Chap. 467.—An ACT to incorporate the Petersburg, Ettrick, and Ma
toaco railway company.

Approved March 5, 1888.

1. Be it enacted by the general assembly of Virginia, Tha‘
George Beadle, F. G. Beadle, John Mann, Walter S. Phillips
T. S. Bolling, J. Edward Moyles, Moses Joy, junior, F. P
Leavenworth, and E. F. Lockett, and such other persons a:
may hereafter be associated with them, shall be and they ar
hereby constituted and declared a body politic and corporate
under the name and style of the Petersburg, Ettrick, anc
Matoaco railway company, and as such are authorized and
empowered to locate, construct, and operate a line of rail-
road commencing at a point in the city of Petersburg, and
running thence to the village of Matoaco in the county of
Chesterfield, or to any other point or points within said
county within ten miles of said village of Matoaco, 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
thirty thousand dollars and not more than forty 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 the
said board of directors and the subscribers.

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
secured by a mortgage or deed of trust, upon all or any of its
property or franchises. The aggregate amount of the bonds

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

4. The said company may connect its railroad and operate
it in connection with any other railroad or railroads passing
through or situate in said city or county, and make all neces-
sary and proper traffic arrangements with the parties man-
aging said other railroads, or any of them, for the transpor-
tation of freight and passengers.

5. The persons named in this act shall constitute the first
‘board of directors of 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 pow-
er to receive subscriptions to the capital stock of said com-
pany, and when the minimum amount thereof prescribed by
the 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 common-
wealth 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.