Chap. 341.—An ACT to incorporate the Danville and Great Western
railroad company.

Approved March 1, 1888.

1. Be it enacted by the general assembly of Virginia, That
J. B. Pace, E. D. Christian, Charles Watkins, T. C. Williams,
James T. Gray, J. J. Montague, and James H. Dooley, and
their associates and successors, are hereby constituted a body
politic and corporate under the name of the Danville and
Great Western railroad company, for the purpose of con-
structing, equipping, and operating a railroad from a point at
Danville or North Danville, to a point on the line of the East
Tennessee, Virginia, and Georgia railroad at or near Bristol,
Tennessee, upon such route as may be adopted by the com-
pany; and that the line of the road may be so located that a
portion or portions thereof may be in North Carolina or Ten-
nessee or both; the portion or portions thereof lying in either
of the above states to be built under the authority or with the
sanction of those states respectively: provided however, that
said company in locating and constructing its railroad under
this charter, shall not acquire any right to the exclusive occu-
pancy of any mountain pass, or creek, or river valley, in:
which it is practical to construct more than one railroad.

2. That the capital stock of said company shall not be less «
than one hundred thousand dollars, and shall be divided into
shares of one hundred dollars each; but the board of direc-
tors may, at their discretion, from time to time, increase the
capital stock to such an amount, and to dispose of the same
at such price and upon such terms as they may decide. Each
share of the stock shall be entitled to one vote, and the direc-
tors may receive real or personal property suited for the busi-
ness of the company in payment of subscriptions to the capi-
tal stock, at such valuations as may be agreed upon between
the directors and the subscribers.

3. The corporators herein named shall constitute the board }
of directors for the first year, one of whom shall be chosen by '
them president of the board and of the company, but the
board of directors may at any time fill a vacancy in its own |
body or in the office of president, whether such vacancy oc-
curs by death, resignation, or otherwise.

4. The board of directors may meet as soon as practicable |
after the passage of this act, and if at such meeting the mini- ‘
mum capital stock of one hundred thousand dollars shall be
subscribed, the company shall thereupon be deemed organized,
and the board shall proceed to adopt by-laws for the conduct
of the company; shall appoint such officers as may be deemed ‘
necessary, and take such turther action as the interest of the
company may require. The by-laws shall prescribe the time
and place of the stockholders’ meetings, as well as the notice
of holding such meetings, and the manner of serving the same.
But the by-laws may be at any time changed by the board ot

directors.
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5. Said company shall have power to borrow money for its
purposes, and to secure same by mortgage on its works, pro-
perty, franchises, and income. '

6. Said company shall have all the general powers con-
ferred upon corporations and chartered companies by chap-
ters fifty-six and fifty-seven of the Code of Virginia of oink
teen hundred and seventy-three, and shall be subject to all
the provisions of those chapters except so far as the same are
modified by or are inconsistent with this act.

7. It shall be lawful for said company to consolidate with
any other railroad company not a competing line, heretofore
incorporated or hereafter to be incorporated in or out of the
state of Virginia, whose line of road connects or will connect
with the railroad hereby authorized to be constructed; and
it shall be lawful for the company hereby incorporated to
lease or sell its works, property, 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 heretofore incorporated or hereafter to be
incorporated in or out of the state of Virginia, whose line of
railroad connects or will connect with the railroad hereby
authorized to be constructed; and any railroad company
heretofore incorporated or hereafter to be incorporated in the
state of Virginia is hereby authorized to consolidate with the
said Danville and Great Western railroad company, or to sell
or lease its works, property, and franchises to said Danville
and Great Western railroad company, or to purchase or lease
the works, property, and franchises of the said Danville and
Great Western railroad company: provided, that no consoli-
dation of the corporation hereby created, with any corpora-
tion chartered by another state, or any lease or sale thereof,
shall operate to prevent such consolidated company from be-
ing a corporation of this state, or in any manner to impair
the jurisdiction of the courts of this state in respect of the
property and franchises so leased or purchased: provided,
that the said company shall begin its work of constructing
said road within two years, and complete the same within
eight years from the passage of this act.

8. This charter shall be subject to amendment or repeal at
any time by the genera: assembly; and all taxes due, or de-
mands 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.

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