Chap. 50.—An ACT to amend and re-enact an act approved March 10,
1884, entitled an act to incorporate the New River and Chambers
Valley railroad, as amended by an act approved March 1, 1886, en-
titled an act to amend and re-enact section 4 of the charter of the
New River and Chambers Valley railroad.

Approved April 6, 1887.

1. Be it enacted by the general assembly of Virginia, That
an act approved March tenth, eivyhteen hundred and cighty-
four, entitled an act to incorporate the New River and Cham-
bers Valley railroad company,as amended by an act approved
March first, eighteen hundred and eighty-six, entitled an act
to amend and re-enact section four of the New River and
Chambers Valley railroad company, be amended and re-en-
acted, so as to read as follows:

§ 1. Beit enacted by the general assembly of Virginia, That
James Early, J. BE. Clayton, G. T. Mills, James Wilkenson,
John Wilkinson, Thomas Dalton, Amos Cox, L. T. Jennings,
George W. Jennings, J. L. Easley, M. T. C. Mitchell, C. F.
Worrell, W. A. Moore, C. C. Worrell, John W. Robinson, J.
B. Coltrane, and D. W. Bolen, or such of them, and such
other persons as may become associated with them under this
act, be, and they are hereby made and constituted a body
corporate and politic, by the name of the New River and
Chambers Valley railroad company, and by that neme shall
have and enjoy the privileges, rights, powers, and franchises
necessary and proper to construct, equip, and maintain a rail-
road, either standard or narrow puuge, to be known as the
New River and Chambers Valley railroad, and to be run from
some point onthe Norfolk and Western railroad between New
River bridge, in Montgomery county, and Wytheville, in
Wythe county, or from some point on the Cripple Creek ex-
tension railrvad, between Pulaski City and Irahoe Furnace,
in Wythe county, through the county of Carroll, by way of
Hillsville to Mount Airy, in the State of North Carolina.

2. The capital stock of said company shall not be less than
one hundred thousand dollars, nor more than one million and
five hundred thousand dollars, to be divided into such shares
as the board of directors may direct, and each share shall be
entitled to one vote. It shall be lawful for the persona here-
inbefore named, or any six of them, to organize said company
by the clection of a president and board of directors, and such
other officers as may be deemed necessary, and thereupon
they shall have and enjoy all the general powers and functions
of a corporation, and be subject to all restrictions imposed by
the laws of the State applicable to internal improvement com-
panies, except so fhr as may be modified by the provisions of
this act.

3. Other railroad companies may, with the consent of this
company, subscribe to its capital stock, and the said New

tiver and Chambers Valley railroad company may acquire,
by subscription to its capital stock or by donations, or other-
wise, lands, mines, minerals, lumber, and otber rights and in-
terests in any of the counties through which it is authorized
to construct its line, and to hold, operate, develop, lease, sell,
or otherwise dispose of the same: provided, thatno more than
thirty thousand acres of ‘land shall be held or owned in one
county, and that all lands in fee simple, not required for the
railroad purposes of the company, shall, by sale, lease, or
otherwise, be disposed of by the company in twenty years
from the completion of its main line; and the board of directors
may receive such lands, rights and interests, labor and mate-
rial in payment of subscriptions, at such valuations, and pay-
able in such manner and at such times, as may be agreed upon
with the subscribers by the board of directors of said com-

any.

4. The said company is authorized to locate, construct, and
operate such lateral or branch roads as may be necessary to
bring out the minerals and products from, and afford trans-
portation facilities in, the counties of Carroll and Wythe and
the counties immediately adjacent thereto.

5. The county of Carroll is hereby authorized to subscribe to
the capital stock of the said New River and Chamber’s Valley
railroad company to the extent of one hundred thousand dol-
lars, and to that end the county court sball on the petition of
one hundred qualified voters in said county, or at the request
of the president or board of directors of the said company,
cause a vote to be taken of the qualified and freehold voters
of said county, to be taken in the manner prescribed by the
Code of Virginia of eighteen hundred and seventy-three, for
holding such elections, and returning and counting the votes
in such cases, at such time, and for such amount as the saic
petition or request may ask: provided the amount docs not
exceed the amount hereby preseribed, and in case it shall
appear that a majority of the qualified voters voting at said
election, and a majority of the freehold votes so voting are in
favor of such subscription, and that it shall further appear
that a majority of the qualificd voters of said county have
voted in said election, the county court shall make such orders
for the issuance of bonds, running such length of time, bear-
ing such rate of interest, not exceeding six per centum per
annum, and payable, principal and interest at such time and
place as may best carry into effect the object of said subscrip-
tion and advance the construction of the road, and said bonds
shall be taken at par valuc in exchange for said stock at its
par.value; and the board of supervisors of said county are
required and authorized to levy a tax sufficient to pay the
interest and provide a sinking fund to liquidate the principal
when payable: provided however, that in case of any such
subscription by the county, the railroad company shall locate
and maintain on its railroad within one mile of the court-
house of said county, a station for the accommodation of
freight and passengers: and provided further that the county
bonds shall not bo delivered in exchange for stock until the
road is completed one-half the distance through the said
county, at which time said bonds shall be delivered to the
president of the said company in exchange for certificates of
stock in such instalments or sums as may be designated by
the president of said company, and entered of record by the
county court at the same time when such election is ordered.
. 6. The board of directors of said company shall have power
to issue bonds in the sum of not less than one bundred dol-
lars cach, bearing interest at not exceeding six per centum
per annum, the principal and interest payable at such times
and places as the board of directors may determine, and may
secure the same by one or more mortgages on the road, fran-
chiscs, and incomes, and real and personal property of the
said company, or on such parts thereof us may be designated
in the mortgages, and may lease its rolling stock and equip-
ments, or any of them to any other company.

7. Said company shall begin work on its road and con-
struct the same as far as Hillsville by the first day of August,
eighteen huhdred and eighty-cight, and shall complete the
same by the first day of August, eighteen hundred and eighty-
nine, but such work of construction shall not be commenced
until at least twenty per centum of the minimum amount of
capital stock shall be paid up in cash. |

8. Tho said company by the acceptance of this charter
agrees to pay all its taxes in lawful money of the United
States and not in. coupons, and the general assembly reserves
the right to revoke or modify this charter at its pleasure.

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