Chap. 212.—An ACT to incorporate the Big Sandy Railway Company of Virginia.
Approved March 15, 1902.

1. Be it enacted by the general assembly of Virginia, That C. D.
Langhorne, J. A. Briggs, C. I. Johnson, J. L. Pitts, D. A. Langhorne,
J. N. Harmond, and Joseph Hibbits, their successors and assigns, be,
and they are hereby, constituted and created a body politic under the
name and style of Big Sandy Railway Company of Virginia, under which
name it may sue and be sued, plead and be impleaded, contract and be
contracted with, shall have perpetual succession, and may have a cor-
porate seal, and alter and renew the same at pleasure, and make by-laws
and regulations for the government of said company and its employees
not inconsistent with the laws of this Commonwealth.

2. The capital stock of the Big Sandy Railway Company of Virginia
shall be not less than fifty thousand nor more than one hundred thousand
dollars, divided into shares of the par value of one hundred dollars each ;
and said capital stock may be increased, from time to time, by a majority
of the stockholders in the following manner; that is to say, it shall be
lawful for said stockholders to authorize and direct the president and
the board of directors to petition the circuit court of any county through
which the said railroad may run to order an increase of the capital stock,
upon the payment of the proper charter fee for such increase of stock
into the State treasury in advance of said increase.

3. It shall be lawful for the said company to construct, operate, and
maintain a line or lines of railway of standard gauge, with one or more
tracks, and also telegraph and telephone lines, from such point or points
as it may select on the boundary line between the States of Virginia and
Kentucky, at or near the Breaks of Sandy, and at or near the point where
the Levisa fork of the Big Sandy river crosses said boundary line; thence
by such route or routes as may be deemed most expedient up the tribu-
turies of the Big Sandy river to such point or points in the counties of
Buchanan and Dickenson, or either, as its board of directors may deter-
mine.

4. The said company may lease its line of railway and other propertv
to, and it may merge or consolidate with, any line of railway upon such
terms as may be determined upon by the contracting parties, with the
approval of a majority of their stockholders, and may adopt another
name for the consolidated company, full power and authority being hereby
given to it or such other company or companies to make and carry out
such other contract or contracts as may facilitate such lease, merger, or
consolidation: provided, however, that a copy of every such contract or
lease, merger, or consolidation shall be filed in the office of the board of
public works of the State of Virginia, and also in the office of the secre-
tary of the Commonwealth of the State of Virginia.

5. Subject to the general laws of this State, said Big Sandy Railway
Company of Virginia shall have power to construct lateral or branch
roads of standard or narrow gauge from its main line, to cross at grade
over or under any railroad now constructed, or which shall be constructed
hereafter, in this State, and shall have and exercise all of the general
powers and functions, and be subject to all of the liabilities of a common
carrier.

6, Said Big Sandy Railway Company of Virginia shall have power to
borrow money, and 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 for any of the purposes of the company, and may secure the pay-
ment of said bonds by mortgages or deeds of trust upon all or any of its
property, real or personal, and its charter rights and franchises, including
its franchise to be a corporation.

%. Said Big Sandy Railway Company of Virginia may receive in pay-
ment for the whole or any part of the subscriptions to its capital stock
any real or personal property, the price of which may be agreed upon be-
tween said company and such subscribers, and may exchange its bonds for
such property, and it may hold, sell, and convey in such manner as the
company may deem best any real estate or other property so acquired:
provided, however, that it shall not hold more than twenty thousand acres
of land at any one time.

8. For the purpose of organizing the persons first named in this act
shall constitute themselves the first board of directors, and shall serve
until the first meeting of stockholders. A majority may act and may re-
ceive subscriptions to the capital stock at any time and place; and when
the sum of fifty thousand dollars is subscribed, they may convene the
stockholders and organize the company. At the said meeting one of
their number shall preside, and they shall certify the organization on the
books of the company, and their certificate, or a copy thereof, duly au-
thenticated by a notary public, shall be received as evidence of the legal
organization of the company. The stockholders may fix the number of
said directors and their term of office, and provide that they may hold
their office until their successors are elected and qualified. Each stock-
holder shall be entitled to cast one vote, either in person or by proxy,
for each share of stock owned by him. No stockholder shall be held liable
for the indebtedness of the company for more than the amount due on
stock subscribed for or purchased by him at the agreed price therefor.

9. Said Big Sandy Railway Company of Virginia may, from time to
time, purchase, own, or hold bonds or other evidences of debt, or shares
of the capital stock of any company or companies formed under the laws
of this or any other State, and, from time to time, may guarantee or
assume the bonds, evidences of indebtedness, or capital stock of any such
railroad. And any railroad organized under the laws of this State may
purchase, own, or hold bonds or other evidences of debt, or shares of the
capital stock of this company, likewise may guarantee or assume the
bonds, evidences of indebtedness, or capital stock of this company.

10. Said Big Sandy Railway Company of Virginia shall have the
right to acquire, by condemnation or otherwise, all real estate and other
property or rights, corporeal and incorporeal, needful and requisite as
and for its right of way, together with such additional land as may be
needed for side-tracks, depot grounds, and other purposes of said com-

pany.
11. The board of direetors of said Big Sandy Railway Company of
Virginia are hereby authorized at any meeting, when a majority of the
directors are present, if they deem it advisable, to change the name of
said company.

12. Said company shall begin the work of constructing its road within
two years, and complete the same within five years from the passage of
this act.

13. All assessments, taxes, dues, and demands due to the Common-
wealth of Virginia by said company shall be paid in lawful money of
the United States.

14. Said company and its successor, whether by lease, union, merger,
or consolidation, is hereby declared to be forever a domestic corporation,
and forever subject to the jurisdiction of this Commonwealth, and the
principal and gencral office of said company shall be in Virginia.

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