CHAP. 696.—An ACT to incorporate the Roanoke Valley railroad
company.

Approved March 8, 1892.

1. Be it enacted by the general assembly of Virginia,
That Waller P. Huff, M. C. Thomas, W. O. Hardaway, M.
H. Claytor, and any person or persons that may associate
with them, their successors and assigns, be, and they
are hereby, incorporated and made a body politic and cor-
porate under the name and style of the Roanoke Valley
railroad company, and as such are authorized and empow-
ered to locate, construct, equip and operate a standard or
narrow-gauge steam railroad, commencing at or within one
mile of the city of Roanoke, in Roanoke county, Virginia,
and thence by such route as may be deemed most advisa-
ble by the directors of said company through the counties
of Roanoke and Botetourt, toa point in Rockbridge county,
Virginia, and also build a line from Roanoke to Salem,
Virginia, and by that name shall be known in law.

2. The said company shall have perpetual succession,
and have power to sue and be sued, plead and be implead-
ed, defend and be defended in all courts, whether in law
or in equity; and may make and havea common seal, and
alter or renew the same at pleasure, and shall have, pos-
sess and enjoy all the rights and privileges of a corpora-
tion or body politic in Jaw and necessary for the purposes
of this act.

3. The capital stock of said company shall not be less
than twenty thousand dollars, and from time to time may
be increased to any amount not exceeding nine hundred
thousand 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
company shal! from time to time prescribe; and the di-
rectors may receive cash, labor, material, real or personal
property in payment of subscriptions to the capital stock,
at such valuation as may be agreed upon between the
directors and subscribers, and may make such subscrip-
tions payable in such manner or amount and at such times
as may be agreed upon with the subscribers.

4. It shall be lawful for the said company to borrow
money and issue and 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 works, and may secure the payment of said bonds by
mortgages or deeds of trust upon all or any portion of its
property, real, personal and mixed, its covenants, con-
tracts and privileges, and chartered rights and franchises,
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. Itshall be lawful for the said company to subscribe
to and hold shares in the capital stock of any mining or
manufacturing corporation, and any mining or manu-
facturing or other corporation may lease or operate the
road and property of the said company, or guarantee or
hold stocks or bonds of the said company.

6. The said company is authorized and empowered to
locate and construct branch lines of railroad from any
point on its line to any point not exceeding twenty miles
in distance, and may operate that portion from Roanoke
to Salem by steam or electricity, and independently from
the other line, and also to use such streets in the city of
Roanoke as may be agreed upon by city council.

7. It shall be lawful for the said company to connect
the said line, or any part of it, with any other railroad
constructed now, or hereafter to be constructed in or to
any of the said counties; and the said company may con-
nect or unite its said road with that of any other com-
pany, or consolidate and merge its stock, property and fran-
chises 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
s0 uniting or connecting, merging or consolidating; and
for this purpose power is hereby given to it and such
other company or companies to make and carry out such
contracts as may facilitate and consummate such con-
nection, merger, or consolidation.

8. Said company may acquire by condemnation, accord-
ing to the laws of Virginia, the lands required for the
right of way of its railroad and the necessary stations and
depots for its operation. The said company may cross
any railroad track at grade, or by proper bridges, tunnels
and appliances to fully protect from any danger.

9. The said company shall be required to commence the
construction of said road within two years from the pas-
sage of this act and to complete the construction of its
main line within five years thereafter.

10. 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 purposes of organization and for all other purposes.
They shall continue in office until their successors shall
have been elected and qualified. Each stockholder in the
company shall, at all meetings or elections, be entitled to
one vote for each share of stock registered in his name.

11. 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 organ-
ized, and may proceed to the transaction of business.

12. The board of directors may establish offices and
agencies at such places as they may deem proper, but the
principal offices of the company shall be located at some
point within the limits of the state of Virginia.

13. 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 1ike cor-
porations or persons exercising like privileges, and all
taxes due the commonwealth by the said company shall be
paid in lawful money of the United States, and not in
coupons.

14. This act shall be in force from its passage, but the
general assembly of the state of Virginia reserves to itself
the right to modify, alter or repeal this act at any time
hereafter.