Chap. 238.—An ACT to incorporate the Montgomery railroad and mining com-
pany.

Approved February 8, 1898.

1. Be it enacted by the general assembly of Virginia, That 8. Heth,
J. IL. Kipps, H. D. Ribble, N. R. Stanger, W: "RW harton, J. C.
Haynes, J. H. Slusser, A. T. Harless, W irt Dunlop, Crockett Price,
Jolin P. Caldw ell, John McDonald, Z. T. Nuttel, T. B. McCarthy,
George W. Miles and their associates, or such of them as may accept
the provisions of this charter, are hereby made and constituted a body
politic and corporate by the name of the Montgomery railroad and
mining company, and as such are authorized and empowered to locate,
construct, equip and operate a railroad of standard or narrow gauge,
commencing at the most practical point on the Norfolk and Western
railway in Montgomery county, as may be decided upon by the stock-
holders of said company, and running thence along the most practical
line through the Price mountain coal field so as to open up the said field
through or near the town of Blacksburg and to the most practical point
in the Brush mountain coal field, and to open up the same between
James Slusser’s coal property and the mouth of Poverty branch. The
said company shall have power to locate, construct, equip and operate
anv branch or lateral line from its main line not to exceed twenty-five
miles in length, and such train tracks as may be required for its mining
purposes.

2. Said company shall have perpetual succession and a common seal,
which it may renew or alter at will, may sue and be sued, plead and be
impleaded, contract and be contracted with, and adopt by- laws, rules
and regulations for the government of its officers and employees, not
inconsistent with the laws of the United States or the state of Virginia,
and shall be subject to the general laws of Virginia governing incorpo-

rated companies, except as the same are not in conflict with this act.

3. The said company may receive subscriptions to its capital stock in
land, property, material, equipment, minerals, mines, Jabor, and so
forth, at such valuation and upon such terms as its board of directors
and such subscribers to its capital stock may agree, and may also accept
and receive any of the same as donations; it may also receive sub-
scriptions to its capital stock from associations, compames or corpora-
tions, and from any magisterial district, city or town from, through or
to which said railroad may be constructed, subject to the provisions of
the laws of Virginia as applicable to such subscriptions.

4. The said company shall have the power to borrow money, to issue
preferred stock and to sell its bonds from time to time in such manner
and upon such terms as its board of directors may think proper and
necessary in the prosecution of its work; and to secure the payment of
the said loans or bonds the said company may create one or more mort-
gages or deeds of trust on the whole or any part of its property, char-
tered rights and franchises.

5. The said company shall have the power to mine and dig for coal,
iron ores and other minerals and metals, and remove and sell the same
and may cut and remove any timber on any of the lands to which it
may become legally entitled, and by and with the consent of the stock-
holders may sell or lease any of its said lands.

6. The said company is authorized and empowered to acquire by con-
demnation, according to the laws of Virginia, the land required for the
right of way for its railroad and the lateral branches thereof, and for all
sidings, turnouts, depots, and all other necessary purposes of said. rail-
road; to cross at surface grade over or under any railroad now built or
unconstructed, or that may hereafter be built or constructed, subject to

the provisions ‘of the general laws of the state, and may consolidate or
connect with any line of railroad now constructed or that may hereafter
be constructed in the counties of Montgomery, Craig or Pulaski.

7. The said Montgomery railroad and mining company may operate
its railroad with either steam, electric or other motive power, as its
stockholders may elect.

8. For the purpose of organizing the said company the persons herein
named as corporators, or any one of them, may receive subscriptions to
the capital stock of the said company at any time or place without ad-
vertising; and when the sum of five thousand dollars shall have been
subscribed they, or any five of them, shall convene the stockholders and
organize the company, and certify the organization upon the books of
the company, and such certificate, or copy thereof, duly authenticated
by a notary public, shall be received as evidence of legal organization of
the said company.

The said company shall commence the construction of its said rail-
von at any point it may select between the terminal points mentioned,
within two years from the first of April, eighteen hundred and ninety-
eight, and shall complete the same within five years from the said date.

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

11. The capital stock of the said company shall be not less than
twenty-five thousand dollars, divided into shares of fifty dollars each,
and may from time to time he increased by the board of ‘directors, w ith
the consent of the stockholders, to any amount not to exceed one hun-
dred thousand dollars, Each subscriber to the capital stock of the said
company shall in any meeting of stockholders have one vote for each
share of stock so subscribed.

12. ‘The said company shall be subject to all laws and regulations
governing common carriers in this state.

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