Chap. 200.—An ACT to incorporate the Covington and Ohio Railroad
Company,

Passed February 26, 1866.

1. Be it enacted by the general assembly of Virginia, That
the persons upon whom the benefits of this charter may be
hereatter conferred, and who may be oreanized as hereinafter
provided, shall thereupon be constituted a corporation, under
the name and style of The Covington and Ohio Railroad
Company, according to the provisions of the Code of Vir-
ginia (edition eichteen hundred and sixty), for the govern-
ment of incorporated companies, and not inconsistent here-
wall ;

The said Covington and Ohio railroad company, ’ when
fally constituted and certified as hereinatter provided, shall
have all the rights, interests and privileges, of whatsoever
kind, in and to the Covington and Ohio railroad, and appur-
tenances thereto belonging, now the property of the state of
Virginia, upon condition that it shall, within six months after
its incorporation, as provided in the tenth section of this act,
commence, and, within six years, complete, equip and operate
a railroad from some point at or near Covington, Alleghany
county, Virginia, and connecting with the Virginia Central
railroad, by the way of the White sulphur springs and the
valleys of Greenbrier river, New river and Kanawha river,
to a point at or near the mouth of Scarey creek, and thence
to the Ohio river. The said road to be constructed in a style
at least equal to that of the Virginia Central railroad, and
with grades not higher than those adopted by C. B. Fisk,
Esquire, the former engineer of the Covington and Ohio
railroad. But this grant is not intended to include the un-
expended amount heretofore appropriated by the state of
Virginia to this work.

3. The said Covington and Ohio railroad company shall
have the right to construct a branch from its main line, to
connect with the Virginia and Tennessee railroad at such
points as it may deem most expedient; and the said company
is hereby empowered to acquire real property necessary for
the construction of the said railroad and of the said branch.

4, The capital stock of the company shall not be less than
three millions of dollars nor more than twelve millions, in
shares of one hundred dollars each; but if necessary to aug-
ment the capacity of said road, the capital may, from time to
time, hy a vote of two-thirds of the stockholders, be increased
to an amount not exceeding twenty millions of dollars; and

each stockholder shall be entitled to one vote for each share
of his stock.
5. The stockholders, at their first meeting, shall elect di-
rectors, who, a majority thereof being necessary for a quorum,
shall elect a president (from their own body), and shall ap-
point all other officers and agents, make by-laws, and transact
all business necessary to promote the purposes of the corpo-
ration.
6. The president and directors may create indebtedness,
in the manner prescribed by the by-laws, for the purchase of
materials, the construction and equipment of said railroad,
and for all other necessary purposes.

7. The rates of charge by said company, for passengers
and freight tr ansported. on the main line and branches of
said railroad, shall never excced the hizhest allowed by law
to other railroads in the state of Virginia; and no discrimina-
tion shall be made in such charges against any connecting
railroad or canal company in w hich the state has an interest ;
and the right is reserved to the state of Virginia to connect,
at any point within its limits, with said railroad, or any of its
branches, any canal or railroad in which the state has an in-
terest ; and no taxation upon the property of said company
shall be imposed by the state until the profits of the company
shall amount to ten per centum a year on its capital.

8. If said company shall fail to commence work or to put
the road in operation within the times specified in the char-
ter, then the tranchise hereby granted shall revert to the state
of Virginia, and the commissioners hereinafter named shall
take possession of the said road, after serving due notice, in
writing, on the president of said company, that the said
reversion and repossession 18 clauned.

9. John B. Baldwin, George W. Bolling, Thomas §.
Flournoy, R. H. Maury and Wiliiam J. Robertson are hereby
appointed commissioners, to act on the part of the state of
Virginia; but should alike number be appointed by the state
of West Virginia, then (in that case) to act in conjunction
with the same, whose duty it shall be to offer the benefits of
this charter for the acceptance of capitalists, so as to secure
the speedicst and best construction, equipment and operation
of said railroad. To this end, they are herchy empowered
to make a c@ntract with any parties who shall give the best
terms and the most satisfactory assurances of capacity and
responsibility, and to introduce into said contract any addi-
tional stipulations for the benefit of the state and in further-
ance of the purposes herein declared, and not inconsistent
with this act; which said contract shall be, to all intents and
purposes, as much a part of this charter as if the same had
been herein included at the time of the passage of this act:
provided, that no act of the said commissioners, whether
acting by themselves, or in coninnction with commissioners
to be appointed by the state of West. Virginia, shall be valid
or effectual, unless approved and voted for by at least three
of the commissioners appointed by this act.

10. The certificate of the said commissioners of the due
execution of the said contract, and the organization of the
said company, shall operate to confer upon said company all
the benefits of this charter, subject only to the general pro-
visions of the Code of Virginia tor the covernment of inter-
nal improvement companies, so far as the same may not be
inconsistent herewith.

11. Should the forfeiture provided for in the eighth section
occur, the said commissioners may make a new contract with
any other partics, as though no former contract had been
made.

12. The said commissioners may receive from the treasury
of the state their necessary expenses incurred in the execu-
tion of the duty herein imposed upon them, and shall not,
directly or indirectly, receive any emolument from, or have
any interest in any company created by this charter.

13. The governor of the commonwealth shall, upon the
passage of this act, immediately communicate the same to
the governor of West Virginia, and respectfully request that
it be submitted to the legislature of that state for such action
as it may deem necessary to carry out the objects and pur-
poses of this act.

14. This act shall be in force from the day of its passage,
and that the act passed February thirteenth, eighteen hun-
dred and sixty-two, at Wheeling, entitled an act to incorpo-
rate the Charleston and Winchester railroad company, be
and the same is hereby repealed.

