Chap. 800.—An ACT to incorporate the Mecklenburg railroad company.

Approved March 3, 1898.

1. Be it enacted by the general assembly of Virginia, That D. Q.
Eggleston, 8. D. Davies, Wilfred Tuggle, E. Chambers Goode, M. M.
Martin, W. P. 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 Mecklen-
burg railroad company, and as such shall have all the rights, powers,
privileges and immunities of a corporation under the laws of the state of
Virginia.

2. The said company may construct, equip and maintain a railroad
from some point at or near South Hill, on the Atlantic and Danville
railroad, in the county of Mecklenburg, to some point on the North Caro-
lina line in said county, for the transportation of passengers and freight,
or either of them, 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 officers 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 said company, elected as provided in the preced-
ing section, shall have power to fix salaries or compensation of the offi-
cers, 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 av ailable for the purposes of said com-
pany, or they may pay wholly for the same in stock.

5. The capital stock of the company shall not be less than twenty
thousand dollars nor more than fifty 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 said company to issue bonds
or other evidences of debt, and to secure payment of the principal and
interest of the same by mortgage or deeds of trust upon the franchises
and property of said company; and thesaid company may have its bonds
endorsed and guaranteed by trust companies or other corporations, and
may pay for such endorsement in money or in stock of the said company,
or in both, as they may elect.

7. The said company may consolidate with any other railroad com-
pany 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.

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9. All taxes 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.