Chap. 101.—An ACT to amend and re-enact section 3 of an act ap
proved February 28, 1867, entitled an act to incorporate the Shen-
andoah Valley railroad company, and to issue preferred stock and
convertible bonds under any plan of reorganization thereof,

Approved May 2, 187.

1. Be it enacted by the general nssembly of Virginia, That
section three of an act entitled an act to imcorporate the
Shenandoah Valley railroad company, and passed February
twenty-third, cighteen hundred and sixty-seven, be amended
and re-enacted so as to read as follows:

§ 3. If the capital stock of said company shall be deemed
insufficient for the purposes of this act, it shall and may be
lawful for the directors or a majority of them from time to
time to increase the same by the addition of so many shares
as they may deem necessary, for which they may at their
discretion cause subscriptions to be received, in such manner
as may be prescribed by them, or may sell the same tor the
benetit of the said company; and the said directors or a ma-
jority of them shall, by and with the consent of the stock-
holders in general mecting assembled, have power to borrow
money for the purposes of the road, and to issue certificates
therefor, and to pledge the franchises and all the property of
the company by mortgage or by deed of trust. or otherwise, for
the payment of the same and the interest that may accrue
thereon. And the said Shenandoah Valley railroad company
or the purchasers of the railroad of said) company under
foreclosure, Whenever they shall have constituted and named
themselves a railroad corporation under the laws of this
State, may issue and create, in addition to the stock already
ereated by said company, preterred stock, in shares of one
hundred dollars each, to an amount not exceeding six million
dollars, tor the purpese of retiring, adjusting, or paying the
mortgage bonds and other indebtedness of the company, or
for the purpose of carrying into effect any phiun for the re-
ore@anization of sald company or the organization of its suc-
eessor company. That said preferred stock shall have co-or-
dinate or equal voting power with the common stock, but
may be preterred to the common stock as to dividends, at
such arate and may have such other preferences. and may
be divided into such classes and be issued for such purposes
as may be prescribed by the terms of any agreement for the
reorganization of said company; such stock in other respects
to be created according to the provisions of sections forty-
four and forty-five of chapter sixty-one of the Code of Vir-
ginia. That tor the purpose of carrying into effect any plan
tor the reorganization of said company. or the organization
of its successor company, bonds may be issued and a deed or
deeds of trust of the property and tranchises of the company
created to secure the same on the terms and for the purpose
prescribed by such plan. and sach bonds may provide tor the
right on the part of the bondholder, or on the part of the
company to convert the same into stock of the cCOMpPAaAny as
may be agreed upon by such plan: provided that it shall be
subject to amendment, modification, or repeal at the pleasure
of the general assembly of Virginia; and should this corpo-
ration avail itself of the provisions of this act, it is agreed
that it will always pay its taxes in lawful money of the
United States, and not in coupons,
2. This act shall be in force trom its passage.