Chap. 154.—An ACT to Incorporate the Petersburg and North Carolina
Railroad Company.

In Force March 21, 1871.

1. Be it enacted by the general assembly, That Robt. B.
Bolling, T. T. Broocks, William R. Mallory, W. E. Hinton,
junior, George W. Bolling, Robt. H. Jones, senior, George D.
White, Jos. Van Holt Nash, C. A. Jackson, H. J. Chamber-
layne, 8S. A. Plummer, Thomas Pannill, John Gee, Robt. D.
McIlwaine, Alexander Donnan, W. FI. C. Gregory, of the city
of Petersburg; John Dodson, Henry T. Cousins, W. 8. King,
John G. Mitchell, D. G. Carr, of the county of Dinwiddie;
F. E. Buford, David S. Hicks, E. Frazier, W. E. Brodnax, Dr.
T. J. Taylor, T. E. Chambliss, of the county of Brunswick;
Thomas F’. Goode, E. R. Chambers, W. Townes, William Bas-
kerville, junior, R. Y. Overby, Dr. B. P. Walker, of the county
of Mecklenburg, their associates and successors, be and they
are hereby incorporated and made a body politic and corpo-
rate under the name and designation of The Petersburg and
North Carolina Railroad Company, for the purpose of building,
equipping and operating a railroad from Petersburg, through
Dinwiddie, Brunswick, Mecklenburg (near Boydton), crossing
the Roanoke river, near Clarkesville, to the North Carolina line.

2. That the capital stock of the said company shall be three
millions of dollars, in shares of one hundred dollars each, and
may be increased from time to time by the stockholders, in
general meeting, to an amount not exceeding five millions of
dollars in the aggregate. Each subscription shall be binding
upon the party from the time of signing his name, without
making any cash payment, and the instalments, as called for by
the board of directors, may be recoverable at law.

3. The corporators herein named shall assemble in Peters-
burg, upon the call of the first five named corporators, or a
majority of the same, to organize the company under this act,
to elect a president, whose term of office shall be tive years,
and a board of seven directors, whose term of office shall be
six years. Subsequent elections of president shall be made by
the board of directors, and of the board of directors by the
stockholders, and for the transaction of all business which
should pertain to a regular meeting of stockholders. Any
vacancy during the term of office of the president or directors,
shall be filled by the board of directors.

4. The board of directors shall fix a maximum amount of
stock to be subscribed for by any individual or company.

d. Subscriptions to the capital stock of the company may
be made in lands, money, or railroad material, and the com-
pany shall have authority to acquire lands, by purchase, not
exceeding three hundred thousand acres: provided, that at
the expiration of ten years, said company shall not hold more
land than necessary for road bed, depots, and so forth.

6. That the city of Petersburg, and the counties ot Dinwid-
die, Brunswick, Mecklenburg, and Lunenburg, are hereby
authorized, in the manner and under the rules and regulations
prescribed by the general law on the subject, to subscribe to
the capital stock of said company, and to issue bondr therefor
in such form, running such lengths of time, bearing such rates
of interest, not exceeding eight per centum, and payable at
such periods and places, as the hustings court of the city of
Petersburg, and the county courts of said counties, may deter-
mine.

7. The hustings court of the city of Petersburg, and the
county courts of the respective counties through or near to
which the line of this road shall pass, shall, on application of
the board of directors, submit to the voters of the said city
and counties, respectively, the question of a subscription to
the capital stock of the company, specifying the amount.

8. The company shall have power to construct a branch
road, from any point on its Jine, to Lunenburg courthouse.

9. The stockholders, in general meeting, may authorize the
board of directors to borrow money, from time to time, to an
amount sufficient to enable them to complete its road and such
branches as it may make; to give one or more mortgages to
secure the payment of the same: provided, the bonds of the
company, issued for the payment of such loans, shall not bear
more than ten per centum interest, payable semi-annually.

10. This company shall be subject to the general law in re-
gard to railroad companies, except as otherwise provided in
this charter. The road shall be commenced within three
years, and be completed within seven years from the passage
of this act.

11. The principal office, and the principal workshops of the
company, shall be established in the city of Petersburg.

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