Chap. 309.—An ACT to incorporate the New River and Piedmont Nar-
row Guage Railroad Company.

Approved April 20, 1874.

1. Be it enacted by the general assembly, That it shall be
lawful for books of subscription to be opened in the town of
Martinsville, in the county of Henry, under the direction of
James M. Smith, senior, Fleming Saunders, George W.. Booker,
George D. Gravely, Jesse B. Lavinder, John W.. Morrie,
George E. Waller and William D. Stultz, or any three of
them; at the storehouse of Swinfield Stanly, in said county,
under the direction of Swinfield Stanly, William W. Morris,
John H. Davis, Henderson Phillips, Clark P. Turner and B.
W. L. Philpott, or any three of them; at the storehouse of P.
H. Hudson, at Long Branch, in the county of Franklin, un-
der the direction of Jobn Cannaday, Robert H. Saunders,
Thomas S. Saunders, Alexander Ingram, Thomas Prillimaen
and Waddy James, or any three of them; at the storehouse
of Smith and Jett, at Elamsville, in the county of Patrick,
under the direction of W. T. B. Taylor, John P. Barksdale,
Charles Nolan, William Smith, Columbus Houchins, E. B.
Turner and Stephen Turner, or any three of them; at Floyd
Courthouse, under the direction of Jackson Godby, James L.
Tompkins, John Merritt, P. L. Howard, John Payne and Z.
T. Dobyns, or any three of them; at the storehouse of A. B.
Bennett, in the county of Floyd, under the direction of To-
bias Phillips, A. B. Bennett, Bryant Hylton and Braxton
Cox, or any three of them; at Central Depot, Montgome
county, under the direction of G. C. Wharton, David Bel,
Truman Bullard, Stockton Heth, R. H. Adams, William Tyler
and James Zoll, or any three of them; and such other per-
sons and corporations as may be associated with them, are
hereby declared a body ppolitie and corporate, under the name:
of the New river and Piedmont narrow guage railroad com-
pany; and by that name shall have power to sue and be sued,
to plead and be impleaded, in all the courts of the common-
wealth; to have a common sval, which they may break or
alter at pleasure, and to have perpetual. succession ;. and shall
also have all the powers, rights and franchises necessary to
construct, equip and maintain, a narrow guage railroad, to be
known as the New river and Piedmont narrow guage rail-
road ; to begin at a point at or near Central depot, on New
river, in the county of Montgomery, on the Atlantic, Missis-
si Pi and Ohio railroad, by the way of the town of Jackson-
ville, in the county of Floyd, to the town of Martinsville, in
the county of Henry. .

2. The capital stock of said company shall not exceed two
millions dollars, to be divided into shares of tWenty-five dol-
lars each.

3. It shall be lawful for the said company, when it shall
have been organized in the manner prescribed by this act,
and in ‘accordance with the laws of this commonwealth, to
receive subscriptions to the capital stock of said road, to be
paid in lands, labor to be done on said road, and for its con-
struction and equipment, in such manner as may be pre-
scribed by said company, and agreed upon by the parties
making the subscriptions; and that corporations domiciled
within this state or elsewhere, may subscribe to tho capital
stock of said company. .

4. It shall be lawful for the counties of Henry, Patrick,
Franklin, Floyd and Montgomery, to subscribe, in its corpo-
rate capacity, to the capital stock of said company, in the
manner and form provided for by law. .

5. The said company shall be anthorized, in order to raise
means to construct said road, to borrow money upon the faith
of its property and franchises, to issue its bonds therefor, to
execute such deeds of trust or mortgages as may be neces-
sary, and to borrow money upon such terms as may be agreed
upon, not inconsistent with the laws of this commonwealth.

6. The said company shall be organized when the amount
of twenty thousand dollars shall have been subscribed to its
capital, and two per centum thereon shall be paid in. Work
on said road shall be commenced within two years from the
passage of this act, and completed within five years.

7. This act shall be in force from its passage, and subject
to repeal, alteration or modification, at the pleasure of the
general assembly. .