Chap. 31.—An ACT to incorporate the Elizabeth River Railroad Company.

Approved December 20, 1901.

1. Be it enacted by the general assembly of Virginia, That Edward A.
Buell, Alfred P. Thom, C. R. Johnson, Alvah H. Martin, and S. Q.
Collins, their associates and successors, are hereby constituted a body
politic and corporate under the name of “the Elizabeth River Railroad
Company,” for the purpose of locating, constructing, equipping, main-
taining, and operating a railroad from a point to be selected by it on the
Relt Line railroad at or near, and on the eastern side of, the southern
branch of the Elizabeth river, in Norfolk county, Virginia, or from a
point to be selected by it on the southern branch of the Elizabeth river,
and on the eastern side thereof, at or near the point where the said south-
ern branch is crossed by the said Belt Line railroad, to a point to be
selected by it likewise on the eastern side of the Elizabeth river opposite
the present river terminal of the Dismal Swamp railroad, or to any in-
termediate point, and by such route as the board of directors of the com-
pany hereby created may select; and the said company may in its discre-
tion extend its line to a junction with the line of the Norfolk and
Southern Railroad Company at a point to be selected by it near the point
where the line of the last-mentioned company crosses the Albemarle and
Chesapeake canal: provided, that the company hereby created shall not
cross the eastern branch of the Elizabeth river either by its main line or
any of its branches.

2. That the capital stock of said company shall be not less than ten
thousand dollars, nor more than five hundred thousand dollars, and shall
be divided into shares of one hundred dollars each; and the board of
directors may, in their discretion, from time to time, increase the capital
stock to any amount within the limits herein fixed, and may dispose of
the capital stock of the company at such prices, for such consideration,
and upon such terms as they may deem best for the interests of the com-
pany. Each share of stock shall be entitled to one vote at all meetings of
the stockholders, and the board of directors may receive real or personal
property, services, rights of way or other rights, privileges or easements,
in payment of subscriptions to the capital stock, at such valuations as
may be agreed upon between the board of directors and the subscribers.
The incorporators above named, or a majority of them, may reccive sub-
scriptions to the capital stock in such manner as they mav deem best,
and no advertisement or other notice of the time and place at which
books will be opened for subscriptions shall be necessary, and the terms,
manner, and medium of payment therefor shall be such as the board of
directors shall prescribe.

3. When the minimum amount of capital stock above mentioned shall
have been subscribed, the subscribers may meet, upon such notice given
in such manner as the above-named incorporators, or a majority of ‘those
living at the time mav determine, and clect a president and a board of
directors, and such other officers, if any, as they mav deem best. At such
meeting each subscriber may, i s v proxy ey
each share of stock subscribed for by hi oe he ey ast one vote for

wv him. The board of directors may
consist of any number, not less than five, that the subseribers or stock-
holders may from time to time determine. After such election the said
company shall immediately he deemed duly organized, and the board of
directors may proceed to adopt by-laws for the conduc , ‘
and take such further action as the inter
judgment require.

4, The by-laws of the company. which may be chaner os
tion of the board of directors or of the stockholder eet at the Maiti
times and places for the meetings of the stockholders and leo th e the
and method of giving notice of such mectings, and the a - f e time
the same. A by-law made bv the stockholders shall supe sede week.
law on the same subject made by the hoard of directors Persede any by-

t of the company.
ests of the company mav in their
5. Said company shall at any time after organization have power to
borrow money for its purposes, to issue its bonds or notes, bearing in-
lerest not exceeding seven per centum per annum, payable semi-annually,
ind to secure the same by mortgage or deed of trust on its works, pro-
perty, and franchises, or any part thereof, or in any other manner it may
deem best. ‘The board of directors may sell or dispose of such bonds or
notes at such price and upon such terms as said board may deem best for
the interests of the company, and any bonds or notes sold or disposed of
at a discount shall be as valid and binding upon the company as if sold
or disposed of at par. ‘The said company shall have the power to give
to the holders of its bonds the right to cast one vote at all meetings of the
stockholders for each one hundred dollars of bonds held by them.

6. Said company shall have all the general powers conferred upon,
and be subject to all the gencral restrictions imposed on, and to all the
provisions respecting corporations and chartered companies, railroad
companies, and common carriers, under the laws of the State of Virginia,
except in so far as the same are modified by or are inconsistent with this
act.

7. Said company shall have the right to cross any navigable stream on
its route, provided a sufficient draw, to be approved by the board of harbor
commissioners of Norfolk and Portsmouth, to prevent undue obstruction
to navigation, be placed in each of its bridges over such streams. It is
algo authorized and empowered to build, maintain, and operate telegraph
and telephone lines upon or along the line or lines of its road or branches,
and to sell, lease, or connect the same with any other telegraph or tele-
phone lines with the consent of the company owning or operating such
other lines. It shall have power to acquire, by gift, purchase, or con-
demnation, title to a continuous strip of land along its proposed route,
and along the route of its branches, not exceeding one hundred feet in
width, and also such additional land as may be necessary for its purposes.

8. Said company shall have the right, subject to the provisions of the
statutes of Virginia in such case made and provided, to cross at grade,
over or under, intersect, Join, or unite its railroad with any other rail-
road now built or constructed, or hereafter to be built or constructed, at
any point on its route, upon the grounds of such other railroad company,
with the necessary turn-outs, sidings, switches, and other conveniences in
furtherance of the objects of its construction; the terms of such cross-
ing, intersection, or union to be agreed upon by this company and the
railroad company whose works are to be so crossed, intersected, or united
with, or to be fixed by or in pursuance of law.

9. Said company shall have the right to construct, maintain, and
operate all wharves, docks, piers, warehouses, and other terminal facili-
ties and accessories which may be necessary or convenient for the conduct
of its business.

10. Said company may begin the work of construction at any point or
pots upon its route which its board of directors may determine, and
may, prior to the completion of its whole line, operate any part of its
road that may be constructed and ready for opcration.

11. It shall be lawful for said company to consolidate with any other
30 ACTS OF ASSEMBLY.

railroad company heretofore incorporated, or hereafter to be incorporated,
whose line or road connects or will connect with the railroad hereby au-
thorized to be constructed, and it shall be lawful for the company hereby
incorporated to lease or sell its works, property, and franchises, or any
part of them, to any other such company; and it shall be lawful for this
company to lease or purchase the works, property, and franchises, or any
part of them, of any other railroad company heretofore incorporated or
hereafter to be incorporated, whose line of railroad connects, or will
connect, with the railroad hereby authorized to be constructed, and any
other railroad company heretofore incorporated, or hereafter to be incor-
porated, in this State, is hereby authorized to consolidate with this com-
pany, or to sell or lease its works, property, or franchises, or any part of
them, to this company, or to purchase or lease the works, property, or
franchises of this company, or any part of them, and any company pur-
chasing under this act shall have power to make payment in its stocks
and bonds, or either, and the selling company shall have power to accept
the same.

12. This act is subject to the proviso that the work of construction
hereunder shall be begun within two years, and trains in operation on
said road within five years, from and after the passage of this act, unless
the time shall be extended by the general assembly; and all taxes or de-
mands due, or to become due, by this company to the State of Virginia
shall be paid in lawful currency of the United States, and not in coupons.

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