Chap. 428.—An ACT to charter the Clinch river railroad company.

Approved March 6, 1886.

1. Be it enacted by the general assembly of Virginia, That
Wm. B. Aston and D. C. Stuart, of Russell county, Virginia,
R. A. Ayres, of Scott county, Virginia, James C. Greenway,
T. P. Trigg, A. Fulkerson, and G. V. Litchfield, of Washing-
ton county, Virginia, their associates and successors, be and
they are hereby made a body corporate and politic, under the
name and style of Clinch River Railroad company; under
which name it may sue and be'sued in all the courts, whether
of law or equity, and shall have perpetual succession, and may
have a corporate seal, and alter and renew the same at pleasure,
and may make bv-laws, rules and regulations, not inconsistent
with the laws of the commonwealth, for the government of all
under its authority.

2. Said Clinch river railroad company, and its successor, is
authorized and empowered to construct and operate a railroad
from any point it may,select on or near the Clinch river, in the
county of Russell, Virginia, down the said river, to Speer’s
ferry, in the county of Scott, Virginia, and from Speer’s ferry
to the Norfolk and Western railroad, at Goodson or at Abing-
don, Virginia, the same to be either narrow or broad gauge, as
the company may decide. It shall be lawful for the said com-
pany to construct and operate branch railroads to any points
which are not over fifteen miles from the main line. In order
to secure a continuous line of railroad, to be operated under
one management, said company may require the purchase,
rights, privileges, and property of other chartered railroad com-
panies, or which may hereafter be chartered in this state, by ex-
changing its stock, or by purchase or lease, and it may merge
and consolidate any of the said railroads with the said Clinch
river railroad company, on such terms as may be agreed upon
between the contracting parties, and may adopt another name
for the consolidated company, full power and authority being
hereby given such other companies to make and carry out such
consolidation and merger: provided, that it shall not consoli-
date with a parallel or competing line: and provided further,
that should it ever consolidate with a foreign corporation, the
consolidated company shall always remain a Virginia corpora-
tien, as regards the right of suing and being sued.

3. Said company, or its successor, may from time to time
issue and sell common and preferred stock in shares of one
hundred dollars each, to a sum not to exceed three hundred
thousand dollars; and it or its successor may issue and sell its
bonds upon like terms, and may secure the same by mortgages
or deeds of trust upon its franchises and property, or any part
thereof.

4. To furnish a basis for raising capital, it shall be lawful for
said company, or its successor, to receive grants and subscrip-
tions in land, at a fair valuation, and coal, iron, timber, mate-
rials, and mineral rights, upon such terms as may be agreed
upon with the board of directors; and it may exchange its stock
or bonds therefor, and may hold or sell the same at pleasure:
provided, the said company shall not hold the said land for
more than fifteen years after the completion of its road

5. It shall be lawful for any railroad company, incorporated
company, or any city or town, to aid in the construction of said
railroad, and for that purpose may subscribe to its capital stock,
or that of its successor, and may acquire the bonds of said
company.

6. No stockholders shall ever be held liable for the indebted-
ness of said company in a sum greater than due from him on
stock subscribed by him.

7. The directors of said company shall be stockholders, and
they shall elect one of their number president; they shall be
elected and their number fixed by the stockholders in their an-
nual meeting, and they shall hold their office until their suc-
cessors are elected, and they may fill any vacancy in their
board. Each stockholder shall be allowed to cast one vote,
either in person or by proxy, for each share of stock owned
by him. For the purpose of organizing the said company, the
persons named in this act shall continue its first board of di-
rectors, and shall serve until the first meeting of stockholders;
any three or more may act, and they may receive subscriptions
to the capital stock at any time and place; and when the sum
of ten thousand dollars or more is subscribed, they shall con-
vene the stockholders and organize the ‘said company. At
said meeting one of their number shall preside, and they shall
certify said organization on the books of the company, and
their certificate, or a copy thereof duly authorized by a notary
public, shall be received as evidence of the legal organization
of the company.

8. Said company, or its successor, shall begin the work of
constructing its railroad within five years from the passage of
this act, and shall complete the main line within ten years from
the passage of this act.

9. That the said company, by the acceptance of this charter,
hereby agrees to pay all taxes, dues and demands due the state
that may hereafter be assessed against it, in lawful money of
the United States, and not in coupons; and the state reserves
to itself the right .to repeal, amend or modify this act at the
pleasure of the general assembly. .
10. This act shall be in force from its passage.