Chap. 280.—An ACT to provide for the completion of a line or lines of
Railroad from the waters of the Chesapeake to the Ohio river.

Passed MarcH 1, 1867.

1. Be it enacted by the general assembly, That it shall be
lawful for the Covington and Ohio railroad company, which
may be organized under the act passed by the general as-
sembly of Virginia, on the twenty-sixth February, eighteen
hundred and sixty-six, and the act passed by the legislature
of West. Virginia, on the first day of March, eighteen hun-
dred and sixty-six, entitled an act to incorporate the Coving-
ton and Ohio railroad company, to consolidate with the Vir-
ginia Central railroad company, with the Southside railroad
company, with the Norfolk and Petersburg railroad com-
pany, or with one or more of said companies, upon such
terms as. may be agreed upon by the stockholders of the
companies proposing to consolidate in general-meeting.

. ‘The companies which may consolidate under the pro-
visions of this act shall constitute one corporation, which
shall be vested with all the rights, privileges, fr anchises and
property which may have been vested in either company
prior to the act of consolidation, and shall be known as The
Chesapeake and Ohio Railroad Company.

8. Should the consolidation of.all the companies not be
effected at the same time, it shall be lawful for the Chesa-
peake and Ohio railroad’ company, when formed by two or
more of said companies, afterwards to consolidate with the
remaining company or companies.

4. It shall be the duty of said company, within six years
after its organization, to complete the railroad from Coving-
ton to the Ohio river, in a style and with grades and curves
not inferior to those adopted by C. B. Fisk, Esq., late chief
engineer, in his report and plans of said work: and they may
select the mouth of Big Sandy river, or the mouth of the
Great Kanawha river, as ; the Ohio terminus of their road, or
may construct a branch of their road to both points; and
may occupy the line of the West Virginia Central railroad
company, from Charleston to the Ohio river, upon terms to
be agreed upon by said companies; and the said Chesapeake
and Ohio railroad company shall have the right to constract
an air line railroad from Richmond to Charlottesville, or to
make such-changes in that part of the Central railroad which
lies between said points as will shorten the same, and shall
have all the powers conferred by the Code and laws of Vir-
yinia which may be necessary: for this purpose.

©. Should the Southside railroad company and the Norfolk
ind Petersburg railr ‘oad company, or either of them, become
consoliaated With the VOVINEtoN and VIO raulroad COMmpany,
it shall be the duty of the consolidated company, within the
time agreed upon in the terms of consolidation, to construct
a railroad from the terminus of the Southside railroad, at
Lynchburg, to Covington, or a suitable point of: connection
on the Virginia Central railroad; and said company shall be
vested with all the powers conferred by the Code of Vir-
ginia to enable it to construct said railroad.

6. Should the Chesapeake and Ohio railroad company re-
fuse to consolidate with the Norfolk and Petersburg railroad
company and the Southside railroad company, on application,
it shall be lawful for the Norfolk and Petersburg railroad
company and the Southside railroad company to consolidate
upon such terms as may be agreed upon by the stockholders
of said companies, and the consolidated company shall
known by the name of The Norfolk, Petersburg and Coving-
ton Railroad Company; and shall be vested with all the
rights, interests, franchises and property which belonged to
either company prior to the act of consolidation, and shall
be authorized to extend their road from Lynchburg to Cov-
ington, or a suitable point of connection on the Virginia
Central railroad, and shall have:all the powers conferred by
the Code and the laws of Vir ginia to enable it to -construct
said railroad ;‘and said company may have a capital stock not
exceeding fifteen millions of dollars, to be divided into shares
of one hundred dollars each, and may make a part thereof
preferred stock, and may borrow such sums of money as may
be necessary, and execute liens upon its property and reve-
nues to secyre the payment of the interest and principal of
the same; and it shall be the duty of said company, within
six years after its organization, to complete. said railroad.
The Chesapeake and Ohio railroad company, and the Nor-
folk, Petersburg and Covington railroad company, shall mu-
tually furnish every facility for the transportation over their
roads of tonnage and passengers coming from the road of
one company to the road of the other company, and there
shall be no manner of discrimination against trade and travel
passing from the road of one of said companies to the road
of the other company.

