Chap. 412.—An ACT to Incorporate the West Point and Chesapeake Rail-
road Company.

Approved November 5, 1870.

1. Be it enacted by the general assembly, That it shall be law-
ful to open books of subscription in the city of Richmond, under
the direction of the following commissioners, or any three of
them, viz: William W. Crump, Albert Ordway, W. B. Isaacs,
W. G. Paine, James A. Scott, and J. L. Williams; and in the
town of West Point, under the direction of the following com-
missioners, or any three of them, viz: Samuel F. Harwood, R. E.
Lee, Jr., W. B. Taliafarro, B. B. Douglass, Henry Bell, and W.
W. Gordon, for the purpose of receiving subscriptions to an
amount not exceeding three hundred thousand dollars, in shares
of one hundred dollars each, to constitute a joint capital stock
for constructing a railroad from the town of West Point, in
the county of King William, or some other point on the Rich-
mond and York river railroad, within ten miles of West Point,
to the navigable waters of the Chesapeake bay or its tributa-
ries, between the mouth of Rappahannock river and Yorktown;
and it shall be lawful for the Richmond and York river railroad
company to subscribe to the stock of the company hereby in-
corporated. At least ten days’ notice of the time and place of
receiving said subscriptions shall be given, and said books may
be closed at such time as, in the discretion of the commission-
ers at the first named place, may be deemed best, and the same
may be thereafter reopened and closed in like manner at the
discretion of said first named commissioners. At the time of
subscription, or at any time previous to the organization of the
company, there shall be paid to said commissioners at least two
per centum on each share so subscribed.

2. Whenever fifty thousand dollars of the amount aforesaid
shall have been subscribed, the subscribers, their executors, ad-
ministrators, and assigns, shall be and they are hereby declared
and constituted a body politic and corporate, under the name
and style of The West Point and Chesapeake Railroad Com-
pany, and shall be entitled to all the privileges conferred and
subject to all the restrictions and regulations imposed by the
Code of Virginia and Acts of the general assembly amendatory
thereof, so far as the same are applicable to and not inconsistent
with this act, and said company may thereupon proceed to or-
ganize in general meeting, on such notice and at such time and
place as by the said commissioners at said first named place
shall be deemed reasonable and best.

3. To aid in the construction of said road, the president and
directors of said company, as soon as the same is organized,
shall have authority to create, issue, and dispose of, an eight
per centum preferred stock as part of its said capital, to an
amount not exceeding one hundred and fifty thousand dollars,
and may issue the bonds of said company to an amount not
exceeding six hundred thousand dollars, payable in such man-
ner, and bearing such rate of interest as the said president and
directors may determine, not exceeding that allowed by law.
They may secure the payment of said bonds and all interest
thereon by deed of trust or mortgage on the entire franchises
and property of said company, and may sell or dispose of said
bonds for the construction and equipment of said road on such
terms and in such manner as in their judgment the interests of
said company shall require.

4, This act shall be in force from its passage.

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