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 | 1887es |
---|---|
Law Number | 242 |
Subjects |
Law Body
Chap. 242.—An ACT to incorporate the Bland county railway com-
pany.
Approved May 16, 1887.
1, Beit enacted by the gencral assembly of Virginia, That
Martin Williams, D. W. Dunn, John Burton, Dunn B. New-
berry, James 8. Robinett, William M. McColgan, Henry B.
Hicks, John A. Davidson, H. C. Groseclose, Elias 'Foglesong,
William M. Bishop, J. Howe Thompson, or such of them as
may accept the provisions of this act, their associates, suc-
cessors, and assigns, be and they are her eby incorporated and
made a body politic and corporate, under the name and style
of the Bland county railway company, and by that name
shall be known in Jaw; and as such are authorized and em-
powered to locate, construct, equip, and operate a railroad,
commencing at such point at or near Pulaski city, in Pulaski
county, or at or near the line of the Norfolk and Western
railroad company, or of any branch thereof in cither of the
counties of Pulaski or Giles, running thence to Bland court-
house or to such other point in Bland county, by such route
as may be deemed most advisable by the directors of said
company.
2. The said company shall have perpetual succession, and
have power to sue and be sued, plead and be impleaded, de-
fend and be defended in all courts, whether in law or equity,
and make and have a common seal, and alter or renew the
same at pleasure; and shall have, possess, and enjoy all the
rights and privileges of a corporation or body politic in the
law, and necessary for the purposes of this act.
3. The capital stock of the said company shall not be less
than one hundred thousand dollars, and may from time to
time be increased to any amount not exceeding two million
dollars, by the issue and sale of shares, the par value which
shall not be less than fifty dollars, from time to time, under
such regulations as the board of directors of said company
shall from time to time prescribe, and the directors may re-
ceive cash, labor, material, real or personal property, in pay-
ment of subscriptions to the capital stock, at such valuation
as may be agrecd upon between the directors and the sub-
scribers, and may make such subscription payable in such
manner or amounts and at such times as may be agreed upon
with the subscribers.
4. It shall be lawful for said company to borrow money and
issue and sell its bonds, from time to time for such sum and
on sucn terms as its board of directors may deem expedient
and proper in the prosecution of any of its work; and may
secure the payment of the same by mortgages or deeds of trust
upon all or any portion of its property, real, personal, and
mixed, and its chartered rights and franchises, including its
franchise to be a corporation, and it may, as the business of
the company require, sell, lease, convey, and incumber the
same.
5. It shall be lawful for said company to subscribe to and
hold sbares in the capital stock of any mining, manufactur-
ing, or other corporation, and any mining, manufacturing, or
other corporation may lease or operate the road and pro-
perty of the said company, or guarantee or hold the stock or
bonds of the said company.
6. The said company is authorized and empowered to lo-
cate, construct, equip, and operate lateral or branch roads to
ore banks, mines, or other cperations in the counties of Bland,
Giles, or Pulaski, and to connect its said line with that of
any other railroad now or hereafter to be constructed in or
to any of said counties; and the said company may connect
or unite its said road with that of any other company, or
consolidate or merge its stock, property, and franchises with
those of any other company operating, or authorized to
operate, a connecting line of railroad, upon such terms as
may be agreed upon between the companies so uniting or
connecting, merging, or consolidating; and tor that purpose
power is hereby given to it, and to such other company or
companies, tomake and carry out such contracts as will tucil-
itate and consummate such connection, merger, or consolida-
tion: provided that a copy of every such contract of consoli-
dation and merger shall be filed in the office of the board of
public works.
7. The said company ts authorized to purchase or acquire,
by lease or otherwise. and operate all or any part of the line
of any railroad that can be used as part of the main line, or
any branch of the railroad of the said company; and the
railroad so acquired by the said company shall, for all purposes
of this act, be and become a part of the line of the said com-
pany, and be extended or improved or operated as if the
sume had been located and constructed hereunder; and the
franchises, incident tothe line of railroad so acquired, shall
thereby become vested in said company, and the company
owning or operating such line of railroad is hereby autho-
rized and empowered to make and carry out such contracts
and execute such deed of conveyances as may be necessary
to vest in the said company the line of railroad 80 acquired,
with all the franchises incident thereto and necessary for its
extension, Improvement, and operation; and the line, loca-
tion, grades, and gauge of the railroad so acquired, may be
chanyved from time to time by said company, at such places
and in such manner as may be required to carry fully into
effect the purposes of this act.
8. The said company may acquire by condemnation, ac-
cording to the Jaws of Virginia, the lands required for the
rights of way of its railroad, and the necessary stations and
depots for its operation, and may connect or unite its rail-
road with that of any other railroad company.
9. The said company shall be required to commence the
construction of said railroad within two years from the pas-
sage of this act, and to complete the construction of its main
line within five years thereafter, otherwise the powers, privi-
leges, and franchises hereby granted shall be ipso facto void.
The said company may mine and ship ore and other minerals
from lands received by it in payment of subscriptions to its
‘pital stock, but such lands shall not be held or operated by
it for a period longer than twenty years.
10. The persons first named in this act, or such of them
as shall accept the provisions thereof, shall have the power
and authority of a president and board of directors for the
purposes of organization and for all other purposes. They
sball continue in office until their suecessors shall be elected
and qualified. Each stockholder in the company shall, at all
meetings or elections, be entitled to one vote for each share
of stock registered in his name.
11. The board of directors shall be stockholders of said
company. They shall appoint one of their number president,
and may fill any vacancy that may occur in said board, un-
less. by removal, in which case the same shall be filled by the
stockholders in general meeting. Whenever ten per centum
of the capital stock shall have been subscribed, and the board
of directors shall have elected a president, said company shall
be considered legally organized, and may proceed to the
transaction of business.
12. The board of directors may establish offices and agen-
cies at such places as they may deem proper, but the princi-
pal office of the company shall be located at some point
within the limits of the State of Virginia.
13. Whenever the corporation shall exercise any of the
privileges conferred by this act, it shall be liable to the same
tuxes as may be imposed by law upon other like corporations
or persons exercising like privileges, and all taxes due the
commonwealth by said company shall be paid in lawful
money of the United States, and not in coupons.
14. This act shall be in force from its passage, but the
veneral assembly of the State of Virginia reserves to itself
the right to modify, alter, or repeal this act at any time here-
after.