Chap. 471.—An ACT to change the name and increase the capital stock of the
Gladeville Railroad Company, in Wise county, and to amend and enlarge its
charter, as incorporated by an act of the general assembly of Virginia, approved
February 20, 1892, as amended by chapter 238 of the acts of the “general assem-
bly of Virginia of 1895 and 1896, approved February 5, 1896, and as amended
by chapter 299 of the acts of the general assembly of Virginia of 1899 and 1900,
approved February 9, 1900.

Approved April 2, 1902.

Whereas, the Gladeville Railroad Company, incorporated by an act of
the general assembly of Virginia, approved February twentieth, eighteen
hundred and ninety-two, and which act was amended by an act of the
general assembly approved February fifth, eighteen hundred and ninety-
six, and also amended by am act of the general assembly approved Feb-
ruary ninth, nineteen hundred, has in every respect complied with its
charter, as enacted and amended as aforesaid, and has fully constructed
its main line of road, and has the same in continual operation from
Ramsey, a point in Wise county, on the Norfolk and Western railroad,
to Wise courthouse, the county seat of said Wise county, formerly known
as Gladeville; and,

Whereas, it is desired by the stockholders of said railroad company to
change the name and increase the capital stock of said company, and to
extend said railroad through the counties of Wisc, Dickenson. Scott, Lee.
and Buchanan, in the State of Virginia, and into and through other
States, and especially the State of. Kentucky, to some point or points on
the Ohio river, in the State of Kentucky, or to connect with some other
railway or railways reaching the Ohio river, and also to construct branch
and lateral lines connecting with, and in extension of, said main line of
railroad at divers points throughout its length, and more especially with
a view of fully developing all of the territory of Wise, Dickenson, Scott.
Lee, and Buchanan counties, in the State of Virginia, and securing an
outlet and market for the mineral, timber, and agriculture, and other
products and resources thereof: now, therefore,

1. Be it enacted by the gencral assembly, That all of the act incorpo-
rating said Gladeville Railroad Company, approved February twentieth,
eighteen hundred and ninety-two, and the amendments thereof, approved
February fifth, eighteen hundred and ninety-six, and the further amend-
ments, approved February ninth, nineteen hundred, be, and the same are
hereby, re-enacted, except as hereinafter amended, and all rights, henefits,
privileges, and protection. vested in said Gladeville railroad in, through,
and by virtue of said act, approved February twentieth, eighteen hundred
and ninety-two, and the amendments thereof, are hereby secured unto
the said Gladeville railroad in perpetuity.

2. That the name of said Gladeville Railroad Company shall be. and
the same is hereby, changed to the Virginia and Kentucky Railway Com-
pany, and under such name it shall be, and is hereby, constituted the
successor in name of the Gladeville Railroad Company, with all the
rights, privileges, and guarantees under its new name, the same as if said
name had not been changed.

83, That the said Virginia and Kentucky Railway Company shall have
perpetual succession, and have power to sue and be sued, plead and be
impleaded, defend and be defended in all the courts, whether in law or
in equity, and may make and have a common geal, and alter or renew the
same at pleasure, and have and possess and enjoy all the rights and priv-
ileges of a corporation or body politic in the law and necessary for the
purposes of this act, and of the act and amendments thereto, incorpo-
rating the Gladeville Railroad Company, and as the successor in name of
said Gladeville Railroad Company shall succecd to all its rights, fran-
chises, and property, of whatsoever nature, and shall assume all the lia-
bilities of said Gladeville Railroad Company, of whatsoever nature, the
same as if the name of said company had not been changed.

4. The capital stock of said Virginia and Kentucky Railway Com-
pany shall not be less than one million dollars nor more than eight mil-
lion dollars, divided into shares, the par value of which shall be one hun-
dred dollars per share, which may be issued in either common or pre-
ferred stock, or both, in such proportions as the board of directors may
determine, and the company may receive cash, labor, services, material,
mineral, mineral rights, real estate, and personal property in payment
of subscriptions to the increased capital stock of said company at such
valuations as may be agreed upon between the company and the sub-
scribers for said stock, and may make such subscriptions payable in such
manner or amounts, and at such times as may be agreed upon with the
subscribers.

5. The board of directors of the Virginia and Kentucky Railway Com-
pany, as constituted under this act, are authorized to issue stock of the
par value of one hundred dollars per share in said company to the hold-
ers of the stock in said Gladeville Railroad Company as it existed before
the passage of this act in lieu of the stock held in said Gladeville Rail-
road Company at the time of the passage of this act, upon such terms as
may be agreed upon between said directors and said stockholders.

