Chap. 324.—An ACT to incorporate the Gladeville railroad com-
pany in Wise county.

Approved February 20, 1892.

1. Be it enacted by the general assembly of Virginia,
That E. M. Fulton, J. E. Lipps, N. B. Dotson, C. F. Flan-
ary, T. G. Wells, T. M. Alderson, O. M. Vicars, R. P.
Bruce, J. C. Richmond, Milbourn Gilliam, Henry Ramey,
J. F. Johnson, W. T. Miller, J. F. Bullet, junior, H. C. Mc-
Dowell, junior, R. T. Irvin, W. S. Mathews, J. L. Litze, J.
B. F. Mills, A. G. Roberson, Levi Hoback, E. W. Maxwell
and B. B. Redwine, of Wise county; R. A. Ayers and
Patrick Hagan, of Scott county; C. T. Duncan, of Lee
county; W. E. Burns, of Russell county, and Lelbourn
Fulton, of Dickenson county, or such of them as may ac-
cept 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 Gladeville railroad company, and by that name
shall be known in the Jaw, and as such are authorized
and empowered to locate, construct and operate, by steam,
electricity or other motive power, a line of railroad, com-
mencing at a point within the corporate limits of the
town of Gladeville, in Wise county, Virginia, and run-
ning thence to such point onor near the Norfolk and
Western railroad or the Louisville and Nashville railroad,
in said county of Wise, and by such route as may be
deemed suitable by the board of directors of said com-

any.

2. That said company shall have perpetual succession,
and have power to sue and be sued, plead and be im-
pleaded, 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
have 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 said company shall not be less
than fifty thousand dollars nor more than one hundred
thousand, divided into shares the par value of which
shall not be less than ten dollars per share, from time tc
time, under such regulations as the board of directors o!
said company shall, from time to time, prescribe; and
the directors may receive 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 subscribers, and may make such subscriptions paya-
ble in such manner or amounts, at such times as may be
agreed upon with the subscribers.

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

5. It shall be lawful for said company to borrow money
or issue and sell its bonds from time to time, for such
sums and upon 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 Jawful for said company to guarantee or
hold the stock or bonds of any mining, manufacturing or
other corporation of this state, and any mining, manu-
facturing, or other corporations, may guarantee or hold
the stock or bonds of the said company.

7. The said corporation is authorized and empowered by
such route or routes as it may select, to locate, construct,
equip, and operate lateral or branch roads as may be ne-
cessary for the accommodation of the public, and to bring
out the coal, iron ores, and the products of the counties of
Wise, Scott, Lee, Russell, Dickenson and Buchanan, or to
connect with any other road that is now or hereafter may
be constructed in or to any of said counties, not to exceed
fifty miles in length.

8. The said company may acquire by condemnation, ac-
cording to the laws of Virginia, the lands required for the
right of way of its railroad, 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 constructed in or to any of the counties herein-
before mentioned, or consolidate or merge its stock, prop-
erty, or franchises with those of any company operating
or authorized to operate a connecting line of railroad, or
any lateral or branch road, 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 granted or 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 con-
solidation: provided, that a copy of every such contract,
consolidation and merger be filed in the office of the board
of public works.

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

10. That E. M. Fulton, J. E. Lipps, C. F. Flanary, N. B.
Dotson, T. G. Wells, T. M. Alderson, O. M. Vicars, J. C.
Richmond and W. T. Miller, or such of them as shall ac-
cept the provisions hereof, shall have power and authority
of a president and board of directors for the purpose of
organizing, and all other purposes. They shall constitute
the board of directors for the first year, and shall continue
in office until their successors shall be elected and quali-
fied. Each stockholder in the company shal! at all meet-
ings or elections be entitled to one vote for each share of
stock registered in his name.

11. 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 be
filled by the stockholders in general meeting. Whenever
ten per centum of the capital stock shall have been sub-
scribed, and the board of directors shall have elected a
president and the proper tax of this charter has been paid,
said company shall be considered legally organized, and
may proceed to the transaction of business.

12. No stockholder in said company shall be held liable
or made responsible for its debts and liabilities in a larger
or further sum than the amount of any unpaid balance
due to said company for stock subscribed for by said
stockholder.

13. The board of directors may establish offices and
agencies at such places as they may deem proper, but the
principal office of said company shall be located at some
place within the limits of the state of Virginia.

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

15. This act shall] be in force from and after its passage.