Chap. 46.—An ACT to incorporate the Clinch Valley railroad companv.
} J pany
Approved April 6, 1887,

1. Be it enacted by the generals ssembly of Virginia, That
Joseph Harrison and <A, J. May, of Tazewell county; Silas
B. Hurt, of Russell county; EH. M. Fulton, of Wise county ;
A. L. Pridemore, of Lee county; James A. Walker, of Wythe
county ; William A. Dick, William C. Bullit, Adolph Laden-
burg, Evans R. Dick, Henry Fairfax, Joseph T. Doran, George
T. Mills, or such of them as may acecpt the provisions 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 style of the Clinch Valley Railroad
Company, and by that name shall be known in the law, and as
such are authorized and empowered to locate, construct, and
operate a line of railroad, commencing at a point at or near
the New river division of the Norfolk and Western railroad,
or any branch thereof, in Tazewell county, and running
thence to such point on or near the Clinch river, or Powell
river, or either or any branch thereof, in Russell, Wise, Scott
or Lee county, and by such route as may be dcemed suitable
by the board of directors of said company.-

2. The said company shall have perpetual succession, and

have power to sue and be sued, plead and be impleaded,
defend and be defended, in all the 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 bave and possess
and enjoy all the rights and privileges of a corporation or
body politic in the law, and necessary for the purposes of
this act.
3. The capital stock of the said company shall not be less
than four hundred thousand dollars, and may, from time to
time, with the consent of a majority of its stockholders, be
increased to an amount requisite for the purposes of the com-
pany, by issue and sale 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 re-
ceive cash, labor, material, real and personal property, suited
to the business of the company, in payment of subscriptions
to the capital stock, at such valuations as may be agreed
upon between the directors and the subscribers, and may
make such subscriptions payable in such manner or amounts,
at such times as may be agreed upon with the subscribers.

4, It shall be lawful for the company to acquire by dona-
tions or purchase, land for right of way, depots, stations, and
other purposes necessary for the successful construction and
operation of its road in any of the countics through which
it is authorized to construct its line.

5. It shall be lawful for said company to borrow money or
issue and scll its bonds from time to time for such sums and
on such terms as its board of directors may deem expedient
and proper; and to secure the payment of said bonds by
mortgages or deeds of trust upon all or any portion of its
property, railroads, and franchises.

6. It shall be lawful for said company to guarantee or hold
the stock or bonds of any mining, manufacturing. or other
corporation of this State, and mining, manufacturing, or other
corporations may guarantee or hold the stock or bonds of the
said company.

7. The said corporation is authorizec and empowered by
such route or routes as it may select, to locate, construct,
equip, and operate lateral or branch roads, as may be neces-
sary for the accommodation of the public, and to bring out
coal, iron ores, and products in the counties of Tazewell, Rus-
sell, Bland, Buchanan, Wise, Lee, and Scott, or to connect
with any other railroad that is now or hereafter may be con-
structed in or to any of said counties.

8. Thesaid company may acquire by condemnation accord-
ing to the laws of Virginia, the lands required for the right
of way of its radroad, and the necessary stations and depots
for its operation, and may connect or unite its railroads with
that of any other railroad company now or hereafter con-
structed in or to any of the counties hereinbefore mentioned,
or consolidate or merge its stock, property, and franchises
with those of any company operating or authorized to operate
a connecting line of railroad not a competing line, upon such
terms as may be agreed upon by the board of directors of the
companies so uniting or consolidating, and for that purpose
power is hereby given to it, and to such other company or
companies to make and car ry out such contracts as will facili-
tate and consummate such connection, merger or consolida-
tion: provided that a copy of every such contract, consolida-
tion, and merger be tiled in the otlce of public works,

9. The said company shall be required to commence the
construction of said railroad within two years from the pas-
save of this act, and to complete the construction of the main
line within five years thereatter, or otherwise, the powers,
privileges, and franchises hereby granted shall be annulled
and become void.

10. ‘The persons first named in this act, or such of them as
shall accept the provisions thereof, shall have power and
authority of a president and board of directors for the pur-
pose of organizing, and all other purposes. They shall consti-
tute the board of directors for the first year, and shall con-
tinue in office until their successors shall be elected and quatli-
fied. Fach stocl holder in the company shall at all meetings
or elections be entitled to one vote for cach share of stock
registered in his name.

ll. The board of directors shall be stockholders of said
company. They shallappoint 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 general mecting. Whenever twenty-five per
centum of the capital stock shall have been subscribed, and
the board of directors shall have elected a president, said
company shall be considered legally organized, and may pro-
coed to the transaction of business.

12. 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.

13. All taxes due the commonwealth by said company shall
be paid in lawful money of the United States, and not in
coupons.

lt. This act shall be in force from its passage, but the
general assembly of the State of Virginia reserves to itselt
the right to modify, alter, or repeal this act at any time here-
after.