Chap. 262.—An ACT to incorporate Norfolk and Lake Drummond Railway Com-
pany.

Approved March 25, 1902.

1. Be it enacted by the general assembly of Virginia, That C. L.
Pullen, Charles Anderson, William E. Stokes, Horace Y. Williams, and
W. C. Patterson, or such of them as may accept the provisions of this act,
their associates, successors, and assigns, be, and they are hereby, incor-
porated and made a body politic and corporate under the name and style
of the Norfolk and Lake Drummond Railway Company, and as such are
authorized and empowered to locate, construct, equip, maintain, and
operate a railway for public use, in the conveyance of persons and prop-
erty by the power of electricity, or by any other motive power, commenc-
ing at a point on or near Norfolk harber, and running thence by the
most practicable route, to be selected by the board of directors of the said
company, to a point on Lake Drummond, or between any intermediate
points in the said route. And the said company is authorized and em-
powered to locate, construct, equip, maintain, and operate all such power
houses and other buildings and structures, plants, machinery, and equip-
ment as may, in the opinion of its board of directors, be necessary for
operating its lines of railway, and also hotels, restaurants, and places of
amusement: provided, that the amount of land acquired for such pur-
poses of the company, outside of its right of way, shall not exceed one
hundred acres. The company shall also have power to own and operate
vessels for the transportation of passengers, baggage, and freight, and
shall have the right to cross the eastern branch of the Elizabeth river at
any point three-eighths of one mile east of Campostella bridge, but not
west of said point, and to cross the southern branch of the Elizabeth
river south of or below the draw bridge of the Norfolk and Portsmouth
Belt Line Railroad Company. But in crossing the said branches the said
company shall construct draw bridges with suitable draws, so as not un-
necessarily to interfere with the passage of vessels.

2. The said company shall have perpetual succession, and have power
to sue and be sued, plead and be impleaded, defend and be defended in
all courts, whether at law or in equity, and may make and have a com-
mon seal, and alter or renew the same at pleasure, and shall have, possess,
and enjoy all the rights and privileges of a corporation or body politic
in the law and necessary for the purposes of this act.

3. The capital stock of the said company shall not be less than five
thousand dollars, and may, from time to time, be increased to any
amount not exceeding twenty-five thousand dollars by the issue and sale
of shares of preferred or common stock, or both, upon such terms and
vonditions and under such regulations as the board of directors of said
company shall prescribe, the par value of which shall be one hundred
dollars each, and the directors may receive cash, labor, materials, bonds.
stock, real or personal property, mghts of way, and other rights, in pay-
ment of subscriptions to the capital stock at such valuation and at such
prices as may be agreed upon between the directors and the subscribers,
and may make such subscriptions pavable in such manner or amounts
and at such times as may be agreed upon with the subscribers, and when-
ever fifty shares shall have been subscribed to and the sum of five hun-
dred dollars paid in cash, the subscribers, under the direction of the in-
corporators hereinbefore named, who themselves shall be subscribers,
may organize the said company by electing a president and board of
directors, and by electing or providing for the appointment of such other
officers as may be necessary for the control and management of the busi-
ness and affairs of said company, and thereupon they shall have and exer-
cise all the powers and functions of a corporation under their charter
and the laws of this State.

4. It shall be lawful for said company to borrow money and issue and
sell its bonds, from time to time, for such sums and on such terms as its
board of directors may deem expedient and proper for any of the pur-
poses of the company, and may secure the payment of said bonds by
mortgages or deeds of trust upon all or any portion of its property—
real, personal, and mixed—its contracts and privileges, and its chartered
rights and franchises, including its franchise to be a corporation ; and it
may, as the business of the company shall require, sell, lease, convey, and
encumber the same.

5. It shall be lawful for said company to guarantee, subscribe to and
hold shares in the capital stock of, or the bonds of any railroad, manu-
facturing, or other corporations chartered under the laws of the State
of Virginia or any other State; and any such railroad, manufacturing,
or other corporation may subscribe to, guarantee, or hold the stocks or
bonds of the said company.

6. The said company is authorized and empowered to locate, construct,
equip, maintain, and operate any lateral or branch roads, not to exceed
ten miles in length, which a majority of its stockholders may determine
to locate, construct, equip, maintain, and operate, and by such route as
may be determined by its board of directors; and the said company may
connect or unite its said road with that of any other company or com-
panies, or consolidate and merge its stock, property, and franchises
with and into those of any other company or companies chartered by the
general assembly of the State of Virginia, upon such terms and under
such name as may be agreed upon between the companies so uniting or
connecting, merging or consolidating; and for that purpose power is
hereby given to it and such other company or companies to make and
carry out such contracts as will facilitate and consummate such connec-
tion, merger, or consolidation, or any lease or sale: provided, that a copy
of every such contract of any consolidation and merger be filed in the
office of the board of public works. ,

7. It shall be lawful for the said company to acquire by donation o1
purchase, or by condemnation, according to the laws of this State, re-
lating to the acquisition of lands by internal improvement companies,
land for right of way, depots, power stations, and other purposes neces-
sary for the successful construction and operation of its road, including
the use of land for erecting thereon poles and wires along the line of the
road or elsewhere as may be necessary or desirable, in order to transmit
and distribute electricity to motors or cars along its line, and to connect
its road with a plant or plants from which the said company may desire
to derive electric pqwer, and to contract with other corporations for the
supply of power which it may require for the operation of its road, and
for the purposes aforesaid the said company may acquire, by donation,
purchase, or condemnation as aforesaid, any estate or interest in the
land, either the fee or less than the fee.

8. The said company shall be required to commence the construction
of said railroad within two years from the passage of this act, and to
complete the construction of the same within five years thercafter.

9, Each stockholder in the company shall, at all meetings or elections,
he entitled to one vote for each share of stock registered in his name.
And the stockholders of said company may enact such by-laws, rules, and
regulations for the management of the affairs of said company as they
may deem proper and expedient.

10. The board of directors shall be stockholders of said company, and
shall consist of such number as the stockholders may determine upon,
and shall be elected at the stockholders’ annual meeting, to be held on
such days as the by-laws of the company may direct, and shall continue in
office for the term of one year from and after the date of their election.
and until their successors are elected and accept the duties of the office,
and they shall appoint one of their number president; and in case of the
death, resignation, or incapacity of any member of the board of directors
during his term of office, the said board shall elect his successor for the
unexpired term.

11. The board of directors may establish offices and agencies at such
places as they may deem proper, but the principal and gencral office of
the company shall be located in this State.

12. All taxes due the Commonwealth by said company shall be paid in
lawful money of the United States, and not in coupons.

13. The said company shall be subject to all the duties and restric-
tions imposed by the general laws of Virginia governing railroads, cor-
porations, generally, and internal improvement companies.

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