Chap. 148.—An AOT to incorporate the Mount Pony granite and
railway company.

Approved May 6, 1887.

1. Beit enacted by the general assembly of Virginia, That
A. W. Harman, W. A. Chesterman, A. W. Harman, Junior,
William Nalle, and A. W. D. Green, and such other persons
as may now or hereafter be associated with them and accept
the provisions of this act, be and they are hereby incorporated
and made a body politic and corporate under the name and
style of the Mount Pony granite and railway company, and
by that name shall be known in law, and shall have per petual
Bpuccession, and have power to sue and be sued, plead and be
impleaded, defend and be defended in all courts, whether in
law or equity, and may make and a common seal, and alter
or renew the same at pleasure, and shall have, enjoy, and
exercise all the rights, powers, and privileges pertaining to
corporate bodies and necessary for the purposes of this act,
and makc by-laws, rules, and regulations consistent with
existing laws of the State for the government of all under its
authority, the management of its ‘estates and propertics, and
the due and orderly ‘conduct of its affairs; and said company
shall have power to locate, construct, operate, and maintain
a railroad of standard gauve or narrow gauge, or a tramway,
as said company may elect, to commence atl some point on
the Virginia Midland railway between Mitchell’s station, in
Culpeper county, and Brandy station, in the same county,
and run thence by the most practicable route to some point
within two miles of the summit of Mount Pony, in said
county, and shall have power to acquire, own, operate, or
lease any quarrics or mines in said county of Culpeper.

2. The capital stock of said company shall not be less than
five thousand nor more than two hundred thousand dollars,
to be divided into shares of fifty dallars each.

3. The persons named in this act or such of them as may
accept its provisions and participate in the organization of
the company, shall constitute the firat board of directors of
said company, and shall continue in office until the first
meeting of the stockholders thereof. At such first meeting
and at every annual meeting, s0 many directors and such
officers shall be elected as may be hereafter prescribed by the
by-laws and regulations of said company.

4. Subscriptions to the capital stock of said company may
be made by persons or corporations in money, credit, labor,
machinery, or land: provided that said company shall not
own more than five thousand acres of land in any one county.
And said company sball also have power to build branch
roads or tramways to any lands, quarries, or mines which it
may acquire, own, or lease in the county of Culpeper.

5). Said company may merge and consolidate with, lease,
or be leased by any connecting railroad or line of railroad, or
any part thereof in this State: provided however, that no
such merger, consolidation, or lease shall be entered into,
take effect, or prevail until it is so authorized and the term
thercof determined by a vote of the holders of at least two-
thirds of the capital stock of said company hereby incorpo-
rated and declared: and provided further, that should this
company ever consolidate with a foreign corporation accord-
ing to the provisions of this seetion, the consolidated com-
pany shall always remain a Virginia corporation in regard to
the right of suing and being sued.

6. Said company shall have power to borrow money to an
amount not excecding two hundred thousand dollars, and to
issue for any loans, ‘Uebentures, or bonds ot the company,
registered or coupon, bearing interest at such rate per annum
not to exceed six per centum as the company may determine.
Said debentures, principal, and interest may be secured by
mortgages or deeds of trust on the whole or any part cf its
property, real, personal, and mixed, its charter rights, fran-
chises, and income, and such mortgages or deeds of trust may
be recorded in any county of this State in which the prop-
erty 80 mortgaged or conveyed may be situated; ana the

tax for recording such obligations shall be assessed and paid
upon the amount of bonds or oblivations RiecrEY a thereby,
actually sold or hypothecated during the year ending on the
first day of February of each year, and no other t tax shall be
demanded or paid upon such mortgage or deed of trust.
7. The board of directors shall appoint one of their number

resident, and may fill any vacancy which may occur in said
board, unless by removal, in which case the same shall be
filled by the stockholders in general meeting. Whenever the
minimum amount of capital stock berein named shall bave
been subscribed and the board of directors shall have elected
a president, said company shall be considered legally orga-
nized and may proceed to the transaction of business, A
majority of the board of dircctors shall constitute a quorum
for the transaction of its business and the exercise of its
powers as such, unless this provision shall be changed by the

y-laws or regulations of the company which it is hereby
authorized to do.
8. The board of directors may establish offices and agencies
at such places as they may deem proper, but the principal
office of the company shall be located at the town of Cul-

eper, Virginia, and the date of the general annual mecting
shall be fixed by said board.

9. The stockholders in said company shall never be liable
or made responsible for its debts and liabilities in a larger or
further sum than the amount of stock subscribed for by said
stockholders respectively.

10. The said company shall have power to cross at grade,
over or undor, intersect, join, or unite its railroad (if a rail-
road and not a tramway shall be constructed) with any other
railroad now built or constructed, or hereafter to be built or
constructed within this State, at any point on its route, and
upon the grounds of such railroad company, with the neces-
sary turn-outs, sideways, and switches, and other conve-
niences in furtherance of the object of its connection, and
said company may acquire lands tor the purposes of right of
way and for the erection of necessary buildings for stations
and depots, and to this end may condemn and purchase in
accordance with the laws of Virginia, land for its roadway,
depot, and stations.

11. Said company shall be required to commence the con-
struction of the main road herein provided for, within two
years from the passage of this act, and to complete the same
within ecight years thereafter, otherwise the powers, privi-
legwes, and franchises hereby granted shall be ipso facto void.

12. All debts, dues. and demands to the State of Virginia
from said company shall be paid in current money and not in
coupons, and this act shall be subject to repeal, amendment,
or modification at the pleasure of the general assembly.

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