Chap. 470.—An ACT to incorporate the Blacksburg railway company.

Approved February 24, 1896.

1. Be it enacted by the general assembly of Virginia, That Alex-
ander Black, J. M. McBride, A. A. Phlegar, W. H. Palmer and A. L.
Boulware, and their associates and successors, be, and they are
hereby, incorporated and made a body politic and corporate under
the name and style of the Blacksburg railway company.

2. The capital stock of the company shall be fifty thousand dol-
lars, divided into shares of one hundred dollars each, and may from
time to time be increased by the board of directors, with the consent
of a majority of the stockholders, to any amount not exceeding one
hundred thousand dollars.

3. The said Blacksburg railway company is authorized and em-
powered to locate, construct, equip and operate with steam, elec-
tricity, or any other motive power, a railroad of standard gauge,
commencing at Christiansburg, or some point in Montgomery county,
Virginia, on the Norfolk and western railroad, to the town of Blacks-
burg, in same county, and may extend the same to any point in
Montgomery county, or to connect with the New river division of the
Norfolk and western railroad at some point in Pulaski county.

4, The said company shall have power to borrow money, or to issue
and sell its bonds from time to time in such manner and upon such
terms as its board of directors may deem proper and necessary in
the prosecution of its works, and to secure the payment of said
loans or bonds the said company may create one or more mortgages
or deeds of trust on the whole or any part of its property, chartered
rights and franchises.

5. The said company may receive subscriptions to its capital stock
in land, property, materials, equipment, minerals, mines, labor and
so forth, at such valuation and upon such terms as its board of
directors may think proper, and may also accept and receive any of
the same as donations. It may also receive subscriptions to its
capital stock or donations from associations, companies or corpora-
tions.

6. The county of Montgomery or the towns of Christiansburg and
Blacksburg may subscribe to its capital stock in the mode prescribed
by law, or may make such donations as either of them may think
proper; and for the purpose of making such subscription or dona-
tion they may borrow money or issue their bonds in such manner
and upon such terms as they may choose.

7. It shall be lawful for the said company to consolidate with,
lease, or sell its works, property, franchises and privileges to any
other railroad company, and any other company is hereby authorized
to purchase the same. And any incorporated company may, by pur-
chase or subscription or otherwise, obtain, hold or transfer the bonds
and stock of said company.

__ 8. The state of Virginia being interested in the construction of
this road, on account of the location of the Virginia agricultural and
mechanical college at Blacksburg, the governor of Virginia is hereby
authorized to hire or lend to the said company such convicts in the
Virginia penitentiary as may be available for such time or upon such
terms as he may think proper; and the board of visitors of the said
college are hereby authorized to donate or lease, as they may think
proper, to the said company so much of the land of the Virginia agri-
cultural and mechanical college as they may think proper for right
of way and depot and terminal facilities.

9. The corporators named in this act shall constitute the board of
directors for the first year, and shall continue in office until their
successors shall be elected and qualified. They shall have the power
and authority of a president and board of directors for the purpose
of organization and for all other purposes incidental thereto. They
shall elect one of their number president of the board and may ap-
point such officers as they may deem proper. They may receive sub-
scriptions to the capital stock of the company, and whenever ten
thousand dollars shall have been subscribed the board may proceed
to organize by the election of a president, secretary, and treasurer, or
such officers and agents as they think proper. Thereupon the said
company shall be considered legally organized and shall have all the
general powers conferred upon corporations and chartered companies
by the laws of this state, and shall be subject to all the provisions
thereof except so far as the same are modified by or are inconsistent
with this act.

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

11. The road shall be commenced within two years and shall be
completed within five years from the passage of this act.

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