Chap. 200.—An ACT to incorporate the Covington and Ohio Railroad
Company,

Passed February 26, 1866.

1. Be it enacted by the general assembly of Virginia, That
the persons upon whom the benefits of this charter may be
hereatter conferred, and who may be oreanized as hereinafter
provided, shall thereupon be constituted a corporation, under
the name and style of The Covington and Ohio Railroad
Company, according to the provisions of the Code of Vir-
ginia (edition eichteen hundred and sixty), for the govern-
ment of incorporated companies, and not inconsistent here-
wall ;

The said Covington and Ohio railroad company, ’ when
fally constituted and certified as hereinatter provided, shall
have all the rights, interests and privileges, of whatsoever
kind, in and to the Covington and Ohio railroad, and appur-
tenances thereto belonging, now the property of the state of
Virginia, upon condition that it shall, within six months after
its incorporation, as provided in the tenth section of this act,
commence, and, within six years, complete, equip and operate
a railroad from some point at or near Covington, Alleghany
county, Virginia, and connecting with the Virginia Central
railroad, by the way of the White sulphur springs and the
valleys of Greenbrier river, New river and Kanawha river,
to a point at or near the mouth of Scarey creek, and thence
to the Ohio river. The said road to be constructed in a style
at least equal to that of the Virginia Central railroad, and
with grades not higher than those adopted by C. B. Fisk,
Esquire, the former engineer of the Covington and Ohio
railroad. But this grant is not intended to include the un-
expended amount heretofore appropriated by the state of
Virginia to this work.

3. The said Covington and Ohio railroad company shall
have the right to construct a branch from its main line, to
connect with the Virginia and Tennessee railroad at such
points as it may deem most expedient; and the said company
is hereby empowered to acquire real property necessary for
the construction of the said railroad and of the said branch.

4, The capital stock of the company shall not be less than
three millions of dollars nor more than twelve millions, in
shares of one hundred dollars each; but if necessary to aug-
ment the capacity of said road, the capital may, from time to
time, hy a vote of two-thirds of the stockholders, be increased
to an amount not exceeding twenty millions of dollars; and

each stockholder shall be entitled to one vote for each share
of his stock.
5. The stockholders, at their first meeting, shall elect di-
rectors, who, a majority thereof being necessary for a quorum,
shall elect a president (from their own body), and shall ap-
point all other officers and agents, make by-laws, and transact
all business necessary to promote the purposes of the corpo-
ration.
6. The president and directors may create indebtedness,
in the manner prescribed by the by-laws, for the purchase of
materials, the construction and equipment of said railroad,
and for all other necessary purposes.

7. The rates of charge by said company, for passengers
and freight tr ansported. on the main line and branches of
said railroad, shall never excced the hizhest allowed by law
to other railroads in the state of Virginia; and no discrimina-
tion shall be made in such charges against any connecting
railroad or canal company in w hich the state has an interest ;
and the right is reserved to the state of Virginia to connect,
at any point within its limits, with said railroad, or any of its
branches, any canal or railroad in which the state has an in-
terest ; and no taxation upon the property of said company
shall be imposed by the state until the profits of the company
shall amount to ten per centum a year on its capital.

8. If said company shall fail to commence work or to put
the road in operation within the times specified in the char-
ter, then the tranchise hereby granted shall revert to the state
of Virginia, and the commissioners hereinafter named shall
take possession of the said road, after serving due notice, in
writing, on the president of said company, that the said
reversion and repossession 18 clauned.

9. John B. Baldwin, George W. Bolling, Thomas §.
Flournoy, R. H. Maury and Wiliiam J. Robertson are hereby
appointed commissioners, to act on the part of the state of
Virginia; but should alike number be appointed by the state
of West Virginia, then (in that case) to act in conjunction
with the same, whose duty it shall be to offer the benefits of
this charter for the acceptance of capitalists, so as to secure
the speedicst and best construction, equipment and operation
of said railroad. To this end, they are herchy empowered
to make a c@ntract with any parties who shall give the best
terms and the most satisfactory assurances of capacity and
responsibility, and to introduce into said contract any addi-
tional stipulations for the benefit of the state and in further-
ance of the purposes herein declared, and not inconsistent
with this act; which said contract shall be, to all intents and
purposes, as much a part of this charter as if the same had
been herein included at the time of the passage of this act:
provided, that no act of the said commissioners, whether
acting by themselves, or in coninnction with commissioners
to be appointed by the state of West. Virginia, shall be valid
or effectual, unless approved and voted for by at least three
of the commissioners appointed by this act.

10. The certificate of the said commissioners of the due
execution of the said contract, and the organization of the
said company, shall operate to confer upon said company all
the benefits of this charter, subject only to the general pro-
visions of the Code of Virginia tor the covernment of inter-
nal improvement companies, so far as the same may not be
inconsistent herewith.

11. Should the forfeiture provided for in the eighth section
occur, the said commissioners may make a new contract with
any other partics, as though no former contract had been
made.

12. The said commissioners may receive from the treasury
of the state their necessary expenses incurred in the execu-
tion of the duty herein imposed upon them, and shall not,
directly or indirectly, receive any emolument from, or have
any interest in any company created by this charter.

13. The governor of the commonwealth shall, upon the
passage of this act, immediately communicate the same to
the governor of West Virginia, and respectfully request that
it be submitted to the legislature of that state for such action
as it may deem necessary to carry out the objects and pur-
poses of this act.

14. This act shall be in force from the day of its passage,
and that the act passed February thirteenth, eighteen hun-
dred and sixty-two, at Wheeling, entitled an act to incorpo-
rate the Charleston and Winchester railroad company, be
and the same is hereby repealed.