Chap. 147.—An ACT to incorporate the Indian creek and Pound river railroad
company.

Approved February 14, 1901.

1. Be it enacted by the general assembly of Virginia, That George
Stephens, William J. Stephens, L. R. Collins, Frank Collins, and Robert
W. Playford, or such of them as may accept the provisions of this act,
their associates, successors, and assigns be, and they are, hereby incor-
porated and made a body, politic and corporate, under the name and
style of the Indian creek and Pound river railroad company, and by
that name shall be known in law; and may sue and be sued, plead and
be impleaded, contract and be contracted with; shall have property suc-
cession, and may have a corporate seal, and alter and renew the same
at pleasure; and may make by-laws for the government of itself and
employees, not inconsistent with the laws of this commonwealth, and
in such by-laws may prescribe how such by-laws may be amended or
repealed.

2. It shall be lawful for the said Indian creck and Pound river rail-
road company to construct, operate, and maintain a line of railroad of
standard or narrow gauge, with single or double track, from some
point on, or in the vicinity of, Pound river, in Wise or Dickenson coun-
ties; thence by the most desirable and practical route through either or
both of said counties to a connection with either the road of the Nor-
folk and Western railway company or the Louisville and Nashville
railroad; and it shall have power to construct, equip, maintain, and
operate such branch roads as the board of directors may, from time to
time determine upon, running from points on its main line in any direc-
tion: provided, any such branch shall not exceed twenty miles in length.
The construction of said road may begin at either or both ends of said
road, or at any intermediate point.

3. The capital stock of the said company shall be not less than ten
thousand dollars nor more than twenty-five thousand dollars, and shall
be divided into shares of the par value of ten dollars each; and the
board of directors may dispose of same upon such terms and under
such conditions as they may determine; and the directors may receive
cash, labor, material, bonds, stocks, real or personal property, in the
payment of the subscription to the capital stock, at such valuation as
may be agreed upon between the directors and subscribers; and may
make subscriptions payable in such manner or amounts and at such
times as may be agreed upon with the subscribers.

4. No stockholder in said company shall ever be held liable for the
indebtedness of said company in a greater sum than may be due on stock
subscribed for, or purchased by him, at the agreed price therefor.

5. The board of directors shall be stockholders of said company, and
shall consist of such members as the stockholders may determine upon;
and shall be elected at the stockholders’ meeting, and shall continue in
oflice for the term of one year from the date of their election, and until
their successors are elected and accept the duties of the office. They
shall appoint one of their number president; and in case of the death,
resignation, or incapacity of any member of the board of directors
during his term of office, the said board shall elect his successor for
the unexpired term.

6. For the purpose of organizing said company, the persons first named
in this act shall constitute its board of directors, and shall serve until
the first meeting of the stockholders, and three or more thereof may act
and receive subscriptions to the capital stock at any time or place, and
when the sum of one thousand dollars is subscribed they shall convene
the stockholders and organize said company. At said meeting one of
their number shall preside, and they shall certify said organization on
the books of said company, and the said certificate or a copy thereof
duly authenticated by a notary public shall be received as evidence of
the legal organization of the said company. Said company, or its suc-
cessors, shall begin the work of constructing its road within two years,
and complete the same within five years from the passage of this act.

_ v. All taxes which may be assessed against said company shall be paid
in lawful money of the United States.

8. The principal office of this company shall be and remain in the
state of Virginia.

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