Chap. 689.—An ACT to authorize an increase of the capital stock of Virginia
Carolina Railway Company, to authorize said company to acquire, hold, o
guarantee the stocks and bonds, or either, of other corporations; to authorize
aun extension of its main line, and to build lateral branches; to issue bonds ax
secure same by deed or deeds of trust, mortgage or mortgages; to repeal sec
tion 4 of the act entitled “an act to incorporate the Abingdon Coal and Irca
Railroad Company,” approved April 11, 1887, and to amend and re-enact the
act entitled “an act to authorize the Virginia-Curolina Railway Company to
sell or lease its railroad and franchises to, and to consolidate or merge its stock,
railroad property, and franchises with, any other railroad company operating.
or authorized to operate, a connecting line of railroad, and to lease from anj

such railroad company its property, rights, and franchises,” approved Mareh

7, 1900.
Approved April 2, 1902.

1. Be it enacted by the general assembly of Virginia, That the capita
stock of Virginia-Carolina Railway Company may, from time to time, be
increased to the amount of one million dollars by a vote of a majority in
interest of its stockholders when it shall have lodged in the office of the
secretary of the Commonwealth of Virginia a certified copy of the resolt-
tion authorizing such increase, and shall have paid into the treasurv of
the State the tax upon such increase as required by law. Subscriptions
to such increase in the capital stock of said company may, from time to
time, be taken and received by the board: of directors of said company ir
such amounts as they may determine, with or without public notice as
they may deem best, and may be payable in money, land, labor, services.
material, rights, or other property, or in the cepital stock or bonds of
other corporations, upon such terms and conditions as may be agreed upon
between said company and the subscribers.

2. That said Virginia-Carolina Railway Company may, from time io
time, issue bonds in the usual form of such securities to an amount nct
excceding thirty thousand dollars per mile of its line of road now or
hereafter constructed, including lateral branches, and may secure the
payment of the principal and interest of same by deed or decds of trust,
mortgage or mortgages, upon all its property, rights, and franchises now
owned or hereafter acquired by it, including its superstructure and equip-
ment, and all other property of whatsoever kind.

3. That said Virginia-Carolina Railway Company may, from time to
time, purchase, own, and hold the bonds or other evidences of debt and
the shares of capital stock of any corporation or corporations organized
under the laws of this or anv other State, and may, from time to time.
guarantee or assume the bonds, evidences of indebtedness, or capital stock
of any such corporation or corporations, and may lawfully receive the
guarantee and assumpsit of its bonds, evidences of indebtedness, or capital
stock by any such corporation or corporations.

4. That said Vi irginia-Carolina Railway Company may, from time te
time, extend its main line of road from Damascus, Virginia, or from anv
other point on said line, through the counties of Washington, Smyth.
Grayson, and Carroll, or either of them, to the Tennessee or North Caro-
lina State line, or to reach the mineral and timber lands in said coun-
ties, or to connect with any other line or lines of road at such point or
points as may be deemed most advantageous ; and may, from time to
time, construct and operate branch roads, not to exceed twenty-five miles
in length, the construction of said extension and branch road or roads to
be commenced within five years and completed within ten years from this
date.

5. That section four of the act entitled an act to incorporate the
Abingdon Coal and Iron Railroad Company, approved April eleventh,
eighteen hundred and eighty-seven, be, and the same is hereby, repealed.

6. That the act entitled an act to authorize Virginia-Carolina Rail-
way Company to sell or lease its railroad and franchises to, and to con-
solidate or merge its stock, railroad property, and franchises with anv
other railroad company operating or authorized to operate a connecting
line of railroad, and to lease from any such railroad its property, rights,
and franchises, approved March seventh, nineteen hundred, be amended
and re-enacted so as to read as follows:

The Virginia-Carolina Railway Company, with the authority and ap-
proval of stockholders owning together two-thirds in amount of its capi-
tal stock, may lease or sell its railroad property, rights, and franchises to
any other railroad or transportation company or companies now or herc-
after incorporated under the laws of this or any other State, and, with
like authority and approval, may consolidate or merge its stock, railroad
property, rights, and franchises with or into those of any such railroad or
transportation company or companics, and, with like authority or ap-
proval, may purchase or lease from any such railroad or transportation
company or companies its or their property, rights, and franchises, an«
purchase the stock of said company or companies, and merge or consoli-
date the same with or into its stock, property, rights, and franchises,
such lease, sale, purchase, consolidation, or merger to be made upon such
terms as may he agreed upon between the companies contracting; and for
that purpose power is hereby given the Virginia-Carolina Railway Com-
pany, and to such other company or companics, to make and carry out
such lease, sale, purchase, consolidation, or merger: provided, that in anv
consolidation or merger a copy of the agreement therefor shall be filed in
the office of the secretary of the Commonwealth of Virginia.

That all acts or parts of acts in conflict with this act are hereby re-
peated.

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