CHAP. 720.—An ACT to incorporate the Virginia, Shenandvah and
Western railroad company.

Approved March 4, 1892.

1. Be it enacted by the general assembly of Virginia,
That C. P. Noland and J. P. Brown, of Page county, Vir-
ginia; J. 8S. Harnsberger, S. H: Moffatt, J. P. Houck and
Wingfield Liggett, of Rockingham county, Virginia, or
such of them as may accept the provisions of this act, and
such persons and corporations as may become associated
with them, in the manner hereinafter provided, shall be,
and they are hereby, constituted a body politic and corpo-
rate, by the name of the Virginia, Shenandoah and West-
ern railroad company, and by that name shall have all the
powers, rights and franchises necessary and proper to lo-
cate, construct and maintain a railroad of the gauge in
general use on the Virginia railroad lines, or may be in
the manner of a narrow-gauge railroad, to be known as the
Virginia, Shenandoah and Western railroad, to begin at a
point on the Potomac river, either in the county of Fair-
fax or the county of Prince William, or in the county of
Stafford, in the state of Virginia, and to run thence, by
the most practical route, to some point on the Virginia
and West Virginia state line, either in the county of Rock-
ingham, or in the county of Augusta, or in the county of
Highland, in the state of Virginia, also a branch from a
suitable point on the main line of said road to the city of
Alexandria.

2. That the capital stock of said company shall not ex-
ceed the sum of twenty-five million dollars, to be divided
into shares of one hundred dollars each; and when one
thousand shares shall have been subscribed by persons or
incorporators, under the direction of any three of the in-
corporators hereinbefore named, the subscribers shall as-
semble at Shenandoah, Virginia, upon the call of the first
three named incorporators, or a majority of them, to organ-
ize the company under this act, to elect a president and
board of directors, whose term of office shall be five years.
Subsequent elections of president shall be made by the
board of directors, and of the board of directors by the
stockholders. Any vacancy during the term of office of
the president or directors shall be filled by. the board of
directors. —
3. The board of directors shall fix the salary of the pres-
ident and all officers of the company, and a maximum
amount of stock to be subscribed for by any individual or
company.

4, The capital stock of said company may be increased
from time to time by the board of directors to such amount
as they may deem necessary for the interest of the com-
pany, not exceeding the maximum capital stock prescribed
in this act; and the board of directors of said company,
to fully construct and equip said railway, shall have the
power to issue bonds to an amount not exceeding its capi-
tal stock, in such sums, of not less than one hundred dol-
lars each, and bearing interest not exceeding the rate now
allowed by law, payable, principal and interest, at such
times and places, and in such manner, as may be deemed
most advantageous to said company, and may secure the
same by one or more mortgages on the road, franchises, in-
come and the real and personal property of the company,
or such parts thereof as may be designated in the mortgage
or mortgages.

5. That it shall be lawful for the said company to ac-
quire by purchase or in subscription to the capital stock of
said company, or by donation, lands, mines, property, ma-
terials or labor, and to receive subscriptions from other
companies, associations and corporations, and to make
such arrangements as shall be mutually agreed upon by
the respective boards of directors of such companies, asso-
ciations and corporations, for the endorsement, sale and
exchange of stock and bonds, as to increase the facilities
for a speedy completion of said road; and the said com-
pany may sell, lease or otherwise dispose of any lands or
other property acquired under this section at their pleasure.

6. The said company shall have power to build addi-
tional branches and lateral roads not exceeding twenty
miles each from their main line.

7. If it shall be found in the location or construction
of said road, or any of its branches, or either of them, that a
railroad under construction, or for the making of which
a company has been chartered and organized, will inter-
fere or be interfered with, it shall be lawful for said com-
pany, by contract or purchase, or consolidation, to acquire
the ownership of such roads, or any parts of any of them,
or to make such’agreements as may be found desirable in
order to secure the use of such roads, or any parts of them,
or the benefit of such charters, or any parts thereof in fur-
therance ofithe purposes of this act.

8. This company shall be subject to the general laws
now in force in relation to railroad companies, except as
otherwise provided in this charter.

9. That any county, city, town or township along the
line of said road, or of any}connecting roads or lateral
branches, is hereby authorized to subscribe to the capital
stock of said company in the manner and form as is now
prescribed by law.

10. The work on the road herein authorized to be con-
structed, shall be commenced within two years and com-
pleted within five years from the passage of this act, and
all taxes due from the company shall be paid in money,
and not in coupons.

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