Chap. 308.—An ACT to incorporate the Lynchburg and Southwest
Railroud Company.

Approved March 7, 1881.

1. Be it enacted by the general assembly of Virginia, That
John Otey Taylor, J. W. Watts, A. McDonald, P. J. Otey,
and P. A. Krise, of Lynchburg, Virginia: J.J. Terrill, M.N.
Moorman, and T. L. Kabler, of Campbell county ; W. F.
Graves, and B. H. Moulton, of Bedford county; Peter Saun-
ders, and C. M. Helm, of Franklin county; J. L. Howard, and
Amos Dickenson, of Floyd county; Ira B. Coltrane, and
Herbert Bronson, of Carroll county; J. W. Vaughan, and
John F. Green, of Grayson county; B. W. L. Holt, of Meck-
lenburg county, Virginia; V. K. Stevenson, of New York;
and J. M. Vernon, of Massachusetts; and such other persons
and corporations as may become associated with them in the
manner hereinafter provided, shall be, and they are hereby
constituted a body politie and corporate, by the name and
atyle of the Lynchburg and Southwest Railroad Company,
and by that name shall have all the powers, rights and privi-
leges necessary and proper to locate, construct, operate and
maintain a railroad, either standard or narrow-gauge, to be
known as the Lynchburg and Southwest railroad, to begin
at or very near the city of Lynchburg, Virginia; thence
through the counties of ‘Campbell, Bedford, Franklin, Floyd,
Carroll and Grayson, or any border county on the North
Carolina or Tennessce line, and into any point in North
Carolina or Tennessee, or to connect with or unite with any
other road or public improvement, but shall not unito with
any parallel or competing line.

2. The capital stock of said company may be one million
dollars, to be divided into shares of one hundred doilars each,
and may be increased from time to time by the board of
directors, if thereto authorized, by a vote of two-thirds of
the stockbolders, to such an amount as may be necessary for
the completion of said road, not excee ling six million dollars ;
and said company may be fully organized whenever a suffi-
cient amount of said stock has been taken to justify, in the
opinion of the corporators, the commencement ot said work,
and the board of directors to fully construct and equip said
road, shall also have power to issue bonds in such sums, not
less than one hundred dollars each, and payable (principal
and interest) at such times and places, and in such manner,
as may be dcemed most advantageous to said company, and
may secure the same by one or more mortyages on said road,
franchises, income and property of said company, or any part
thereof.

3. A majority of the corporators shall form a quorum (by
proxy or otherwise) for the transaction of business. They
shall have power to solicit subscriptions or appoint an agent
for that purpose, to secure or have such surveys made as they
may deem important, and to collect instalments, not exceed-
ing in the aggregate five per centum upon the capital stock
of the company, out of which they shall pay all salaries and
other charges incurred by them for the company, and to meet
at such time and place as may be determined on for the pur-
pose of affecting a temporary organization, until a permanent
organization Is effected.

4. Subscriptions to the capital stock of said company may
be made by persons or corporations, counties and cities, in
money, credit, labor, material, machinery or land, and to make
such arrangements with other companies or corporations as
may be agreed on for the company.

5. The said company may bave power to acquire and own
for twenty years from the completion of said road, or lease
any quarries, mines; coal-beds, lumber-yards, furnaces, in
any of the countics through which its road may pass, or in
any adjoining county: provided that not more than twenty
thousand acres of land shall be so held or owned in any one
of said counties.

6. Work upon the construction of this road shall be com-
menced in two years, and completed witbin ten years from
the passage of this act, otherwise this charter shall be void.
7. That the said company, by the acceptance of this char-
ter, hereby agrees to pay all taxes, dues and demands due the
state that may be hereafter assessed against it, in lawful
money of the United States, and not in coupons.

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