Railroad v. Knoxville

Powell’s Valley Railway Company was chartered under the laws of this State, July 22, 1886, for the purpose of constructing- a railway from Knoxville to Cumberland Gap. No amount of capital stock was prescribed in the charter, but the corporation was, by the charter, authorized to “fix upon the amount of capital to be invested in the enterprise, ’ ’ by and through its ‘1 by-laws, ” to be thereafter adopted. In pursuance of that authority, the company was capitalized at 11,000,000 of common stock, in shares of $100 each, August 6, 1886. The name of the company was changed to “Powell’s Valley…