6. And said Gladeville Railroad Company shall, from and after the
passage of this act, be known as the Virginia and Kentucky Railway
Company, and by that name shall be known in the law, and as such, in
addition to all the powers and privileges heretofore conferred upon it by
law, is authorized and empowered to locate, construct, and opcrate, by
steam, electricity, or other motive power, an extension line or lines of
railroad, single or double track, commencing at or near its present termi-
nus, where it connects with the Norfolk and Western railway at Ramscy,
in Wise county, running in a southwestern and southerly direction
through Norton, in said Wise county, to a point therein, where suitable
connections and intersections may be made with all other railways now
constructed, or thereafter to be constructed, at that point, and to the
Virginia State line; and also commencing at its most northern terminus
at Wise, the county scat of Wise county, and running thence in a north-
easterly direction to the State line between Virginia and Kentucky, at or
near the point. where the Russell fork of the Big § Sandy intersects said
State line, or to some point connecting with any other railway, extending
‘down the Big Sandy river; running thenee in the same general direction
to the junction of the Russell fork and the Levisa fork of the Big
dy river, and may, in like manner, extend its line through the State
entucky to a point or points on the Ohio river; thence from the junc-
of said Levisa fork and said Russell fork, or from a connecting point
. some other railway south of the junction of said forks, up the
sa fork of the Big Sandy river in a southeasterly direction to the
ity line between Buchanan and Tazewell counties, with the privilege
<tending the same by such route or routes as may be deemed suitable
determined upon by the board of directors of said railway company,
ther with the right and privilege of constructing, operating, and
itaining suitable side tracks, main tracks, turnouts, spurs, extensions,
‘al lines, depots, depot grounds, turn-tables, tramways, and all the
1 constructions necessary to the successful operation of a railway,
necessary for the full development and transportation of the natural
urces and products of said counties of Wise, Dickenson, Scott, Lee,
Buchanan; and sail railway company shall have the right to extend
ines, and to construct and maintain the same, with suitable side
ks, turnouts, branches, extensions, spurs, et cetera, necessary for the
essful operation of a railroad into and through the State of Kentucky
ther States as may be deemed necessary or expedient by the board of
ctors of said company: providing, always, that any portion of said
vay which may be built by said company in the State of Kentucky or
r States will be subject to and im conformity with the laws of said
es, respectively.

lt shall be lawful for the said Virginia and Kentucky Railway Com-
y to receive real estate, mineral, and mineral rights in lieu of money
ayment of subscriptions to the unsubscribed capital stock thereof,
in order to clear, quiet, or settle the title to any land, mineral, or
eral rights so acquired, may purchase other lands, mineral, or mineral
ts, and that such real estate, mineral, and mineral rights may be re-
ed by said company in payment of such subscriptions at such valua-
s as may be agreed upon between said company and the party de-
ig to make such payment; and that said company may receive and
_any real estate, mineral, and mineral rights which may be thus con-
d to it in payment of subscriptions to the unsubscribed capital stock
eof, or by purchase as above set forth, and may sell, lease, mortgage,
encumber the same in such manner as it may deem best, and as de-
ined upon by its board of directors.
It shall be lawful for said company to guarantee or hold the stock or
is of any mining, manufacturing, or other corporation of this State,
ny other State, and any mining, manufacturing, or other corporations
guarantee or hold the stock or bonds of the said company. With the
roval of the majority of the stockholders given at a meeting, it shall be
‘ul for said company, from time to time, to lease, use, operate, pur-
ec, consolidate with, or otherwise acquire, or be leased, used, operated
wr consolidated with any other company incorporated by the laws of
or any other State.
_ The present board of directors shall hold their offices, respectively,
uch directors until the first day of May, nineteen hundred and two,
yhich time the stockholders shall elect a new board of directors, con-
sisting of nine members, and said board of directors shall consist of nine
members thereafter, who shall hold office as such directors for a period of
one year from the time of their election, or until their successors are duly
elected and qualified.

10. Said company shall be required to commence the construction of
its southwestern extension within nine months, and to complete the
same, at least to Norton, within eighteen months from the passage of this
act, and shall commence its northeasterly construction within one year,
and complete the same to the State line, or to a connecting line of rail-
way south of the State line, within five years from and after the passage
of this act, and shall commence its southeasterly extension within three
years, and complete the same, so as to reach Grundy, the county seat of
Buchanan county, within five years from the passage of this act, or other-
wise the powers and privileges and franchise hereby granted shall be an-
nulled and become void, unless further extension of said times shall be
given by the general assembly, or according to the laws of this State, at
the time of said extension.

11. All parts of chapter three hundred and twenty-four of the acts of
assembly of eighteen hundred and ninety-one and eighteen hundred and
ninety-two, entitled “an act to incorporate the Gladeville Railroad Com-
pany,” in Wise county, which act was approved February twentieth, eigh-
teen hundred and ninety-two, and the amendments thereto, which were
approved February fifth, eighteen hundred and ninety-six, and Feb-
ruary ninth, nineteen hundred, and all acts or parts of acts inconsistent
with the provisions of this act to that extent are hereby repealed.

12. This act shall be in force from and after its passage.