Chap. 803.—An ACT to incorporate the Pan-American Railway
and Navigation company.

Approved February .19, 1890.

1. Be it enacted by the general assembly of Virginia,
That H. C. Parsons, S. H. Letcher, Dennis Shannahan, J.
J. Montague, Ashton Starke, J. D. Groner, Jed. Hotchkiss,
M. B. Harlow, Berryman Green, W. T. Sutherlin, Park
Agnew, Francis 4. Reed, D. 8S. Burwell, Frank J. Hearne,
Eugene Dana, Archie Campbell, Eli Ensign, Nathan Goff,
John B. Jackson, H. S. Chamberlin, F. G. Montague, Wil-
liam Morrow, Nathaniel Baxter, junior, E. B. Stahlman,
John R. Thomas, Thomas W. Holliday, Frederick Mott, R.
A. Kehrens, Frank Ridgely, Logan H. Roots, Montgomery
Fletcher, A. Baldwin, Joachin Viesca, W. B. Schmidt, W.
J. Behan, J. P. Whitney, Juan Oteri, P. Toarchy, H. C.
Warmouth, Richard Pearson, Alfred Grima, Garrett A.
Hobart, John L. |Thomas, Orland Smith, Granville P.
Hawes, A. H. Simpson, B. D. Green, E. R. Andrews, F. L.
Omstead, T. A. Beall, Charles Elliot, Charles Tabor, F. S.
Quintard, William P. E}liott, Clancey Ives, J. Van de
Venter, C. J. Barker, R. E. Fernow, A. P. Colesberry, John
Beggs, James H. Rice, George Ford, George V. Menzui, N.
T. De Pauw, S. M. Chambers, W. Heilman, Robert D. F.
Pierce, L. T. Michner, W. W. Dudley, Felix Agnus, R. T.
Wilson, George Dwight Platt, W. M.S. Cleveland, L. E. Par-
sons, junior, W. T. McClintock, Thaddeus McNulty, B. W.
Walker, Harry Durand, H. L. Earle, E. L. Bouner, Charles
D. Ingersoll, C. C. Shayne, Peter Thompson, Odell Bowie,
E. T. Berryhill, James A. Hall, John W. Bannon, John
Campbell, John W. Peebles, Alfred G. Elliot, Charles N.
Sidell, Henry C. Harshaw, Henry B. Payne, Robert G.
Hvans, Thomas Lowry, Howell Smith, A. F. Rosenthal,
R. B. Rentfro, John H. Rice, Thomas H. Ellis, Samuel
M’essenden, M. M. Rogers, Henry Fairfax, Henry Stuart,
James C. Langhorne, or such of them as may accept the
provisions of this act, and such persons as may become
associated with them in the manner hereinafter provided,
shal] be, and they are hereby, constituted a corporation
by the name and style of Pan-American railway and navi-
gation company, and by that name shall have all the
powers, rights, and franchises necessary and proper to
the construction and use of railroads and steamships,
and together with all rights and franchises essential
thereto, includiug the right to build, occupy, and operate
wharves, eanals, ship-yards, elevators, transfers, ]j)ghters,
telegraph, telephone, express lines, warehouses, and other
structures and appurtenances; the said rights and authori-
ties to be exercised beyond the territorial limits of Vir-
ginia. ;

The said company shall have the right in the state of
Virginia to secure and establish terminals for its steam-
ship lines; to build wharves, ship-yards, mills, or furnaces,
and for the proper supply of said works to own and ope-
rate mines; and for this purpose may acquire by contract
lands not to exceed five hundred acres upon tide-water
and ten thousand acres in the mineral district of the
state. It shall have no right of condemnation within the
state without further enactment of the legislature.

