Chap. 52.—An ACT to incorporate the Frederick electric railway company.

Approved January 11, 1896.

1. Be it enacted by the general assembly of Virginia, That H. H.
Baker, George W. Haddox, W. H. Sale, S. B. Sale and Philip H. Gold,
their associates, successors and assigns, be, and they are hereby, con-
stituted and declared a body politic and corporate by the name and
style of the Frederick electric railway company.

2. The capital stock of said company shall be one hundred thou-
sand dollars, divided into shares of one hundred dollars each.

8. It shall be lawful for any other company, county, city, town,
district or individual to subscribe to the capital stock of said rail-
way company.

4. The said Frederick electric railway company is hereby author-
ized, empowered and permitted to locate, construct, equip and operate
an electric railway or railways, beginning at the city of Winchester
and ruoning to or through any towns or villages in the county of
Frederick to any town or city in any adjoining county, or to the West
Virginia state line.

5. Subject to the general law of this state, it shall be lawful for
the said company to run its line along, over or across any other rail-
road or roadway now constructed, or which shall hereafter be con-
structed, within this state, but in all cases in which the said electric
railway company shall subject the property or real estate of any
other company or individual to its uses, or acquire any of the same,
it shall be in the mode prescribed by law.

6. The said company shall have power to issue and sell bonds at
such times and on such terms as the directors may deem expedient,
or to borrow money in such sums as they may deem necessary to
carry on its work, and in order to secure the payment of its bonds or
the repayment of the money so borrowed, may create mortgages or
deeds of trust on its chartered rights, franchises and property.

7. The said company may receive as subscriptions to its capital
stock any real or personal property, labor or service that may be
agreed upon between the said company and its subscribers, and may
exchange its bonds for the same, and such property may be chartered
rights and franchises, and it may hold, sell, improve or convey, in
such manner as to the company may seem best, any real estate so
acquired.

8. Any mining, manufacturing, or other corporation may subscribe
to, guarantee, or hold the stock or bonds of said company, and said
company shall have the right to subscribe to, guarantee or hold the
stock or bonds of any mining, manufacturing, or other corporation.

9. The corporators named in this act shall constitute and have all
the powers of a board of directors for the first year, and shall con-
tinue in office until their successors shall be elected and qualified.
They shall have the power and authority of a president and board of
directors for the purpose of re-organization and for all other purposes
incident thereto.

10. Whenever ten thousand dollars of the capital stock shall have
been subscribed, the corporators, as a board of directors, shall pro-
ceed to organize the company by the election of such officers and
agents as may be deemed necessary.

11. The said company shall then be considered legally organized,
and shall have all the general powers conferred upon corporations
and chartered companies by the laws of this state, and shall be sub-
ject to all the provisions thereof except in so far as the same are
modified or are inconsistent with this act.

12. All taxes which may be assessed against said company shall
be paid in lawful money of the United States.

13. The construction of said electric railway shall be begun in two
years from the passage of this act and completed in five years there-
after.

14. This act shall at all times be subject to amendment, alteration
and repeal by the general assembly of Virginia.

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