Chap. 882.—An ACT to incorporate the Elizabeth City railroad company.

Approved March 6, 1900.

1. Re it enacted by the general assembly of Virginia, That J. C.
Brewder, T. C. Kinney, A. J. Hollis, George W. Holman, George C.
Cressey, E. C. Madison, or such other persons as may accept the pro-
visions of this act, their associates, successors, and assigns, be, and
hereby are, incorporated and made a body politic and corporate, under
the name and style of the Elizabeth Citv railroad company, and by that.
name and stvle shall be known in law, and as such are authorized and
empowered to survey, locate, construct, equip, maintain, and operate
a line of railroad of a narrow or standard, single or double track, from
some point in the counties of Elizaheth City, Warwick, or York, to
some point in the counties of King William or King and Queen, bv
any route which the board of directors may adopt as most feasible
and practicable: provided, however, that it shall not be lawful for said
Elizabeth City railroad company to cross the tracks or yards of the
Chesapeake and Qhio railway company at or near the city of Newport
News: and provided further, that nothing in this act contained shall
be so construed as to authorize the said Elizabeth City railroad company
to condemn the works or property of any company mentioned as a work
of internal improvement.

2. The said company shall have perpetual succession, and have power
to sue and be sued, plead and be impleaded, defend and be defended,
contract and be contracted with in all courts, whether in law or equity,
and may make and have a common seal and alter or renew the same at
pleasure, and shall have and possess and enjoy all the rights and privi-
leges of a corporation or body politic in the law, necessary for the pur-
poses of this act.

3. The capital stock of said company shall not be less than twenty-
five thousand dollars, and not more than fifty thousand dollars, divided
into shares of the par value of one hundred dollars each. Any three of
the above named incorporators, to be selected by themselves, are hereby
created a commission, and are authorized to receive subscriptions to the
capital stock of said corporation, and for this purpose may open sub-
scription books in such manner and after such notice as they may deem
necessary, and may keep the same open until the minimum amount
above named shall have been subscribed. Thereafter, within their dis-
cretion, they may call a meeting of the subscribers and organize the
company. From time to time the capital stock may be increased upon
such reculations and upon such terms, and at such price as the board of
directors of said company may prescribe, until the maximum amount
above named shall have been issued; and the board of directors may
receive cash, labor, material, franchises, bonds, or stock of other incor-
porated companies, lands, rights of way, and other property, real or
personal, in payment of subscriptions to the capital stock at such
valuation as may be agreed upon.

4. It shall be lawful for said company to transport passengers, express,
freight, and haggave, and mails of the United States, and to collect fare
and tolls for the same. The said company shall use steam to propel the
cars on said road.

5. It shall be lawful for the company to acquire by gifts, purchase,
or lease, or condemnation, land for its right of way, depot, stations,
and other purposes necessary for the successful construction and opera-
tion of its road through any of the counties through which the same
may pass, and for such other purposes as is necessary for the proper
conduct of its business, and may connect or unite its line or lines of
railroad with anv other railroad heretofore incorporated, or hereafter
to be incorporated by the general assembly of Virginia, or may con-
solidate its stock, property, or franchises with those of any other
railroad company, upon such terms as may be agreed upon between the
respective board of directors of such companies so united or con-
solidated, and for such purposes power is hereby granted it, and to
such other company or companies to make and carry out such contracts
as will facilitate and complete such connections or consolidation.

The said company may sell or lease the whole or any part of its
rights, properties, appurtenances, or franchises to any other railroad,
and may acquire or lease from the owners of such other railroad com-
pany, the whole or any part of its rights, properties, appurtenances, or
franchises.
6. The said company may acquire by subscription, purchase, or other-
wise, the stock or bonds of any other incorporated company, and it shall
be lawful for said company to issue or sell bonds from time to time for
such sums and upon such terms as its board of directors may deem
expedient, and may secure the payment of any bonds by a decd or deeds
of trust or mortgage or mortgages upon all or any of its rights, prop-
erty, railroad appurtenances, and franchises, including its franchise
to be a corporation, and may reserve the right to the company to con-
fer on the holders of any bonds of said company the right to convert
the principal thereof into stock of the said company at any time; and
any other incorporated company mav, by purchase, subscription, or
otherwise, obtain, hold, or transfer the bonds or stock of said com-

any.

P %. The officers of said corporation shall be a president, vice-president,
secretary and treasurer, and a board of directors, including the presi-
dent and vice-president, who shall be ex officio members, and such
other officers as the board of directors may from time to time determine;
and the terms of office, modes of election, and duties of said officers
shall be prescribed by the by-laws of said corporation, subject to the
general law of this state.

8. The principal office of said corporation shall be in the town of
Hampton, Virginia.

9. All taxes due the commonwealth bv said company shall be paid in
lawful money of the United States, and not in coupons.

10. The said company shall begin work within two vears and com-
plete same within five years or forfeit the provisions of this act. °