Chap. 98.—An ACT to igcorporate the Glade Spring and Laurel Railroad
Company in the County of Washington.

Passed J. anuary 24, 1867.

~-1. Be it enacted by the general assembly, That it shall be
lawful ‘to open books of subscription in the town of Abing-
don, in the county of Washington, upon ten days’ notice,
under the direction of George & Barr, James K. Gibson,
Arthur C. Cummings, William Y. C. White, James C. Camp-
bell, John W. Johnston, 8. W. Carnahan, Noble J. McGinnas
and Henry C. Gibbons, or either of them; at Glade spring
depot, under the superintendence of William Dickenson, B.
K. Buchanan, William A. Stuart, Mat. H. Buchanan, Jones
Kelly, James K. Rambo, Micagy McCormack, Robert Clark,
William B. Byars and James P. Strother, or either of them;
at -the house of Henry Mock, on the Laurel, under the su-
perintenderice of Henry Mock, Valentine Rosanbalm, John
M. Wright, John Oneal, Peter Mock, James Ramsey, Samuel
Buchanan, Jghn Horn and J. Neel, or either of them; and
at such other places, and under the charge of such agents as
any three of the commissioners aforesaid may select for re-
ceiving subscriptions of stock, in shares one hundred dollars
each, to an amount not less than fifteen thousand and not to
exceed fifty thousand shares, to constitute a joint capital
stock for the purpose ot constructing a railroad from Glade
spring, on the Virginia and Tennessee railroad, to the line
between Virginia and Tennessee on the Laurel, there to con-
nect with a survey of a railroad through Johnston county, in
the state of ‘Tennessee, in the direction of Charlotte, North
Carolina. , ,
2. Whenever one thousand shares of the stock shall have
been subscribed by good and solvent persons, and guaranteed
to be paid either in money, land, (the land not to be more
than five miles from the line of the road), salt, plaster or
iron—the value of the land and property subscriptions to be
fixed By disinterested commissioners, to be appointed for
that purpose by such directors as the company in their or-
ganization may elect. The stockholders and their successors
shall be and are hereby incorporated into a company, by the
name and style of The Glade Spring and Laurel Railroad
Company, subject to all the provisions and entitled to all the
benetits and powers conferred by the provisions of chapters
fifty-six and fitty-seven of the Code of Virginia, so far as the
same may be applicable and not inconsistent with the pro-
visions of this act.

3. The said éompany shall have power to borrow money
to any amount not exceeding three hundred thousand dollars;
to issue bonds, plain or coupon, for the payment of ‘the same,
bearing a rate of interest not exceeding ten’ per centum per
annum, and to sectire said bonds by mortgage upon the whole
or any part or portion of their property, the income or fran-
chises thereof, and the sale of said bonds at less than par,
shall not be deemed an infraction of the usury law. Said
bonds may be made convertible into stock, at a time to be
specified therein, and their place of payment, principal and
interest, by the board of directors. }

4. It shall be lawful for said company, so soon as it is as-
certained that ten thousand shares of the stock have been
taken, for the stockholders to call a meeting of the company,
by giving one month’s previous notice of the time and place
of such meeting; a majority of said stockholders being pre-
sent in person, or represented by-proxy, they, then and there,
may proceed to organize the said company by the election of
a president and five directors of their own body, and do all
such other acts as they may deem necessary and proper to
carry out all the objects contemplated in the preceding
charter. | : :

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