Chap. 48.—An ACT to allow the Piedmont construction and improvement com-
pany to change its name to the Piedmont traction company, and to permit
the said company to issue preferred stock, to hold stock in other companies,
to dispose of its property, and to consolidate or merge with any other com-
pany.

Approved January 11, 1896.

1. Be it enacted by the general assembly of Virginia, That the
Piedmont construction and improvement company, incorporated by
an act of the assembly, approved March fourth, eighteen hundred
and ninety, may, with the consent of its board of directors, change
its name to the Piedmont traction company ; provided that a copy
of the order of the board of directors making such change shall be
filed in the office of the secretary of the commonwealth.

2. And said company, in the furtherance of its works of improve-
ment, may guarantee or prefer such portions of its capital stock as
the stockholders, in general meeting, may deem expedient; and it
may be prescribed by such stockholders’ meeting that such preferred
stock and dividends thereon shall be and remain a first claim, after
the indebtedness of the company, on such portions of the company’s
property as may be specified.

3. And the said company shall have power to acquire and to hold
shares in the capital of any other corporation or company, and to
lease, sell or convey any of its property, and by an order of its board
of directors may consolidate and merge with any other corporation
or company chartered under the laws of this state with which its
lines may connect, and the agreement for such merger or consolida-
tion may provide that the united company shall possess and enjoy
all the rights, privileges and franchises of the original companies ;
provided, a copy of any such contract of consolidation or merger
shall be recorded in the office of the secretary of the commonwealth
of Virginia, and an official copy of such contract shall be evidence
of such consolidation or-merger without proof of handwriting.

4, This act shall be in force from its passage.