Chap. 302.—An ACT to incorporate the Lick Creek and Lake Erie Railroad Com-
pany.

Approved March 25, 1902.

1. Be it enacted by the general assembly of Virginia, That W. E.
Harris, Stilson Hutchins, J. W. Dawson, W. E. Burns, J. C. Gent, R. P.
Bruce, and Lee Hutchins, their successors and assigns, be, and they are
hereby, constituted and created a body politic and corporate by the name
and style of the Lick Creek and Lake Erie Railroad Company, and as
such shall have power to make and pass such by-laws, rules, and regula-
tions for the management and government of the affairs of the said cor-
poration and of its officers, directors, and agents.as may be deemed neccs-
sary and proper, and be entitled to exercise all of the rights and priv-
ileges allowed other similar corporations by the general laws of this
State.

2. The capital stock of the Lick Creek and Lake Erie Railroad Com-
pany shall be 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 and direc-
tors, as provided in section fourteen of this charter.

3. Said Lick Creek and Lake Erie Railroad Company is hereby au-
thorized, empowered, and permitted to erect, construct, equip, maintain,
and operate a railway of standard or narrow gauge, with one or more
tracks, and also telegraph and telephone line or lines, from a point on the
Norfolk and Western railway to be selected by it near the mouth of Lick
creek, in Wise or Russell counties, and thence in a northwardly direction
up the said Lick creek or its tributaries through said Wise or Russell
counties into Dickenson county, not to exceed twenty miles in length.

4, Subject to the general laws of this State, said Lick Creek and Lake
Erie Railroad Company shall have power to construct lateral or branch
roads 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.

5. Said Lick Creek and Lake Frie Railroad Company is hereby au-
thorized and empowered to connect its road with any other road or roads
at present existing in or out of this State or that may be built hereafter.

6. The said Lick Creek and Lake Erie Railroad Company may borrow
money and issue bonds or such other evidence of indebtedness therefor,
and may secure the same, from time to time, by mortgage or deed of
trust upon any or all of its property and franchises; and, from time to
time, may issue and sell its bonds and capital stock at such price and on
such terms as shall be specified by resolution of a majority in amount of
the stockholders at any meeting, and may receive in payment therefor
property, securities, or shares in any other corporation, and stock so
issued shall be deemed fully paid and free from any liability.

?. The said Lick Creek and Lake Krie Railroad Company may issue
its capital stock in one or more classes or kinds, and in one or more series
or grades, with such preferences, conditions, and voting power as shall
le prescribed and directed in the resolution of the stockholders authoriz-
ing the issue of the same, and, from time to time, may increase or de-
crease the amount of any class, or kind, or grade of such stock as shall
be authorized and directed either at any general meeting or at a special
ineeting of the stockholders called for that purpose, unless and except
as otherwise expressly provided in certificates representing stock pre-
viously issued.

8. It shall be lawful for any county, city, town, or corporation, or
individual, in or out of this State, to guarantee, subscribe to, purchase,
or hold the capital stock or bonds of the said Lick Creek and Lake Erie
Railroad Company, or of any branch thereof; and said Lick Creek and
Lake Erie Railroad Company shall have power to guarantee, subscribe
to, purchase, sell, or hold stock or bonds of any other railway company or
corporation, and, with the approval of a majority of its stockholders given
ut any meeting, may, from time to time, lease, use, operate, or consoli-
date with any other railroad or transportation company or companies
now or hereafter incorporated by the laws of any State or of the United
States, or by any one or more of such railroad or transportation com-
panies, or by any railroad or transportation company or companies which
ure now or hereafter may be leased or used or operated or consolidated
with any one or more of such railroad or transportation companies; and,
from time to time, it may consolidate its capital stock, property, and
franchises, by change of name or otherwise, with the capital stock, prop-
erty, and franchises of any other railroad or transportation company,
power being hereby granted to any railroad or transportation company or
companies incorporated by or under any act or acts of the general assem-
bly of this State, with the approval of a majority in amount of its or
their shareholders, respectively, given at a meeting to make and carrv
cout such contracts of consolidation or lease, sale or other method of ac-
quisition: provided, that in all consolidations a copy of the agreement
thereof shall be filed in the office of the secretary of the Commonwealth
of Virginia, and that any corporation with which the said Lick Creek
und Lake Erie Railroad Company may consolidate, or which it may lease,
=hall be or remain subject to the jurisdiction of the courts of this Com-
monwealth, and all lines of railroad operated by it in the State of Vir-
vinia shall be subject to the general laws of this State.

9. Said Lick Creek and Lake Erie Railroad Company 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 guaran-
tee or assume the bonds, evidence of indebtedness, or capital stock of any
such railroad.

10. The said Lick Creek and Lake Erie Railroad Company may re-
ceive in pavment. for the whole, or any part of the subscription to its
capital stock, any real or personal property, the price of which may be
agreed upon between the said company and such subscribers, and may
exchange its bonds for such property, and such property may be charter
rights and franchises ; and it may hold, sell, and convey in such manner
is the company may decm best any real estate or other property so ac-
quired in exchange for its capital stock, bonds, or charter rights and
franchises aforesaid, as well as all real estate necessary for the purpose
of its business as a railway company.

11. The incorporators named in this act shall constitute the board of
directors, and shall continue in office until their successors shall be elected
and qualify. They shall have the power and authority of a president
and board of directors for the purpose of organizing, and for all the other
purposes incident thereto; they shall select one of their number as pres-
ident of the board, and may appoint such officers as they deem proper;
they shall fill any vacancy that may occur in the board or in the office of
the president, and may receive subscriptions to the capital stock of said
company. Whenever fifty thousand dollars of capital stock shall have
been subscribed, the board of directors may proceed to organize the com-
pany by the election of president, secretary, and treasurer, and such
other officers and agents as may be required. Thereupon the said com-
pany shall be considered duly and legally organized, and shall have the
power of condemnation as provided hy the general laws of the State of
Virginia, and all the general powers conferred on corporations and
chartered companies by the laws of this State, and shall be subject to all
of the provisions thereof, except in so far as the same are modified by
or are inconsistent with this act.

12. The board of directors of said Lick Creek and Lake Erie Railroad
(‘company 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.

13. The construction of said railway shall be commenced within six
months from the passage of this act, and eight miles thereof be com-
pleted within two years thercafter.

14. It shall be lawful for the circuit court of the city of Richmond,
or of any city or county through which the said road may run, upon peti-
tion of the president and board of directors, at any time, to order an
increase of the capital stock upon the payment of the proper charter fee
tax for such increase of stock into the State treasury or to the auditor of
public accounts.

15. The principal office of said company shall be in Virginia.

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