Chap. 56.—An ACT to incorporate the Virginia aud Statesville Nar-
row-Gauge railroad] company.
ey

Approved February 1, 1879.

1. Be it enacted by the general assembly of Virginia, That.
WFonorable T. J. Boyd, Robert Sawyers, N. P. Oglesby, David
Porter, Stephen Rosenbum, James Ward, D. E. James, James
Kyle of Wythe county, William A. Stewart. William J. Dick-
enson of Russell county, George W. Palmer, Charles J. Shan-
non, Legrand Nexen W. R. B. Horn, Fayette McMullen of
Smyth county, J. R. Witten, D. B. Baldwin, Clinton Barnes,
Thomas Scott of Tazewell county, I. C. Fowler, Jonas Kelly,
A, Fulkerson, James Byars of Washington county, Virginia ;
—— Clayton of Ore Knob, KE. L. Vaughn, Charles Daughten of
Alleghany county, North Carolina; P. G, Ilaie, T. C. Vaughn,
Eli C. Hale, G. W. Cornett, L. HL. Bryant, John M. Dickey, A.
M. Davis. J. W. Ilackler, F. J. Lundy, Jefferson Ring, L. H.
Hasnpton, William Waugh, J. W. Vaughn. William C. Parks,
Isham Cox, EK. F. S. Cox of Grayson county, Virginia, or such
of them as may accept the provisions of this act, and such per-
sons (counties or corporations) as may become xssociated with
them in the manner hereinafter provided, shall be and they are
hereby cons'ittuted a hody poitie and corporate, by the name
of the Virginia and Statesville Air-Line Narrow-Gauge Rail-
road Company, and by that name shall have all the powers,
rights, and franchises necessary and proper to locate, construct,
equip, and maintain a railroad, to be known as the Virginia and
Statesville air-line narrow-gauge railroad ; to begin at Crocket’s
depot, or some more practicable point between Wytheville in
Wythe county, and Mount Airy in Smyth county, on the Atian-
tic, Ohio and Mississippi railroad, to run to Independence,
Grayson county, Virginia, crossing the Iron mountain at the
Dry run gap: thence to the North Carolina line in the diree-
tion of Sparta, in Alleghany county. North Carolina, to meet
a railroad chartered by the legislature of North Carolina, and
known by the name of the Statesville and Virginia air-line
narrow-gauge railroad; but in case said Statesville and Vir-
cinia narrow-gauge railroad shall not be built, then to the
North Carolina line in the direction of the Ore Knob, in Ashe
county, North Carolina.
2, Any three of the corporators hereinbefore named may
organize the company by electing a president and board of
directors, and by electing and appointing such other cflicers as
may be necessary for the management of said company’s
affairs; and thereupon they shall have and exercise all the
general powers and functions of a corporation, and be subject
to all the restrictions imposed by the laws of the stale applica-
ble to internal improvement companies, except so far as the
same may be changed or modified by this act.

3. The capital stock of said company shall not exceed the
sum of two hundred thousand dollars, to be divided into shares
of twenty-five dollars each; and the board of directors shall
have power to issue bonds in such sums of not less than fifty
dollars each, and bearing interest not exceeding eight per
centum, payable, principal and -nterest, at such times and
places and in such manner as may be most advantageous to
said company. and may secure the same by one or more mort-
gages on the road, franchises, incomes, and the real and per-
sonal property of the company, or such part thereof as may be
designated in the mortgage or mortgages.

4. That it shall be lawful for said company to acquire in sub-
scriptions to the capital stock of said company, or by donations
or otherwise, lands, mines, property, inaterials, or labor, and
receive subscriptions from other companies, associations, or
corporations, and to make such arrangements as shall be
mutually agreed upon by the respective board of directors, such
companies, associations, and corporations for the endorsement
of or sale of stock or exchange and bonds, so as to increase
facilities for a speedy completion of said road : and the said
company may sell, lease, or otherwise dispo3e of any lands or
properties acquired under this secti.n, at their pleasure.

5. The said company shall allow any railroad, now or which
may hereafter be built, to connect with its road; and the com-
pany shall have the right to connect with and to cross either
at or under or above grade of any railroad, now or hereafter to
be constructe, in the vicinity of the route, and no discrimina-
tion shall be made in the charges of said company against"the
trade and trevel of any connecting work; but it shall jointly
with such connecting company or corporation make suitable
arrangements for the convenient transfer of freight from one
road to the other, and, the gauge permitting, for a free inter-
change of freight cars upon reasonable terms; and no discrimi-
nation shall be made in the charges of any connecting work
against the trade and travel of said company; and if the con-
necting companies shall not be able to agree upon terms as to
such connection and transfer of cars and freights, and as to
arrangements for a fair prevailing of charges, the question
shall be referred to the board of public works, and its decisions
shall be binding upon the parties.

6. That any county along the line of said road or any con-
necting road—the counties of Smyth, Wythe, and Grayson—is
hereby authorized, in the manner prescribed by law, to sub-
scribe to the capital stock of said road, and to this end it shall
be the duy of the county court of said county to cause a vote
to be taken in the manner prescribed by law at such times as
the president of the Virginia and Statesville air-line narrow-
gauge railroad company ask, after giving ninety days’ notice,
and to issue bonds in such forms, running such length of time
and carrying such rate of interest, pay able at such “period and
places as the county court of said county may determine, and
to guarantee the payment of such bonds: provided, that the
bonds issued by any of said counties shall not be sold or
hypothecated by the said company until the consent of the
supervisors or their successors of said county or counties to
such sale or hypothecation, shall have been obtained and en-
tered of record in the office of the board of supervisors or their
successors of such of said counties as may subscribe to said
company.

7. The said company is required to commence work on said
road within three years from the passage of this act, and com-
plete said road in five years from the commencement of said
work on said road.

8. ‘This act shall be in force from its passage.