Chap. 146.—An ACT to Authorize the Formation of the New River
Railroad, Mining and Manufacturing Company.

Approved March 7, 1872.

1. Be it enacted by the general assembly of Virginia, That
it shall be lawful for the following named persons, viz., John
B. Radford, John T. Cowan, Joseph Cloyd, James A. Walker,
William T. Yancey, William Mahone, Charles W. Statham,
Joseph H. Chumbley, A. H. Flanagan, Philip W. Strother,
John C. Snidow, Joseph H. Hoge, William Eggleston, G. C.
Wharton, William Adair, James A. Harvey, A. A. Chapman,
Robert W. Hughes, A. N. Johnston, Elbert Fowler, David E.
Johnson, John A. Douglas, W. H. French, R. B. McNutt, James
M. Bailey and A. Gooch, as commissioners, a majority acting,
to proceed to and effect the organization of an incorporated
company, to be known and entitled the New River Railroad,
Mining and Manufacturing Company; which said company
upon the formation thereof, in the manner herein provided,
shall be authorized to construct, maintain and operate a rail-
road from New River depot, a point on the line of the Virginia
and Tennessee division of the Atlantic, Mississippi and Ohio
railroad company, in thecounty of Pulaskiand state of Virginia, to
such point as may be agreed upon at or near the head of Camp
creek, in the county of Mercer and state of West Virginia;
and the said New River Railroad, Mining and Manufacturing
Company shall have the privilege of constructing, maintaining
and operating such branch roads as may be necessary to bring
out coal, iron and other ores from the counties of Mercer.
Summers and Monroe, of West Virginia, and the counties of
Giles, Bland, Pulaski and Montgomery, of the state of Vir-
ginia. And the said New River Railroad, Mining and Manufac-
turing Company shall be further empowered to acquire owner-
ship of land for mining and manufacturing purposes, and shall
be entitled to enjoy all the nghts and privilevcs respectively
conferred by the laws of the states of Virginia and West Vir-
ginia, upon railroad corporations and mining and manufacturing
companies, and shall be subject to the restrictions imposed
by such laws upon like corporations.

2. The capital stock of the said New River Railroad, Mining
and Manufacturing Company shall not exceed two millions of
dollars, to be divided in shares of one hundred dollars each,
each share subscribed to be entitled to one vote in all meetings
of said company; and one hundred thousand dollars shall be
taken as the minimum subscription on which said company
may be organized.

3. That the commissioners aforenamed, or a majority of
them, may proceed in such manner as they deem most expe-
dient to obtain subscription to the capital stock of said com-
pany; and it shall be lawful for any railroad, or mining and
manufacturing company, of the state of Virginia or of the state
of West Virginia, to subscribe to and hold stock in the said
New River Railroad, Mining and Manufacturing Company.
It shall also be lawful for the counties of Montgomery, Pu-
laski and Giles, in the state of Virginia, and the counties of
Mercer and Monroe, in the state of West Virginia, in their
corporate capacities, to subscribe to the capital stock of the
said New River Railroad, Mining and Manufacturing Com-
pany. Whenever such subscriptions shall be authorized by a
vote of the people of such counties, as provided by the laws of
the state of Virginia and West Virginia, and to make payment
of any such subscriptions so authorized, it shall be lawful for
the said counties to issue bonds, and to secure the payment of
interest and principal of the same by a special tax upon such
subjects as are taxable by the state of Virginia and the state
of West Virginia, sufficient to pay current interest thereon,
and to provide a sinking fund adequate to the ultimate dis-
charge of the principal thereof at maturity.

4. The president and board of directors of said company
shall be elected in such manner and for such term of office, and
the number of directors shall be such, as the stockholders may
prescribe. |

5. It shall be lawful for the New River Railroad, Mining and
Manufacturing Company to issue bonds for an amount not ex-
ceeding its subscribed capital, and to secure payment of the
interest and principal of the same by a mortgage upon its
property, franchises, &c.

6. The said New River Railroad, Mining and Manufacturing
Company may consolidate its stock, franchises and property
with those of any railroad company of Virginia or West Vir-
ginia, upon such terms as may be agreed upon by the two
companies proposing to consolidate.

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