CHAP. 32.—Aun ACT to incorporate the Portsmouth electric rail-
way company.

Approved December 23, 1891.

1. Be it enacted by the general assembly of Virginia,
That Virginius Butt, C. S. Sherwood, John W. H. Porter,
A. J. Phillips, and Edward Mahoney, and their associates
and successors, be, and are hereby, constituted a body pol-
itic and corporate by the name and style of the Ports-
mouth electric railway company.

2. The capital stock of the company shall not be less
than ten thousand dollars nor more than one hundred
thousand dollars, divided into shares of one hundred dol-
lars each.

3. The said company shall have power and authority to
construct, equip, maintain, and operate a street railway
along the streets of the city of Portsmouth, with the con-
sent of the council thereof, and may extend their said rail-
road track into the county of Norfolk, and may use the
public roads of said county, with the consent of the board
of supervisors of said county; and may operate the said
railway by horses, electricity, or cable.

4. It shall be lawful for the said company to transport
freight and passengers and baggage over the line of their
railway, and to collect fare and tolls for the same.

5. The said company shall have power to acquire and
hold such real estate and personal property as may be ne-
cessary to successfully carry on their business; and shall
have the power to condemn lands for their purposes, under
the general laws of the state providing for the condemna-
tion of lands for the use of corporations and works of in-
ternal improvement.

6. The said company shall have power and authority to
lease its said road, or to lease, purchase, or consolidate
with any other street railway company in the city of
Portsmouth or the county of Norfolk, adjacent to said
city, that has already been, or may hereafter be incorpor-
ated under the laws of this state, and may borrow money
for the use of said company, and issue bonds for the
same, and may issue notes for money borrowed, and may
secure the said notes and bonds by deed of trust or mort-
gage on all or part of its property and franchises.

7. The said company may acquire land in payment of
subscriptions to its stock, and may sell, lease, or otherwise
dispose of the same.

8. The incorporators herein named, or as many of them
as accept the terms of this act, are hereby appointed com-
missioners to receive subscriptions to the capital stock,
after giving due notice for five days, in such manner as
they may deem proper and best, either by advertisement
in some newspaper published in the city of Portsmouth,
or by notice posted at the door of the court-house in said
city, of the time and place of opening the books for said
subscription; and when the minimum amount of the said
stock shall have been subscribed, shall have authority to
call a meeting of the stockholders for organization.

9. At the first meeting of the stockholders of said com-
pany, held in pursuance of the foregoing section, the said
stockholders shall elect a board of not less than five di-
rectors, one of whom shall be designated as president.
This board shall frame by-laws for the government of the
corporation and its agents, subject to alteration by the
stockholders in general meeting.

10. The said railway company is hereby authorized and
empowered to use, on any portion of its line, the track of
any other railway company, with the consent of said rail-
way company; and may cross with its track, either at,
above, or below grade, the track of any other railway
company, and may connect its track with the track of
such railway company, with its consent, and upon such
terms as may be agreed upon.

11. General meetings of the stockholders shall be con-
vened at least once every year, by order of the board of
directors, and special meetings shall be called by the said
board whenever requested by persons holding a majority
of the stock of said company, and at all meetings of the
stockholders, each share of stock represented, either in
person or by proxy, shall be entitled to one vote.

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

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