CHAP. 236.—An ACT to authorize the purchasers of the Washington
City, Virginia Midland and Great Southern Railroad to issue com-
mon and preferred stock for certain purposes.

Approved March 8, 1880.

Whereas the circuit court of Alexandria city has entered a
decree in the case of John C. Graham, and so forth, versus The
Washington City, Virginia Midland and Great Southern rail-
road company for the sale of its whole property and works,
franchises, rights and privileges, and in contemplation of such
sale an agreement has been entered into by parties represent-
ing the majority, at par value, of all claims secured and unse-
cured against said company, whereby the whole property and
rights of said company to be so sold as aforesaid are to be
purchased at such sale by Robert T. Baldwin, Robert Garrett
and J. Wilcox Brown, trustees for the creditors, secured and
unsecured, of said company for the purpose of organizing a new
company under the provisions of law in respect thereto, with
authority to such trustees, when said purchase shall have been
perfected, to constitute themselves a corporation as provided
by law, and to create a capital stock composed of common and
preferred stock, and, as by the general law, authority to issue
such preferred stock is not given, and can only be conferred by
the gencral assembly; now, therefore, to facilitate the reor-
ganization of such old company by the creation of the new com-
pany on the basis of such agreement as to the purchase of the
property aforesaid,

1. Be it enacted by the general assembly, That whenever a
sale shall have been made of the property, works, franchises,
rights and privileges of the Washington City, Virginia Midland
and Great Southern railroad company under a decree of the
circuit court of the city of Alexandria, and at such sale Robert
T. Baldwin, Robert Garrett and J. Wilcox Brown, or any other
persons representing the creditors, secured and unsecured, of
said company, shall have become the purchasers of said prop-
erty and rights, and as such shall have constituted and named
themselves a railroad corporation under the laws of the state,
it shall be lawful for them to create a capital stock by the issue
of shares of common and preferred stock upon such basis, to
such amount, of such classes, and in such proportions and for
such purposes as are prescribed by the terms of the agreement
entered into by the persons who authorized them to make such
purchase, and such other common and preferred stock as the
said new company may, by vote of its stockholders, deem it
proper to issue for the purposes of its road.

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