Chap. 124.—An ACT to incorporate the Powell’s mountain mineral railway
company.

Approved February 1, 1894.

1. Be it enacted by the general assembly of Virginia, That Patrick
Hagan, C. P. Carter, J. F. Necessary, W. J. Sprales, W. H. Ballin, J.
B. Craft and B.J. Broadwater, of Scott county; William J. Dickin-
son, Charles Gose, of Russell county; D.F. Bailey, of Washington
county; A. L. Pridemore, H. C. Slemp, A. J. Livingston, C. T.
Duncan and John W. Tate. of Lee county: Tazewell G. Wells and
John L. Dingus, of Wise county; L. M. Jarvis, H. F. Coleman, A. J.
Tyler, W. T. Wolf, William B. Davis, C. H. Coleman, Sampson Wil-
liams, T. J. Harrison and Burton Drimon, of Tennessee, and such
other persons as may be associated with them, their successors and
assigns, be, and they are hereby, constituted a body politic and cor-
porate under the name and style of the Powell’s mountain mineral rail-
way company, for the purpose of constructing, equipping, maintain-
ing and operating a railroad from a point on the Virginia and Ten-
nessee state line, at or near where the turnpike leading from Jones-
ville, Virginia, to Rogersville, Tennessee, crosses said line (which
said point is the terminus of the Powell’s mountain mineral railway
company, a corporation chartered by the state of Tennessee, leading
from Knoxville, Tennessee, to said point) to a point at or near
Clinchport, in Scott county, and not further west than Duffield, and
thence to Saint Paul, in Russell county, or to Norton, in Wise county,
as may seem the most practicable route to said company, and to con-
nect with and constitute a part of the system of the Powell’s moun-
tain mineral railway company, now organized in the state of Ten-
nessee.

2. The capital stock of said company shall not be less than fifty
thousand dollars, divided into shares of one hundred dollars each,
and the board of directors may from time to time, at their discretion,
increase said capital stock to an amount not to exceed two millions
of dollars, and before this company shall be deemed fully organized
at least ten thousand dollars shall be subscribed and ten per centum
thereof paid in; each share thereof shall entitle its holder to one
vote in all meetings of the stockholders, and the company may re-
ceive real and personal property, suitable for its business, in pay-
ment of subscription to the capital stock at such valuations as may
be agreed upon between the board of directors and the subscribers
thereto.

3. After the passage of this act, the corporators heretofore men-
tioned, or any ten of them, may, after ten days’ notice published in
some newspaper at Gate City, Virginia, meet together and organize
the said company by electing a board of directors of not less than
five nor more than nine, who shall bold office for one year, and shall
choose ore from their number, who shall be president of the board
and company. The board of directors may fill any vacancy in their
own body or the office of president, whether such vacancy occur by
death, resignation or otherwise, and shall elect such other officers as
may be necessary to carry on the business of the company.

4. As soon after the passage of this act as they may choose, the
board of directors may meet together and take such steps as they may
deem proper to secure subscriptions to the capital stock of the com-
pany; and as soon as the minimum amount of said capital stock
shall have been subscribed and two per centum thereof paid, the
board of directors may proceed to organize the said company, adopt
by-laws for the government of the company and take such further
action ag the interests of the company may require. And there-
upon the said company shall be deemed to be duly organized, and
shall have all the general powers and be subject to such restrictions
as are conferred and imposed upon corporations and chartered com-
panies by the laws of Virginia.

5. The by-laws of the said company shall prescribe the time and
place for the meeting of the stockholders, and also the time and
method of giving notification of such meetings, but the same may be
changed at the discretion of the board of directors.

6. The said company shall have power to borrow money for its
purpose and to secure the same by mortgage or mortgages upon its
works, franchises and income.

7. It shall be lawful for the said company to construct and operate
branch or lateral lines of railroad, not to exceed twenty miles in
length for each in this state, or with the consent of the state of Ten-
nessee, into the territory of that 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
line of road connects or will connect with the railroad hereby au-
thorized to be constructed: provided that the identity of this com-
pany shall not be destroyed by such consolidation, lease or sale, or
its charter as a domestic corporation changed: and provided further,
that the company hereby chartered shall not lease or sell its works,
property or franchise to any corporation not chartered by this state,
and it shall be lawful for the company hereby incorporated to lease
or sel] its works, property and franchises to any other such company ;
and it shall be lawful for said company to lease or purchase the works,
property and franchises of any other railroad company heretofore
incorporated, or which shall be hereafter incorporated in or out of
the state of Virginia, whose line connects or will connect with the
lines of the railroad hereby authorized to be constructed; and any
railroad company heretofore incorporated, or which will be hereafter
incorporated in the state of Virginia, is hereby authorized to con-
solidate with said Powell’s mountain mineral railway company, or
to sell or lease its property, works or franchises to the said Powell’s
mountain mineral railway company, or to purchase or lease the works,
property and franchises of the said Powell’s mountain mineral rail-
way company, and which lies along the route of this company so as
to be used as a part of its main lines, or which may be used in lieu
of such lateral roads as this company is authorized by the general
laws of this state to construct: provided that the said company shall
begin its work of constructing said road within two years, and com-
plete the same in five years from the passage of this act.

8. This act shall be subject to amendment or repeal at any time
by the general assembly, and all taxes, dues and demands due or to
become due to the state of Virginia shall be paid in lawful currency
of the United States, and not in coupons.

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