Chap. 574.—An ACT to incorporate Steel Ores Railway.
Approved April 2, 1902.

1. Be it enacted by the gencral assembly of Virginia, That Joseph H.
Everett, of New York city, New York; R. 8. 'Turk, R. E. R. Nelson, and
Henry W. Holt, of Staunton, Virginia, and I. W. Jackson, of Harris-
burg, Virginia, and their associates, successors, and assigns, be, and
they are hereby, constituted and declared a body politic and corporate
by the name and style of Steel Ores Railway, with all the rights and
privileges pertaining to corporations under the laws of this State.

2. The capital stock of said corporation shall be twenty-five thousand
dollars, divided into shares of one hundred dollars each, and said capital
stock may, from time to time, be increased by the board of directors to
an amount not exceeding five hundred thousand dollars: provided, that
before any such additional stock is issued a certified copy of the resolution
of the stockholders authorizing such increase shall be filed in the office of
the seerctary of the Commonwealth, together with a receipt from the au-
ditor of public accounts of this State, s “showing that the tax required by
law on legislative charters on the amount of atch increased capital has
been paid.

3. It shall be lawful for any county, city, town, or individual to sub-
scribe to the capital stock of said corporation, or any branch thereof, in
the manner the law prescribes.

4. The said Steel Ores Railway is hereby authorized, empowered, and
permitted to locate, construct, equip, and operate a railroad of such gauge
of track as the said corporation may deem best, with one or more tracks,
having for beginning any point it may sclect at or near Stuarts Draft,
near South mountain, in Augusta county; thence running in a generally
westerly or southerly direction by any route and to any point the directors
may select in Augusta, Nelson, or Rockbridge county; then from said
South mountain in a generally northerly direction by any route the said
corporation may seleet to the city of Staunton, in Augusta county, and
the said corporation is further authorized, empowered, “and permitted to
operate the said Steel Ores Railway with steam, electricity, or any other
mechanical power for the transportation of passengers, freight, baggage,
or mails, for fares or tolls; to establish and maintain on or near its line
one or more electric plants for the purpose of said railway, and to erect
and operate telegraph and telephone lines along its road, and to acquire
any property or rights necdful for the successful conduct of its business.
5. Subject to the general railroad law of this State, it shall be lawful
for the said Steel Ores Railway to cross at grade, over, or under any other
railroad now constructed or which shall be hereafter constructed within
this State; to construct lateral or branch lines not exceeding twenty
miles each in length, subject to the same limitations and restrictions as the
main line, and as to gauge of track, of such gauge as to the corporation
seems best. It may unite its roads with any other roads in this State or
that may hereafter be built; may enter the grounds of such railroads
with the necessary sidings, switches, turnouts, conveniences, and facili-
ties as will aid in the furtherance of the construction of the said railroad,
or facilitate the exchange of handling passengcrs and freight between
the said railroad and other railroads in this State, but in all cases in
which the said corporation shall subject the real estate of any other com-
pany to its use or acquire any of the same it shall be in the mode pre-
scribed by law.

6. The said Steel Ores Railway shall have power to issue and sell bonds
at such times and on such terms as the directors may deem expedient, or
to borrow money in such sums as they may deem necessary to carry on its
work ; and in order to secure the payment of its bonds or the repayment
of the money so borrowed, may create mortgages or deeds of trust on its
chartered rights, franchises, and property. And the said corporation
may receive, as subscriptions to its capital stock, any cash, labor, bonds,
or personal property that may be agreed upon between the said corpora-
tion and the subscribers, and may exchange its bonds for such property,
and such property may be chartered. rights and franchises; and it may
hold, sell, improve, or convey in such manner a: to the corporation mav
seem best any real estate so acquired: provided, that it shall not hold
real estate not needed for the purpose of the cerporation longer than a
period of thirty vears from the date of the grant to it of said lands.

7. Subject to the laws of this State, the said Steel Ores Railway may
consolidate, lease, purchase, and acquire the franchises, works, privileges,
and property of any other railroad company now existing in the State or
hereafter built, not a parallel or competing line, or it may consolidate
with, lease, purchase, and acquire the franchises, works, privileges, and
property of anv other railroad without this State whose lines will he
thereby made to connect with or be operated in connection with the rail-
way hereby authorized to be built, and any railroad company heretofore
incorporated in this State, the line of which connects with or will con-
nect with the railwav hereby incorporated and authorized to be con-
structed, or which lies along its route, and could be utilized as a part of
its line, or in lieu of such branch roads as this corporation may construct.
is hereby authorized to sell, to lease, convey its works, property, privileges,
and franchises to the Steel Ores Railway on such terms as the stock-
holders of the respective corporations shall agree: provided, that in such
consolidation, sale, or any other manner this vorporation shall never lose
its identity or cease to be a domestic corporation, subject to the jurisdic-
{ion of the courts and laws of this State.

8. The incorporators named in this act shall constitute the board of
directors for the first vear, and shall continue in office until their suc-
cessors shall be elected and qualified. They shall have the power and au-
thority of a president and board of directors for the purpose of organiza-
tion, and for all other purposes incident thereunto. They shall elect one
of their number president of the board, and may appoint such officers as
they may deem proper. They shall fill any vacancy that may occur in
the board or in the office of the president, and receive subscriptions to the
capital stock of the corporation; whenever two thousand dollars of the
stock shall have been subscribed, the board of directors shall proceed to
organize the corporation by the election of a president, secretary, and
such other officers and agents as may be required. The said corporation
shall be then considered legally organized, and shall have all the general
powers conferred upon corporations and chartered companies by the laws
of this State, and shall be subject to all the provisions thereof, except in
so far as the same are modified by or are inconsistent with this act.

9. The board of directors of this corporation is authorized at any
meeting, when the majority of the directors are present, if they deem it
advisable, to change the name of this corporation.

10. All taxes which may be assessed against said corporation shall be
paid in lawful money of the United States, and not in coupons.

11. The construction of the said road shall be begun within two years
from the passage of this act, and not less than four miles in length of its
main line shall be completed in this State within five years from the
passage of this act. And unless said corporation be organized by the ap-
pointment of a president and directors within two years from the passage
of this act, its corporate rights and privileges shall cease.

12. The principal and general office shall be ir. Virginia.

13. This act shall be in foree from its passage.