Chap. 31.—An ACT to incorporate the New York and Southern Con-
struction company.

Approved March 31, 1&87.

1. Be it enacted by the general assembly of Virginia, That

‘Charles Watkins. T. C. Willi: ams, K. D. Christian, J. B. Pace

James T. Gray. T. M. Logan, A. B. Andrews and James H.
Dooley. their associates, assigns, and RUCLESSOrs, are hercby
incorporated and constituted a body politic and corporate of
this State.

2. ‘The said company is hereby authorized and empowered
to construct, improve, and equip railroads, bridges, tunnels,
docks, piers, wharves, basins, warchouses, elevators, cotton
compresses, stock-yards, slaughter-houses, wood- shops, depots,
section-houses, and all other structures proper to the use and
operation of railroads, and to acquire and hold the bonds and
stocks of any company whose works it may construct in
whole or in part: provided however, that it shall not have
the right to condemn land or material, or to operate a raii-
road, except during the period of its construction.

3. The powers herein granted are hereby extended to said

company in the States of ‘Tennessee, Mississippi, Alabama,
Virginia, West Virginia, Kentucky, North Carolina, South
Carolina, Georgia. Florida, and Louisiana.

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, issucd at such time and under such regula-
tions as the board of directors may prescribe; which capital
stock may, from time to time, be increased by the board of
directors to an amount not exceeding five hundred thousand
dollars, without the unanimous consent of the stockholders
in general meeting, and with such consent the capital stock
may be increased to two million five hundred thousand dol-
lars.

5. The said company shall have the power to borrow
money, and secure the same by mortgage on its franchises
and property. :

6. Said company shall have all the general powers con-
ferred upon chartered companies by chapter fifty-seven of the

‘ode of Virvinia 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.

The eight corporators named in the first section of this
act shall constitute the board of directors for the first year,
one of 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 svon as practicable
after the passage of this act, and if'at euch 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 tor the conduct
of the company; shall appoint such officers as may be neces-
sary, and take such furtber action as the interests of the
company require. The by-laws shall prescribe the time
and place of stockholders’ meetings, as well as the notice of
holding such meetings, and other manner. of serving the
same; but the by-laws may at any time be changed by the
board of directors.

9. This charter shall be subject to amendment ort repeal nt
any time by the general assembly; and all taxes, dues, or
demands due, or to “become due, by this company to the State
of Virgima, shall be paid mn lawtul currency of the United
States and not in coupons.

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