It shal] also have the right to acquire and hold the stock
or bonds of any company chartered by any of the repub-
lics of South America, and any and all grants, privileges,
concessions, and immunities that may be secured from
any of the republics, states, cities, counties, districts, or
municipalities of South America, and also to acquire or
own the stock of any steamship company that is or may
be incorporated to run between any port or ports of the
United States or the Gulf of Mexico or Atlantic Ocean to
the northern terminus of said railroad at Santa Martha
or Carthagena, or upon any of the rivers of South Ame-
rica, or upon the Pacific Ocean; and the above-named
corporators, or any ten of them, are authorized either in
person or by agent or agents by them appointed, to open
books and receive subscriptions to the capital stock of the
said Pan-American railway and navigation company, upon
notice published for ten days in one or more daily news-
papers in the cities of Richmond, Washington, Baltimote,
Philadelphia, New Orleans, St. Louis, Chicago, Cincin-
nati, and Pittsburg.

2. The capital stock of the said company shal] not be less
than one million dollars nor more than one hundred mil-
lion dollars, to be divided into shares of one hundred
dollars each; and when ten thousand shares have been
subscribed the subscribers snall organize a company by
making such rules and by-laws as shall be agreed upon
and shall not be inconsistent with the laws of Virginia,
by electing a board of not more than twenty-one directors,
who from their own number shall elect a president and
one or more vice-presidents, and an executive committee
of not less than five members, and may confer upon said
committee all the powers of the board of directors, to be
exercised when the said board js not in session, and pro-
vide for the election or appointment of -such officers as
they may deem necessary for the management of the
affairs of the company; and thereupon they shall have
and exervise al] the general powers and functions of a
corporation and be subject to all restrictions and penal-
ties of the general laws of the state of Virginia so far as
the exercise of such powers or functions shall be therein.

3. The said company shall have authority to issue its
bonds or execute deeds or declarations of trust in the
prosecution of its undertakings. It may borrow money
in such sums and at such rates ef interest as its require-
ments may demand, and make its bonds payable in the
standard money of the United States.

4. The company shall have the principal office in the
city of Richmond. It shall be liable to taxation in the
state of Virginia upon the property it may actually hold
and acquire therein in the same manner that other inter-
nal improvement companies are required to ~ay taxes.
It shall pay all taxes in lawful money of wwe United
States.

5. The said company may establish general offices for
the transaction of business at the city of Washington, or
at such other ports or cities as it may deem necessary.

6. This act shall be force from its passage.

CuHaP. 304.—An ACT to amend and re-enact section 14 of an act
entitled an act to incorporate the town of Franklin, Southamp-
ton county, approved arch 15, 1876, and to add three additional
sections to said act.

Approved February 19, 1890.

1. Be it enacted by the general assembly of Virginia,
That section fourteen of an act entitled an act to incorpo-
rate the town of Franklin, in Southampton county, ap-
proved March fifteenth, eighteen hundred and seventy-six,
be amended and re-enacted so as to read as follows:

§14. “The said town shall have the right to purchase and
hold such real estate as it may deem necessary for street
purposes or for the erection of public buildings.”
2. Be it further enacted, that section fifteen be added to
3aid act, as follows:

§15. “No person shall be allowed to erect a building
within the said town until such person shall have asked
and obtained in writing the consent of the council of said
town for the erection of such building as is proposed to
be erected.”

3. Be it further enacted, that section sixteen be added to
said act, as follows:

§16. ‘“ The council of said town shall have the right to ex-
empt from town taxation, for a period not exceeding ten
years, all manufacturing enterprises located within the
limits of the town whose capital invested in said town
shall be five thousand dollars or more.”

4. Be it further enacted, that section seventeen be added
to said act, as follows:

$17. “The council of said town shall have the power to
borrow money from time to time to an amount not exceeding
in the aggregate ten thousand dollars, and for this purpose
they may issue, or cause to be issued, bonds of the town
in such amounts as they may deem expedient, bearing in-
terest at such rate per centum not exceeding six per cen-
tum per annum as they may deem best, which interest may
be payable annually or semi-annually, as they may prefer ;.
and such bonds shall be payable at such time or times,
not exceeding twenty years from their date, as said council
may prescribe; and they may be sold by said council at
not less than e’--hty per centum of their face value.”

5. This act suall be in force from its passage.