Chap. 65.—An ACT to incorporate the Salem and Craig railway
and mining company.

Approved January 16, 1892.

1. Be it enacted by the general assembly of Virginia,
That J. C. Langhorne, C. W. Howard, A. M. Bowman, Jas.
W. Marshall, J. W. F. Allemong, Geo. W. Palmer, W. W.
Ballard, W. A. Connell, Frank D. Hill, J. C. McDonald,
Chas. G. Wortham, W. W. Brand, A. L. Boulware, D. B.
Strouse, Jno. W. Caldwell, T. J. Shickel, M. B. Rowe, E.
M. Worden, and W. T. Younger, all ofthe state of Vir-
ginia; and Frank Woodman and E. A. Humphreys, of the
state of West Virginia, or such of them as may accept the
provisions of this charter, and such other persons and cor.
porations as may become associated with them in the man.
ner hereinafter provided, shall be, and they are hereby, con.
stituted and made a body corporate by the name of the Salerr
and Craig railway and mining company, and as suck
authorized and empowered to locate, construct, equip and
operate a railroad of standard gauge, of single or double
track, commencing in or at the town of Salem, in Roanoke
county, and connecting with the Norfolk and Western
railroad at Salem, and with such other railroads as may
be constructed to that town, and thence running by the
most practicable and eligible route deemed advisable by
the board of directors of said company, to such place o1
point in Craig county, Virginia, as will make connectior
with, or intersect the railroad now in operation in saic
county, or with such other railroads as may be hereafte:
constructed up Craig’s creek, from said railroad now 11
operation, said point to be determined by the board o'
directors; and may extend its main line westwardly tc
the Tennessee or Kentucky line, by the most eligible and
practicable route to be determined by said board of direct-
ors; and may also construct a branch line from a point
on its main line down New river to the West Virginia
line. And it shall bé lawful for the said company to con-
struct and operate lateral or branch roads from its main
line, not to exceed twenty miles in length, which shall
have all the rights, powers and franchises, and be subject-
ed to the same restrictions as the main line.

2. Said company shall have perpetual succession, ‘and a
common seal, which it may renew or alter at will; may
sue and be sued, plead and be impleaded, contract and be
contracted with, and adopt by-laws, rules and regulations
for the government of its officers and employees, not in-
consistent with the laws of the United States or the state
of Virginia.

38. The said company is authorized and empowered to
purchase, hold, lease or control in any manner, sell, grant
and convey mineral and timber lands and personal estate ;
but shall not hold any more real estate than is proper for
its purposes, and not to exceed fifty thousand acres at any
one time; nor shall it hold real estate except in the coun-
ties of Roanoke and Craig, and the counties adjacent
thereto. The said company may mine and dig for iron
ores and other minerals and metals; and may manu-
facture iron, steel, fire-brick, glass, or any other article
composed wholly or partly of iron or wood, or of any metal
or mineral or vegetable substance, and may market and
sell the same; and for this purpose it may erect furnaces,
rolling-mills, forges, saw-mills, and any machinery or
manufactories upon its lands, necessary and proper for
its business, and may operate, lease or sell the same.

4. The said company is authorized and empowered to
acquire by condemnation, according to the laws of Vir-
ginia, the lands required for right of way for its railroad
and the lateral branches thereof; and for all sidings, turn-
outs, depots, and all other necessary purposes of said
railroad, to cross at surface grade, over or under any rail-
road now built or constructed, or that may hereafter be
built or constructed, subject to the provisions of the gen-
eral laws of this state; and may consolidate or connect
with any line of railroad now constructed or may hereafter
be constructed, in the counties of Roanoke and Craig, or
the counties adjacent thereto. Or it may acquire by lease
or purchase, any railroad now constructed or that may
hereafter be constructed in this state: provided the same
is not a competing line; or may lease or sell to any such
railroad, not a competing line, or other corporation, i‘s
railroad and all its rights, privileges and franchises be-
longing to the same, or all or any of its properties, char-
tered rights or franchises, upon such terms as may be
agreed upon by a majority of its stockholders.

