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 | 1889/1890 Private Laws |
---|---|
Law Number | 71 |
Subjects |
Law Body
CHAP. 71.—An ACT to authorize the consolidation of the Alex-
andria and Fredericksburg railway company and the Alexan-
dria and Washington railway company.
Approved January 20, 1890.
1. Be it enacted by the general assembly of Virginia,
That the Alexandria and Fredericksburg railway company
and the Alexandria and Washington railway company be,
and they are hereby, authorized to consolidate and form
one company under the name of the Washington southern
railway company, upon such terms as may be agreed upon
by said companies: provided, that such consolidation shall
be approved and such agreement ratified and confirmed by a
majority of the stockholders of each of said companies
at a meeting of said stockholders called for the purpose,
twenty days’ public notice of the time and place of hold-
ing the same and the object thereof having been given.
2. Where said consolidation shall be effected as afore-
said, the charter, all the rights, authorities privileges,
franchises, effects, property, choses in action, debts due
to, rights of action and estate of the said companies shall
pass to, vest in, and enure to the said consolidated com-
pany by virtue of this act.
3. That upon such consolidation authority be, and the
same is hereby, given to the Washington southern railway
company to recall and cancel all outstanding certificates
of capital stock issued by the Alexandria and Fredericks-
burg railway company and the Alexandria and Washing-
ton railway company, respectively, and issue to the holders
other and uniform certificates, in pursuance of the terms
agreed upon as aforesaid: provided, that not more than
one share of the capital stock of the Washington southern
railway company shall be issued in lieu of one share of
the Alexandria and Fredericksburg railway company and
the Alexandria and Washington railway company.
4. That the maximum capital stock of the Washington
southern railway company shall be two million five hun-
dred thousand dollars, divided into shares of fifty dollars
each, of which capital stock an amount shal] be presently
issued sufficient to recall and cancel the capital stock of
the Alexandria and Fredericksburg railway company and
the Alexandria and Washington railway company, and to
fulfill any other of the terms of the agreement of consoli-
dation; the remainder of said capital stock to be issued
by order of the board of directors of the Washington
southern railway company, when and as in their judgment
the same may be necessary and proper.
5. That to provide for the present indebtedness of the
Alexandria and Fredericksburg railway company and the
Alexandria and Washington railway company, and for
other needful corporate purposes, upon the consummation
of the consolidation of the said companies as provided by
this act. the Washington southern railway company is
hereby authorized and empowered to create an indebted-
ness not exceeding two million five hundred thousand dol-
Jars, and to issue its bonds, registered or coupon, therefor,
and to secure the payment of the principal and interest
of said bonds by deed or deeds of trust or mortgage or
mortgages upon all or any portion of the franchises, works,
property and estate of said company of what kind soever ;
and upon the payment or retirement of said bonds, or any
portion thereof, to issue in their place and stead a like
amount of said bonds, and to secure the same by new deeds
of trust or mortgages upon all or anv portion of the fran-
chises, works, property, and estate of said company of what
kind soever, when and as often as the same may be deemed
necessary and proper by the board of directors of the
Washington southern railway company.
6. That all the rights of creditors and all liens upon
the franchises, property, and estate of the Alexandria and
.
Fredericksburg railway company and the Alexandria and
Washington railway company shall continue unimpaired,
and said respective corporations shall be deemed to be in
existence to preserve the same, and for their enforcement,
if necessary, and all debts, duties, and labilities of either
of said companies, when said companies are so consoli-
dated, shall thenceforth attach to the Washington south-
ern railway company, and may be enforced against it, its
franchises, property, and estate to the same extent and by
the same process as if said debts, duties and liabilities had
been originally contracted or incurred bv it.
7. That upon said consolidation the Washington south-
ern railway company be, and the same is hereby, author-
ized and empowered to collect, enforce, and reduce into pos-
session all the choses in action, rights, debts, due to, rights
of action, claims, and demands which were theretofore of
the Alexandria and Fredericksburg railway company and
the Alexandria and Washington railway company, respec-
tively, and to sue for and enforce the same in its proper
corporate name.
8. All claims and demands of what kind soever that may
arise in favor of the commonwealth of Virginia against
the Washington southern railway company shall ve paid
in legal tender money of the United States and not in
coupons. .
9. This act shall be in force from its passage.