Chap. 237.—An ACT to incorporate the Lynchburg traction company.

Approved February 12, 1894.

1. Be it enacted by the general assembly of Virginia, That James
I. Lee, John Stuart Walker, Peter J. Otey, James Hancock, W. P.
Roberts, and such other persons as may be hereafter associated with
them, and their associates and assigns, be, and are hereby, incorpo-
rated and made a body politic and corporate under the name and
style of the Lynchburg traction company, and by that name shall be
known in law, and shall have perpetual succession, and have power
to sue and be sued, plead and be impleaded in the courts of the land,
and may make and have acommon seal, and alter and renew the
same at pleasure; may make by-laws for its control and manage-
ment, and shall have, enjoy and exercise all the rights, power, privi-
leges and franchises pertaining to corporate bodies of this general]
character and to the maintenance of the corporation hereby created.

2. The capital stock of the said company shall not be less than
fifty thousand dollars, and may be increased from time to time, as
the stockholders may direct, to any sum not exceeding one million
dollars. The capital stock shall be divided into shares, the par
value of which shall be one hundred dollars, and the stock may be
issued as the stockholders may direct, as preferred and common
stock, in such proportion and on such conditions as they may deem
proper.

3. The company, in payment for subscription to its capital stock,
may receive money, land, materials, labor, or any other article or
value at such price as may be fixed by the board of directors.

4, Any other joint stock company may subscribe to the eapital
stock of this company, and may so subscribe to, hold, vote and con-
trol any proportion of its said capital, however great, which may be
agreed upon between the board of directors of this company and the
company making such subscription. This power to subscribe to the
capital stock of this company is especially granted to the Lynchburg
traction company and to any railroad entering the city of Lyuch-
burg, or any street railway company operating in the city of Lynch-
burg, whether operated by electricity, horse or steam power, and any
such company may subscribe to the capital stock of the said the Lynch-
burg traction company, and discharge any such subscription as pro-
vided in section three of this act: provided such subscription is
made and accepted by a majority vote of the respective boards of di-
rectors, and the fact that the two boards may be composed in whole
or in part of the same individuals shall in no wise affect the le-
gality of such subscription.

5. The management and control of the company shall be vested
in a board of directors, all of whom shall be stockholders. The
board of directors, except the first board, shall be elected by the
stockholders annually at their annual meeting. The number of the
board, the times of the annual meeting and all rules, by-laws and
regulations for the general management of the company shall be
fixed and determined by the stockholders.
6. The corporation named in the first section of this act shall
receive subscriptions to the capital] stock of this company, and they
shall, as soon after the passage of this act as practicable, open books
of subscription to the said capital stock in one or more places in the
city of Lynchburg, giving due notice thereof by advertising for one
week in One or more newspapers of the said city. When as much as
the minimum amount of said capital has been subscribed, said cor-
porators shall call a meeting of said subscribers to be held in said
city, giving ten days’ notice of the time and place of such meeting
by advertising the same for ten days immediately preceding the
time fixed therefor in one or more of the daily newspapers of the
said city. At the meeting so tobe held the first board of directors
shall be elected and such other business transacted as the stockhold-
ers nay determine. The board so elected shall hold office until the
frst annual meeting and until their successors are elected in their
stead.

7. The board of directors, at their first meeting after election, or as
soon thereafter as practicable, shall select from their number a presi-
dent and vice-president of said company, who shall hold said offices
until their successors ure elected, without vacating their seat or
powers as members of said board; and thereafter each board of
directors shall annually make similar election from its members for
the said offices of the president and vice-president at their first
meeting after they are elected, or as soon thereafter as practicable.

8. The board of directors shall appoint all officers and servants of
said company, assign their duties, fix their compensation and the
penalties of their official bonds when such bonds are required. Said
board, also, under the control and direction of the stockholders, shall
have and exercise all the duties and power usual to such bodies, as
are necessary and requisite to the management and control of such a
company, and as may be granted and prescribed by the by-laws of
the com pany.

9. The said company shall, in addition to all such general powers
and attributes as are inherent to corporations of this nature, espe-
cially have power—

10. To change its corporate name whenever it may so degire, but
such change of name shall in no wise affect the relation of the com-
pany to its property or its debts and contracts.