5. The capital stock of the said company shall not be
less than fifty thousand dollars, and may from time to
time, be increased to a sum not exceeding five million
dollars; and may be divided into preferred and common
stock, to be sold in shares, the par value of which shall
be one hundred dollars, under such regulations and upon
such terms as the board of directors shall from time to
time prescribe. And the said directors may receive sub-
scriptions to its capital stock from individuals, from other
companies, associations. or corporations; and to receive
in payment of any such subscriptions, money, lands,
loans, work, labor, material, property or other means
available for its purposes, at such valuation and at such
prices as may be agreed upon between the directors of
said company and the subscribers.

6. It shall be lawful for said company to borrow money,
and issue and sell its bonds from time to time, for such
sums, and upon such terms as its board of directors may
prescribe, and may secure the payment of said bonds, by
mortgages or deeds of trust upon its railroad or any part
thereof, or upon its lands, or upon all or any of its prop-
erty, real, personal or mixed; its contracts and privileges,
its charter, rights and franchises, including its franchises
to be a corporation.

7. It shall be lawful for said company to subscribe to
and hold the capital stock of any other mining or manu-
facturing company, or other corporation; may lease or
operate the property or railroad, or both, of said miuing
or manufacturing company or other corporation, and
guarantee the bonds or stocks of such mining, manufact-
uring company, or other corporation,

8. No stockholder shall be liable for the indebtedness
of the said company in a sum greater than may be due
by him on stock subscribed for or purchased by him.

9. The principal office of the company shall be at Sa-
lem, Virginia; but meetings of the board of directors or
stockholders may be held elsewhere iri the state of Vir-
ginia, as the board of directors, or stockholders, in gen-
eral meeting, may respectively determine.

10. For the purpose of organizing said company, the
persons named herein as corporators, or any one or more
of them, may receive subscriptions to the capital stock of
said company, at any time or place, without advertising.
and when the sum of fifty thousand dollars shall have
been subscribed, they, or any five of them, shall convene
the stockholders and organize the company, and certify
such organization upon the books of the company, and
such certificate, or a copy thereof, duly authenticated by
,

a notary public, shall be received as evidence of legal or-
ganization of the company.

11. Said company, or its successors, shall begin the
work of constructing this railroad two years from the first
day of April, eighteen hundred and ninety-two, and com-
plete the same within five years thereafter, otherwise the
powers, privileges and franchises granted to said company
shall be ipso facto void.

12. The said company, and its successor, whether by
consolidation, lease, purchase, or sale, with, of, or by any
other corporation or company, in this or any other state,
is hereby declared to be a domestic corporation, and sub-

“ject to the jurisdiction and laws of this commonwealth ;

and in the event that such eorporation or company fail or
refuses to comply with the provisions of this charter, all
the powers, privileges and franchises hereby granted,
shall be ipso facto void: provided, however, that any for-
feiture of the powers, privileges and franchises granted un-
der this statute shall only be effective as against the
corporation hereby created, and shall not affect the title,
estate or interest of the bondholders and other creditors
of said corporation, or impair the rights of such bond-
holders and other creditors, to have the property and fran-
chises of such corporation sold and the proceeds thereof
applied to the payment of its bonds and other indebted-
ness, in accordance with their priority as secured by
mortgage, lien or otherwise.

13. The town of Salem, and the counties of Roanoke
and Craig, or any other counties through which its line of
railroad may be located, may subscribe to the capital stock
of said company in the manner and under the restrictions
prescribed by the laws of the state of Virginia.

14. The said company is granted all the rights and
privileges and franchises granted to railroads and common
carriers, and subject to all restrictions required by the
general laws of the state of Virginia.

15. All assessments, taxes, dues and demands due to
the commonwealth of Virginia shall be paid in lawful

‘money of the United States, and not in coupons.

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