Chap. 787.—An ACT to amend and re-enact section 4 of an act approved
March 3, 1900, entitled an act to incorporate the Independence and Grayson
railroad company.

‘ Approved March 65, 1900.

1. Be it enacted by the general assembly of Virginia, That section
four of an act approved March third, nineteen hundred, entitled an act
to incorporate the Independence and Grayson railroad company, be
amended and re-enacted so as to read as follows:

§ 4. That any county, town, or city along the said railroad, or any
county, town, or city adjacent to any county through which the said
line of road is, or shall be located, or any county, town, or city benefited
by said railroad, may subscribe to the capital stock of said Independence
and Grayson railroad company, in an amount not to exceed two hundred
thousand dollars, and such subscription may be more than one-fifth of
the capital stock of said railroad company, and notwithstanding such
subscription shall require an imposition of an annual tax in excess of
twenty cents on the one hundred dollars, as provided in the code of
eighteen hundred and eighty-seven, section twelve hundred and forty-
three. The aforesaid section twelve hundred and forty-three and sec-
tion twelve hundred and forty-seven of the code as to the amount of
capital stock subscribed and the limitation of annual tax to twenty
cents on the one hundred dollars. shall not be applicable to any elec-
tion held under this act, or any subscription to the stock of said railroad
company, made under this act, or to any bonds issued under this act.
The county, city, or town subscribing for stock in said railroad com-
pany, as aforesaid, shall have authority to issue bonds in payment of the
same. The principal of said bonds shall be payable by said county,
city, or town in a period not later than forty years from the date of
the issue of the same, and the interest thereon shall not exceed six per
centum per annum, and shall be pavable semi-annually or annually;
and there shall be attached to the said honds, coupons, for the interest
aforesaid, which shall be receivable at the office of the treasurer of said
county, city, or town in payment of all county, city, and town taxes and
levies due said county, city, or town at and after the maturity of the
coupons, respectively. The election for determining whether or not
any such county, city, or town shall subscribe for the stock of said cor-
poration, as aforesaid, shall be conducted in accordance with the usual
mode prescribed by law for holding such elections, but it shall be suffi-
cient to determine that any such county, city, or town is in favor of such
subscription if a majority of the votes cast at said election are in favor
of subscription, and said majority of the votes cast include a majority
of the freeholders voting at said election, and this shall be notwithstand-
ing the requirements of sections twelve hundred and forty-three and
forty-five of the code as to the majority necessary to make or authorize
such subscriptions: provided, however, that the county of Carroll shall
not vote a subscription to said company.

The said corporation is hereby granted authority and power to cross
the railroad track of any other railroad company, at grade or otherwise,
not unnecessarily hindering or impeding the free operation of such
other railroad. ‘The said corporation shall have the right and power to
construct its railroad through and upon any lands in the state of Vir-
ginia along the route indicated in section one, and the right of way
of said railroad is hereby fixed not exceeding fifty feet on either side of
the center of the road-bed of said railroad, together with the nght of
eminent domain and the right to take timber, stone, earth, and material
from any land adjoining said right of way, making compensation for
the same.

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