Chap. 428.—An ACT to incorporate the Virginia and northwestern railroad
company.

Approved February 26, 1806.

1. Be it enacted by the general assembly of Virginia, That Hugh
R. Garden, James L. Gordon, George Gordon Battle, Louis T. Hanckel,
and R. T. W. Duke, junior, or any three of them that may accept
the provisions of this act, their associates and successors, be, and
they are hereby, made a body politic and corporate under the name
and style of the Virginia and northwestern railroad company, under
which name it may sue and be sued, plead and be impleaded, con-
tract and be contracted with; shall have perpetual succession, and
may have a corporate seal and alter and renew the same at pleasure,
and may make by-laws and regulations for the government of said
company and its employees, not inconsistent with the laws of this
commonwealth.

2. It shall be lawful for said Virginia and northwestern railroad
company to construct, operate, and maintain a line of railway, of
standard or narrow gauge, with single or double track, from some
point on the North Carolina and Virginia state line, as may be
deemed most exnedient, in the counties of Scott, Washington, Gray-
son, Carroll, or Patrick; thence by the most practicable and desir-
able route through any of said counties, and the additional counties
of Floyd, Montgomery, Pulaski, Craig, Giles, Bland, Wythe, Smyth,
Tazewell, Buchanan, Dickenson, Russell, Wise, or Lee, or any one or
more of said counties, to the Kentucky or West Virginia state lines,
or to a connection with the Norfolk and western railroad or any
other railroad at any point in any of said counties found hereafter
most desirable. In constructing its road it shall be lawful for said
company to cross and recross the state line into and out of said
states of North Carolina, Virginia, West Virginia, or Kentucky as
often as it may be deemed necessary, upon such terms as the state
entered may require; and construction may begin at either or both
ends of said line or any intermediate points thereof.

3. In order to secure a continuous line of railroad, to be operated
under one management without change of cars or break of bulk,
said company may acquire the franchises, rights, privileges, and
property of other chartered railroad companies connecting with its
line in this and other states, or which may hereafter be chartered,
by exchanging its stock, or by purchase or lease, and it may sell or
lease its road, property, and franchises to any such company or com-
panies, and it may merge, and for the purpose aforesaid consolidate
the same or any of them with the said Virginia and northwestern
railroad company on such terms as may be agreed upon by the con-
tracting parties, and may change its name or may adopt another
name for the consolidated company, full power and authority
being hereby given such other companies to make and carry out
such consolidation and merger. Said company is authorized to
lease, purchase, and own steamboats, barges, and other water crafta
propelled by steam or other motive power, and the securities of other
corporations owning the same to be operated in connection with its
line of railroad for the transportation of freight and passengers.

4, Said company or its successors may from time to time issue and
sell common and preferred stock in shares of one hundred dollars
each, to an amount not to exceed forty thousand dollars per mile for
such of its main line of single track and branches as may be con-
structed in this state, and upon such terms and at such prices as its
board of directors may direct; and it or its successor may issue and
sell its bonds, not to exceed forty thousand dollars per mile of sin-
gle-track main line, sidings and branches, upon like terms, at any
time before or after the issue and disposal of its common or preferred
stock, in whole or in part, and may-secure the same by mortgages
or deeds of trust upon its franchises and property, or any part thereof.

5. To furnish a basis for raising capital it shall be lawful for said
company or its successor to receive grants and subscriptions in
lands, coal, iron, timber and material at their fair value, upon such
terms as may be agreed upon with the board of directors, and it may
exchange its stock or bonds therefor and may hold or sell the same
at pleasure.

6. It shall be lawful for any railroad company, incorporated com-
pany, county, city or town to aid in the construction of said Virginia
and northwestern railroad company, and for that purpose may sub-
scribe to its capital stock, or that of its successor, and may acquire
bonds of said company under such restrictions as are prescribed by
law. The said company shall have power to cross at grade, over or
under any other railroad now constructed, or which shall be hereaf-
ter constructed within this state, at any point on its route, subject to
the provisions of the general law of this state; to unite its roads
with any of said roads, and to enter upon the grounds of such rail-
road companies with the necessary turnouts, sidings, switchings and
conveniences in furtherance of the objects of its construction, as
well as to facilitate the economical exchange of passenger and traf-
fic between the respective roads; provided that the acquisition of
any of the real estate of another company shall be in the mode pre-
scribed by the law of this state.

7. The said company may have the right to acquire and own by pur-
chase or lease any lands, quarries, mines, coal- beds, lumber-yards, tan-
neries, furnaces and rolling-mills, and erect and operate, lease or sell
the same in any of the counties through which its road may pass, or
in any adjoining county: provided that not more than fifty thousand
acres of land so acquired shall be held or owned in any one of said
counties; and it shall have the power to construct, maintain, equip
and operate such branch roads as the board of directors may deter-
mine upon, running from points on its main line in any direction:
provided any such branches shall not exceed fifty miles in length.

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

9. The directors of said company shall be stockholders, and they
shall elect one of their number president; they shall be elected and
their number fixed by the stockholders in their annual meetings ;
and they shall hold their office until their successors are elected,
and they may fill any vacancy in their board; each stockholder
shall be allowed to cast one vote, either in person or ky proxy, for
each share of stock owned by him.

10. For the purpose of organizing said company, the persons first
named in this act shall constitute its first board of directors, and
shall serve until its first meeting of stockholders, and three or more
may act, and may receive subscriptions to the capital stock at any
time and place; and when the sum of fifty thousand dollars is sub-
scribed they shall convene the stockholders and organize said com-
pany. At said meeting one of their number shal! preside, and they
shall certify said organization on the books of the company, and
their certificate, or a copy thereof, duly authenticated by a notary
public, shall be received as evidence of the legal organization of
said company. Said company or its successors shall begin the work
of constructing its railroad within two years from the passage of
this act, and shall complete its main line in this state within five
years from the beginning of construction.

11. Said company or its successor shall never by reason of any
merger or consolidation with any company in this or any other state
cease to be a domestic corporation, but shall forever be and remain
subject to the jurisdiction of the courts of this commonwealth.

12. All taxes which may be assessed against said company shall
be paid in lawful money of the United States.

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