Chap. 197.—An ACT to Incorporate the Lynchburg and North Carolina
Railroad Company.

Approved March 27, 1871.

1. Be it enacted by the general assembly of Virginia, That
it shall be lawful to open books of subscription in the city of
Lynchburg, under the direction of T. C. 8S. Ferguson, Charles
Statham, George M. Rucker, John T. Davis, Seth Holsey, and
Robert Burkholder, or any two of them; at Fancy Grove, in
the county of Bedford, under the direction of George G. Saun-
ders, E. C. Cundiff, B. H. Moulton, John R. Thurman, and
Moses P. Rucker, or any two of them; at New London, in
the county of Campbell, under the direction of Fleming Saun-
ders, Robert C. Saunders, Edmund Early, Thomas A. Cobb,
and D. G. Arnold, or any two of them; at Dudley’s store, in
the county of Franklin, under the direction of Joseph Parker,
Matthew R. Allen, James H. Dudley, B. N. Hatcher, and W.
P. Holland, or any two of them; at Franklin courthouse, un-
der the direction of George H. T. Greer, Hugh Nelson, George
E. Dennis, F. 8. Hutcherson, and H. C. Chapman, or any two
of them; at Callaway’s store, in the county of Franklin, under
the direction of Peter Saunders, James 8S. Callaway, Steven
Willis, Robert H. Saunders, and John T. Cannaday, or any two
of them; at Patrick courthouse, under the direction of Samuel
G. Staples, A. M. Lybrook, W. F. B. Taylor, John E. Penn,
and John Staples, W. T. Noel, James H. Rangely, M. Turner,
and William Critz, or any two of them; and in ruch other
places, and under the direction of such other agent or agents,
a8 a majority of the commissioners appointed for the city of
Lynchburg, shall designate, for the purpose of receiving sub-
scriptions to an amount not exceeding three million of dollars,
in shares of one hundred dollars each, to constitute a joint
capital stock, for the purpose of constructing a railroad from
the city of Lynchburg to a point on the Virginia and North
Carolina state line, in the county of Patrick, in the direction
of Mount Airy, in Surry county, North Carolina; the annual
meetings and principal office of which said company shall be
in the city of Lynchburg.

2. Whenever one hundred thousand dollars of stock shall
have been subscribed, according to law, the said subscribers,
their executors, administrators, and assigns, shall be and they
are hereby declared to be a body politic and corporate, under
the name and style of The Lynchburg and North Carolina
Railroad Company, and shall be subject to all the provisions
of the Code of Virginia, and other general laws, applicable to
internal improvement companies, except so far as the same
may be inconsistent with the provisions of this act.

3. If the capital stock of the said company shall be deemed
insufficient for the purposes of this act, it shall and may be
lawful for the directors, or a majority of them, from time to
time, to increase the same by the addition of so many shares
as they may deem necessary, to an extent not to exceed five
million of dollars, for which they may, at their discretion, cause
subscriptions to be received in such manner as may be prescribed
by them, or may sell the same for the benefit of said company
for any sum not under the par value thereof; and the said di-
rectors, or a majority of them, shall, by and with the consent of
the stockholders in general meeting assembled, have power to
borrow money for the purposes of this act, to issue proper cer-
tificates of such loans, and to pledge the property of the com-
pany, by mortgage or otherwise, for the payment of the same,
and the interest which may accrue thereon: provided, the in-
terest shall not exceed the rate of interest now allowed by law.

4, It shall be lawful for said company to receive, not exceed-
ing one million acres of land, in payment for subscriptions of
stock: provided, however, that it shall not be lawful for said
company, at the expiration of ten years after the completion
of said road, to hold more land than shall be necessary tor the
use of the road.

0. The said company shall not refuse to allow any railroad
already built, or which may hereafter be built, to connect with
its road, and shall jointly, with such other road or roads, make
suitable arrangements for the convenient transfer of freights
from one road to the other, and when such road may be of
the same gauge, shall not refuse a free interchange of freight
cars upon reasonable terms; that with the concurrence of such
road or roads leading to Richmond, Petersburg, or Norfolk,
the freight tariff shall be so arranged that no local freight sent
to or received from either of the above named places shall be
charged a higher price per ton per mile than if sent to or re-
ceived from Lynchburg, or the southwestern terminus of the
said line; and no through freight shall be charged a higher
price per ton per mile if sent to either Richmond, Petersburg,
or Norfolk, than if sent to Lynchburg, or the southwestern
terminus of this line: provided, that such connecting road or
roads shall agree to pro rate upon fair terms; and if the con-
necting companies shall not be able to agree upon such terms,
the question shall be referred to the board of public works,
and its decision shall be binding upon the parties.

6. That the said company shall commence its road within
three years, and complete it within ten years, from the passage
of this act; and upon failure to comply with either of the
above requirements, it shall forfeit all the rights and privileges
conferred by this act.

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