Chap. 849.—An ACT to incorporate the Virginia transit company and to autho-
rize it to engage in mining, manufacturing, and storage.

Approved March 5, 1896.

1. Be it enacted by the general assembly of Virginia, That W. C.
Andrews, G. C. Saint John, W. F. Weiss, T. W. Hyslop, C. C. Upham,
of New York, R. W. Moore, L. C. Barley, Thomas Cockrell, Henry
Fairfax and such other persons as may be gssociated with them, be,
and hereby are, constituted a body politic and corporate under the
name and style of the Virginia transit company, and as such may
sue and be sued, plead and be impleaded, and have perpetual succes-
sion and a common seal.

2. The principal business of the said corporation shall be to build
and operate a pipe line for the transportation of oil, coal and other
products, and to operate the same as common carriers, and for the
purpose of location and use and enjoyment thereof it shall have all
the rights and be subject to all the limitations provided and pre-
scribed under the general law for works of internal improvement.
In order to facilitate its enterprise it may construct wharves, docks,
warehouses and elevators; it may build ships, barges and tow-boats,
and engage in a general forwarding, storage and tonnage business;
it may mine coal and other minerals, and establish and operate
stamp mills and refining and reduction works.

3. The location of the said pipe lines shall be from the city of
Alexandria, or some other point or points upon the Potomac river,
to such point as may be selected upon the Maryland or West Vir-
ginia state lines north of the county of Alleghany, and it may build
branch lines to any of its lands or works.

4. It shall be Jawful for the city of Alexandria, or for any county
or city through which the said lines or branches may run, to aid the
construction of the same by granting the right to lay the same along
any public road or alley or through any public grounds, but upon
such conditions as shall protect the said roads or lands and the
abutting property from injury, and provided it shall obtain permis-
sion from or pay a just compensation to abutting land-owners.

5. The principal office of the said company shall be in the city of
Alexandria, and it may establish other offices at the city of Wash-
ington or such other place as the stockholders may direct.

6. The capital stock of the said corporation shall not be less than
one hundred thousand dollars nor more than one million dollars,
and to secure the same books of subscription may be opened by the
corporators, who are hereby appointed commissioners for that pur-
pose, or any three of them, and when the minimum of the capital
stock shall be subscribed the subscribers may proceed to organize by
the election of a board of not less than five nor more than eleven
directors, who from their own number shall elect a president and
vice-president, and may appoint such other officers as shall be deemed
necessary for the management of its affairs, and the company so or-
ganized shall thereupon acquire all the powers and privileges con-
tiie upon the persons named as corporators in the first section of
this act.

7. The said company may hold real estate not exceeding ten thou-
sand acres in any one tract, nor more than sixty thousand acres in
the aggregate. It may borrow money to aid in the construction of
its works or the prosecution of its business, and to secure payment
of the same may execute mortgages or deeds of trust upon its pro-
perty and franchises, but in any such mortgages or deeds of trust at
least one trustee shall reside in the state of Virginia.

8. Work under this charter shall be begun in one year, and it
shall be open for transportation within three years after the passage
of this act. |

9. The said corporation shall pay taxes in lawful money of the
United States, and not in coupons.

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