Chap. 132.—An ACT to amend and re-enact an act approved February 24, 1896,
entitled an act to incorporate the Blacksburg railway company.

Approved January 27, 1898.

1. Be it enacted by the general assembly of Virginia, That the act
titled an act to incorporate the Blacksburg railway company, be amended
and re-enacted so as to read as follows:

§ 1. Be it enacted by the general assembly of Virginia, That Alexan-
der Black, J. M. McBryde, A. A. Phiegar, William H. Palmer, C. 1.
Wade, B. P. Watts, 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 twenty-five thousand
dollars, 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 conypany is authorized and em-
powered to locate, construct, equip, and operate with steain, electricity,
or any other motive power a railroad, commencing at Christiansburg, or
some “point in Montgomery county, Virginia, on the Norfolk and Western

railway, to the town of Bi: ackshure, in same county, and may extend
the same to any point in Montgomery or Giles counties.

§ 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 and
bonds, the company may create one or more mortgages or deeds of trust
on the whole or any part of its property, chartered rights and fran-
chises, and shall have the privilege of obtaining the endorsement of its
bonds by individuals, companics or corporations.

§ 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 dona-
tions from associations, Companies or corporations.

§ 6. The county of Montgomery, or the towns of Christiansburg and
Blacksburg may subscribe to its ‘apital stock in the mode prescribed by
law, or may make such donations as cither of them may think proper;
and for the purpose of making such subscription or donation 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 purchase or subscrip-
tion 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 polytechnic institute at Blacks-
burg, the board of visitors of the said institute are hereby authorized to
donate or lease, as they may think proper, to the said company so much
of the land of the Virginia polytechnic institute as they may think proper
for the right of way and depot and terminal facilities.

§ 9. The corporators named in this act shall constitute the first board
of directors, 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 appoint such officers as they
may deem proper. They may receive subscriptions to the capital stock
of the company; and whenever five thousand dollars have been sub-
scribed the board may proceed to organize by the election of a president,
secretary, and treasurer, or such olflicers and agents as they may think
proper. Thereupon the said company shall be considered legally organ-
ized 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 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 vears and shall be
completed within five years from the passage of this act.

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