Chap. 297.—An ACT to incorporate the Lexington and Goshen railroad com-
pany.

Approved February 12, 1896.

1. Be it enacted by the general assembly of Virginia, That John
C. Boude, W. S. Hopkins, Robert Catlett, J.S. Craig and John W.
Bell, and their associates, successors and assigns, be, and they are
hereby, incorporated and made a body politic and corporate under
the name and style of the Lexington and Goshen railroad company,
in which name it shall have perpetual succession and a common
seal; may sue and be sued, plead and be impleaded, contract and be
contracted with, and shall have and exercise all the rights, powers
and privileges, and be subject to all the duties and obligations of
corporations of a like character under the laws of the state of Vir-
ginia.

2. The capital stock of the said company shal! not be less than ten
thousand dollars, nor more than three hundred thousand dollars, and
shall be divided into shares of one hundred dollars each. The com-
pany may receive subscriptions to its capital stock, or payments for
its shares, in money, land or other property, or services, upon such
terms as may be authorized by the board of directors, and said com-
pany may give a preference to a portion of its capital stock over the
residue thereof as to dividends, and the payment thereof.

3. The above-named incorporators, or any three of them, are hereby
authorized to receive subscriptions to the capital stock of the said
company, and for that purpose may open books of subscription and
keep the same open until at least the minimum capital stock shall
have been subscribed; whereupon they shall convene the subscribers
to the said capital stock, who in such meeting may organize the said
company, and elect a board of directors, and adopt by-laws, rules
and regulations for the conduct of the affairs of the company. The
board of directors so elected shall consist of not less than five nor
more than nine members.

4. The said company shall have the right to locate, construct,
equip and operate a line of railroad from some point at or near the
town of Lexington, in Rockbridge county; thence by the most ad-
vaptageous and practicable route to or near the town of Goshen, in
said county; thence northwardly to the line of the state of West
Virginia, opposite the counties of Pocahontas or Pendleton, in the
said state, and may operate the said road by steam or other motive
power as may seem most expedient; and may construct and operate
lateral or branch roads or tramways from any point on its main
line to such points as it may deem necessary or advantageous for
the successful operation of its business, and may intersect, join, or
connect its track with any other railroad upon such terms as may be
agreed upon by said company, and the company whose lines are 80
intersected or joined.

5. The said company may acquire by condemnation according to
the laws of Virginia, or by gift or purchase, or may receive in pay-
ment for its capital stock, the lands required for the right of way for
its railroad, stations, yards, side-tracks, branches, shops, and terminal
facilities; and shall also have the right to acquire and hold, by lease,
or purchase, mineral, timber, or other lands along its line of railroad,
not exceeding ten thousand acres at any one time, and may sell or
lease such lands, or otherwise dispose of the same, in such manner
as may ceem most advantageous to the company.

6. The company may, from time to time, issue its bonds to such an
amount as may be deemed necessary by its board of directors for
the construction and equipment of its road and the proper prosecu-
tion of its business, and may sell such bonds on such terms and for
such sums as the board of directors may deem expedient, and may
secure payment of such bonds by one or more mortgages or deeds of
trust upon its property, rights, and franchises.

7. The company may, by its by-laws, designate what officers are to
manage, regulate, and conduct its affairs, and prescribe the duties of
such officers, and make such other and further regulations for the
conduct of its business as it may see fit, not in conflict with the
laws of this commonwealth.

8. The said company may organize under the provisions of this
act at any time within two years from its passage, and shall com-
mence the construction of its road within two years from the passage
of this act, and complete the same within five years after the pass-
age of this act. :

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

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