Chap. 608.—An ACT to incorporate the Piedmont railway company.
Approved March 1, 1898.

1. Beit enacted by the general assembly of Virginia, That S. R. Smith,
of Culpeper, Virginia; Henry P. Scott, of W ilmington, Delaware
Henry A. Parr, Nicholas P. Bond, and E. P. Hill, of Baltimore ; W. B.
Smoot, of Alexandria : F. P. Smith, of Madison county, Vi ircinia, and
P. H. O’ Bannon, J.B. Miller, Charles Creer, J. J. Miller, William O.,
Finks, C. B. Wood, and William 8S. Mason, of Rappahannock county,
and Silas B. Lillard, of Culpeper county, or such of them as may accept
the provisions of this act, their associates, successors and assigns be, and
they are hereby, incorporated and made a body politic and corporate,
under the name and style of the Piedmont railway company, and by
that name shall be known in law, and as such is authorized and em-
powered to locate, construct and operate by steam, electricity, or other
motive power, a line of railroad commencing at some point on the
Southern railroad within the corporate limits of the town of Culpeper, or
at some point on the Southern railroad within the counties of Orange,
Culpeper and Albemarle, Virginia, and thence running to such points in
Rappahannock, Greene, Orange, Albemarle, Madison, Spotsylvania and
Warren counties, and by such routes as may be deemed suitable hy the
board of directors of the said company.

2. That the said company shall have perpetual succession, and have
power to sue and be sued, plead and be impleaded, defend and be
defended in aJl courts, whether in law or equity, and may make and
have a common seal and alter and renew the same at pleasure, and shall
have and possess and enjoy all the rights and privileges of a corporation,

or hody politic and necessary for the purposes of this act.

3. The capital stock of the said company shall not be less than fifty
thousand dollars, nor more than five hundred thousand, divided into
shares of twenty- five dollars e: ch, under such regul: ations as the board
of directors of said company shall from time to time prescribe; the
directors may receive cash, labor, material, real and personal property
suited to the business of the company, in payment of subscriptions to its
capital stock at such valuation as may be agreed with the subscribers.

4. It shall be lawful for the said company to acquire by donation or
purchase lands for right of way, depots, stations, shops and other
purposes necessary for the successful construction and operation of its
road in any of the counties through which it 1s authorized to construct
ita line of road or branches thereof.

5. It shall be lawful for said company to borrow money or issue and
sell its bonds from time to time for such sums and for such term 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, railroads and franchises.

6. The said company is authorized and empowered, by such route as
it may select, to locate, construct, equip and operate lateral or branch
roads as may ‘be necessary for the accommodation of the public and to
bring out the products of the counties before mentiones|,
7. The said company may acquire by condemnation, according to the
laws of Virginia, the lands required for the right of way, depots, sta-
tions, shops for its operation, and may connect or unite its railroads
with that of any other railroad company now or hereafter constructed,
and may consolidate or merge its stock, property or franchises with that
of any other connecting railroad company; and may subscribe to the
stock of any connecting railroad company now or hereafter to be con-
structed, upon such terms as may be agreed upon by the directors of
the companies so uniting or consolidating, and for that power is hereby
given and granted to it and to such other company or companies to
make and to carry out such connection, merger or consolidation: pro-
vided, that a copy of such contract of consolidation or merger be filed
in the office of the board of public works.

8. That the said company shall be required to commence the con-
struction of said railroad within two years from the commencing of this
act, and to complete the construction of its main line within five years
thereafter, or otherwise the powers and privileges and franchises hereby
granted shall be annulled and become void.

% That 8. R. Smith, of the town of Culpeper, Virginia; W. B. Smoot,
of Alexandria, Virginia; Henry P. Scott, of Wilmington, Delaware;
Henry A. Parr, Nicholas P. Bond, and E. 'P, Ifill, of Baltimore, Mary-
land; F. P. Smith, of Madison county; and P. H. O’Bannon and J. B.
Miller, of Rappahannock county, or such of them as will accept the
provisions of this act, shall have power and authority of a president and
a board of directors for the purpose of organizing and all other pur-
poses. They shall constitute the board of directors for the first year,
and shall continue in office until their successors shall be elected and
qualified. Each stockholder in the company shall at all meetings or
elections be entitled to one vote for each share of stock registered in his
name.

10. The board of directors shall be stockholders of the said company ;
they shall elect from their members a president, vice-president, treasurer,
and such other officers as in their judgment shall be necessary, and may
fill any vacancies that may occur in said board, unless by removal, in
which case the same shall be filled by stockholders in general meeting.

11. Whenever ten per centum of the capital stock shall have been sub-
scribed and the board of directors shall have elected a president and the
proper tax on this charter has been paid the said company shall be
considered legally organized and may proceed to the transaction of busi-
ness.

12. No stockholder in the said company shall be held liable or made
responsible for its debts and liabilities in a larger or further sum than
the amount of any unpaid balance due the said company for stock sub-
scribed for by the said stockholders.

The board of directors may establish offices and agencies at such
lence sas they may deem proper, but the principal office of the com-
pany shall be located at some place in the state of Virginia.

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

15. This act shall be in force from ita passage.