Chap. 33.—An ACT to incorporate the Petersburg and Asylum railway

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clared, a body politic and corporate under the name and style
of the Petersburg and Asylum railway company, and as such
are authorized and empowered to locate, construct, and oper-
ate a line of railroad commencing at a point within the city
of Petersburg, and running thence to the granite quarries
situate on the tract of land belonging to the Central lunatic
asylum of Virginia, in the county of Dinwiddie, and thence
to any other granite quarry or quarries, or to any other point
or points within said county which said company may deem
it expedient to reach with its track, and by such route or
routes as it may deem suitable.

2. The capital stock of said company shall not be less than
twenty thousand dollars and not more than thirty thousand
dollars, to be divided into shares of fifty dollars each. In
payment of the subscriptions to said stock the board of di-
rectors may receive cash, labor, material, real and personal
estate at a fair valuation as may be agreed upon between said
board of directors and the subscriber.

3. It shall be lawful for said company, for the purpose of
constructing and equipping its railroad, to borrow money by
issuing, negotiating and selling its bonds; said bonds to be se-
cured by a mortgage or deed of trust upon all or any of its
peopatty or franchises. The aggregate amount of the bonds

ereby authorized, shall not exceed the sum of twenty thou-
sand dollars, and may be issued in sums not exceeding five
thousand dollars as each half mile is completed.

4, The said company may connect its railroad and operate
it in connection with any railroad or railroads passing through
or situate in said city or county, and make all necessary and
proper traffic arrangements with the parties managing said
other railroads or any of them for the transportation of freight
and passengers.

5. The persons named in this act shall constitute the first
board of directors of the said company. They shall appoint
one of their number president of the company and may fill
any vacancy that may occur in the board. They shall have
power to receive subscriptions to the capital stock of said
company, and when the minimum amount thereof prescribed
by this act shall have been subscribed, the said company shall
be considered legally organized and may proceed to carry out
the objects for which it is incorporated. :

6. All taxes payable by said company to the commonwealth
of Virginia, shall be paid in lawful money of the United States
and not in coupons.

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