Chap. 270.—An ACT to incorporate the Virginia mining railroad company.

Approved February 15, 1894.

1. Be it enacted by the general assembly of Virginia, That A. A.
Burroughs, J. B. Hawley, W. Scott, B. G. Howard, H. D. Spencer, E.
D. Barker and H. Dolph, or such of them as may accept the provi-
sions of this act, and such other persons and corporations as may
become associated with them in the manner hereinafter provided,
shall be, and they are hereby, constituted a body politic and corpo-
rate by the name of Virginia iron mining railroad company, and by
that name shall have all the powers, rights and franchises necessary
and proper to locate, construct and maintain a railroad of the gauge
in general use in Virginia railroad lines, or may be in manner a
narrow-gauge railroad, to be known as the Virginia iron mining
railroad; may use steam, electrical or other motive power to propel
its cars, to begin at some point on the Norfolk and Western railroad
from Shawesville to Roanoke City, or from some point on the Roanoke
and Southern railroad from Roanoke City to Rocky Mount, in
Franklin county, and to run thence in a western direction through
Floyd county, and the way deemed most suitable by the board of direc-
tors, to North Carolina line through either Carroll or Grayson coun-
ties, or both.

2. The said corporation shall have the right, power and authority
to have and hold, and enjoy the franchises and privileges hereinafter
provided, and shall be capable in law to purchase such property as
may be needed in the construction and operation of its road, and the
same receive, hold and enjoy; to grant, sell, mortgage and dispose
thereof; to issue mortgage bonds upon its franchises, rights, privi-
leges and property created, and to be created, in such sum and to
such amount or amounts as the said corporation may by its board of
directors determine; to issue such other evidences of indebtedness
as may be necessary or advisable, and the said board of directors
may determine; to change the name of said corporation by a ma-
jority vote of the stockholders; to consolidate the franchises, rights,
privileges and capital stock with any other railroad corporation or
corporations chartered either by the state of Virginia or by any other
state, or under the laws of any other state, or to purchase any such
railroad; to issue capital stock of such consolidated company in
place of and in lieu of the capital stock of said corporation; to sue
and be sued, to plead and be impleaded, contract and be contracted
with, to make and use a common seal, and at pleasure to break and
alter the same; to do and perform any and all other acts and things
necessary and proper; to perform any aud all other acts necessary
and proper to perfect its organization; construct its railway and
manage and operate the same as a common carrier of passengers and
property ; to make and put in execution such by-laws as it may deem
necessary and expedient, not in contravention of the laws of the
state of Virginia, for the government of and for the conducting of
the business of the said corporation, and to have and enjoy all the
rights, franchises, privileges and immunities usually appertaining
to railroad corporations.

3. The capital stock of said corporation shall be two million five
hundred thousand dollars, divided into shares of one hundred dol-
lars each, and when one thousand shares shall have been subscribed
by persons or corporations under the direction of any three of the
corporators herein named, the subscribers shall assemble at Roa-
noke upon the call of the first three named incorporators, or a ma-
jority of them: provided, however, that the stockholders may from
time to time increase said capital stock to such an extent and to
such an amount as they may deem to be for the best interests of the
said corporation. Each stockholder shall be entitled to one vote for
each share held by him, and stockholders may vote by proxy. A
majority vote of stock, outstanding or subscribed for, shall be neces-
sary and sufficient for the adoption of any and every act or resolu-
tion, fixing the number of and the election of directors, but vacan-
cies occurring in the board of directors may be filled by the remain-
ing directors. No stockholder’s property shall be liable for any
debt or liability of said corporation for any greater sum than the
amount of stock held by{him and not fully paid up in cash or other-
Wise.
4. The said corporation shall have the right and power to con-
struct its railway upon and through any lands in the state of Vir-
ginia along the route indicated in section one, subject to the gen-
eral law of the state.

5. The incorporators herein named, or a majority of them, may at
any time within two years after the passage of this act, and upon
notice being published once a week for three successive weeks in
any daily paper published in the city of Roanoke, convene and
adopt such rules and regulations, not inconsistent with the pro-
visions of this act, for the subscription of capital stock and the or-
ganization of the company as may be necessary to complete the
organization of the corporation. Such rules and regulations as may
be adopted shall be entered at length in the records of the company.

6. It shall commence the construction of its railway within two
years from the first of June, eighteen hundred and ninety-four, and
complete the same within five years from the passage of this act.

7. All taxes, dues and demands that may be due to the state of
Virginia, or that may hareafter become due, shall be paid in lawful
money of the United States, and not in coupons.

8. The road may run along, parallel, upon and across the state
roads, turnpikes, if they deem it proper in said counties where said
road may be located, and upon the county roads by and with the
consent of the county judge or the board of supervisors of the
county in the said county.

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