Chap. 763.—An ACT to incorporate the Pennington Gap railroad company, in
e county, Virginia.

Approved March 7, 1894.

1. Be it enacted by the general assembly of Virginia, That Edward
Nicoll, H. E. Titus, C. M. Woobury, Henry Nicoll and E. M. Green-
ley, and their associates, successors and assigns, be, and they are
hereby, declared to be a body politic and corporate by the name of
the Pennington Gap railroad company, and by that name and style
are vested with all the rights, powers and privileges, and made sub-
ject to all the regulations and general laws applicable to bodies poli-
tic and corporate in the state of Virginia not inconsistent with this
act.

2. The capital stock of the company shall not be less than ten
thousand dollars nor more than twenty-five thousand dollars, and
shall be divided into shares of one hundred dollarseach. The above-
named incorporators, or any three of them, are hereby created a com-
mission and authorized to receive subscriptions to the capital stock
of the company, and for that purpose may open books and keep the
same open until the minimum of capital stock shall have been sub-
scribed, when they shall convene the subscribers and organize the
company, and said company shall thereupon be authorized to begin
business. The company may receive subscriptions to its capital
stock or payment for its shares in money, land or other property or
services, upon such terms as may be authorized by the board of di-
rectors, and said company may give a preference to a portion of its
capital stock over the residue thereof as to dividends and the pay-
ment thereof. Shareholders shall not be liable for any debts of the
company after the payment in full of their respective subscriptions
to its shares.

3. The said company shall have the right to locate, construct,
equip, maintain and operate a line of railroad of narrow or standard
gauge from some suitable point on the line of the Louisville and
Nashville railroad in Lee county, Virginia, through Pennington Gap,
by the most advantageous, expedient and practicable route, to a
point on the northerly side of the Cumberland or Stone mountain,
in the district known as the Pocket, and may extend its said road
westerly to a point on the boundary line between the states of Vir-
ginia and Kentucky, and southerly to Jonesville, in said Lee county ;
and may operate said road by steam, electricity or such other motive
power as may seem most expedient; and may locate, construct,
equip, Maintain and operate lateral or branch roads or tramways
from any point on its line of railroad to such points as it may deem
necessary or advantageous for the successful operation of its road
and business; and may intersect, join or connect its track with any
other railroad upon such terms as may be agreed upon by this com-
pany and the company whose lines are so intersected or joined; and
may consolidate with any other company operating or authorized to
operate a connecting line of railroad.

4, 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 for its necessary stations, yards, side tracks, branches,
buildings, shops and terminal facilities, and shall have the right to
acquire and hold, by lease or purchase, mineral, timber and other
lands along the line of its railroad, not exceeding ten thousand acres
at any one time, and may carry on the business of lumbering and
mining and operate such mills and works as may be necessary to
prepare the products of such lands for the market, and may sell or
lease such lands or otherwise dispose of the same in such manner as
may seem most advantageous to the company.

5. The company may from time to time issue its bonds to such an
amount as may be deemed necessary by its board of directors for the
construction and equipment of its road and the proper prosecution of
its business, and may sell such bonds on such terms and for such
sums as the board of directors may deem expedient, and may secure
payment thereof by one or more mortgages or deeds of trust upon its
property, rights and franchises, or any part thereof, and may sub-
scribe to and hold stock in any other railroad or corporation.

6. The company may by by-laws fix the number of its directors
and designate by what officers its affairs are to be managed, regulate
the time, place and conduct of meetings of shareholders and direc-
tors, prescribe the duties of its officers, and make such other or fur-
ther regulations for the conduct of its business, not inconsistent with
the laws of this commonwealth, as it may see fit.

7. The said company shall commence the construction of its late-
ral or branch roads within two years, and complete the same within
five years, from the passage of this act, and shall commence the con-
struction of its main line and complete the same within three years
from the date of the passage of this act.

8. All taxes due the commonwealth by said company shal! be paid
in lawful money of the United States, and not in coupons.

9. The general assembly of Virginia reserves the right to alter or
repeal this act at any time hereafter. ©

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