Chap. 226.—An ACT to Authorize the Formation of the Alleghany Springs
Railroad Company.

Approved March 18, 1872.

1. Be it enacted by the general assembly of Virginia, That
it shall be lawful for the following named persons, viz: Samuel
A. McConkey, Charles T. Barnet, John A. Langhorne, Dr. Isaac
White, Paris Taylor, William P. Graham, Floyd Smith, John
L. Taylor, William Barnet, and Thomas L. Barnet, as commis-
sioners—a majority acting—to proceed to form and effect the
organization of an incorporated company, to be known and
entitled the Alleghany Springs Railroad Company; which said
company, upon the formation thereof in the manner herein
provided, shall be authorized to construct, maintain and ope-
rate a railroad from Alleghany station, a point on the line of
the Atlantic, Mississippi and Ohio railroad, in the county of
Montgomery, to a point at or near Hillsville, in the county of
Carroll. And the said Alleghany Springs Railroad Company
shall be further empowered to acquire ownership of land for
mining and manufacturing purposes not execeding in the ag-
eregate fifty thousand acres of land; and shall be entitled to
enjoy all the rights and privileges conferred by the laws of
Virevinia upon railroad corporations and mining and manufac-
turing companies, and shall have the right to regulate its own
charges for passengers and freight on any portion of its said
road not exceeding ten miles.

2. The capital stock of the said Alleghany Springs Railroad
Company shall not exceed one million of dollars, to be divided
into shares of one hundred dollars each, each share subscribed
to be entitled to one vote in all meetings of said company ; and
twenty thousand dollars shall be taken as the minimum sub-
scription on which said company may be organized.

3. That the commissioners aforenamed, or a majority of them,
may proceed, in such manner as they may 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, to subscribe
to and hold stock in the said Alleghany Springs Railroad Com-
pany. It shall also be lawful for the counties of Montgomery,
Floyd and Carroll, in their corporate capacities, to subscribe
to the capital stock of the said Alleghany Sprines Railroad
Company 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, to make payment of any such sub-
scriptions so authorized, it shall be lawful for the said counties
to issue bonds, and to secure the payment of the principal and
interest of the same by a special tax sufficient to pay current
interest thereon, and to provide a sinking fund adequate to the
ultimate discharge 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 a term of office,
and the number of directors shall be such, as the stockholders
may prescribe.

5. It shall be lawful for the Alleghany Springs Railroad
Company to issue bonds for an amount not exceeding double
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 work on the road herein authorized to be constructed
shall be commenced within two years and completed within
five years from the passage of this act.

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