CHAP. 641.—An ACT to incorporate the Lexington and Western
railroad company.

Approved March 8, 1892.

1. Be it enacted by the general assembly of Virginia,
That James B. Pace, E. C. Manning, John G. Watts, H. E.
McCoy, W. A. Anderson, H. C. Stuart and E. L. Roberts,
and such other persons as may be associated with them,
their successors and assigns be, and they are hereby, con-
stituted a body politic and corporate, under the name and
style of the Lexington and Western railroad company,
for the purpose of constructing, maintaining, operating
and equipping a railroad line from Lexington, or the vicin-
ity thereof, in the state of Virginia, to the north line of
the state of Tennessee, upon such route as may be adopt-
ed by said company.

2. The capital stock of said company shall be one mil-
lion dollars, divided into shares of one hundred dollars
each, and the board of directors shall have the power to
increase said capital stock to an amount not exceeding
forty thousand dollars per mile of constructed and oper-
ated road. Each share thereof shall entitle its holder to
one vote in all meetings of the stockholders, and the com-
pany may receive and hold real and personal property
uitable for its business in payment for subscriptions to
he capital stock at such valuations as may be agreed
1pon between the board of directors and the subscribers
hereto.

3. After the passage of this act a majority of the cor-
oorators heretofore named, after first having given notice
»f such meeting in a newspaper published in Lexington,
Virginia, may meet together and organize the company
by electing a board of directors of not less than five nor
more than nine persons in number, who shall hold office
for one year and until their successors are chosen, and
who shall choose from their own number a president and
secretary of the company. The board of directors may
fill any vacancy in their own body or the officers of presi-
dent and secretary caused by death or otherwise, and shall
elect such other officers as may be necessary to carry on
the business of the company.

4. As soon as the company is organized by the selection
of a board of directors, president and secretary, the com-
pany shall open books for subscription to the capital stock
of the company, and when twenty thousand dollars is
subscribed to the capital stock, and a sum of money equal
to ten per centum of the same is paid in, the company
shall be thereupon fully organized for the transaction of
business, and may adopt by-laws for the government of
the company, and take such further action as the interests
of the company may require. The by-laws of said com-
pany shall prescribe the times and places for the meetings
of the stockholders, and also the time and method of
giving notice of such meetings, but the same may be
changed at the discretion of the board of directors.

5. The said company shall have power to borrow money
for its purposes, and to secure the same by mortgage or
mortgages upon its works, franchises and income, and it
shall have authority to receive subscriptions to its capital
stock from the counties and municipalities through and
into which its line of road is located, but such local sub-
acriptions shall be limited to four thousand dollars per
mile of track in counties, and to twenty per centum of
the assessed value of property in incorporated cities.

6. Said company is authorized to construct and operate
branch and lateral lines of railroad in this state and to
consolidate with any other railroad company heretofore
incorporated, or which shall be hereafter incorporated in
or out of the state of Virginia, whose lines of road con-
nect, or will connect with the railroad hereby authorized
to be constructed: provided the identity of the company
shall not be destroyed by such consolidation, lease, or sale,
or its character as a domestic corporation changed; and it
shall be lawful for the company hereby incorporated to
lease or sell its works, property, and franchises to any
other railroad company ; and it shall be lawful for said com-
pany to lease or purchase the works, property, and fran-
chises of any other railroad company heretofore incorpo-
rated or which shall be hereafter incorporated in or out of
the state of Virginia, whose lines connect or will connect
with the lines of the railroad hereby authorized to be con-
structed; and any railroad company incorporated in the
state of Virginia is hereby authorized to consolidate with
the said Lexington and Western railroad company, or to
sell or lease its works, property, and franchises to the said
Lexington and Western railroad company, and which lies
along the route of thiscompany, so as to be used as a part of
its main line or one of its branches; and this company is
further authorized to lease and operate coal and iron mines
upon the line of its main road or branches.

7. All taxes due the commonwealth by the said com-
pany shall be paid in lawful money of the United States,
and not in coupons.

8. It shall be the duty of this corporation to locate its
main line within two years from the date of the passage
of this act, and to commence the work of construction
within said time and complete the construction of its
main line within five years from the date of the passage
of this act.

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