Chap. 449.—An ACT to incorporate the Southwestern railroad company of
Virginia.

Approved February 27, 1894.

1. Be it enacted by the general assembly of Virginia, That Wil-
liam P. Douglas, Douglas Robinson, junior, Herbert C. Glass, Daniel
Trigg, James S. Greever and James C. Watson, junior, and such other
persons as may be associatied with them, and their successors, are
hereby created and declared to be a body politic and corporate by
the name and style of the Southwestern railroad company of Vir-
ginia, and by such name shall have perpetual succession, and may
contract and be contracted with, sue and be sued, make and use
a common seal and alter the same at pleasure, and make such by-
laws, rules and regulations for the government of said corporation
and the conduct of its business as may be deemed necessary, not in
conflict with the constitution and laws of this state or of the United
States.

2. The capital stock of the said company shall not be less than
ten thousand dollars, to be divided into shares of one hundred dol-
lars each; and the same may be increased from time to time by ad-
ditional subscriptions to such amount, not exceeding five hundred
thousand dollars, as the stockholders at any general or special meet-
ing may authorize or prescribe. The said company may receive
subscriptions to its capital stock or payment for its shares to be
issued in money, land or other property, upon such terms as sha)! be
agreed upon or authorized by the board of directors, and may give
preference to a portion of its capital stock over the residue thereof,
or to dividends and the payment thereof.

3. The corporators hereinabove named, or any three of them, may
receive subscriptions to the capital stock of said company, and
when the minimum capital of ten thousand dollars shall have been
subscribed, the said subscribers may organize said company by the
election of five directors, of whom they shall elect one as president,
to remain in office one year, and until their successors are elected,
unless sooner removed by the stockholders. After organization, as
aforesaid, the stockholders, at any general meeting, may change the
number of directors, and may provide for the proper government of
the company by such by-laws as they may deem fit, as hereinabove
authorized. The board of directors may appoint such subordinate
agents and officers as they may deem necessary and proper to the
conduct of the business of the company.

4, The said company is hereby authorized and empowered to
locate, construct, build, equip, operate and maintain a line of rail-
way to any point on the Norfolk and Western railroad between
Marion, in the county of Smyth, and the town of Abingdon, in the
county of Washington, from the lands of the Douglas company, in
the counties of Washington, Smyth and Grayson, and to connect the
same with any line of railroad now built or authorized to be built,
and shall have the right by a majority vote of its stockholders to
consolidate and merge its property and franchises into any other
railroad in said state; and shall have power to execute contracts for
the purposes of such connection, merger or consolidation, and any
company so formed by such merger and consolidation, and under
such name as it may adopt and set forth in the contract of consoli-
dation so executed, shall be entitled to all the property, rights and
franchises, and be subject to the liabilities of the companies so con-
solidated; and the said named company shall have power to sub-
scribe to the capital stock, or to endorse the bonds of any railroad
company or other incorporated company.

5. The said company shall have power to borrow money to
any amount, not exceeding five hundred thousand dollars, to
issue and negotiate bonds for the security of such bonds, and
to secure the same by mortgage, deeds of trust, or otherwiae,
upon the whole or any part of its property and franchises, or
either. It shall be lawful for said company to sell its bonds from
time to time for such sums and upon such terms as its board of
directors may deem expedient for the prosecution of the work and
business of the company. No stockholders shall be held individu-
ally liable for any of the debts or liabilities of the company in any
further or larger sum than the amount that may be due and unpaid
upon his stock subscription.

6. The said company is hereby invested with all the powers con-
ferred by the general laws of this state applicable to railroad cor-
porations, and shall be subject to all the restrictions of said laws,
except in so far as the same are modified or changed by the provi-
sions of this act.

7. The said company by its acceptance of this charter thereby
agrees to pay all public dues, demands and taxes due or to become
due to the state of Virginia in lawful money of the United States,
and not in coupons.

8. This act is subject to the proviso that the work of construction
hereunder shall be begun within two years and completed within five
years after the passage of this act, unless the time tharetor shall be
extended by the general assembly.

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

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