Chap. 199.—An ACT toincorporate the Rich Valley railroad company.

Approved May 12, 1887.

1. Be it enacted by the general assembly of Virginia, That
Samuel Walton, Hal Dulaney, W. L. Yost, Henry Fairfax,
C. B. Thomas, J. H. Wingate, T. P. Watson, B. F. Buchanan,
and J. H. Buchanan, or such of them as may accept the pro-
visions of this act, their associates, successors, and assigns,
be and they are hereby incorporated and made a body politic
and corporate under the name and atyle of the Rich Valley
railroad company, and by that name shall be known in law,
and as such are authorized and empowered to locate, con-
struct, equip, and operate a railroad, commencing at a point
at or near Saltville, in Smyth county, thence up the Rich
Valley or Poor Valicy to such other point in Smythe or
Tazewell county, and by such route as may be deemed most
advisable by the directors of said company: provided that
the said railroad company and its successors shall not have
the right to the exclusive occupancy of any mountain pass
in any of the counties through which it is authorized to con-
struct its road.

2. The said company shall have perpetual succession and
have power to sue and be sued, plead and be impleaded, de-
fend and be defended in all courts, whether in law or in
equity, and may make and have a common seal, and alter or
renew the same at pleasure, and shall have, possess, and
enjoy all the rights and privileges of @ corporation or body
politic in the law and necessary for the purposes of this act.

3. The capital stock of said company shall not be less than
fifty thousand dollars, and my from time to time be increased
to any amount not exceeding one million dollars by issue and
sales of shares, the par value of which shall not be less than
fifty dollars, from time to time, under such regulations as the
board of directors of said company shall from time to time
prescribe; and the directors may receive cash, labor, material.
bonds, stocks, real or personal property in payment of subscrip
tions to the capital stock at such valuation as may be agreed
upon between the directors and the subscribers, and may
make such subscriptions payable in such manner or amounts
and at such times as may be agreed upon with the subscribers.

4. Itshall be lawful fer said company to borrow money
and issue and sell its bonds from time to time for such sum
and on such terms as its board of directors may deem expe-
dient and proper in the prosecution of any of its work, and
may secure the payment of said bonds by mortgages or deeds
of trust upon all or any portion of its property, real, personal
and mixed, its covenants, contracts, and privileges, and its
chartered rights and franchises, including its franchise to
be a corporation; and it may, as the business of the com-
pany may require, sell or lease, convey, and incumber the
same. ‘

5. It shall be lawful for said company to subscribe to and
hold shares in the capital stock of any mining, manufactur.
ing, or other corporation; and any mining, manufacturing,
or other corporation may guarantce or hold the stock or
bonds of the said company. _

6. The said company is authorized and empowered to
locate, construct, equip, and operate an extension to a point
in Bland county, and also lateral or branch roads from any
point or puints on its line to any point or points in Smythe,
Bland, and Tazewell counties, in order to afford the public
transportation fucilitics and to connect any mine or other
operation: provided however, that no branch hereby autho-
rized shall be built nor the right of way acquired for such
branch till after the main lino is constructed and is ready
for the running of trains on such line a3 the company may
adopt for its main line, or to connect the said line with that
of any other railroad now or hereafter to be constructed in
any of the counties; and the said company mey connect or
unite its said road with that of any other company, or con-
solidate and merge its stock, property, and franchises with
those of any other company operating or authorized to
operate a connccting line of railroad upon such terms and
under such name as may be agreed upon between the com-
panies so uniting or connecting, merging, or consolidating;
and for that purpose power is hereby given to it and to such
other company or companies to make and carry out such
contracts as will facilitate and consummate such connection,
merger, or consolidation: provided that a copy of every such
contract of consolidation and merger shall be filed in the
office of the board of public works: provided that should
this company ever consolidate with any forcign company, the
consolidated company shall always remain a Virginia corpo-
ration as regards the right of suing and being sued.

7. The said company may acquire by condemnation, ac-
cording to the mode provided by the laws of Virginia, the
lands, property, and rights required for the right of way of
its railroad, and the necessary stations and depots for its
operation; and for such purposes the said company may,
when or where necessary, take and condemn in the mode
provided by the laws of Virginia in regard to the condemna-
tion of lands for any work of public improvement to the ex-
tent only necessary for such purpose, all or any part of the
privileges and franchises of any corporation possessing or
claiming to possess, at the dato of such proceedings, an ex-
clusive right to locate, construct, or operate a railroad within
the territory or any part thereof in which the line of the
Rich Valley railroad company or any part may be located.

8. Tho said company shall be required to commence the
construction of the said railroad within two years from the
passage of this act, and to complete the construction of its
main line within five years thereafter, otherwise the powers,
privileges, and franchises hereby granted shall be ipso facto
void.

9. The persons first named in this act, or such of them as
shall accept the provisions thereof, shall have the power and
authority of a president and board of directors for the pur.
pose of organization and for all other purposes. They shall
continue in office until their successors shall be elected and
qualified. Hach stockholder in the company shall at all
meetings or elections be entitled to one vote for each sbare
of stock reyistered in his name.

10. The board of directors shall be stockholders of said
company. They shall appoint one of their number president.
and may fill any vacancy that may occur in said board, un-
less by removal, in which case the same shall be filled by the
stockholders in gencral meeting. Whenever the minimum
amount of the capital stock shall have been subscribed, anc
the board of directors shall have elected a president, saic
company shall be considered legally organized, and may pro
ceed to the transaction of business.

11. The board of directors may establish offices and agen
cies at such places as they may dcem proper, but the princi
pal office of the company shall be located at some point
within the limits of the State of Virginia.

12. Whenever the corporation shall exercise any of the
privileges conferred by this act, it shall be liable to the same
taxes as may be imposed by law upon other like corporations
or persons exercising like privileges, and all taxes due the
commonwealth by said company shall be paid in lawful
money of the United States, and not in coupons.

13. This act shall bein foree from its passage, but the
gencral assembly of the State of Virginia reserves to itseif
the right to modify, alter, or repeal this act at any time
hereafter.