The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-01-24
To
CA.R|TE !.
Clinch6eld Corporation Dlsaf-
firms Contract Made byffEs
II Directors. si
THEY ELECT A NEW BOARD.
Judge Price Sustait,s the Charge
Y Against Soutl, and Western
81 Forfeitillg Charter. 5l.
81 y 49,. y. &. sgi t{if
y I(special rs me = Im o. Dispatoh.)

N Especial to The r imes- Dispatch.
S8 BRISr @ L. Il EN u j at,r 20. Ihe stocks
holders Of the Clinehheld Corporation, a.
company largely Interested In mining
properties, 4 III \ Southwest Virginia, and
holding stock In the South aud western
Railway. Held o meeting In Bristol to-
day to consider an attempted transfer Of
the corporation virgii'a properties 7 to 70
George L. Carter z for about a 500 900
cash. The stockholders BY am almost
unanimous vote passed the resolutions
,disafflrn1ing the contract with MIR. Cara
ter The stockholders under the power
given q them by the yirglnia Corporation
law also removed nll tho directors Of the
jc,llnchncld Corporation except George ~:
Carter. They also removed MI the Of
lflcers OF the clinchheld Corporation, In
president, ana elected six new members
Of the Board Of Directors. Charles NJ:
tAllalrc OF New York; is olcct ted as the
new president OF tho corporhtiorl, anu
Charles r.. Fink, or Il Baltimore, .is the
new secretary. .i5J t$5S II n h IL fifsi
u Tho meeting also pissed o resolution
ilnstructing the new board and officers j to
irepossess themselves Of tho property Of
tho Clinchaeld n Corpo ratlon which had
been delivered overt Mr.. Carter on Jan 4
9uury 9th and also instructlng the board
to 5appear31l the present suit before Judge
Golf, 3of the Fodernl Court In Nv est Yir-s
8gir,ia and take oil necessary measure tot
set aside tho contract which the @corpor-
alton had attempted to make Wit ~ Mr. y
Cart M Id XVI
4 d This actor, 81 the corporation no doubt
n cans q stubborn ega1 battle In the
courts as \ Mr.. Carter I'LL endeayor r to
hold Ill Sthe properties In his own n ut
as per- his deal with tho old dill tors OF
tho corporation stimuli tan eously VI tn the
foregoing and closely related TO
Judge ] John wv. Price, OF the Bristol list
Virginia Corporation Coisrt, has Just De- e.
iyered his opinion II te case %, o. tae
I Cominonwcal til OF Virg MA at the reintlon
Or G. d. Flanary and theirs Vs. the south
and western Raj way III Comp " 'I ms,
case has attracted wide attenti 3si. ],
the proceedings was In the nature {,
a writ Of quo wnrl'anto against the south
ana western Tstl ilway Com an q when w
George II Carter IS idei1t, at a aa
tho validity OF that compnny,sgo har9t ~
81 the ground that q t. had forteltetd tits
sriehts ~ failure to comply wi th o. pro-
vision IN the charter req lring y & to have
IN operatlon at least thirty miles Of ROAD
In Virginia. before the "a day Or &1 4 prsll l
1900. . . Il =. rs !, n. ~
a THE defendant cdtnpanY5 admitted that
1T did not have thirty miles Of road y
opera IN. lt4
forfeiture provision in It's charts w was s :
not self-executing and that by virtue !, .ol
an extension granted BY the Corporation ~ ~
Commission, the corporation still exist ,s' ed
as d railroad compa the State 81 g
Virginia ~ , I,
rho substance az the court s eclsior ,is
ltbat the forfeiture prov sion sis not self
1execrting, but that the fai lure TO comply !
With the provision cons ituted al, accrue d
cause Of forfeiture which the Corporal t. ION
Commission had no pow TO remit IN Y e
ground 5of this ruling IL that the Leg isa,-
ture alone has the right to- remit forleit-
ures Of corporate franchises. a Judgment 7.
vas ccordlngy entered against the south
ana w est ern Railway Company. DC claring
3its corporate franchise orfelted olsstlng
II from ali rights, priyile ges and powers
as q corporation in5the State OF 3Virgln \!
and directing that It's affairs be finally NY
wound in as required by law. ..1@
me written opinion Of Judge tr .H,
bears Ri evidence 81 II eli Vi Iteration -
and res earcl,. If tliis decision should &c
allowed to stand !, It would crush Mr. Car ar
ter's plan to construct a raj WAY from s "
Virginia coal fields to O South g. tlanto