Chap. 203.—An ACT to Incorporate the Culpeper, Madison and Stanards-
ville Narrow Gauge Railroad Company.

In Force March 28, 1871.

1. Be it enacted by the general assembly, That it shall be
lawful for J. Green Miller, J. R. Gorrell, J. G. Field, D. A.
Grimsley, John 8. Kemper, Daniel Crigler, James L. Kemper,
Robert 8. Beazley, Thomas 8. Sherman, Wm. T. Chapman,
Thomas J. D. Eddins, and William L. Early, or any five of
them, to open books of subscription to the capital stock of the
Culpeper, Madison and Stanardsville railroad company, at such
times and places as they may determine upon; and whenever
twenty-five thousand dollars shall have been subscribed by per-
sons and corporations able to pay, the subscribers may organ-
ize the company; and thenceforth, they and such persons as
may afterwards be lawfully associated with them, shall bea
corporation under the name of The Culpeper, Madison and
Stanardsville Railroad Company, for the purpose of construct-
ing and operating a narrow gauge railroad from Culpeper court-
house to Stanardsville, subject to all the provisions of the Code
of Virginia applicable to railroad companies.

2. The capital stock of said company shall not be less than
twenty-five thousand nor more than one million of dollars, to
be divided into shares of fifty dollars each; and stockholders
shall have one vote for each share of stock in all meetings of
stockholders.

3. Subscriptions may be made in money, materials, machinery,
or land, and said company may also acquire land by gift or
purchase, and shall have power to hold and sell the same for
the construction or repair of their road, for depots and other
necessary purposes, or for purposes of immigration: provided,
that the amount of land so held at any one time shall not ex-
ceed one hundred and fifty thousand acres, and at the expira-
tion of ten years from the completion of the road, only so much
land shall be held by said company as may be necessary for the
use of said company for depots, depot grounds, and so forth.

4, Subscriptions to the stock of said company may be made
by private individuals, mining, manufacturing and banking
companies, the corporations of Culpeper courthouse, Madison
courthouse and Stanardsville, the counties of Culpeper, Madi-
son and Greene, or any townsbip through which said railroad
passes, in any of the counties aforesaid; and the proper authori-
ties (town trustees, or council, county judge, or township
board) of said towns, counties or townships, may cause a vote
to be taken therein on the subject of such corporate subscrip-
tion at such time as the commissioners of subscription named
in the first section of this act, or the company may ask such
vote to be taken in accordance with the general law govern-
ing such elections. Should such subscription be ordered in
accordance with the provisions of such general law, the town
authorities aforesaid, county board of supervisors, or township
board, as the case may be, shall make such subscription, and
to this end may issue bonds, bearing a rate of interest not
exceeding ten per centum of such denomination as said au-
thorities may determine: provided, that said bonds so issued,
shall be taken by the company at par in payment of such sub-
scription, and shall not exceed in amount, in the case of a town
or county, the sum of one hundred thousand dollars, or in the
case of a township, the sum of twenty-five thousand dollars.

0. It shall be lawful for any railroad company, contiguous to
said narrow gauge railroad, to subscribe to and own an amount
of its stock not exceeding one-third part of the whole thereof.

6. It shall be lawful for said railroad company to borrow
money for the construction or repair of its road, issue bonds,
and secure the same by mortgage upon its property and fran-
chises, or otherwise.

7. The said railroad shall be commenced within three years
and completed from Culpeper courthouse to Stanardsville,
Within five years from the passage of this act.

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