Chap. 468.—An ACT to incorporate the Speedwell railroad com-
pany.

Approved March 3, 1890.

1. Be it enacted by the general assembly of Virginia,
That James B. Pace, William H. Palmer, A. 8. Buford,
James H. Dooley, Samuel R. Sayers, John W. Robinson,
Mitchell B. Tate, David P. Graham, John H. Fulton, David
S. Pierce, William C. Pendleton, B. F. Buchanan, David
A. Whitman, Robert H. Gleaves, John H. Shuff, James L.
White, and George V. Litchfield, or such of them as may
accept the provisions of this act, their associates, success-
ors, and assigns, be, and they are hcreby, incorporated and
made a body politic and corporate under the name and
stvle of the Speedwell railroad company, and by that
name shall be known in Jaw or in equity, and shall have a
perpetual succession, and may have a common seal, which
it may alter or renewat pleasure. It may sue and be sued,
plead and be impleaded, defend and be defended in all
courts, whether in law or in equity. It may make by-
laws, rules and regulations for the due and orderly con-
duct of its business and affairs, and shall have, possess,
and enjoy all the rights and privileges of a corporation or
body politic in law and necessary for the purposes of this
act.

2. The said company, or its successor, is authorized and
empowered to construct and operate a railroad from Speed-
well, in the county of Wythe, to the Norfolk and Western
railroad, or any of its branches or extensions. It may in
like manner connect with railroads hereafter to be built
in Wythe or the adjacent counties by extending its line in
any direction and by any route deemed most suitable by
its directors.

3. The capital stock of said company shall not be less
than fifty thousand dollars, and may from time to time,
with the consent of a majority of its stockholders, be in-
creased to an amount requisite for the purposes of the
company by issue and sale of shares, the par value of
which sha]l not be less than fifty dollars from time to
time, under such regulations as the board of directors may
from time to time prescribe; and the directors may re-
ceive in payment of subscriptions money, labor, or prop-
erty, real or personal, at an agreed value.

4. It shall be lawful for the company to acquire-by dona-
tion or otherwise, land for right of way, depots, stations,
and other purposes necessary for the successful construc-
tion and operation of its road through any of the counties
through which it is authorized to construct its line.

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 its board of directors may deem ex-
pedient and proper, and to secure the payment of said
bonds by mortgages or deeds of trust upon all or any por-
tion of its property and franchises.

6. The said company may acquire by condemnation,
according to the laws of Virginia, lands required for the
right of way of its railroad and necessary stations and
depots for its operation, and may connect or unite its rail-
road with that of any railroad company now or hereafter
constructed.

7. The said company shall be constituted and regarded
the successor in law to all rights of way and other privi-
leges heretofore secured by any other railroad corporation
between Speedwell and Ivanhoe, and abandoned for more
than five years, or whose charter has expired or may ex-
pire before work under this charter begins, together with
the labor expended and materia] used on such right of way
by such company so failing to prosecute its work.

8. The persons named in this act, or such of them as
shall accept the provisions thereof, shall have the power
and authority of a president and board of directors for the
purpose of organizing, and all other purposes. They, or
any five or more of them, may constitute the board of
directors for the first year, or until their successors shall
be elected and qualified. They shall elect one of their
number president pro tempore. They shall open books of
subscription to the capital stock of said company at such
times and places as they may see proper. When ten
thousand dollars or more are subscribed they may convene
the stockholders and organize the company. Each stock-
holder shall be entitled to one vote for each share of stock
subscribed for and paid on by him. At the first meeting
of the stockholders the president, pro tempore, appointed
by the corporators, shall preside. The stockholders, at the
first meeting, shall fix the number of directors and elect
them. They shall elect a permanent president and secre-
tary, who shall certify said organization on the books of
the company, a copy of which, duly attested by a notary
public, shall be received as evidence of the legal organiza-
tion of the company. ;

9. Said railroad company shall begin the work of con-
structing its railroad within two years, and shall make its
first railroad connection within five years, and its subse-
quent connections in ten years from the passage of this
act.

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 at some
point within the state of Virginia.
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.