Chap. 429.—An ACT to incorporate the Virginia Railroad and
Transportation company.

Approved March 6, 1886.

1. Be it enacted by the general assembly of Virginia, That
Calvin Foster, F. C. Huidekoper, M. Clarke, E. D. Thayer.
junior, Charles F. Aldrich, I. D. Fessenden, Ambrose J. Rus-
sell, W. E. Watkins, A. Hayter, and such other persons as
they may associate with them, and their successors and assigns,,
shall be and they are hereby constituted and declared a body
corporate and politic, by the name of the Virginia Railroad
and Transportation company, and by that name and style are
hereby invested with all the powers, rights, privileges and fran-
chises conferred, and are made subject to all the rules, regula-
tions and restrictions imposed by the Code of Virginia and all
general laws of this state applicable to railroad corporations, ex-
cept so far as the same are inconsistent with the provisions ot
this act. .

2. The said company is hereby authorized to locate, con-
struct, equip, maintain and operate a railroad of narrow or
standard gauge, and with rails of iron, steel or wood, as they
may deem advisable, from a point on the Norfolk and Western
railroad, between Glade Spring and Abingdon, westward to a
point in Russell county.

3. The capital stock shall be not less than ten thousand dol-
lars; but the company shall have the privilege of increasing the
‘same, from time to time, to an amount not exceeding two hun-
dred and fifty thousand dollars; and shall have power to issue
stock to the amount of the capital, in shares of one hundred
dollars each; and at all meetings of stockholders, each share
shall be entitled to one vote, which may be given by the holder
thereof in person or by proxy. The company is authorized to
borrow such sums of money, and in such manner, as it may
deem advisable, and to secure the same by deed of trust upon
its franchises, or any of its property it may convey for that
purpose.

4. Books of subscription to the capital stock shall be opened
under the supervision and direction of any three of the corpo-
rators at Abingdon, Virginia; and when one hundred shares
have been subscribed for, the subscribers shall, upon reasonable
notice being given to them, assemble upon the call of any five of
the corporators, at such time and place as in such notice may be
fixed; and a majority of them may organize the company un-
der this act, and elect a president and board of directors, whose
term of office shall not exceéd one year. Subsequent elections
of directors shall be by stockholders, and the directors shall
elect the president.

5. The said company shall have power to cross at grade,
unite, consolidate or connect with any line of railway con-
structed, or which may be constructed, in this state; and for
this purpose power is hereby granted to it, and to any railroad
company incorporated by this state, to make such contracts as
may be necessary or proper, to carry out the provisions of this
section; and the said company shall have its chief office in this
state at such point as the directors may determine: provided,
that it shall not consolidate with a parallel or competing line:
and provided further, should it ever consolidate with a foreign
corporation, the consolidated company shall always remain a
Virginia. corporation in regard to the right of suing and being
sued.

6. It shall be lawful for said company to construct, equip and
maintain, lateral or branch roads of any gauge whatever not
exceeding twenty miles in length, which shall have all the rights
and powers and be subject to the same restrictions as the main
line.

7. It shall be lawful to receive subscriptions to the stock of
this company from any connecting railroad company, or from
any mining or manufacturing company, or from any county or
counties in Virginia, that may be interested in its construction.

8.- It shall be lawful to receive subscriptions to the capital
stock of said corporation in money or labor, land or material,
such as timber, stone, lumber or other supplies required in the
construction of railroads.

g. This act shall always be subject to repeal, amendment or
modification, at the pleasure of the general assembly; and it is
agreed this company will always pay its taxes in lawful money
of the United States, and not in coupons.

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