Chap. 431.—An ACT to Incorporate the Potomac and Valley Railroad.

Approved November 5, 1870.

1. Be it enacted by the general assembly of Virginia, That
it shall be Jawful to open books of subscription for the capital
stock of a company to be incorporated by the name of The
Potomac and Valley Railroad Company, for the purpose of
constructing a railroad from the town of Carrborough, on the
Potomac river, in the county of Prince William, through the
counties of Prince William, Stafford, Fauquier, Culpeper, Rap-
pshannock, Page, and Rockingham, to some suitable point of
connection with the Valley railroad, in the last named county.

2. Be it further enacted, That the following persons are ap-
pointed commissioners to receive such subscriptions, namely :
Aylett Nicol, Anson Bangs, Jesse Hoyt, William A. Bryant,
and Charles W. C. Dunnington, at Brentsville, in Prince Wil-
liam county; John H. Suttle, Raleigh A. Cooper, Jaqueline
M. Meredith, and Doctor Walter Hore, at Stafford store, in
Stafford county; William Beale, Charles Gordon, William Cal-
vin, and Lewis Waller, at Bealeton, in Fauquier county; Doctor
Alexander Harris, Robert E. Utterback, William L. Browning,
and Thomas Hill, at Oak Shade, in Culpeper county; Barnett
Grimsley, Cornelius Smith, Thomas Deatherage. D. D. Miller,
and Richard E. Luttrell, at Laurel mills; and Zeph. Turner,
John Miller, Horatio G. Moffett, Samuel C. Spindle, and Mid-
dleton Miller, at Sperryville, ia Rappahannock county; A. 8.
Modesett, Isaac Long, Daniel Dobel, Mann Spitler, and H. M.
Keyser, at Luray, in Page county; John Gatewood, Joseph T.
Logan, Wm. H. Effinger, and James L. Avis, at Harrisonburg,
in Rockingham county; and the said commissioners, or a ma-
jority of them, appointed at each place respectively, are au-
thorized to receive subscriptions to be made by individuals or
corporations; and subscriptions to said capital stock by any
other railroad company, located either within or without this
state, are hereby allowed to be made and received in the dis-
cretion of the first named commissioners.

3. Be it further enacted, That it shall be lawful for the coun-
ties of Prince William, Stafford, Fauquier, Culpeper, Rappa-
hannock, through their boards of supervisors, also to subscribe
to the capital stock of said company, to an amount not exceed-
ing one hundred thousand dollars subscribed on the part of
each of said counties: provided, that no such subscription shall
be valid until the same shall have been approved by three-fifths
of the votes cast in each of said counties, at an election spe-
cially held and conducted according to law, at the several vo-
ting places in the said counties: and it is farther provided, that
in case such subscription shall be authorized by the voters of
said counties, it shall be lawful for the supervisors of the said
counties, respectively, a majority in each case being present, to
appoint an agent or agents to make the said subscription in be-
half of their said counties to the capital stock of said company ;
and the said subscription shall be paid in cash or in the coupon
or registered bonds of said counties at par, the said bonds to
be redeemable in not less than ten nor more than twenty years,
as the supervisors of said counties, respectively, may elect,
and shall bear interest at the rate of six per centum per an-
num; and they are farther authorized and required to levy
such additional taxes upon all subjects of taxation as will be
sufficient to pay the interest on said bonds as it will accrue,
and provide for the payment of the principal as it shall become
due. The said bonds shall be exempt from taxation by the
said counties. |
4. Be it further enacted, That the capital stock of the said
company shall not be less than fifty thousand dollars nor more
than three million dollars, to be divided into shares of one
hundred dollars each; and whenever the first named sum shall
be subscribed by others than internal improvement compa-
nies, and two per centum of such subscription shall have been
actually paid up, the: subscribers shall be incorporated by the
name and for the purposes mentioned in the first section of
this act, and shall have full power and authority to effect the
same, subject to the provisions of al] general laws of the state
applicable to such corporations.

5. Be it further enacted, That it shall be lawful for the said
company, by and with the consent of the stockholders in gen-
eral meeting assembled, to borrow money for the purposes of
this act, to issue certificates of said loans, and to pledge any
and all the property of said company, by mortgage or other-
wise, for the payment of the same and the interest that may
accrue thereon: provided, that no greater rate of interest shall
be paid than is now allowed by law.

6. Be it further enacted, That it shall be lawful for the said
company to receive not exceeding twenty thousand acres of
land in payment of subscriptions for stock of the company.

7. Be it further enacted, That when the said company shall
have completed and equipped their said road from Carrbo-
rough for a distance of twenty miles, they are hereby author-
ized to work the same as if entirely finished: provided, that
the construction of said road shall be commenced within two
years and completed within six years.

8. This act shall be in force from and after its passage.