CHAP. 639.—An ACT to incorporate the Potomac and Ohio rail-
Way company.

Approved March 6, 1890.

1. Be it enacted by the general assemblv of Virginia,
That Michael B. Harlow, Frank A. Reid, Frederick Mer-
tens, Park Agnew, James R. Caton, and their associates,
successors and assigns, be, and they are hereby, made and
declared a body politic and corporate by the name and
stvle of the Potomac and Ohio railway company, for the
purpose of constructing, equipping, maintaining, and ope-
rating a railroad between some point on the Potomac river,
at or near the city of Alexandria, and some point on the
West Virginia line, within the counties of Rockingham or
Shenandoah, of this state. Said company shall have per-
petual succession and acommon seal, which it may adopt,
alter, or renew at pleasure, and may sue and be sued,
plead or be impleaded, contract or be contracted with,
and make ordinances, by-laws, and regulations not incon-
sistent with the provisions of this act, the laws of this
state or the United States, for the government of its offi-
cers and agents, and the proper conduct of its affairs.
The principal office of the said company shall be in the
city of Alexandria, Virginia.

2. The capital stock of the company constructing, equip-
ping, and operating that part of its road in the state of
Virginia shall be one million dollars, with power on the
part of the company to increase the same not exceeding
thirty thousand dollars per mile for each mile of railroad
which it may construct under this act. All] the shares
issued by the said company may be of the par value of
one hundred dollars, or fifty dollars each, at the option of
the company.

3. The said company may receive subscriptions to its
capital stock in cash, land, labor, materials, and equip-
ment, at such valuation (if not in cash) as may be agreed
upon between the said company and the subscribers, and
may make such subscriptions payable in such manner and
in such amounts and at such time or times as may be
agreed upon by said company and its subscribers. And
t shall be lawful for said company to receive and hold
he title for all lands so acquired, and also to such lands
is it may acquire by purchase or voluntary grant, subject
o the general laws of the state.

4. The said company shall be, and is hereby, author-
zed and empowered to survey, locate, construct, equip,
naintain, and operate a line of railroad of standard
‘auge—that is to say, not less than four feet eight inches
vide—with a single or double track from a point on the
,otomac river, at the city of Alexandria, to a point on the
Vest Virginia line, within the counties of Rockingham or
henandoah ; and to that end the said company is invested
rith all the power conferred by the general laws of this
tate. and subject to all the restrictions of the same relating
> railroad companies, and not inconsistent with this act.

5. The said company shall have the power to borrow
10ney to such an amount as it may deem proper after one
undred thousand dollars of its capital stock has been
1bscribed and two per centum thereof paid in cash, and
» Issue for anv loan, debentures or bonds of the com-
any bearing interest not exceeding six per centum per
¥num, and to secure the payment of such loan or loans,
rincipal and interest, said company may execute one or
more mortgages or deeds of trust upon the whole or any
part of its property, real, personal, 4nd mixed, its charter
rights, franchises, and income.

6. The said company shall have power to construct,
equip, and maintain lateral or branch railroads or tram-
ways of any gauge whatever, not exceeding twenty miles
each in length, which shall have all the rights and powers
and be subject to the same restriction as the main line,
and shall have power to acquire by purchase or lease or by
operating contract, any railroad now built which would
form a part of the line of railroad herein authorized to
be constructed, and by condemnation or purchase to
acquire and hold any road-bed or roadway of any railroad
company heretofore or now existing, which has not been
completed as was contemplated by the charter under which
the work on said roadway or road-bed was begun or prose-
cuted: provided, that if the main line of the road of said
company, or any of its lateral or branch lines, shall cross
the Mount Vernon avenue, such crossing shall be above or
below the grade thereof, and the said company shall not
enter upon or use the lands belonging to the Mount Vernon
ladies’ association of the union without the consent of
such association.

7. The said company shall have the power to connect
with any other railroad in the state of Virginia by branch
road or otherwise, and to construct and extend its railroad
over any public highway in the state of Virginia by per-
mission of the authorities having legal charge of said
public highways.

%. It shall be lawful for any incorporated company to aid
in the construction of the said railroad, and for that purpose
may acquire the bonds of the company hereby created; and
the said company hereby created may run, use, or operate by
lease, consolidation or otherwise, any railway or transporta-
tion line upon such terms as may be agreed upon between
them: provided, this company shall not be leased or consol-
idated with a competing or parallel line; and provided fur-
ther, that if this company shall ever be consolidated with
any foreign corporation, in accordance with the provisions
of this section, the consolidated company shall always bea
Virginia corporation in regard to the right of suing and
being sued.

9, The corporators herein mentioned shall have all the
powers and authority of a president and board of directors
for the purpose of the organization of the said company,
and for all other purposes, until a president and board of
directors shall be elected at a stockholders’ meeting, and
such meeting shall be held upon such notice given in such
manner as the said corporators may deem proper, when
one hundred thousand dollars of the capital stock of the
said company shall have been subscribed.
10. The said company shall have power to cross at grade
over or under, join or unite its railroad with any othe
railroad now built or constructed or hereafter to be buil!
or constructed within the state of Virginia, at any point
on its route and upon the grounds of such railroad com.
pany, with the necessary turnouts, sidings, and switches
and other conveniences in furtherance of its connections
subject to the general law of the state.

11.:The said company is required to commence the con.
struction of its railroad in this state within three years
and to complete the same within five years from the pas:
sage of this act.

12. This act shall be subject to repeal, amendment or
modification, at the pleasure of the general assembly ; and
it is agreed that the said company will always pay ite
taxes in lawful money of the United States or in gold, and
not 1n coupons.

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

CuapP., 640.—An ACT to incorporate the Peak Knob [ron com-
pany.

Approved March 6, 1890.

