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 | 1885/1886 |
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Law Number | 291 |
Subjects |
Law Body
CHAP. 291.—An ACT to incorporate the Henry and Roanoke railway
company.
Apvroved March 1. 1886.
1. Be it enacted by the general assembly of Virginia, That
John L. Hurt, D. W. Spencer, H. C. Lester, P. H. Hoge, H.
G. Peters, John D. Spencer, G. W. B. Hale; Henry S. Trout,
John R. Brown and John E. Penn, or such of them as may
accept the provisions of this act, and such persons or corpora-
tors as may become associated with them in the manner herein-
after provided, shall be and they are hereby made a body politic
and corporate, by the name of the Henry and Roanoke railway
company, and by that name shall have all the powers, rights
and franchises necessary and proper to locate, construct, equip
and maintain a standard or narrow gauge railroad (as said cor-
porators shall deem best); said railroad to begin at or near the
town of Martinsville, and to run thence through the county of
Henry, through the county of Franklin, via Rocky Mount, or
as near said town as said company may determine upon, con-
necting with the Norfolk and Western railroad at or near the
city of Roanoke: provided, that it shall seem proper they are
hereby empowered to extend the construction of said road from
Martinsville, in the county of Henry, to some point on the
North Carolina line between the counties of Patrick and Pitt-
sylvania.
2. The capital stock of said company shall not be more than
two millions dollars, to be divided into shares of not more than
two hundred and fifty dollars each, nor less than fifty dollars
each; and said company may be fully organized whenever a
sufficient amount of said stock has been taken to justify, in the
opinion of any five or more of the corporators, the commence-
ment of said work; and thereupon said company shall have
and exercise all the general powers, privileges and functions of
a corporation, and be subject to all the restrictions imposed by
the laws, applicable to railroads, except so far as the same may
be changed or modified by this act.
3. The capital of said company may be increased, from time
to time, by the board of directors, by and with the consent of
a majority of the stockholders, to such an amount as they may
deem best for the interests of the company, not exceeding the
amount of maximum stock prescribed by this act; and the
board of directors, by and with the consent of a majority of its
stockholders, shall have ‘power to issue bonds, bearing interest
not exceeding six per centum per ‘annum, payable, principal
and interest, at such times and places, and in such manner, as
may be deemed most advantageous to said company, and may
secure the same by one or more mortgages on the road, fran-
chises, income and the real and personal estate of the company,
or on such part thereof as may be designated in said mortgage
or mortgages.
4. It shall be lawful for any three of said incorporators to
open books of subscription to the capital stock of said com-
pany in the city of Roanoke, town of Martinsville, and at such
other points as a majority of said incorporators may designate;
and it shall be lawful to receive subscriptions for the construc-
tion of said road in money, land, labor or material—such as
timber, stone, lumber or other supplies required in the con-
struction of railroads.
5. It shall be lawful for the said railroad company to receive
subscriptions to its capital stock from any connecting railroad
company, or from any mining or manufecturing company, or
from any county, city or incorporated town in Virginia, that
may be interested in its construction; and such subscription by
a county to be made in the manner, and subjcct to the restric-
tions, prescribed. by the general laws of the state.
6. Said company shall have the power to cross at, above or
below grade, or connect with any line of railroad now con-
structed or that may hereafter be constructed, in the state of
Virginia, and to consolidate the franchises, right and property
with those of any other company now constructed or that may
hereafter be constructed in the states of Virginia and North
Carolina, or may acquire by lease or purchase any line of rail-
road now constructed or which may be constructed in the state
of Virginia or North Carolina, and for the carrying out of the
purposes and provisions of this section power is hereby given
to every such company or companies incorporated by this state
to make such contracts as may be necessary, provided it shall
not consolidate with, lease or be leased by a parallel or com-
peting line, and provided further if it shall consolidate with a
foreign corporation the consolidated company shall always re-
main a Virginia corporation as regards the right of sueing and
being sued where the cause of action arises in the state of
Virginia.
7. The said company may have power to acquire and own,
for twenty years from the completion of said road, or lease any
quarries, mines, coal-beds, lumber-yards, or furnaces, in any
of the counties through which its roads may pass, or in any
adjoining county: provided that not more than twenty thou-
sand acres of land shall be so held*or owned in any one of said
counties. |
8. The said railroad shall be commenced within two years
and be completed within six years from the passage of this
act.
9. The said company, by the acceptance of this charter,
hereby agrees to pay all taxes, dues, and demands due the
state, that may hereafter be assessed against it, in lawful money
of the United States and not in coupons.
10. This act shall be at all times subject to repeal, amend-
ment, or modification at the pleasure of the general assembly.
11. This act shall be in force from its passage.