Chap. 53.—An ACT to incorporate the Clarkesville and North Caro-
lina railroad company.

Approved April 6, 1887.

1. Be it enacted by the gencral assembly of Virginia, That
Charles Watkins, I. D. Christian, J. B. Pace, TLC. Williams,
and James T. Gray, and their associates anil SUCCESSOPS, LTE
hereby constituted a body politic and corporate, under the
name of the Clarkesville and North Carolina Railroad Com-
pany, for the purpose of constructing, equipping, and opera.
ting a railroad from the town of © larkesv ile, in the State of
Virginia, to any point on the line between Virginia and
North Carolina.

2. That the capital stock of s id company shall not be less
than ten thousand dollars nor more than one hundred thon-
sand dollars, and shall be divided into shares of one bundred
dollars each. Kach share of stock shall be entitled to one

vote.
3. Any three of the corporators above named, may act as
commissioners for the purpose of taking subscriptions to the
capital stock of the company; and subscriptions to the capi-
tal stock may be payable cither in money, labor, material, or
other property, at such price and upon such terms as the
said Company may agree upon,

4. As soon asthe minimum amount of capital above named
has been subscribed, and the amount required by chapter
fitty-seven of the Code of eighteen hundred and seventy-three
to be paid at the time of subscribing has been paid, the com-
pany may be organized pursuant ‘to the provisions of law
relating to chartered companies

5. The company shall lave pow cr to borrow money for its
purposes, and to secure the payment of the same by deed of
trust or mortgage on its works, property, and franchises.

6. It shall be lawful for said company to consolidate with

-any other company in the State of Virginia or North Caro-

linn whose line of road connects or will connect with the
raulroad hereby authorized to be constructed; and it shall be
Jawful for said company to lease or sell its works, property,
and franchises to any other company in the State of Vir-
ginia or North Carolina whose line of road connects or will
connect with the railroad heteby authorized to be con-
structed; and it shall be lawful for said company to lease or
purchase the works, property, and franchises of any other
company in the State of Vi irginia or North Carolina whose
line of road connects or will connect with the railroad hereby
authored to be constructed.

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

8. This act shalt be in force from its passage.