An Act to amend and reenact § 46.1-299, as amended, of the Code of Virginia, relating to devices signalling intention to turn or stop and rules therefor.
Volume 1968 Law 99
Volume | 1883/1884 |
---|---|
Law Number | 497 |
Subjects |
Law Body
Chap. 497.—An ACT toamend an act entitled an act to incorporate the
Virginia Mineral Railway Company, approved March 6, 1880.
Approved March 17, 1884. y
1. Be it enacted by the general assembly of Virginia, That
an act entitled an act to incorporate the Virginia Mineral
railway company, approved March sixth, eightecn hundred
and cighty, be amended and re-enacted soas to read as fol-
lows:
§1. That 8S. S. Clayton, James E. Tyson, James EH. Clay-
ton, James A. Walker, Albert Fairfax, and John S. Draper,
or any four of them or their associates and successors, be and
they are hereby constituted and made a body corporate and
politic, by the name and style of the Virginia Mineral Rail-
way Company, and by that name shall have perpetual suc-
ecssion, and have all the rights, powers, and privileges con-
ferred herein, and be subject to all the provisions of the
general law in regard to chartered companies and incorpora-
tions as expressed in the Code of Virginia, so far as the same
may be applicable to, and are not inconsistent with the pro-
visions of this act.
§2. That the intent and purpose of this corporation is to
construct, equip, maintain, and operate a railroad or rail-
roads, from a point west of the New river bridge, on the
Norfolk and Western railroad, through the counties of
Pulaski, Wythe, Carroll, Floyd, Grayson, Smyth, or Wash-
ington, to the North Carolina or Tennessee state line, and to
carry on a general mining, transporting, and manufacturing
of iron or other ores or minerals, with the privilege to make
or assist other joint stock companies or corporations, associa-
tions, in building roads, tramways, or branch roads to inter-
sect their main line or the Norfolk and Western railroad,
or any of its branches, and for the purposes and carry-
ing out of this act, the said corporation may survey and run
such routes as they may deem most practicable, and shall
have power and authority to appropriate and occupy so much
land as may be necessary for the construction of said) rail-
road and branches alone the route thereof, for the width of
one hundred feet, and as much additional land as may be
necessary for the other purposes of the company, subject,
however, to the valuation and appraisement of value to be
determined as provided for by the statute governing the
condemnation of land.
$3. The capital stock of said company shall not be less
than one hundred thousand dollars, which may be increased
from time to time as a majority of the directors deem best,
but shall net exceed tive millions of dollars, divided into such
number of shares of such par value as may be deemed best
for the interest of the corporation, and for which payment
may be received in cash, land, timber, labor, services, or any
real or personal estate, and that the stock or shareholders
shall only be hable to the amount which may be due on any
share or shares held by them respectively, and the holders of
a full paid share or shares shall be exempt from all liability
whatever, and for the purpose of obtaining subscriptions to
said stock, any three of the persons named in the foregoing
section may open books of subscription, at such times and
places as they may appoint, and whenever fifty thousand
dollars shall have been subseribed, the subscribers thereto
can proceed to elect a board of directors and other necessary
officers, and the directors shall have power to make and
adopt such by-laws for the government and management of
the corporation as may be necessary to carry out the pur-
poses of this act.
§4. The board of directors, or a majority of them, shall
have power to issue bonds in sums of one hundred dollars or
any multiple thereof, and to sell the bonds, from time to
time, for such price, and upon such terms as its directors may
deem expedient, in the prosecution of any of its works, and
to secure the payment of said bonds by mortgage or mort-
gages upon the road, franchise, income, or any part or parts
of its property, and it shall be lawful for said company to
guarantee the payment of bonds or other obligations of
any chartered or incorporated company which it may con-
nect with, or acquire by subscription or otherwise, and said
company shall have power to unite, consolidate, or connect
its railroad or branches with any other line of railroad con-
structed. or which may be constructed in the state of Vir
ginia or North Carolina, upon such terms as may be agreed
upon by the companies so uniting, connecting, or consolida-
ting, and for that purpose full power is hereby given to said
company, to make and exccute such contracts with any other
company as will secure the objects of such connection by
purchase, lease, or otherwise.
§5. This act shall be in force from and after its passage.