Chap. 490.—An ACT to incorporate the Roanoke, Fincastle and
Clifton Forge railroad company.

Approved March 3, 18980.

1. Be it enacted by the general assembly of Virginia,
That William B. Simmons, C. H. Vines, James Godwin,
Alfred Beckley, A. A. Woodson, Louis Houseman, junior,
C. B. Camper, Cyrus Doggett, Cary Breckenridge, R. J.
Gilliam, J. R. Godwin, John Ross, A. G. Preston, Charles
P. Jones, and John W. Woods, of Virginia, or such of
them as may accept the provisions of this act, their asso-
ciates, successors, and assigns, be and they are hereby in-
corporated and made a body politic and corporate under
the name and style of the Roanoke, Fincastle, and Clifton
Forge railroad company, and as such are authorized and
empowered to locate, construct, equip, and operate a rail-
road, commencing at the city of Roanoke, running thence in
a northwesterly direction through the counties of Roanoke,
Botetourt, and Alleghany, through the town of Fincastle,
in Botetourt county, to Clifton Forge, in the county of
Alleghany, by such route as may be deemed most advis-
able by the directors of said company, and by that name
shall be known in law.

2. The 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 in law or
in equity, and make and have a common seal, and alter
and renew the same at pleasure, and shall have, possess,
and enjoy. all 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 the said company shall not be
less than one hundred thousand dollars, and may from
time to time be increased to a sum not exceeding five mil-
lion dollars by issue and sale of shares, the par value of
which shall not be less than one hundred dollars, under
such regulations as the board of directors of said com-
pany shall from time to time prescribe; and the directors
may receive cash, labor, material, real or personal prop-
erty, in payment of subscriptions to the capital stock, at
such valuation as may be agreed upon between the direc-
tors and the subscribers, and may make such subscriptions
payable in such manner or amount and at such times as
may be agreed upon with the subscribers.

4, It shall be lawful for said company to borrow money
and issue and sell its bonds from time to time for such
sums and on such terms as its board of directors may
deem expedient and proper in the prosecution of any of
its work; and may secure the payment of said bonds by
mortgages or deeds of trust upon all or any portion of its
property, real or personal and mixed, its covenants, con-
tracts, and privileges, and its chartered rights and fran-
chises, including its franchise to be a corporation; and it
may, as the business of the company may require, sell,
lease, convey, and encumber the same.

5. It shall be lawful for said company to subscribe to
and hold shares in the capital stock of any mining or
manufacturing corporation, and any mining or manufac-
turing or other corporation may lease or operate the road
and property of the said company, or guarantee or hold
the stock or bonds of the said company.

6. The said company is authorized and empowered to
locate, construct, equip, and operate lateral or branch
roads or tramways from any point on its line of railroad
to any springs, ore banks, quarries, mine, or other opera-
tions in the counties of Roanoke, Botetourt, Craig, or
counties adjacent thereto, or to connect the said line with
that of any other railroad now or hereafter to be con-
structed in or to any of the said counties, and the said
company may connect or unite its said road with that of
any other company, or consolidate and merge its stock,
property, and franchises with those of any other company
operating, or authorized to operate, a connecting line of
railroad, upon such terms as may be agreed upon between
the companies so uniting or connecting, merging, or con-
solidating; and for that purpose power is hereby given to
it and to such other company or companies to make and
carry out such contracts as will facilitate and consummate
such connection or consolidation: provided, that a copy
of every such contract of consolidation and merger shall
be filed in the office of the board of public works.

7. The said company may acquire by condemnation,
according to the laws of Virginia, the lands required for
the right of way of its railroad, and the necessary stations
and depots for its operations, and may connect or unite
its railroad with that of any other railroad company.

8. The said company shall be required to commence the
construction of the said railroad within two years from
the passage of this act, and to complete the construction
of its main line within five years thereafter; otherwise
the powers, privileges, and franchises hereby granted shall
be ipso facto void. The said company may mine ore and
other minerals from lands received by it in payment of
subscription to its capital stock; but such lands shall not
be operated by it for a period longer than twenty years.

9. The persons first 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 organization and for all other purposes.
They shall continue in office until their successors shall
be elected and qualified. Each stockholder in the com-
pany shall, at all meetings or elections, be entitled to one
vote for each share of stock registered in his name.

10. The board of directors shall be stockholders of 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
ten per centum of the capital stock shall have been sub-
scribed, and the board of directors shall have elected a
president, said company shall be considered legally or-
ganized and may proceed to the transaction of business.

11. 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 limits of the state of Virginia.

12. Whenever the corporation shall exercise any of the
privileges conferred by this act it shall be liable to the
same taxes as may be imposed by law upon other like cor-
porations of persons exercising like privileges, and all
taxes due the commonwealth by said company shall be
paid in lawful money of the United States and not in
coupons.

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