Chap. 131.—An ACT to incorporate the Southwest Virginia cent-
ral railroad company.

Approved February 2, 1892.

1. Be it enacted by the general assembly of Virginia,
That H. D. Ribble, Charles Kanode, N. R. Stanger, Robert
Kirkwood, Ambrose Robinson, J. L. Radford, R. H. Adams,
James W. Marshall, A. L. Boulware, Decatur Axtell and
William H. Palmer, or such of them as may accept the
provisions of this act, their associates, successors and
assigns, be and they are hereby incorporated and made a
body politic and corporate under the name and style of
the Southwest Virginia central railroad company, and by
that name shall be known in law, and as such are author-
ized and empowered to survey, locate, construct, equip and
operate a line of railroad of narrow or standard gauge
from some point at or near the mouth of Craig’s creek, in
the county of Botetourt, or at or near New Castle, in the
county of Craig, connecting with the Chesapeake and
Ohio railroad at either or all of said places, or any place
below the mouth of Craig’s creek,in Botetourt county, as
they may deem proper; said line to pass through any or
all of the counties of Craig, Botetourt, Roanoke, Mont-
gomery and Pulaski, connecting with the Norfolk and
Western railroad at some point at or near the city of Rad-
ford, in either of the counties of Pulaski or Montgomery,
by such route as may seem most suitable to the directors
of said company.

2. The said company shall have perpetual succession,
and have power to sue and be sued, plead and be im-
pleaded, defend and be defended, in all courts, whether in
law or equity, and may make and have a common seal,
and alter or renew the same at pleasure, and shall have
and possess and enjoy all the 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 said company shall not be less
than three hundred thousand dollars, to be divided into
shares, the par value of which shall be one hundred dol-
lars each, and may, from time to time, with the consent of
a majority of the stockholders, be increased to an amount
requisite for the purposes of said company, from time to
time, under such regulations as the board of directors of
said company shall from time to time prescribe; and the
directors may receive cash, labor, material, real and per-
sonal property, suited to the business of said company, in
payment of subscriptions to the capital stock, at such val-
uations as may be agreed upon between the directors and
subscribers, and may make such subscriptions payable in
such manner or amounts, at such times as may be agreed
upon with the subscribers.

4. It shall be lawful for the company to acquire, by do-
nations or purchase, 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
where it 1s authorized to construct its line of road.

5. It shall be lawful for said company to borrow mone
or issue and sell its bonds from time to time for suc
sums and on such terms as the board of directors. may
deem expedient and proper, and to secure the payment of
said bonds by mortgages or deeds of trust upon all or any
portion of its property, railroads, and franchises.

6. The said corporation is authorized and empowered,
by such route or routes as it may select, to survey, to lo-
cate, construct, equip, and operate such lateral or branch
roads (or extensions) as may be necessary for the accom-
modation of the public, and to bring out coal, iron, and
other ores, building stone, marble, timber, and agricultural
products from the counties of Craig, Botetourt, Roanoke,
Giles, Montgomery, and Pulaski, and any adjoining coun-
ty, or to connect with any other railroad that is now or
may hereafter be constructed in or to said counties.

7. The said company may acquire by condemnation ac-
cording to the Jaws of Virginia, the lands required for the
right of way of its railroads and the necessary stations
and depots for its operations, and may connect or unite its
railroad with that of any other railroad company, now or
hereafter constructed, in or to any of the counties herein-
before mentioned, or consolidate or merge its stock, prop-
erty and franchises with those of any other company ope-
rating or authorized to operate a connecting line of rail-
road, not a competing line, or sell its line of railroad to
such company upon such terms as may be agreed upon by
the board of directors of the companies so uniting 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, merger, or consolidation or sale: provided
that a copy of every such contract or consolidation and
merger or sale, be filed in the office of the board of public
works.
8. The said company shall be required to commence
the construction of said railroad within two years from
the first of March, eighteen hundred and ninety-two, and
to complete the construction of the main line within five
years thereafter, or otherwise the powers, privileges and
franchises hereby granted shall be annulled and become
vold.

9. The persons first named in this act, or such of them

as shall accept the provisions thereof, shall have power
and authority of a president and board of directors for
the purpose of organizing and all other purposes. They
shall constitute the board of directors for the first year,
and shall continue in office until their successors shall be
elected and qualified. Each stockholder in the company,
or his proxies, shall, at all meetings or elections, be enti-
tled 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 vacancies that may occur in said
board, unless by removal, in which case the same shal]
be filled by the stockholders in general meeting. When-
ever twenty thousand dollars of the capital stock 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.

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 in this
state.

12. 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, but the
general assembly of the state of Virginia, reserves to it-
self the right to modify, alter, or repeal this act at any
time hereafter.