Chap. 712.—An ACT to incorporate the Princess Anne, Cape Henry and Lynn-
haven Bay railway company.

Approved March 3, 1898.

1. Be it enacted by the generalassembly of Virginia, That James R.
Werth, B. H. Randolph, . B. Thaw, W. Withers “Mille ‘r, and Lyeurgus
D. Smith, and such other persons : and corporations as they may associate
with them, and their successors be, and they are hereby, constituted a
body politic and corporate by the name of the Princess Anne, Cape
Henry and Lynnhaven bay railway company, and as such shall have
all the rights, powers, privileges, and immunities of acorporation under
the laws of the state of Virginia.

2. The said company may construct, equip, and maintain a railroad
from some point near the Princess Anne hotel, along or near the beach to
some point on Lynnhaven bay, for the transportation of passengers and
freight, or either of them, by electricity, steam, or any other power here-
after discovered that may be adapted to the use of the company, and for
such transportation may charge fares or tolls. ,

3. A majority of the incorporators hereinbefore named may organize
the said company by electing a president and board of directors, who
shall hold office for one year, or until their successors are elected, and

may elect and appoint such other oflicers as may be necessary for the
management of the company’s business and affairs, and thereupon they
shall have and exercise all the general powers and functions of a corpo-
ration.

4. The directors of the said company elected as provided in the pre-
ceding section shall have power to fix salaries or compensation of the
officers, to receive subscriptions and issue capital stock of said company,
from time to time, as they may deem expedient, until the said stock
shall have been fully taken, and it shall be lawful for said directors to
accept in payment for such subscription, either in whole or in part,
money, services, labor, material, land, bonds, land or other damages, or
such other property as may be available for the purposes of said com-
pany, or they may pay wholly for the same in stock.

do. The capital stock of said company shall not be less than fifty
thousand dollars nor be more than three hundred thousand dollars, to
be divided into shares of the par value of one hundred dollars each, and
every share shall be entitled to one vote.

6. It shall be lawful for the directors of the said company to issue
bonds or other evidences of debt, and to secure payment of the principal
and interest of thesame by mortgage or deeds of trust upon the fran-
chises and property of said company; and the said company may have
its bonds endorsed and guaranteed by trust companies to other corpora-
tions, and may pay for such endorsement and guarantee, In money or in
stock of the said company, or in both, as they may elect.

The said company may consolidate with any other transportation,
traction, or railroad company which is not a competing line.

8. Work on the railroad hereinbefore authorized to be constructed
shall be commenced within two years and completed within five years
from the passage of this act.

9. Alltaxes and demands due the state by the said company shall be
paid in lawful money of the United states and not in coupons.

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