7. The state reserves the right to connect with the works
of this company any other work of internal improvement,
and no ‘discrimination shall be made in the charges of said
company against the trade and travel of any connecting
work. '

8. Said company may have a capital stock not exceeding
thirty millions of dollars, to be divided into shares of one
hundred dollars each, and may make a part thereof preferred
stock; and may borrow such sums of money, at a rate of
interest not exceeding eight per centum per annum, ag may
be necessary for the construction and proper equipment of
its road, and execute liens upon its property and revenues to
secure the payment of the mterest and principal of the
same.

9. It shall be lawful for said company to acquire not ex-
ceeding five millions of acres of land, in payment for sub-
scriptions of stock or by purchase: provided, however, it
shall not be lawful for said company, at the expiration of ten
years after the completion of their road, to hold more land
than shall be necessary for the use of the road.

10. Said company may elect such number of directors, and
provide for the election or appointment of such officers and
agents as it may decide to be necessary for the management
of its affairs. _

* 11. Each stockhplder shall have one vote in the meetings
of the stockholders for every share of stock held by him.

12. Should a vacancy at any time occur in the board of
commissioners of the Covington and Ohio railroad from the
death, resignation, or disability to act of any of its members,
it shall be the duty of the governor of the state in which such
member resided, to fill the vacancy by a new appointment.

13. It shall be lawful for the commissioners to cause books
of. subscription to the stock of the Covington and Ohio rail-
road company to be opened at such places and under the
direction of such agents as they may appoint, with the view
of organizing a company to accept the charter of the Coving-
ton and Ohio railroad and construct said railroad. .

14. The said Chesapeake and Ohio railroad company shall
have the right, at any time within two years after its organi-
zation, to purchase the stock held by the state in said com-
pany, at the date of the purchase, by transfering to the Board
of public works bonds of the state for an amount equal to
the stock proposed to be purchased, and also to pay any debt
which it may owe the state at the date of the payment, on
account of loans made to any of the companies which may
have consolidated, by surrendering to the Board of public
works state bonds for an amount equal to the debt proposed
to be paid, and may also purchase the right of the state in
and to the Blue ridge railroad by the surrender of state bonds
to an amount equal to the value of said road at the time of
purchase under the contract with the Virginia Central rail-
road company, said amount to be ascertained by the com-
missioners of the Covington and Ohio railroad; and should
the Norfolk, Petersburg and Covington railroad company be
organized, it may, within two years after its organization,
purchase any stock held by the state therein at the date of
purchase, by the surrender of state bonds for an amount equal
to the stock proposed to be purchased, and may pay any debt
due’® the state on account of loans made to’ the companies
comprising it, by a surrender of state bonds for an amount
equal to the debt proposed to be paid. The stock which
may be purchased from the state by either of said companies
shall be cancelled. It shall also be lawftl for any stockholder
in either the Chesapeake and Ohio railroad company, or the
Norfolk, Petersburg and Covington railroad company, to pur-
chase a part or the whole of the stock held by the state, at
the time of the purchase, in the company of which he is a
stockholder, by transfering to the Board of public works,
state bonds equal in amount to the stock proposed to be pur-
chased. :

15. The Virginia Central railroad company may contract
with the Covington and Ohio railroad commissioners for the
construction of the railroad from Covington to the Ohio river,
and in the event suth contract be made, the said Virginia
Central railroad company shall be known as the Chesapeake
and Ohio railroad company, and shall be entitled to all the
benefits of the charter of the Covington and Ohio railroad,
and to all the rights, interests and privweges which by this
act are conferred upon the Chesapeake and Ohio railroad
company when organized. ,

16. It shall be the duty of the company or companies which
may be formed under this act, to file within thirty days from
their organization, with the Board of public works of Vir-
ginia and West Virginia, a duly certified and correct copy of
the terms of consolidation. |

17. It shall be the duty of the governor to communicate a
copy of this act to the governor of West Virginia, with the
request that it be laid before the legislature of said state, in
order that such concurrent legislation may be had on the
part of that state as may be necessary.

18. This act shall be in foree from its passage.