Chap. 336.—An ACT to incorporate the Petersburg and North Carolina
railroad company.

Approved April 4, 1877,

1. Be it enacted by the general assembly, That W. KB. Hin-
ton, R. B. Davis, R. P. Barham, Robert B. Bolling, Robert
Jones, Senior, Alexander Donnan, Ed. S. Stith, W. E. Hin-
ton, Junior, of the city of Petersburg; E.,C. Powell, C. J.
Cabniss, Henry Cousins, of the county of Dinwiddie; Doctor
T. J. Taylor, D. F. Hicks, D. M. Bernard, Junior, and W. E.
Broadnax, of the county of Brunswick; W. W. Townes, E.
K. Harris, Thomas F. Goode, of the county of Mecklenburg;
their associates and sucucssors, be and they are hereby incor-
porated, and made a body politic and corporate, under the
name and designation of The Petersburg and North Carolina
Railroad Company; for the purpose of building, equipping,
and operating a railroad from Petersburg, through Dinwid-
die, Brunswick, Mecklenburg (near Boydton), crossing the
Roanoke river, to the North Carolina line.

2. That the capital stock of the said company shall not be
less than ten thousand dollars, nor more than three millions
of dollars, in shares of one hundred dollars each, and may be
increased from time to time by the stockholders, in general
meeting, to an amount not exceeding five millions of dollars
in the aggregate. Each subscription shall be binding upon
the party, from the time of signing his name, without ma-
king any cash payment; and the instalments, as called for by
the board of directors, may be recoverable at law.

3. The corporators herein named shall assemble in Peters-
burg, upon the call of the first five named corporators, or a
majority of the same, to organize the company under this
act, to elect a president, whose term of office shall be one
year, and a board of seven directors, whose term of office
shall be one year. Subsequent elections of president shall be
made by the board of directdérs, and of the board of direc-
tors, by the stockholders, and for the transaction of all bu-
siness which should pertain to a regular meeting of stock-
holders. Any vacancy during the term of office of the pre-
sident or directors, shall be filled by the board of directors.
The president and directors shall designate the gauge of the
railroad, but such gauge shall not exceed three feet.
4. The board of directors shall fix a maximum amount of
stock to be subscribed for by any individual or ccmpany.

d. Subscriptions to the capital stock of the company may
be made in Jands, money or railroad material; and the com-
pany shall have authority to acquire lands, by purchase, not
exceeding three hundred thousand acres: provided that at
the expiration of ten years, said company shall not hold more
Jund than necessary for road bed, depots, and so forth.

6. The hustings court of the city of Petersburg, and the
county courts of the respective counties through or near to
which the line of this road shall pass, shall, on application of
the board of directors, submit to the voters of the said city
and counties, respectively, the question of a subscription to
the capital stock of the company, specifying the amount.

7. The company shall have power to construct a branch
road from any point en its line to Lunenburg courthouse.

8. The stockholders, in general meeting, may authorize the
board of directors to borrow moncy, from time to time, to
an amount sufficient to enable them to complete its road and
such branches as it may make; to give one or more mortga-
ges to secure the: payment of the same: provided the bonds
of the company issued for the payment of such loans shall
not bear more than ten per centum intcrest, payable semi-
annually.

9. This company shall be subject to the general law in re-
gard to railroad companies, cxcept as otherwise provided in
this charter. The road shall be commenced within two years
and be completed within three years from the passage of this
act.

10. The principal office, and the principal work-shops of
the company, shall be established in the city of Petersburg:
provided however, that it may be lawtul to run its road to
some point on the James river, and that the county or coun-
ties through which it sball run shall enjoy thé same privi-
leges of subscribing to the capital stock in the modes here-
tofore set forth in this act.

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