1. Be it enacted by the general assembly of Virginia,
That L. S. Calfee, George T. Mills, J. B. Caddall, John W.
Robinson, D. P. Graham, J. E. Moore, George W. Palmer,
W. J. Ball, and W. H. Bramblitt, or such of them as may
accept the provisions of this act, their associates and suc-
cessors, be, and they are hereby, incorporated and made a
body politic and corporate under the name and style of
the Peak Knob iron company, and by that name shall be
known in law, and shall have perpetual succession, and
have power to sue and be sued, plead and be impleaded,
defend and be defended in all courts, whether in law or
in equity, and make and have a common seal, and
alter and renew the same at pleasure, and shall have, en-
joy and exercise all the rights, powers, and privileges per-
taining to corporate bodies and necessary for the pur-
poses of this act, and make by-laws, rules, and regula-
tions consistent with existing laws of the state for the
government of all under its authority, the management of
its estate and properties, and the due and orderly conduct
of its affairs.

2. The capital stock of the said company shall not be
less than fifty thousand dollars, and may be increased to
any amount not exceeding five hundred thousand dollars,

130
by issue and sale of shares, the par value of which she.
not be less than fifty dollars, from time to time, unde
such regulations as the board of directors of said com
pany shall from time to time prescribe; and the directon
may receive real or personal property suited to the bus.
ness of this company in payment of subscriptions to iL
capital stock, at such valuation as may be agreed uper
between the directors and the subscribers.

3. The said company is authorized and empowered |:
purchase, hold, own, lease and control in any manner suri
real estate not to exceed thirty thousand acres in any on
county, in the counties of Wythe, Carroll, Smyth, Blane.
Pulaski, and Grayson, in the state of Virginia, as mar t=
necessary for the purposes of its business, and from tim
to time to manufacture iron and steel and other metai:
and articles composed wholly or partly of iron and at!
and other metals, and to sell and dispose ef the sane.
and to erect blast furnaces, rolling mills, forges, machinerr,
fixtures, buildings, and the necessary appurtenances r-
quired in the conduct of their business; and to mak-.
lease, or contract for these or any of these purposes: and
the said company shall have the right from time to tine
to purchase, lease, hold, and convey iron ore, mineral! and
limestone lands, rights, and interests in lands situate ir
any county in the state of Virginia or elsewhere, and to
mine iron ore or other minerals therefrom, to prepare tb«
same for market, and transport and sell the same.

4. The persons first named in this act, or such of theu
as shall accept the provisions thereof, shall constitute tkr
first board of directors of the said company, and shall coa-
tinue in office until the first meeting of the stockhold-r
thereof. At such first meeting, and at every annual me*-
Ing, so many directors shall be elected as may be pr-~
scribed by the by-laws and regulations of said compatr.
who may be removed by the stockholders in general m-'-
ing, but unless so removed shall continue in office unt!
their successors shall be elected and qualified. Eact
stockholder in the company shall at all meetings or eler-
tions thereafter be entitled to one vote for each share ut
stock registered in his name.

5. The board of directors shall be stockholders of said
company. They shall appoint one of their number presi-
dent, and may fill any vacancy that may occur in said
board, unless by removal, in which case the same shall i»
filled by the stockholders in general meeting. Whenever
the minimum amount of capital stock herein named sha!)
have been subscribed, and the board of directors sha!!
have elected a president, said company shall he consid
ered legally organized, and may proceed to the transac
tion of business. The board shall appoint, to bold
during its pleasure, the subordinate officers and agents of
he said company, prescribe their compensation, and take
rom them such bonds with such security as they may
leem fit.

6. The board of directors may establish offices and
gencies at such places as they may deem proper, but the
rincipal office of the company shall be located at some
ant within the limits of the state of Virginia.

. The annual meeting of the stockholders of the said
ompany shall be held at Pulaski, in Pulaski county, Vir-
Inia, on the first Wednesday of May of each year, or as
oon thereafter as practicable, and on such other day and
t such other place as the stockholders may, by resolution
dopted in any annual meeting, to take effect at the next
nnual meeting, prescribe. A general meeting of the
‘ockholders of said company may be held at any time as
rovided for by the eleven hundred and thirteenth rection
f chapter forty-seven of the code of Virginia, edition of
ghteen hundred and eighty-seven.

8. The said company shall issue certificates of stock in
1id company to the subscribers therefor in shares of one
undred dollars each, signed by the president and coun-
rsigned by the secretary of said company. The said
rtificates shall be transferable only upon the books of
e company by the said subscribers, their personal rep-
sentatives or duly authorized agent or attorney, and the
id certificates, when so transferred as aforesaid, may be
turned to the said company and cancelled, and new cer-
ficates of stock shall be issued in lieu thereof to the per-
n entitled thereto for a like number of shares.

9. It shall be lawful for said company to issue and sell
: bonds from time to time for such sums and on such
rms as its board of directors may deem expedient and
oper in the prosecution of any of its work, and may
cure the payment of said bonds by mortgages or deeds

trust upon all or any portion of its property and fran-
1ses, including its franchises to be a corporation; and
shall be lawful for said company to subscribe to and

ld shares in the capital stock of any railroad company

otber corporation whenever the board of directors of
2 company shal! deem it to its interest so to do.

10. No étockholder in said company shall be held liable

made responsible for its debts and liabilities in a
ger or further sum than the amount of any unpaid bal-
ce due to the said company for stock subscribed for by
d stockholder.

1. Whenever this corporation shall exercise any of the
vileges conferred by this act it shall be liable to the
ne taxes as may be imposed by law upon other like cor-
‘ations or pergons exercising like privileges.
12. All taxes due the commonwealth by said compa:
shall be paid in lawful money of the United States ari
not 1n coupons.

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