11. To contract, own, purchase, hold and operate a railway in the
counties of Campbell and Bedford,.and in the city of Lynchburg.
The cars upon said railway may be propelled by horses, steam, elec-
tricity or any other motive power. The aaid railway may be used
for the transportation of passengers or freight, and said company may
charge and collect tolls and fares for such transportation as may be
done by any other like common carrier. Its railway, poles, wires
and other part of its plant necessary to the running of its cars may
be laid and placed in the streets of the city of Lynchburg, and its
cars or trucks may be run over said railway when so laid: provided
the consent of the council of the city of Lynchburg be first obtained
to such uses of its streets; but when such consent has already been
granted by said council to any individual or company from which this
company may derive any railway or any part of the plant connected
therewith, no further grant of such power shall be requisite, and the
transfer to this company of any such railway or plant shall carry
with it all such rights, franchises or privileges derived from said
city or from private persons. When this company shall receive in
payment of subscription to its capital stock from any other person
or corporation any roadway, poles, wires and other parts of an elec-
tric or other plant of said subscribing company or other persons, the
company shall take the same and operate them without any such
permit from said council. -

12. To purchase, hold, use, sell or otherwise dispose of real estate,
not to exceed at any one time one thousand acres in amount, in the
counties of Campbell and Bedford, or the city of Lynchburg. It
may also purchase, hold, use, enjoy, sell or otherwise dispose of
any and all kinds and classes of personal property requisite and ne-
cessary for its use and development of its purposes as a street rail-
way company, and for the power and privileges herein granted.

13. To condemn lands for the purpose of laying its railway track
and establish depots, and may, when necessary, condemn the use of
land for erecting thereon poles and wires for the purpose of con-
ducting electricity from the mill where such electricity is manufac-
tured to the line of its railway. But in making all such condemna-
tions it shall be controlled by the laws of the state in such case made
and provided, and shall have no other powers than those granted by
such law.

14. To make and issue coupon bonds, notes, acceptances or other
evidences of debt; and may borrow money and make and issue
bonds or notes promising to pay the same, and may convey its real
and personal property, rights and franchises by a deed of trust or
mortgage to secure the payment of the same, and of the installments
of interest thereon.

15. To cross, unite or connect with any other line of railway con-
structed or to be constructed, and to consolidate with any other
joint stock company created for the purpose of constructing, owning
and operating a railway, upon such terms as may be agreed upon by
the said parties, and it may subscribe to the capital stock of any
other joint stock company, and hold, vote and otherwise exercise
all the rights of a stockholder in said company. It may also lease
out its line, property, works, and franchises, or lease the line, pro-
perty, works and franchises of any other railway company.

16. To construct an electric light plant, and to manufacture elec-
tricity, and to sell, lease or otherwise dispose of and distribute the
electricity so manufactured for the purpose of lighting, manufac-
turing, heating or motive power, and it may, for the purpose of
conveying said electricity, erect poles and run wires in the streets
and roads of the city of Lynchburg and the counties of Campbell
and Bedford: provided the same be done with the consent of the
council of the city or the county court of the county in which said
street or road may be located.

17. The said company shall pay all taxes and other dues to the
state of Virginia in current money of the United States, and not in

coupons. Caccle
18. Provided that the charter is granted on-the express condition
at the work of construction shall be begun within two years from
ie passage of this act and completed within five years.

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

Chap 238.—An ACT changing the time for commencing the construction of the
railroad authorized under the act of the general assembly approved February
>, 1892, incorporating the Atlantic, Staunton and West Virginia railway
-umpany.

Approved February 12, 1894.

1. Be it enacted by the general assembly of Virginia, That section
nof chapter two hundred and twenty-three of the actsof eighteen
udred and ninety-one and eighteen hundred and ninety-two be
1ended and re-enacted so as to read as follows:

$10. All taxes which may be assessed against said company shall
paid ip lawful money of the United States, and not in coupons.
1e construction of said road shall be begun in two years from the
st of April, eighteen hundred and ninety-four, and completed in
e years thereafter.

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