Chap. 436.—An ACT to incorporate the Botetourt electric railway and power com-
pany.

In force February 2!, 1898.

1. Be it enacted by the general assembly of Virginia, That C. C.
Thompson, Kenneth McCoy, R. D. Apperson, A. G. Preston and James
Godwin, and such other persons or corporations as may be hereafter
associated with them, their successors and assigns be, and they are
hereby, made and constituted a body politic and corporate by the name
of the Botetourt electric railway and power company, and by that nanie
may sue and be sued, plead and be impleaded in all of the courts of
this state and elsewhere, and have perpetual succession; may make, have
and use a common seal and change the same at pleasure; may make,
publish and enforce such by-laws, rules and regulations for the conduct
of the business of the corporation as may be consistent with the laws of
this state and of the United States, and shall have, enjoy and exercise
all other rights, powers and privileges of like corporations and necessary
for the purposes of this act, and shall be governed by the laws regulating
common carriers in this state.

2. The said company shall have the right to locate, construct, equip
and operate an electric railway, commencing at a point in or near the
town of Fincastle, in Botetourt county, and running to such point or
points and to such town or towns, city or cities within the counties of
Botetourt and Roanoke, or either of them, as its board of directors may,
from time to time, determine, and operate the said railway by electricity,
steam or any other motive power; to construct, purchase, own and
operate electric power and light plants within either or both of said
counties for the purpose of furnishing power to operate said railway and
to furnish light or power to persons, towns and corporations, or either;
to acquire, purchase, own and operate any mines, mineral properties
and stone quarries within said counties, and may mine, manufacture,
transport and sell all stone, metals, minerals and their products, to build
dams and canals, mills and furnaces, and tramroads and railroads con-
necting its mines or works and from any of its lands to any work of in-
ternal improvement and operate the same.

3. The capital stock of the said company shall not be less than thirty
thousand dollars, and may from time to time be increased to any
amount, not exceeding three hundred thousand dollars, by issue and
sale of shares, preferred or common stock, or both, upon such terms
and conditions, and under such regulations as the board of directors
shall prescribe, the par value of which shall not be less than fifty dollars
per share, and the board of directors may receive cash, labor, material,
bonds, real or personal property, or stock in the Fincastle and Trout-
ville railway company in payment of subscriptions to the capital stock
at such valuation as may be agreed upon between the directors and sub-
scribers, and may make such subscriptions payable in such manner and
amounts and at such times as may be agreed upon with the subscribers;
and whenever the minimum capital stock has been subscribed and ten
per centum thereof paid in, the said company shall have and exercise
all the functions and powers of a corporation under the laws of this
state under this act; and the persons named as the incorporators in this
act, or such of them as shall be subscribers to the stock shall constitute
the board of directors for the first year, and may proceed to elect a
president and such other officers as may be necessary for the conduct of
the business of the company, and the said directors and other officers
shall continue in office until their successors are elected.

4. It shall be lawful for said company to borrow money and issue
and sell its bonds from time to time for such sum and on such terms as
its board of directors may deem expedient and proper for any of the
purposes of the company, and may secure the payment of said bonds
ly mortgage or deeds of trust upon all or any portion of its property—
real, personal, or mixed—its contracts and privileges, including its
franchise to be a corporation; and it may sell, lease, convey, and incum-
ber the same.

5. It shall be lawful for said company to subscribe to, purchase, and
hold capital stock of any other railway company whose lines may con-
nect therewith, or of any mining or manufacturing company, or to pur-
chase, lease, or operate the road, mines, plants, or property of any such
company.

6. 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 railroad with that of any other railroad company; and may
cross any other railroad in the mode prescribed by law.

7. The said company shall be required to commence the construction
of its railroad within three years from the passage of this act, and to
complete, equip, and operate as much as five miles of said road within
five vears thereafter, otherwise the powers, privileges, and franchises
hereby granted shall be void.

8. The board of directors shall be elected by the stockholders annually,
and shall consist of not less than three nor more than nine persons, who
shall be stockholders in said company. All other officers shall be elected
or appointed by the directors annually, and all officers shall continue in
oflice until their successors are elected. Vacancies in any office shall be
tilled by the board of directors.

J. Whenever the corporation shall exercise any of the privileges con-
ferred by this act it shall be liable to the same taxes as may be imposed
by the law upon other persons or corporations exercising like privileges,
and all taxes due the commonwealth by said company shall be paid in
lawful money of the United States and not in coupons.

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