CHAP. 167.—An ACT to incorporate the Newport railroad, hotel,
and land improvement company.

Approved February 5, 1892.

1. Be it enacted by the general assembly of Virginia,
That Manning C. Staples, William Marshall, John C. Rob-
ertson, James F. Bradley, and James R. Werth, or any three
of them, and such other persons and corporations as they
may associate with themselves, and their successors, be,
and they are hereby, made and constituted a body politic
and corporate by the name of the Newport railroad, hotel,
and land improvement company, and as such may have
all the rights, franchises, privileges and immunities appro-
priate to a corporation under the laws of Virginia.

2. The said company may construct and operate a rail-
road of single or double track and of standard or narrow-
gauge from a point at or near West Point, in King William
county, extending through the counties of King William,
King and Queen, Gloucester and Mathews, to a point on
Chesapeake bay, in Mathews, Middlesex or Gloucester
counties, and may build such branch or lateral lines as
the board of directors may deem advisable, not to exceed
fifty miles in length.

3. The capital stock of said company shall not be less
than twenty thousand dollars, nor more than five hundred
thousand dollars, except as hereinafter provided. The
said stock shall be divided into shares of the par value of
one hundred dollars each, and every share shall be enti-
tled to one vote. But the stockholders shall have the
right to increase said capital stock so as not to exceed two
million dollars by a two-thirds vote of the stockholders in
a general meeting assembled.

4, The directors of said company may receive in pay-
ment in whole or in part of any subscription to the capi-
tal stock of said company any property adapted to its
uses, Including labor, services, work, materials, money,
lands, land or other damages, and may receive subscrip-
tions for stock from individuals or other companies and
corporations; and said company may hold, improve, sell,
lease, encumber, or otherwise manage or dispose of any
lands or other property acquired under this section.

5. It shall be lawful for said company to borrow money,
and for that purpose to issue bonds or other evidences of
debt, and secure payment of the same by mortgage or deed
of trust upon the franchises and property of the company ;
and it shall also have the right and power to transfer its
franchises and property of every kind by sale, lease, or
otherwise, to any person or persons, whether natural or
artificial, except to a parallel or competing railroad line.

6. The said company may build, furnish and maintain
on their property all such hotels, ordinaries, cottages and
other improvements and public accommodations as may
be proper and advantageous for their business, subject to
the general laws of the state of Virginia.

7. The said company may acquire and hold real es-
tate in the counties of King William, King and Queen,
Gloucester, Middlesex and Mathews, not at any time to
exceed five thousand acres in any one of said counties;
and may improve, sell, lease, or otherwise manage or dis-
pose of the same as the directors may think best; and
may acquire and operate steamboats and other vessels in
Chesapeake bay and its tributaries, and by contract may
connect with any steamboat, railroad or other transporta-
tion company which the directors may deem it advisable
to connect with.

8. The counties of King William, King and Queen,
Gloucester, Middlesex and Mathews, and the town of
West Point, or either of them, are hereby authorized to
subscribe to the capital stock of said company in the
manner prescribed by law for such subscriptions by coun-
ties and towns.

9. The construction of the railroad hereinbefore author-
ized shall be commenced within two years and completed
within five years after the passage of this act.

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