together and organize the

- said company by electing a board of directors of not less than
five nor more than nine, who shall hold office for one year,
and shall choose from their own number one who shall be

, president of the board and company. The board of directors
may fill any vacancy in their own body or the office of presi-
dent, whether such vacancy occur by death, resignation or
otherwise, and shall elect such other officers as may be neces-
sary to carry on the business of the company.

4, As soon after the passage of this act as they may choose,
the board of directors may meet together and take such steps
as they may deem proper to secure subscriptions to the capi-
tal stock of the company; and as soon as the minimum
amount of said capital stock shall have been subscribed and
two per centum thereof paid, the board of directors may pro-
ceed to organize the said company, adopt by-laws for the
government of the company, and take such further action as
the interests of the company may require. And thereupon
the said company shall be deemed to be duly organized, and
shall have all the general powers and be subject to such re-
strictions as are conferred and imposed upon corporations and
chartered companies by the laws of Virginia.

5. The by-laws of the said company shall prescribe the
times and places for the mectings of the stockholders, and
also the time and method of giving notification of such meet-
ings; but the same may be changed at the discretion of the
board of directors.

6. The said company shall have power to borrow money
for its purposes, and to secure the same by mortgage, or mort-
gages, upon its works, franchises and income.

7. It shall be lawful for the said company to construct and

, operate branch or lateral lines of railroad, not exceeding fifty
miles in length for each, in this state, or, with the consent of
the state of North Carolina, into the territory of that state,
and to consolidate with any other railroad company hereto-
fore incorporated, or which shall be hereafter incorporated in
or out of the state of Virginia, whose line of road connects,
or will connect, with the railroad hereby authorized to be

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constructed: provided that the identity of this company shall
not be destroyed by such consolidation, lease or sale, or its
character as a domestic corporation changed: and provided
turther, that the company hereby chartered, shall not lease
or sell its works, property or franchises to any corporation
not chartered by this state; and it shall be lawful for the
company hereby incorporated to lease or sell its works, prop-
erty and franchises to any other such company; and it shall
be lawful for said company to lease or purchase the works,
property and franchises of any other railroad company here-
tofore incorporated, or which shall be hereafter incorporated,
in or out of the state of Virginia, whose line connects, or will
connect, with the lines of the railroad hereby authorized to
be constructed; and any railroad company heretofore incor-
porated, or which shall be hereafter incorporated in the state
of Virginia, is hereby authorized to consolidate with the said .
Danville and East Tennessee railroad company, or to sell or
lease its works, property and franchises to the said Danville
and East Tennessee railroad company, or to purchase or lease
the works, property and franchises of the said Danville and
East Tennessee railroad company, and which lies along the
route of this company, so as to be used as a part of its main
lines, or which may be used in lieu of such lateral roads as
this company is authorized by the general law of this state
to construct: provided that the said company shall begin its
work of constructing said road within two years and com-
plete the same within eight years from the passage of this
act.

8. This act shall be subject to amendment or repeal at any s
time by the general assembly, and all taxes, dues and demands
due or to become due, to the state of Virginia, shall be paid
in lawtul currency of the United States, and not in coupons.

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