Chap. 211.—An ACT to incorporate the Lynchburg and Southwest
Railroad Company.

Approved February 24, 1886.

1. Be it enacted by the general assembly of Virginia, That
Stockton Terry, J. W. Watts, Alexander McDonald, J. H.
Franklin, T. E. Murrell, William Hurt, L. M. Kean, J. H.
Adams, John F. Slaughter, J. Otey Taylor, W. H. Wren,
George P. Watkins and S. W. Nowlin, of Lynchburg, Vir-
ginia; Major W. F. Graves, J. C. Featherston and Griffin
Dobyns, of Bedford county, Virginia; Dr. J. J. Terrell and J.
Risque Hunter, of Campbell county, Virginia; Benjamin Hatcher
and J. C. Ferguson, of Franklin county, Virginia; William M.
Morgan, J. L. Howard, J. W. Tompkies, J. S. Dobins and
Amos Dickerson, of Floyd county, Virginia; James Early and
Ira B. Coltrane, of Carroll county, Virginia; J. W. Vaughn,
Calhoun Jackson, Judge Hackler, Colonel Davis and Samuel
Fulton, of Grayson county, Virginia, and such other persons and
corporations as may become associated with them in the manner
hereafter provided, shall be and they are hereby constituted a
body politic and corporate, by the name and style of the Lynch-
burg and Southwest railroad company, and by that name shall
have all the rights, powers and privileges 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 Lynch-
burg, Virginia; thence through the counties of Campbell, Bed-
ford, Franklin, Floyd, Carroll and Grayson, or any other border
county on the North Carolina or Tennessee line, and into any
point in North Carolina and Tennessee, or to connect with.or
unite with any other road or public improvement, but shall not
unite 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 dollars each,
and may be increased from-time to time by the board of direc-
tors, if thereto authorized,by a vote of two-thirds of the stock-
holders, to such an amount as may be necessary for the com-
pletion of said road, not exceeding six million dollars; and said
company may beully organized whenever a sufficient amount
of said stock has been taken to justify, in the opinion of the
corporators, the commencement of said work; and the board
of directors, to fully construct and equip said road, shall 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 deemed most ad-
vantageous to said company; and may secure the same by one
or more mortgages on said road, franchises, income and prop-
erty 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 exceeding
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 purpose
of effecting a temporary organization, until a permanent or-
ganization is effected.

4. Subscriptions to the capital stock of said company may
be made by persons or corporations, counties, cities or towns,
in money, credit, labor, material, machinery or land; and the
said company may make such arrangements with other com-
panies or corporations as may be agreed on. Any county,
town or city may subscribe to the capital stock of said com-
pany such sum as may be desired, not to exceed the sum of
one hundred thousand dollars by any one county or town, or
the sum of three hundred thousand dollars by any one city;
and such sums shall be the minimum limit of such subscrip-
tions, respectively, notwithstanding any limitation under the
law as it now stands, whereby any such county, town or city
would be restricted to a less sum; but in any case in which,
under the law as it is now, any such county, town or city might
subscribe a greater sum, in such case such county, town or city
shall have authority to subscribe such sum as may be desired
within the limits now imposed by law. And it shall be the duty
of the county court of any county, or of the council or board
of trustees of any town or city, upon being requested so to do
by the said company, through its president, to cause a vote of
the qualified voters of such county, town or city to be taken,
at such time, and for such amount, as the said company, through
its president, may require; and if it shall appear by the report
of the board of commissioners that three-fifths of the qualified
voters of the county, city or town, voting in such election, are
in favor of such subscription, and that said three-fifths includes
a majority of the votes cast by freeholders at such election, the
same shall be made; and the board of supervisors of any county,
or council or trustees of any city or town making such subscrip-
tions, shall make all necessary orders for the issuance and de-
livery of the bonds of such county, city or town, in accordance
with the terms of such subscription. The board of supervisors
of any such county, or other proper officers of any city or
town, shall levy a tax sufficient to pay the interest on such
bonds, not. exceeding six per centum per annum, and to pro-
vide a sinking fund to extinguish the principal at maturity, not-
withstanding such tax may exceed the rate of twenty cents on
the hundred dollars.

5. The said company may have power to acquire and own
for twenty years from the completion of said road, or lease,
any quarries, mines, coal beds, lumber yards, or furnaces, in
any of the counties 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 five years, and completed within ten years from the
passage of this act; otherwise this charter shall be void.

_ 7..That the said company, by the acceptance of this charter,
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. No stockholder in said company shall be held liable or
made responsible for its debts and liabilities in a larger or fur-
ther sum than the amount of any unpaid balance due to said
company for stock subscribed for by said stockholders.

g. The board of directors may establish offices and agencies
at such places as they may deem proper; but the principal
office of the company shall be located at some point within the
limits of the state of Virginia.

10. This act shail be in force from its passage, and shall be
subject to repeal or amendment at any time by the general
assembly.