Chap. 400.—An ACT to amend and re-enact sections 1, 2and 8 of an
act entitled un act to authorize the formation of the Iron Belt Rail-
road Company.

Approved March 13, 1884.

1. Be itenacted by the gene ral assembly of Virginia, That
sections one, two and eight of chapter eighty-six of Acts of
Assembly of eighteen bundred and eighty-one-two, entitled
an act to authorize the formation of the [ron Belt railroad
company, approved February fourteenth, eighteen hundred
and eighty-two, be amended and re-enacted so as to read as
follows:

§1. Thatit shall be lawful for the tollowing persons, namely:
C. V. Sidell, C. T. Smith, Thomas N. Browne, Charles D
Ingersall, M. K. King, James W. Marshall, Walter N. Jobn-
son, John W. Robinson, R. A.*Adams, Charles A. de Russe
Henry ‘Waterman, J. E. Eskridye, Robert Sayers, Peyton &
Hale, J. L. Radford, R. P. Gilliam, E. Dillion, and G. C.
Wharton, as Commissioners, any five of whom acting, , to pro-
ceed to and effect the organization of an incorporated com-
pany, to be known and entitled the Iron Belt Railroad Com-
pany; which said company, upon the formation thercof in
the manner herein prescribed, shall be authorized and em-
powered to construct, maintain and operate a railroad from
or near the terminus of the Saltville branch of the Norfolk
and Western railroad, from some point on the James river, at
or above the town of Buchanan, in the county of Botetourt,
by the most practicable and suitable route, as may be agreed
upon by said company, to the most suitable point above the
narrows of New river, in the county of Giles, by the most prac-
ticable route to the West Virginia state line, at a point not
north of Giles county; but the said company shall not occupy
the valley of the New river below Hinton, West Virginia ;
and it may extend and operate its railroad from or near Salt-
ville, and from any point on its main line to the Tennessee
state line, and the North Carolina state line, or either ot them.
In order to secure a continuous line of railroad, to be operated
under one management, without change of cars or break of
bulk. and for no other purpose, it shall be lawtul for said
company to merge and consolidate its franchises, rights and
properties with any connecting railroad companies which
have been or may hereatter he chartered in the states of
Virginia, West Virginia, Tennessce and North Carolina, and
may adopt anotber name for the companies: so consolidated.
Full power and authority is hereby given such other compa-
nies to make and carry out such consolidation and merger:
provided said company shall not merge or consolidate with
any parallel or competing line: and provided turther, that said
company and its successors, shall never, by reason of such
merger or consolidation, cease to be a domestic corporation,
but shall be and forever remain subject to the jurisdiction of
the courts of this commonwealth.

$2. Said company, orits successors, May, from time to time,
issue Common stock, in shares of one hundred dollars each, to
a sum not to exceed five millions of dollars. Preferred stock
may be authorized and issued by a majority. vote of the
stockholders in legal meeting, recular or called, and be dis-
posed of as the board of directors may find expedient in con-
ducting the business of the company. Each stockholder shall
be allowed to cust one vote, either In person or by proxy, for
each share of stock owned by him; and twenty-five thousand
dollars shall be taken as the minimum subscription on which
azid company may be organized. [t shall be lawful for any
railroad company and any incorporated company to aid in
the construction of said railroad, or any part thereof, and tor
that purpose may guarantee the payment of the principal
and interest of the bonds of said company, or its successors,
and may acquire any of the bonds of said company.

&8. The work of construction by said company shall begin
within one year, and be completed within eight years from
the passage of this amended act, and any claim which the
state may have at the time of the passaye of this amended
act to declare the charter of said company forteited, is hereby
waived and abandoned: provided that if as much as twenty
miles of railroad be constructed thereunder within six years,
there shall be no forfeiture of the said charter as to the rail-
road so constructed: and provided further, that no part of
the main lines of said railroad ‘shall be constructed after the
expiration of said eight years.

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