Chap. 496.—An ACT to incorporate the New River and Northern Railroad.
Approved April 2, 1902.

1. Be it enacted by the general assembly of Virginia, That George W.
Miles, B. F. Buchanan, B. L. Dulaney, Preston Wright, J. H. Carper,
Haynes L. Morgan, and their associates, or such of them as may accept
the provisions of this charter, are hereby made and constituted a body
politic and corporate by the name of New River and Northern Railroad,
and as such are authorized and empowered to locate, construct, equip, and
operate a railroad of standard gauge, commencing at the most practical
point on the Norfolk and Western railway, in either the county of Giles
or Pulaski, or of Montgomery, or city of Radford, as may be decided
upon by the stockholders of the said company, and running thence along
the most practical line to a point at or near where New river crosses the
boundary line between the States of Virginia and West Virginia. Said
company shall have power to locate, construct, equip, and operate any
branch or lateral line from its main line, of standard or narrow gauge
from its main line, not to exceed twenty-five miles in length, and such
tram tracks as may be required for its mining purposes.

2. Said company shall have perpetual succession and a common seal,
which it may renew or alter at will, may sue and be sued, plead and be
impleaded, contract and be contracted with, and adopt by-laws, rules,
and regulations for the government of its officers and employees, not in-
consistent with the laws of the United States or the State of Virginia, and
shall be subject to the general laws of Virginia governing incorporated
companies, except as the same are not in conflict with this act.

3. The said company may receive subscriptions to its capital stock in
land, property, material, equipment, minerals, mines, labor, and so
forth, at such valuation and upon such terms as its board of directors
and such subscribers to its capital stock may agree, and may also accept
and receive any of the same as donations; it may also receive subscrip-
tions to its capital stock from associations, companies, or corporations,
and from any county, city, or town from, through, or to which said rail-
road may be constructed, subject to the provisions of the laws of Virginia
as applicable to such subscriptions.

4, The said company shall have power to borrow money, to issue pre-
ferred stock, and to sell its bonds, from time to time, in such manner
and upon such terms as its board of directors may think proper and neces-
sary in the prosecution of its work, and to secure the payment of the said
loans or bonds, the said company may create one or more mortgages or
deeds of trust on the whole or any part of its property, chartered rights,
and franchises.

5. The said company shall have the right to mine and dig for coal,
iron ores, and other minerals and metals, and remove and sell the same,
and may cut and remove any timber on any of the lands to which it may
become legally entitled, and by and with the consent of the stockholders
may sell or lease any of its said lands.

6. The said company is authorized and empowered to acquire, by con-
demnation, according to the laws of Virginia, the land required for the
right of way for its railroad and lateral branches thereof, and for all sid-
ings, turnouts, depots, and all other necessary purposes of said railroad ;
to cross at surface grade over or under any railroad now built or uncon-
structed, or that may hereafter be built or constructed, subject to the pro-
visions of the general laws of the State, and may consolidate or connect
with any line of railroad now constructed, or that may hereafter be con-
structed, in the counties of Giles, Montgomery, Craig, or Pulaski.

7. The said New River and Northern Railroad Company may operate
its railroad with either steam, electric, or other motive power as its stock-
holders may elect. |

8. For the purpose of organizing the said company the persons herein
named as corporators, or any three of them, may receive subscriptions to
the capital stock of the said company at any time or place without adver-
tising; and when the sum of five thousand dollars shall have been sub-
scribed, they, or any five of them, shall convene the stockholders and or-
ganize the company, and certify the organization upon the books of the
company, and such certificate, or copy thereof, duly authenticated by a
notary public, shall be received as evidence of legal organization of the
said company.

9. The said company shall commence the construction of its said rail-
road at any point it may select between the terminal points mentioned
within two years from the first of April, nineteen hundred and two, and
shall complete the same within five years from the said date.

10. All taxes due the Commonwealth by the said company shall be
paid in lawful money of the United States, and not in coupons.

11. The capital stock of the said company shall be not less than twenty-
five thousand dollars, divided into shares of fifty dollars each, and may,
from time to time, be increased by the board of directors, with the con-
sent of the stockholders, to any amount, not to exceed: one hundred thou-
sand dollars. Each subscriber to the capital stock of the said company
shall, in any meeting of stockholders, have one vote for each share of
stock so subscribed.

12. The said company shall be subject to all laws and regulations gov-
ering common carriers in this State.

13. The principal and general offices of the company shall be in Vir-
ginia.

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