Chap. 397.—An ACT to incorporate the Madison and Orange railroad company.

Approved February 26, 18%.

1. Be it enacted by the general assembly of Virginia, That Robert
S. Walker, M. A. Turner, F. M. McMullan, James W. Martin and E.
L. Goss, and such other persons as they may associate with them,
be, and they are hereby, declared a body politic and corporate by
the name and style of the Madison and Orange railroad company,
and as such shall have authority to construct, equip, maintain and
operate a railroad from some point in or near the town of Madison
sourthouse, in the county of Madison, to such a point in the county
of Orange as the board of directors of said company may select, and
io cross at grade, unite, consolidate and connect with any railroad
or branch thereof which may be deemed necessary to the completion
and successful operation of the Madison and Orange railroad com-
pany.

2. The capital stock of said company shall not be less than ten
thousand dollars nor more than three hundred thousand dollars, to
be divided into shares of twenty-five dollars each, and stockholders
shall have one vote for each share of stock in all meetings of stock-
holders.

3. The right to the franchises granted by this charter shall vest
as soon as the minimum capital, namely, of ten thousand dollars,
shall have been subscribed, when the corporation may call a
general meeting of the stockholders; at such meeting, if a majority
of the shares be represented by person or by proxy, a board of not
less than three nor more than five directors shall be selected, who
shall select a president and treasurer. The said officers so elected
shall continue in office one year, unless removed, or until their suc-
cessors qualify.

4, It shall be lawful for the said company to transport passengers,
freight, baggage, collect fares and tolls therefor, and use in the pro-
pulsion of cars on its road either steam or electricity as a power,
and, in general, have all such other powers, privileges, rights and
franchises that may be necessary for the accomplishment of the
purpose of its incorporation.

5. The said company may acquire lands for the purpose of a right
of way and for the erection of necessary buildings for stations and
depots, and to this end may condemn and purchase, in accordance
with the laws of Virginia, land for its road-bed, depots and stations,
and may thereon erect, maintain and operate plants, if necessary, for
the generation of electricity and the supply of the electric current,
and build such or any lines of poles and wires as may be neces-
sary for properly, fully and conveniently accomplishing the purpose
of this franchise.

6. The said company may also acquire, purchase, hold and con-
vey real estate, not to exceed one thousand acres, in each county
in or through which it may be operated.

7. When fifty per centum of the minimum capital stock shal!
have been actually paid in, the said company shall be authorized.
in order to raise means to construct or equip said road, to bor.
row money upon the faith of the property and franchises, to issue its
bonds therefor, secured by such deeds of trust or mortgage as may be
necessary, said bonds to be sold upon such terms as may be agreec
upon by the board of directors.
8. The said road shall be commenced within two years from the first
day of March, eighteen hundred and ninety-four, and completed
within five years from said date.

9. All dues, taxes and demands due the commonwealth shall
be paid in lawful money of the United States, and not in coupons.

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