Chap. 541.—An ACT to incorporate the Saltville railway company.

Approved February 26, 1900.

1. Be it enacted by the general assembly of Virginia, That K. D.
Urquhart, J. S. Gcetchins, T. B. Hobbs, B. F. Buchanan, and George
K. Penn, 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 Saltville railway company, with full powers to locate,
construct, equip, and operate with steam, electricity, or any other
motive power a railroad, commencing at or near Saltville, Virginia, and
running to a point on the Virginia and southwestern railway line at
or near Mendota, in Washington county, Virginia.

2. The capital stock of said company shall not exceed one hundred
thousand dollars, divided into shares of one hundred dollars each, and
whenever five thousand dollars has been subscribed the persons herein-
before named shall proceed to organize said company by the election
of a president and board of directors, and such other officers as may
be deemed necessary. Thereupon, the said company shall be considered
legally organized, and shall have all the eainenal powers conferred upon
internal improvement 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.

8. The said company shall have power to borrow money and to issue
and sell its bonds from time to time, not exceeding twenty-five thou-
sand dollars per mile of its road, in such manner and upon such terms
as its boards of directors may deem proper or necessary; 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 prop-
erty, rights, and franchises as well as upon its superstructure and equip-
ment, and all property thereafter acquired by it, and shall have the
privilege of obtaining the endorsement of its bonds by individuals, com-
panies, or corporations.

4, 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 corporations. And any
incorporated company may, by purchase or subscription, or otherwise,
obtain, hold, or transfer the bonds and stock of said company.

5. The said company shall commence the construction of its road
in two years from the passage of this act, and shall complete the same
by January first, nineteen hundred and six.
6. All taxes due the commonwealth by said company shall be paid in
money, and not in coupons.
7. This act shall be in force from its passage.