Chap. 153.—An ACT to incorporate the Wythe county railroad company.

Approved January 27, 1896.

1. Be it enacted by the general assembly of Virginia, That Joseph
I. Doran, A. J. Hemphill, G. C. Callahan, James H. McGarock, W.
H. Bolling, S. R. Sayers, David P. Graham, J. C. Green, or such of
them as may accept the provisions of this act, their associates, suc-
cessors and assigns, be, and they are hereby, incorporated and made
a body politic and corporate under the name and style of the Wythe
county railroad company, and by that name shall be known in law,
and as such are authorized and empowered to locate, construct and
operate a line of railroad, of any gauge, from some point at or near
Max Meadows, in the county of Wythe, and running thence through
Wythe county to such point in Wythe county, at or on the Cripple
creek extension of the Norfolk and Western railroad at a point op-
posite the mouth of Welsh’s branch that flows through the lands of
the Lobdell car-wheel company or west of this point, as may seem
most suitable to the directors of said company, and to operate such
railroad by steam, electricity or any other motive power.

2. The said company shall have perpetual succession, and have
power to sue and be sued, plead and be impleaded, defend and be
defended in all courts, whether at law or in equity, and may make
and have a common seal, and alter or renew the same at pleasure,
and shall have and possess and enjoy all the rights and privileges
of a corporation or body politic in the law and necessary for the
purposes of this act.

3. The capital stock of said company shall not be less than forty
thousand dollars, the par value of which shall not be less than fifty
dollars; and the directors may receive cash, labor, material, real
and personal property suited to the business of said company, in
payment of subscriptions to the capital stock, at such valuations as
may be agreed upon between the directors and the subscribers, and
may make such subscriptions payable in such manner or amounts,
at such times, as may be agreed upon with the subscribers. The
shares may be preferred or common, or both, as may be prescribed
at the time of the organization of the company, and the capital
stock may, from time to time, be increased with the consent of a
majority of the stockholders by the issue and sale of stock to an
amount requisite for the purposes of the company, under such regu-
lations as the board of directors of said company shall prescribe.

4. It shall be lawful for the company to acquire by donation or
purchases land for right of way, depots, stations, and other purposes
necessary for the successful construction and operation of its road.

5. It shall be lawful for said company to borrow money or issue
and sell its bonds from time to time for such sums and on such
terms as the board of directors may deem expedient and proper, and
to secure the payment of said bonds by mortgages or deeds of trust
upon all or any portion of its property, railroads and franchises.

6. The said company may acquire by condemnation, according to
the laws of Virginia, the lands required for the right of way of its
railroads and the necessary stations and depots for its operations,
and may connect or unite its railroad with that of any other rail-
road company now or hereafter, constructed in or to the county here-
inbefore mentioned, or consolidate or merge itsstock, property and
franchises with those of any company operating or authorized to
operate a connecting line of railroad, not a competing line, or sell its
line of railroad to such company upon such terms as may be agreed
upon by the board'of directors of the company so uniting or con-
solidating; and for that purpose power is hereby given toit and such
other company or companies to make and carry out such contracts
as will facilitate and consummate such connection, merger or con-
solidation, or sale; provided that a copy of every such contract, or
consolidation and merger of sale, be filed in the office of the board of
public works. It shall be lawful for any railroad or other corpora-
tion of this state to guarantee or hold the bonds and stock of the
said company.

7. The said company shall be required to commence the construc-
tion of said railroad within two years from the passage of this act.
and to complete the construction of the main line within two years
thereafter, or otherwise the powers, privileges and franchises hereby
granted shall be annulled and become void, except as to so much of
the main line as shal] have been actually constructed or put in course
of actual construction from Max Meadows to the Norfolx and West.
ern railroad at a point opposite to the mouth of Welsh’s branch on
New river.

8. The persons first named in this act, or such of them as shal.
accept the provisions thereof, shal] have the power and authority o:
a president and board of directors for the purpose of organizing anc
all other purposes. They shall constitute the board of directors fo:
the first year, and shall continue in office until their successors shal:
be elected and qualified. Each stockholder in the company shall at
all meetings or elections be entitled to one vote for each share o!
stock registered in his name.

9. The board of directors shall appoint one of their number presi.
dent, and may fill any vacancy that may occur in said board, unless
by removal, in which case the same shall be filled by the stockhold.
ers in general meeting. Whenever twenty-five per centum of the
capital stock shall have been subscribed or issued, and the board of
directors shall have elected a president, said company shall be con.
sidered legally organized and may proceed to the transaction of busi-
ness, ;

10. The board of directors may establish offices and agencies at
such places as they may deem proper, but the principal office of the
company shall be located in this state.

11. All taxes due the commonwealth by said company shall be
paid in lawful money of the United States, and not in coupons.

12. This act shall be in force from its passage, but the general as-
sembly of the state of Virginia reserves to itself the right to modify,
alter, or repeal this act at any time hereafter.