Chap. 357.—An ACT to incorporate the Interstate railroad company.

Approved February 18, 1896. '

1. Be it enacted by the general assembly of Virginia, That J.S.
Wentz, R. A. Ayers, John Leisenring, J. K. Taggart and W. C. Kent,
their associates and successors, be, and they are hereby, incorporated
and made a body politic and corporate under the name and style of
the Interstate railroad company.

2. That said company shall have perpetual succession, and the
power to adopt by-laws, and alter and amend the same at pleasure ;
to contract and be contracted with; sue and be sued, defend and be
defended, in all courts, whether at law or in equity; and may have
& common seal, and alter and renew the same; and shall have and
possess and enjoy all other rights, powers and privileges now
allowed, or which may hereafter be allowed, by the laws of this state
to railroad corporations generally, not inconsistent with the pro-
visions of this act.

3. That said company is suthorized and empowered to locate, con-
struct, operate and maintain a line of railroad from a point at or
near Moccasin Gap, in Scott county, Virginia, through Lee and Wise
counties, Virginia, to a point in Lee or Wise counties on the state
line between Kentucky and Virginia; and also to locate, construct,
operate and maintain such branch railroad or railroads from the
said main line within the counties of Scott, Lee, Wise and Wash-
ington as it may from time to time deem expedient: and also to
locate, construct, operate and maintain such railroad or railroads
within the said county of Wise along, Powell’s river or the waters
thereof as it may, from time to time, deem necessary for the accom-
modation of the public, or to connect with any other railroad that is
now or hereafter may be constructed in or to any of said counties.

4. That said company is further authorized to acquire, by lease or
purchase, equip, maintain and operate the railroad recently con-
structed by the Virginia coal and iron company from a point near
the mouth of Callahan creek, in Wise county, up said creek a dis-
tance of about six (6) miles to the coal mines at Stone Gap; and for
the purpose of connecting the said last named railroad, or any other
line it may build in Wise county with Moccasin Gap, the said Inter-
state railroad company may acquire by lease or purchase, maintain
and operate such part of the South Atlantic and Ohio railroad or
other railroad as may subserve tifat end; and may also connect any
line which it may construct or acquire with any other railroad
which is now, or which may hereafter be, located and constructed in
any of the said counties of Lee, Scott, Wise or Washington.

5. That said company may operate its said railroad or railroads
with steam or electricity or such other motive power as if may
deem best.

6. That said company may acquire, either by donation, purchase
or condemnation proceedings, all such lands and materials as it may
need for right of way, depots, stations, freight yards, and other rail-
road purposes.

7. That the capital stock of the said company shall be fifty thou-
sand dollars, but may be increased at any time or times by vote of
the stockholders to any sum not exceeding one million dollars. Said
capital stock shall be divided into shares of the par value of one
hundred dollars each, and subscriptions to such stock may be paid
in money or in labor or property, real or personal, to be taken at
such valuation as the directors of said company may agree upon.
At all stockholders’ meetings the stockholders shall be entitled to
one vote for each share of stock registered in their names, respec-
tively.

8. That said company is authorized and empowered to acquire the
stock or bonds of other companies or corporations, and may likewise
sell and dispose of its own stock and bonds to other companies and
corporations as well as to natural persons.

9. That said company is authorized and empowered to borrow
money from time to time for any of its legitimate purposes, and may
secure the payment thereof by execution and delivery of its bonds.
secured by mortgage or deed of trust upon all or any portion of its
railroad and other property and franchises, including its franchise
to be a corporation.

10. That said company may enter into such contracts for the sale,
lease, or operation of its road or for the purchase, lease, or operation
of ether roads in the counties of Lee, Scott, Wise, or Washington as
may be found necessary or expedient as well as in respect to any
other property that may be found necessary or convenient for its
purposes, or may consolidate or merge its stock, property and fran-
chises with those of any company operating or authorized to operate
a connecting line of railroad, not a competing line, upon such terms
as may be agreed upon by the board of directors of the companies
so uniting or consolidating; and for.that purpose power is hereby
given to it and to such other company or companies to make and
carry out such contracts as will facilitate and consummate such
connection, merger or consolidation ; provided that a copy of every
such contract of consolidation and merger be filed in the office of
public works.

11. That J.S. Wentz, R. A. Ayers, John Leisenring, J. K. Taggart,
and W. C. Kent shall constitute the board of directors of said com-
pany until their successors shall have been elected and qualified,
which election shall be held at the first meeting of the stockholders
of said company after the same shall have been organized. Said
directors shall have power to elect a president of said company, and
to elect or provide for the election or appointment of other subordi-
nate officers of said company; and shall have, also, all other powers
usually vested in the directors of corporations by the laws of this
state, subject to any limitations which the stockholders of said com-
pany may lawfully place upon such powers.

12. Whenever fifty thousand dollars shall have been subscribed to

the capital stock of said company, and the board of directors sha!!
have elected a president thereof, said company shall be considered
legally organized and may proceed to the transaction of business.
‘ 18. The first meeting of stockholders of said company shall be
called by said board of directors at such time and place as it may
appoint, provided the time selected be not longer than one year after
the organization of said company ; and all annual meetings of stock-
holders thereafter shall be at such time and place as the stockhold-
ers may by their by-laws prescribe.

14. The chief office of said company shall be in Wise county, Vir-

ginia, but said company may have such other offices at such other
places, either within or without this state, as the directors may from
time to time determine. The work of construction shall begin within
two years, and be completed within five years.
. 15. No stockholder of said company shall be held or made respon-
sible for the debts of said company in any larger or further sum
than the amount of any unpaid balance due on his subscription to
the capital stock thereof.

16. All taxes due or to become due by said company to the com-
monwealth of Virginia shall be paid in lawful money of the United
States, and not in coupons. ,

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