Chap. 269.—An ACT to incorporate the Laurel railway company.

Approved February 9, 1898.

1. Be it enacted by the gene) ral assembly of Virginia, That A. St.
Clair, 8. Walton, R. R. Henry, S _C. Grahain, James 8. Browninz and
C. Ek. F. Burnley, their associates, successors and assigns, be, and they
are hereby, incorporated and made a body politic and corporate, under
the name and style of Laurel railway company, and by that name shall
be known in the law, and as such are authorized and empowered to lo-
cate, construct and operate a line of railroad commencing at a point at
or near Laurel creek, in the town of Pocahontas, in Tazewell county,
and running thence through said county toa point at or near the line
between Virginia and West Virginia, by such route as may be deemed
suitable by the board of directors of said company.

2. The said company shall have perpetual suceession, and have power
tosue and be sued, plead and be impleaded, defend and be defended in
all the courts, whether in law or in equity, and may make and have a
common seal, and alter or renew the same at pleasure, and shall have
and possess and enjoy all the rights and privileges of a corporation or
body politic in the law and necessary for the purposes of this act.

o. The eapital stock of said cotipany shall not be less than twenty
thousand dollars, and may, from time to time, with the consent of the
majority of its stockholders, be increased to an amount requisite for the
purpose of the company, by issue and sale of shares, the par value of
which shall not be less than fiftv dolHars, under such regulations as the
board of directors of said company shall from time to time prescribe,
not exceeding fifty thousand dollars; and the directors may receive cash,
labor, material, real and personal property, suited to the business of the
company, in pi ayment of subscriptions to the capital stock, at such val-
uations as may be agreed upon between the directors and the subscribers,
and may make such subscriptions payable in such manner or amounts,
at such times as may be agreed upon with the subscribers.

4. It shall be lawful for the company to acquire, by donations o1
purchase, land for right of way, depots, stations, and other purposes
necessary for the successful construction and opcration of its road in
any of the counties through which it is authorized to construct its line.

5. It shall be lawful for said company to borrow money or issue and
sell its bonds from time to time for such sums and on such terms as its
board of directors may deem expedient and proper; and to secure the
payment of said bonds by mortgages or deeds of trust upon all or any
portion of its property, railroads and franchises.

. 6. It shall be lawful for said company to guarantee or hold the stock
or bonds of any mining, manufacturing or other corporation of this
state, and mining, manufacturing or other corporations may guarantee
or hold the stock or bonds of the said company.

@. Said corporation is authorized and empowered, by such route or
routes as it may select, to locate, construct, equip and operate lateral or
branch roads, not exceeding tw enty miles in length, as may be necessary
for the accommodation of the public, and to bring out coal, iron ores
and products in said county, or to connect with any other railroad that
is now or hereafter may be constructed in or to said count y.

8. The said company may acquire by condemnation according to the
laws of Virginia the lands required for the right of way of its railroad,
and the necessary stations and depots for its operation, and may connect
or unite its railroads with that of any other railroad company now or
hereafter constructed in or to any of the counties hereinbefore mentioned,
or consolidate or merge its stock, property and franchises 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 aureed 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 com-
pany 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, consolidation and merger be filed in
the office of the board of public works.

9. The said company shall be required to commence the construction
of said railroad within two years from the passage of this act, and to
complete the construction of the main line within five vears thereafter,
or otherwise the powers, privileges and franchises hereby granted shall
be annulled and become void.

10. The persons first named in this act, or such of them as shall ac-
cept the provisions thereof, shall have power and authority of a presi-
dent and board of directors for the purpose of organizing and all other
purposes. They shall constitute the board of directors for the first year
and shall continue in office until their successors shall be elected and
qualified. Each stockholder in the company shall at all meetings or
elections be entitled to one vote for each share of stock registered in his
name.

11. The board of directors shall be stockholders of said company.
They shall appoint one of their number president, and may fill any
vacancy that may occur in said board, unless by removal, in which case
the same shall be filled by the stockholders in general meeting. When-
ever twenty-live per centum of the capital stock shall have been sub-
scribed, and the board of directors shall have elected a president, said
company shall be considered legally organized and may proceed to the
transaction of business.

The board of directors may establish offices and agencies at such
places as they may deem proper, but the principal office of the com-
pany shall be located at some point within the limits of the state of
Virginia,

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

14. This act shall be in force from its passage, but the general assem-
bly of the state of Virginia reserves to itself the right to. modify, alter
or repeal this act at any time hereafter.