An Act to amend and reenact § 46.1-299, as amended, of the Code of Virginia, relating to devices signalling intention to turn or stop and rules therefor.
Volume 1968 Law 99
Volume | 1899/1900 |
---|---|
Law Number | 776 |
Subjects |
Law Body
Chap. 776.—An ACT to incorporate the Brock’s Gap railroad company.
Approved March 6, 1900.
1. Be it enacted by the general assembly of Virginia, That Park
Agnew, Frederick Mertens, William M. Mertens, Samuel B. Shank, and
Homer 8S. Carr, their associates, successors, and assignees, be, and they
are hereby, constituted and declared a body politic and incorporate,
under the name of the Brock’s Gap railroad company, and as such, are
authorized and empowered to locate, construct, equip, and operate a
standard or narrow-gauge railroad, commencing at or near the town of
Broadway, in Rockingham county, and thence up the Shenandoah river,
through Brock’s gap, and with the tributaries of said stream, by the most
feasible route, to some point or points in the line of Hardy county,
between Virginia and West Virginia.
2. Said railroad company is authorized and empowered to construct
and operate a lateral branch, not to exceed twenty miles in length.
3. The capital stock of said company shall not exceed one hundred
thousand dollars, divided into shares of fifty dollars each. The board
of directors may dispose of the same at such prices and upon such terms
as they may determine. Each share shall be entitled to one vote at all
meetings of the stockholders, and the directors may receive real or per-
sonal property in payment of subscriptions to the capital stock at such
valuations and prices as may be agreed upon between the directors and
subscribers. The incorporators above named, or a majority of them,
may receive subscriptions to the capital stock in such manner as they
may deem best; and no advertisement of the time and place at which
the books will be opened for subscriptions shall be necessary, and the
terms of payment therefor shall be such as the board of directors shall
prescribe.
4. The incorporators named in this act shall constitute the board of
directors for the first year, and shall continue in office until their suc-
cessors shall be elected and qualified. Thev shall have power and
authority of a president and board of directors for the purpose of organi-
zation, and for all other purposes incident thereto. They shall elect
one of their number president of the board, and such officers as thev
deem proper. They shall fill any vacancy that may occur in the board
or in the office of the president. They may receive subscriptions to the
capital stock of the company. Whenever ten thousand dollars of the
capital stock has been subscribed, the board of directors shall proceed
to organize the company by the election of a president, secretary, treas-
urer, and such other officers and agents as may be required. The said
company shall then be considered legally organized, and shall have all
the general powers conferred upon corporations and chartered companies
by the laws of the state, and shall be subject to all the provisions thereof,
except in so far as the same are modified or inconsistent with this act.
5. The said company shall have the power to issue and sell bonds at
such times and on such terms as the directors may deem expedient, or
to borrow money in such sums as they may deem necessary to carry on
its works, and in order to secure the payment of its bonds, or the repay-
ment of the moncy so borrowed, may create mortgages or deeds of
trust on its chartered rights, franchises, and property. And the said
company may receive as subscriptions to its capital stock any real or
personal property that may be agreed upon between the company and
the subscribers, and may exchange its bonds for such property; and such
property may be chartered rights and franchises, and it may hold, sell
or convey in such manner as to the company may seem best any real or
personal estate so acquired.
6. That any mining, manufacturing, or other corporations may sub-
scribe to, guarantee, or hold the stock or bonds of said company, and
said company shall have the right to subscribe to, guarantee, or hold the
stock or bonds of any mining, manufacturing, or other corporation,
and shall have power and authority to conduct, operate, and own such
mines, mining or manufacturing operations, either by steam or any other
power as they may deem hest for the interests of the said corporation,
with power to prepare for market, sell, and dispose of products of the
same. |
%. It shall be lawful for any county, city, town, corporation, or indi-
vidual to subscribe to the capital stock of said railroad, or any branch
thereof, in the manner prescribed by law.
8. Subject to the general railroad laws of this state, it shall be lawful
for said company to cross, grade over or under anv other railroad now
constructed, or which shall hereafter be constructed within this state.
9. It may unite its roads with any other roads in this state, or that
may hereafter be built; may enter the grounds of such railroad with
the necessary sidings, switches, turnouts, conveniences, and facilities as
will aid in the furtherance of the construction of said railroad, or facili-
tate the exchange or handling of passengers and freight between the said
railroad and other railroads in this state; but in all cases in which the
said railroad company shall subject the real estate of any other company
to its use, or acquire any of the same, it shall be in the mode prescribed
by law, and it shall be lawful for the said company to consolidate with
any other railroad company heretofore incorporated, or hereafter to be
incorporated in or out of the state of Virginia, whose line or road con-
nects or will connect with the railroad hereby authorized to be con-
structed.
10. The board of directors of this company are authorized at any
time, when a majority of the directors are present, if they deem it
advisable, to change the name of this company.
11. All the taxes which may be assessed against said company shall
be paid in lawful money of the United States, and not in coupons.
12. The construction of said road shall he begun in two years from
the first day of May, nineteen hundred, and completed within five years
thereafter.
13. The principal office of said company shall be in the state of Vir-
ginia.
14. This act shall at all times be subject to amendment, alteration, or
repeal by the general assembly of Virginia.
15. This act shall be in force from its passage.