Chap. 181.—An ACT to incorporate the Virginia Construction
Company.
Approved February 20, 1886.

1. Be it enacted by the general assembly of Virginia, That
James B. Pace, T. C. Leake, Jr., Edward D. Christian, Thomas
C. Williams, and James T. Gray, their associates, assigns and
successors, are hereby incorporated and constituted a bodv
politic and corporate of this state.

2. That said company is hereby authorized and empowered
to construct, improve and equip railroads, bridges, tunnels,
docks, piers, wharves, basins, warehouses, elevators, cotton
compresses, stock-yards, slaughter-houses, wood-shops, de-
pots, section-houses, and all other structures proper to the use
and operation of railroads: provided, however, that it shall not
have the right to condemn land or material, or to operate a
railroad, except during the period of its construction.

3. The powers herein granted are hereby extended to said
company in the states of Tennessee, Mississippi and Alabama.

4. The said company may commence operations as soon as
one hundred thousand dollars of capital stock may have been
subscribed for, and certificates therefor in shares of one hun-
dred dollars each issued under such regulations as the board of
directors may subscribe; which capital stock may from time to
time be increased by the board of directors to an amount not
exceeding five hundred thousand doilars, without the unani-
mous consent of the stockholders in general meeting, and with
such consent the capital stock may be increased to two million
five hundred thousand dollars.
5. The said company shall have the power to. borrow money
and secure the same by mortgage on its franchises and prop-
erty. ,; °

6. Said company shall have all the general powers conferred
upon chartered companies by chapter fifty-seven of the Code
of Virginia of eighteen hundred and seventy-three, and shall
be subject to all its provisions, except as far as the same are
modified by or inconsistent with this act.

7. The five corporators named in the first section of this act
shall constitute the board of directors for the first year; one ot
whom shall be chosen by them as president of the board and
of the company, but the board of directors may at any time fill
a vacancy in its own body or in the office of president, whether
such vacancy occur by death, resignation or otherwise.

8. The board of directors may meet as soon as practicable
after the passage of this act, and if at such meeting the mini-
mum capital stock of one hundred thousand dollars shall be
subscribed, the company shall thereupon be deemed organized
and the board shall proceed to adopt by-laws for the conduct
of the company; shall appoint such officers as may be neces-
sary; and take such further action as the interests of the com-
pany require. The by-laws shall prescribe the time and place
of stockholders’ meetings, as well as the notice of holding such
meetings, and the manner of serving the same. But the by-
laws may at any time be changed by the board of directors.

g. This charter shall be subject to amendment or repeal at
any time by the general assembly; and all taxes, dues or de-
mands, due or to become due by this company to the state of
Virginia, shall be paid in lawful currency of the United States,
and not .n coupons.

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