CHAP. 313.—An ACT to amend and re-enact section 11 of chapter III of
an act entitled ‘‘an act concerning corporations,’ which became a law
May 21, 1908.

Approved March 14th, 1912.

1. Be it enacted by the general assembly of Virginia, That
section eleven of chapter three of an act entitled ‘‘an act con-
cerning corporations,” which became a law May twenty-first,
nineteen hundred and three, be amended and re-enacted so as to
read as follows:

S11. If any corporation organized under this act shall not,
within two vears after its articles of association have been filed
and recorded, as required by this act, commence the construction
of its line of improvement or works, and expend or cause to be
expended thereon an amount equal to ten per centum of its
subscribed capital stock, within three years after the date of its
organization, or shall not have finished its line of improverrent
or works, and put the same in operation within five years from
the date of beginning such work, its corporate existence and
powers shall cease, except that if any such corporation shall
have, within the time limited by this section, constructed a por-
tion‘of its line of improvement or works, and put the same or
some part thereof so completed into actual operation, its cor-
porate rights and powers under this act shall be preserved as
to all of the said line of improvement or works, so completed and
in operation; except, further, that the State corporation com-
mission may extend from time to time the period within which
any corporation organized under this act may commence the
construction of its line of improvement or works, or the period
within which such company shall expend an amount equal to ten
per centum of its subscribed capital stock as above required, or
the period within which such corporation shall finish its line of
improvement or works, and put the same in operation; and
during the time of such extension, or any of them, the limita-
tions hereby imposed shall be deemed to be suspended and such
corporation shall not be subject to the penalties and forfeitures
herein declared. But such extension or extensions shall not be
granted nor become effective until after the charter of such
corporation shall have been amended or extended so as to au-
thorize the same in the manner and upon the terms prescribed
by law; provided further, that nothing herein contained shall be
held to relieve any railway company, whether operated by steam
or electric power, from any obligation to construct or operate its
line as provided by its charter or by the provisions of any bond
given by it, but upon the forfeiture of such bond, the same shall
be payable and collectible according to the terms and effect, not-
withstanding this act, wherein such forfeiture has accrued or
may hereafter accrue.