CHAP. 208.—An ACT to incorporate the Appalachian Belt railwa:
company.

Approved February 14, 1890.

1. Be it enacted by the general assembly of Virginia
That R. A. Ayers, C. F. Flanary, A. L. Pridemore, J. B. F
Mills, F. D. Carley, H. C. McDowell, St. John Boyle, Joh
D. Green, J. W. Gaulbert, A. B. Humphrey, James W. Fox
R. B. Whitridge, W. D. Jones, P. W. Hardin, J. F. Bullitt
junior, H. C. McDowell, junior, and T. H. Walker, or such
of them as may accept the provisions of this act, and sucl
other persons as they. may associate with them, their suc
cessors or assigns, be, and are hereby, incorporated and de.
clared a body corporate by the name of the Appalachian
belt railway company, and by that name shall be known in
law, and shall have perpetual succession, and have powe1
to sue and be sued, plead and be impleaded, defend or he
defended in all courts, whether in law or in equity, and
may make and have a common seal and alter and renew
the same at pleasure, and shall enjoy and exercise all the
rights, powers, and privileges pertaining to corporate bodies
and to natural persons necessary for the purposes of this
act.

2. The said company is authorized to construct, equip,
maintain, and operate a lineof belt railway from any
point in Wise county, in or near the town of Big Stone
Gap, to any point within the said county not more than ten
miles from said town, and from thence back to any point
in. or near said town, and also branch lines therefrom not
exceeding ten miles in length; to parallel, cross, intersect,
connect and consolidate with any other railroad built or
hereafter to be constructed in the above described territory ;
to operate said belt railway by steam or any other motive
power; to build and use switches, sidings, yards, depots,
and other necessary or useful facilities; to transfer freight
or passengers, or both, at such rates of toll as may he fixed
by said company. Said railway may be constructed and ope-
rated through and over any street or alley that is now plat-
ed and on record in the town of Big Stone Gap, or addi-
tions thereto, subject to the grant of right of way of the
board of trustees of said town, or through or over any street
or alley of any other town or village that may be incorpor-
in Wise county and within ten miles of the said town of Big
Stone Gap, and also over any lands within the territory here-
tofore mentioned, upon agreement with the owners thereof,
pr upon due condemnation of rights of way: and the said
company is given the powers conferred by general law to
works of internal improvement to enter, survey, and con-
demn lands for rights of way, terminal and depot facilities,
material and water.

3. The capital stock of said company shall be not less
than twenty-five thousand dollars, and may be increased
to any amount not exceeding five hundred thousand dol-
lars, by subscriptions or by the issue and sale of shares,
the par value of which shall not be less than one hundred
dollars, from time to time, under such regulations and
upon such terms and at such place as the-board of direc-
tors of said company may from time to time prescribe;
and the directors may receive labor, supplies, materials,
lands, rights of way, water rights, and other property,
real or personal, in payment for subscriptions to the capi-
tal stock, at such valuations as shall be agreed upon
between the directors and the subscribers. The following
named pergons—to-wit, R. A. Avers, F. D. Carley, H. C.
McDowell, St. John Boyle, J. W. Gaublert, R. B. Whit-
ridge, and P. W. Hardin, or such of them as may accept
the provisions of this act, shall constitute the first board
of directors of said company, and shall continue in office
until the first meeting of the stockholders thereof. At
such first mee efing and at every annual meeting, so many
directors shall be elected as may be prescribed by the laws
and regulations of said company, who may be removed
by the stockholders in general meeting; but unless so
removed, shall continue in office until their successors
shall be elected and qualified. Each stockholder in said
company shall, at all meetings and elections thereafter,
be entitled to one vote for each share of stock registered
in his name.

4, The board of directors shall be stockholders in said
company. They 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 stockholders in general meeting. Whenever
the minimum amount of capital stock herein named shall
have been subscribed, and the board of directors shall
have elected a president, said company shall be consid-
ered legally organized, and may proceed to the transac-
tion of business.

5. The board of directors may establish offices and agen-
cies at such places as they may deem proper, but the prin-
cipal office of the company shall be located in the town of
Big Stone Gap. The first meeting of the stockholders
shall be called by the board of directors herein named, to
be held after the minimum amount of stock shall have
been subscribed, and at any time within two years there-
after, and at such place within the state of Virginia, as
may be designated by the said board, and all annual meet-
ings of stockholders thereafter shall be held on the first
Thursday in May of each year, unless the by-laws of said
company shal] fix some other day, and at such place as
may be prescribed in the by-laws of said company. _

6. Said company shall issue certificates of stock in said
company to the subscribers or purchasers thereof, in
shares of not less than one hundred dollars each, signed
by the president and countersigned by the secretary of
said company. The said certificates shall be transferable
on the books of the company by the said subscribers, their
personal representatives, or duly authorized agent or at-
torney; and the said certificates, when so transferred as
aforesaid, shall be returned to the said company and can-
celled, and new certificates of stock shall be issued in lieu
thereof to the persons entitled thereto to a like number of
shares. -

7. It shall be lawful for said company to issue or sell
its bonds from time to time, for such sum and on such
terms as its board of directors may deem expedient and
proper in the prosecution of any of its work, and may se-
cure the payment of said bonds by mortgages or deeds of
trust upon all or any portion of its property and fran-
chises, including its franchise to be a corporation, and
may reserve the right to the company or confer on the
holder of any bonds of the company the right to convert
the principal thereof into stock of the company at any
time, and it shall be lawful for said company to subscribe
to and hold shares in the capital stock of any railroad
company or other corporation whenever the board of direc-
tors of the company shall deem it to its interest to do so,
and any such corporation may guarantee or hold the bonds
or the stock of the said company. |

8. No stockholder of said company shall be held or
made responsible for its debts and liabilities in a Jarger or
further sum than the amount of any unpaid balance due
to the said company for stock subscribed for by said stock-
holders. ~

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

10. This act shall be in force from its passage.