Chap. 830.—An ACT to incorporate the Virginia railroad and mining company.

Approved March 3, 1898.

1. Be it enacted by the general assembly of Virginia, That J. C.
Green, T. J. Sheckel, J. W. EF. Allemong, P. A. Krise and D. BL.
Strouse, or such of them, or such other persons as may associate them-
selves together with the said persons, be, and they are hereby, consti-
tuted a body politic and corporate, under the name of the Virginia
railroad and mining company, and by that name shall have perpetual
succession, @ common seal, with the right to alter the same at pleasure,
ana shall have the right to sue and be sued, plead and be impleaded in
the courts, and shall have all the rights and privileges and be subject to
all the restrictions imposed on such corporations by the general law.

2. The said company shall have the right to purchase, lease and hold
coal, mineral, timber and other lands in the counties of Smyth, Wythe,
Pulaski, Bland and Montgomery, and to improve, sell, exchange, lease,
mortgage or otherwise dispose of or encumber the same. It shall have
rivlit to mine coal, iron-ore and other minerals and ores, to buy tim-
ber and saw and market the same, to erect buildings, and to procure
and operate all machinery necessary for its purposes, and to deal in all
connnodities incident to its business.

3. The said company shall have the right to construct and operate a
standard or narrow-gauve railroad from the main line of the Norfolk
and Western railroad or any of its branches in the counties of Smyth,
Wythe, Pulaski, Bland and Montgomery to any point in the said coun-
ties from which the said company or others may have tonnage in pros-
pect of shipment, and to transport freight and passengers thereon, and
to charge and receive such tolls as are allowed by the general laws of
the state, and shall have the right of condemnation of land, under the
general law of this state, for the purpose of the construction of such
railroad: provided, however, that any railroad constructed under this
charter shall not connect with the Norfolk and Western railroad at any
point between Foster’s falls and the mouth of Welsh’s branch, that
flows through the land of the Lobdell car-wheel company, in Wythe

county.
4. The capital stock of the said company shall not be less than
twelve thousand dollars, to be divided into shares of the par value of
one hundred dollars each; but the said company may increase the
capital stock not to exceed the sum of fifty thousand dollars, which
capital stock may be paid in cash or in property, as the board of direc-
tors of the said company may decide to receive. Whenever twelve
thousand dollars shall have been subscribed to the capital stock of the
suid company the subscribers thereto, or their personal representatives,
shall be permitted to organize the said corporation, and the said com-
pany may then proceed with all of its operations, and enjoy and exer-
cise all of the rights and privileges granted by this act. At all meet-
invs of the stockholders each share of stock shall be entitled to one
vote.

5. The stockholders of the said company shall meet as soon as practica-
ble after the requisite amount of stock has been subscribed, and shall pro-
ceed to elect not less than five nor more than ten directors, to serve until
the next annual meeting of the stockholders, and annually thereafter at
the regular annual meeting of the stoc ‘holders of the said company there
shall be elected a similar number of directors, who shall serve for one
vear and until their successors are elected. The said directors shall
elect from one of their number a president of the said company, whose
term of office shall be one year and until his successor is elected, and
shall also elect a sceretary and treasurer, whose term of office shall be
for the same tine as that of the president.

The said directors shall have power to make and enact rules and by-
laws for the government of the company, and shall have power to ap-
point and remove all necessary officers and agents of the company, ar
shall conduct and have general charge of the business of the company.

6. The said company may horrow money or create indebtedness for
the purposes of its business in such manner as may be prescribed by the
hoard of directors, and may issue notes or bonds to cover the same, and
may secure the same by deeds of trust or mortgages on its property,
privileges and franchises, and dispose of the same as the directors may
provide,

7. The said company shall be required to commence the construction
of any railroad which it is authorized to construct by the terms of this
act within two years from the passage thereof, and to complete the con-
struction of same within four years thereafter, or otherwise the powers,
privileges and franchises hereby granted shall be annulled and become
void, except as to so much of the said roads as shall have been actually
constructed, or put in course of actual construction.

S. The said company aurees to pay all taxes, dues or demands now

hereafter due to the state of Virginia in lawful money, and not in
COUPONS,

9. The general assembly reserves the right to alter or repeal this char-
ter at pleasure.

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