CHAP. 141.—An ACT to incorporate the Petersburg, Massanutta and
Toledo Railway Company.

Approved March 3, 1880.

1. Be it enacted by the general assembly of Virginia, That
John Q. Winfield, Ulrich Wittig, Jacob N. Ligget, John G.
Cootes, I. F. Branner, P. W. Pugh, J. W. Basore, S. C. Wil-
liams, Dr. Burke Crisman and S. M. Yost, of Virginia; and
Angur M. Wood, John Hower, Barnet Brau, Oscar Burr, James
C. Poland, J. Chapline, A. H. Pownall, Isaac Hanes, An-
drew W. Kerchevall, John C. Heiskill and Robert W. Gilkeson,
of West Virginia, or such of them as may accept the provisions
of this act, and such persons and incorporations as may become
associated with them in the manner hereinafter provided, shall
be and they are hereby constituted a body politic and corpo-
rate by the name of The Petersburg, Massanutta and Toledo
Railway, and by that name shall have all the powers, rights
and franchises necessary and proper to locate, construct and
maintain a narrow or broad-vauge railroad, as the board of direct-
ors may determine, to begin at Broadway, on the Valley branch
of the Baltimore and Ohio railroad, in Rockingham county in
the state of Virginia, and to run thence through Brock’s gap
by the most practicable route to some point on the Virginia
and West Virginia state line in the said county of Rocking-
ham; and said company are authorized to extend their line
eastward by way of Massanutta to the city of Petersburg,
Virginia, and to build a branch from any point on the .said
road north of the Blue Ridge to Washington city or George-
town in the District of Columbia. Said company is authorized
to consolidate its line with any connecting road now completed
which shall.of its will so consolidate.

2. That the capital stock of said company shall not exceed the
sum of five millions of dollars, to be divided into shares of one
hundred dollars; and when two hundred shares shall have been
subscribed by persons or corporations under the direction of
any three of the corporators hereinbefore named, the subscribers
shall assemble in Broadway, Rockingham county, Virginia,
upon the call of the first seven-named corporators, or a majority
of the same, to organize the company under this act, to elect a
president and board of directors whose term of office shall be
three years, and for the transaction of all business which should
appertain to a regular meeting of stockholders. Subsequent elec-
tions of president shall be made by the board of directors, and
of the board of directors by the stockholders. Any vacancy
during the term of office of the president or directors shall be
fixed by the board of directors.

3. The board of directors shall fix the salary of the presi-
dent and all officers of the company and a maximum amount
of stock to be subscribed for by any individual or company.

4. The, capital stock of said company may be increased
from time to time by the board of directors to such an amount
as they may deem necessary for the interest of the company,
not exceeding the maximum capital stock prescribed in this

1e act; and the board of directors of said company, to fully con-
struct and equip said railway, shall have power to issue bonds
to an amount not exceeding twenty-five thousand dollars per
mile, in sums of not less than one hundred dollars each and
bearing interest not exceeding eight per centum, payable, prin-
cipal and interest, at such times and places, and in such man-
ner as may be deemed most advantageous to said company,
and may secure the same by one or more mortgages on the
road, franchises, income and the real and personal property of
the company or sucb parts thereof. as may be designated in
the mortgage or mortgages.

5. That it shall be lawful for the said company to acquire

id by purchase or in subscription to the capital stock of said

- company, or by donation, lands, mines, property, materials or
labor, and to receive subscriptions from other companies, asso-
ciations and corporations, and to make such arrangements as
shall be mutually agreed upon by the respective boards of
directors of such companies, associations and coporations far
the endorsement, sale and exchange of stocks and bonds as to
increase facilities for a speedy completion of said road; and

¢ the said company may sell, lease or otherwise dispose of any
lands or other property acquired under this section at their
pleasure: provided, that all real estate acquired by this road,
except such as may be necessary for the operation and busi-
ness of the road, shall be sold by the said company within
thirty years from the passage of this act.

6. The said company shall have power to build additional
branches and lateral roads not exceeding twenty niles each
‘rom their main line.

. This company shall be subject to the eeneedl laws now
in force i in relation to railroad companies, except as otherwise
‘provided in this charter.
s, 8. That any county, city, town or township along the lines
r of said road, or of any connecting roads, is hereby authorized
_ to subscribe to the capital stock of said company in the man-
“ner and under the rules and regulations prescribed by law,
approved March twenty-ninth, eighteen hundred and seventy-
one, by the general assembly of Virginia.
to 9. The work on the road herein authorized to be constructed
shall be commenced within three years and completed within
six years from the passage of this act.
+ 10. This act shall be in force from its passage.