Chap. 86.—An ACT to increase the capital stock of the Virginia and
Kentucky Railroad Company; to authorize county subscriptions thereto ;
to empower the said compdny to acquire Jands for a limited period,
and to issue bonds for the construction of the road and a branch
thereof. - 4

- Passed January 21, 1867.

1. Be it enacted by the general assembly, That the Vir-
ginia and Kentucky railroad company is hereby authorized,
for the purpose of constructing its main trunk, to increase
its capital stock by an additional sum of one million five hun-
dred thousand dollars; and it is further authorized to con-
struct a branch road, of such length as may be necessary to
bring out coal from the countics of Wise, Buchanan and
Russell, and for that purpose, to increase its capital stock by
such an additional amount, not exceeding thirty taousand
dollars a mile, as may be necessary. nO }

2. That the counties near to and interested in the said
railroad and its said branch road, are hereby authorized, in
the manner and under the rules and regulations prescribed
by the Code, to sgbscribe to the capital stock of the said
company such amounts, and to issue bonds in such form, run-
ning such lengths of time, and bearing such rates of interest,
payable at such periods as the justices of their several courts
may determine. SO ,

3. That the said. company is authorized to issue its bonds
for such portion of its capital stock as may not be raised by
subscription, running such length of time, and bearing such
rate of interest, not exceeding eight per centum per annum,
as may be determined by the president and directors of the
company, and to execute sufficient and proper morjgage or
trust deed or deeds upon its assets, real and personal, for se-
curing the said bonds,

4, It shall be lawful for the said company to purchase and
hold lands lying within a distance not exceeding twenty
miles of the said road, and afterwards to sell the same: pro-
vided, that. no lands thus acquired, except such as may be
necessary for the roadway and for the ordinary purposes of
said railroad, shall be held by said company longer than five
years after the completion of its main trunk: provided, how-
ever, that the said company shall have authority to establish
a rolling mill, foundries and shops for the manufacture of
rails, machinery, cars, spikes, chairs and go forth, at any eligi-
ble point on or near its road, and to hold mineral lands for
that purpose not exceeding ten thousand acres.

5. This act shall be in force from its passage, and shall be
subject to alteration, amendment and repeal, at the pleasure
of the general assembly.