CHAP. 735.—An ACT to incorporate the Washington pneumatic
power and post company.

Approved March 4, 1892.

1. Be it enacted by the general assembly of Virginia,
That H. Clay Smith, Thomas Cavanaugh, Edmund Brand,
Warder . Voorhees, Francis R. Fava, of the District of
Columbia; Carlo F. Z. Caracristi and Mark R. Lloyd, of
the state of Virginia, or such of them as may accept the
provisions of this act, their associates, successors and as-
signs be, and they are hereby, incorporated and made a
body politic and corporate, under the name and style of
the Washington pneumatic power and post company, and
by that name shall be known in the law, and as such are au-
thorized and empowered to locate, own, lease, sell, convey,
work, operate and develop, in any way whatsoever, any
water or other natural power within the state of Virginia,
and to convert the same into pneumatic or electric power,
upon any river or rivers, or any branches thereof, within
the state of Virginia or upon its borders, and to convey
said power into any other state or territory adjoining
thereto, by such route or routes as may ‘be deemed suita-
ble by the board of directors, and shall have the power to
construct and equip such aqueducts, canals, dams and
power plants as may be necessary to develop said water
or other natural power at such places and by such route
or routes as may be determined upon by the board of di-
rectors; and may aleo connect with any other aqueducts,
canals, pneumatic or electric power line or lines, either
now or hereafter built and operated in the state of Vir-
ginia, by extending said aqueducts, canals, pneumatic or
electric power line or lines in any direction and by any
route or routes deemed suitable by ita board of directors.

2. The said company shall have perpetual succession,
and have power to sue and be sued, plead and be implead-
ed, defend and be defended in all courts, whether in law
or equity, and may make and have a common seal, and
alter or renew the same at pleasure, and shall have and
possess and enjoy all the rights and privileges of a cor-
poration or body politic in the law and necessary for the
purposes of this act.

3. The capital stock of said company shall not be less
than one hundred thousand dollars, and may from time
to time, with the consent of a majority of its stockholders,
be increased to any amount necessary to carry out its plans
by issue and sale of shares, the par value of which shall not
be less than one hundred dollars, from time to time, un-
der such regulations as the board of directors of said com-
pany shall prescribe; and the directors may receive cash,
labor, material, real and personal property suited to the
business of the company, in payment of subscriptions to
the capital stock, at such valuations as may be agreed
upon between the directors and the subscribers, and may
make such subscriptions payable in such manner or in
such amounts and at such times as may be agreed upon
with the subscribers.

4, It shall be lawful for said company to acquire by do-
nation or purchase, land, water-front and water-power for
right of way, depots, stations, power-plants and other pur-
poses necessary for the successful construction and opera-
tion of its aqueducts, canals, dams, power-plants, pneu-
matic or electric-power lines, roadways, railroads, pneu-
matic or electric railways.

5. It shall be lawful for said company to borrow money
or issue and sell its bonds from time to time for such sums,
on such terms, as its board of directors may deem expedient
and proper, and to secure the payment of such bonds;by
mortgages or deeds of trust upon all or any portion of its
property and franchises.
6. It shall be lawful for said company to guarantee or
hold the stock or bonds of any mining, manufacturing or
other corporation of this or any other state or territory,
and mining, manufacturing or other corporations may
guarantee or hold the stock or bonds of the said company.

7. The said company may acquire by condemnation, ac-
cording to the laws of Virginia, any water-front and water-
power necessary for the production of power: provided
said condemnation shal] not be in conflict with any water-
power that has hitherto been developed for the use of
canals, mills or other manufacturing or industrial opera-
tions, and the lands required for the right of way of its
aqueducts, canals, pneumatic or electric-power lines, sta-
tions and power-plants for its operations, and may con-
nect and unite its aqueducts, canals and pneumatic and
electric-power lines with those of any other company now
or hereafter constructed in the state of Virginia, or con-
solidate or merge its stock, property or franchise with
those of any company operating or authorized to operate a
connecting line of the same description or kind nat a com-
peting line, upon such terms as may be agreed upon by
the board.of directors of the companies so uniting or con-
solidating, and for that purpose power is hereby given to
it and to such other company or companies to make and
carry out such contracts as will facilitate and consum-
‘mate such connections, merges or consolidations: provi-
ded that a copy of every such contract, consolidation and
merge be filed in the office of public works.

8. The said company shal! be required to commence the
construction of said aqueducts, canals, pneumatic or elec-
tric-power lines within five years from the passage of this
act.

9. The persons named in this act, or such of them as
shall accept the provisions thereof, shall have the power
and authority of a president and board of directors for the
purpose of organizing and all other purposes. They, or
any five of them, may constitute the board of directors for
the first year, or until their successors shall be elected and
qualified. They shall elect one of their number president
pro tempore. They shall open books of subscription to
the capital stock of said company at such times and places
as they may see proper. When five thousand dollars or
more are subscribed, they may convene the stockholders
and organize the company. Each stockholder shall be
entitled to one vote for each share of stock subscribed for
and paid on by him. At the first meeting of the stock-
holders the president pro tempore appointed by the corpo-
rators shall preside. The stockholders at the first meet-
ing shall fix the number of directors and elect them. The
said board of directors shall elect a permanent president
and other officers and secretary, who shall certify said or-
ganization on the books of said company, acopy of which,

duly attested by a notary public, shall be received as evi-

dence of the legal organization of said company. The

board of directors shall be stockholders of said company,

and prey may fill any vacancy that may occur in said
ard.

10. The board of directors may establish offices and
agencies at such places as they may deem proper, but the
principal office of the company shall be located at Alex-
andria, Virginia.

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

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