Chap. 137.—An ACT to incorporate the Salem and Southwestern Rail-
road Company.

Approved February 20, 1884.

1. Be it enacted by the general assembly of Virginia, That
John J. Moorman, R. H. Catlet, John E. Penn, G. B.
Bourd. Joel C. Green, George M. Horner, S. F. Simmons,
James ©. Langhorn, C. W. Burwell, C. A. Calhoun, John M.
Evans, James Chalmers, and R. H. Logan, or such of them
as may accept the provisions of this act, and such other per-
sous and corporations as may become associated with them
inthe manner hereinafter provided, shall be, and they are
hereby constituted a body corporate by the name of the
Salem and Southwestern Railroad Company, and by that
name shall have all the powers, rights, and franchises neces-
sary and proper to construct, equip, and maintain a railroad
to be Known as the Salem and Southwestern railroad, and to
be run from Salem, in the county of Roanoke, by such route
ax the said company may determine, up the South fork of the

foanoke river in Montgomery county, and through the
southern parts of Pulaski, Wythe, Smyth, and Washington
counties, to the line of the state of Tennessee, at or near the
Suuth fork of the Holston river, or through ‘the counties of
Floyd, Carroll and Grayson, to the Tennessee or North Caro-
lina line, or through the county of Patrick, to some suitable
point on the North Carolina line; and the said company shall
have power to purchase and hold mineral lands for the pur-
pose of working the same in order to furnish tonnage to its
road, and to lease or sell the same. But said company shall
not have the right to hold, at one time, more than two hun-
dred thousand acres of land in this state. The said company
by deed to be recorded in the clerk’s office of Roanoke county
court, @nd in the clerk’s office of at least one other county
along the route selected, shall within twelve months after
the passage of this act, select and determine which of the
three routes mentioned in this section it will adopt tor the
construction of its read, and shall only construct its road
along the route so adopted.

2. The capital stock of the said company shall not exceed
eight million dollars, to be divided into shares of one hundred
dollars each—each share being entitled to one vote—and it
shall be lawful for the persons hereinbefore named, or any
seven of them, to organize the company by the election of a
president and ‘board of directors, and such other officers as
may be necessary; and thereupon they shall have and exer-
cise all the gener al powers and functions of a corporation,
and be subject to all the restrictions imposed by the laws of
the state applicable to internal improvement companies, ex-
cept so thr as the same may be changed or modified by this
act. But thesaid company shall not commence the construc-
tion of the said road until there is subscribed, by individuals
or corporations at least the sum of five hundred thousand
dollars, and at least ten per centum thereof actually paid in,
and any connecting railroad company which is authorized by
its charter to subscribe to works of internal improvement,
with the assent of this company, may subscribe to the said
stock, and subscriptions thereto be made in money, materials
or land.

3. The board of directors shall have power to issue bonds
in sums of not. less than one hundred dollars each, bearing
interest at not exceeding six per centum per annum—the
principal and interest payable at such times and places as the
beard of directors may determine, and may secure the same
by one or more mortgages on the road, franchises, incomes,
and realand personal property of the company, or such parts
thereof as may be designated in the mortgages, and may
lease its rolling-stock and equipments, or any “ot them, to any
other company.

4. The said company is required to commence the con-
struction of its road within two years from the first dav of
April, eighteen hundred and eighty- four, and to complete it
within six years from that date. The fuilure so to commence
and so to complete, shall operate as a forfeiture of the charter
of said road.

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