Chap. 114.—An ACT to Extend the Charter of the Fredericksburg,
Orange and Charlottesville Railroad Company, and to Authorize said
Company to Borrow Money and Create a Mortgage upon its Property
and Franchises.

Approved February 21, 1872.

Whereas, it appears to the general assembly, that the Fred-
ericksburg and Gordonsville Railroad Company did, in pursu-
ance of the act entitled “an act to increase the capital stock
of the Fredericksburg and Gordonsville Railroad Company,”
passed February sixth, eighteen hundred and sixty-seven,
create a mortgage upon the property and franchises of said
company for the purpose of borrowing money to construct
said railroad, and that the said mortgage was, in pursuance of
its provisions, foreclosed by a sale of said property and fran-
chises, made December twenty-eight, eighteen hundred and
seventy-one, and that at said sale Thomas G. Walker, E. L.
Ferry, L. P. Boyer, William M. Smith, and others, became
purchasers of said property and franchises, and that said pur-
chasers have, in pursuance of the provisions of the Code of
Virginia relating to said sales, organized a joint stock com.
pany, under the name and style of the “Fredericksburg
Orange and Charlottesville Railroad Company,” for the pur
pose of completing the said railroad to Orancze Ccv-t house
and extending the same to Charlottesville; and whereas, the
last named company, succeeding only to the corporate rights
and franchises of the said Fredericksburg and Gordonsville
railroad company, existing at the date of said foreclosure, finds
it necessary to procure an extension of its charter, and also to
obtain authority to borrow money, for the purpose of complet-
ing and extending said railroad, and of paying certain debts
hereinafter mentioned, and to secure such a loan by a mort-
gage, or other lien, upon its property and franchises; and
whereas, there are certain debts due to citizens of Virginia for
work done and materials furnished, by contractors and labor-
ers, and others, in and about the actual construction of that
portion of said railroad which is now constructed, and the said
Fredericksburg, Orange and Charlottesville Railroad Company
are willing to pay said debts to the extent of the sum of thirty
thousand dollars: therefore,

1. Be it enacted by the general assembly, That the char-
ter of the said Fredericksburg, Orange and Charlottesville
Railroad Company is hereby extended for a period of five
years from the first day of March, eighteen hundred and sev-
enty-two, for the purpose of enabling said company to com-
plete said railroad, and to extend the same as aforesaid.

2. In order to complete and extend said railroad, and to pay
said debts, the said Fredericksburg, Orange and Charlottesville
Railroad Company are hereby authorized and empowered to
borrow a sum of money not exceeding twelve hundred thou-
sand dollars, and upon a rate of interest not exceeding seven
per centum per annum; and, to secure the money so bor-
rowed, the said company is hereby authorized to issue coupon
or registered bonds, in such sums as the directors thereof may
deem best, and, to secure the payment of the moneys so bor-
rowed and of the interest accruing thereon, the president and
directors of said company are hereby authorized and empow-
ered to execute a lien on all the property, rights and franchises
of said company, existing at the time of the execution of such
lien, and which may be thereafter acquired by said company ;
and said company may sell said bonds at less than par.

3. Said company may erect and operate a telegraph line
along the route of their said railroad.

4. The said debts so due, as hereinbefore mentioned, on
construction account, shall be ascertained and audited (imme-
diately upon the taking effect of this act), by Carter M. Brax-
ton, civil engineer, who had charge of said work of construc-
tion, and by some person appointed by said Fredericksburg,
Orange and Charlottesville Railroad Company, who, acting
jointly, may choose an umpire in case they disagree in such
auditing. If, upon such auditing, the aggregate of said debts
shall exceed thirty thousand dollars, then each of said creditors
shall be entitled to participate in said thirty thousand dollars,
and in the securities provided therefor, in the rateable propor-
tion of their respective claims so ascertained. The bonds of
the said Fredericksburg, Orange and Charlottesville Railroad
Company for the amounts of said debts so ascertained (but
bonds last mentioned issued for such completion (and within
the limit hereinafter prescribed as to amount), shall be entitled
to priority of satisfaction and payment over the bonds so to be
issued for said debts. The last mentioned bonds shall be exe-
cuted and delivered to said trustee at the time when the mort-
gage herein authorized is executed. Suid trustee shall faith-
fully account to said creditors for said bonds, either by distri-
bution thereof rateably among said creditors, or by such dis.
position as each creditor may prescribe for his proportion
thereof. Said trustee shall receive for his trouble a commis-
sion of three per centum upon the market value of said bonds
when the same are distributed or disposed of. The expenses
of the auditing afore directed shall be borne equally by said
creditors and said company.

5. If said Fredericksburg, Orange and Charlottesville Rail-
road Company shall fail to complete the said railroad from the
town of Fredericksburg as far as Orange Court-house with a
single track, equal in point of grade, curveture, iron and mate-
rial to either of the railroads connecting with said track, and
which shall be suitable for travel and transportation, and to
erect depots along said track suitable for accommodation of
travel and freight, viz., one depot at each terminus, and not
less than four depots at intermediate points, on or before the
first day of May, Anno Domini eighteen hundred and seventy-
three, the said company shall forfeit to the state of Virginia
their corporate franchises and rights, together with their rail-
road track, road bed, and all work and materials thereon, and
all other property of said company; and the state of Virginia
shall thereupon have right to enter upon and take possession
of said railroad track, road bed, work, materials thereon, and
other property, and hold the same as a trustee for the benefit
of herself, the corporation of Fredericksburg, and the other
private stockholders of the original Fredericksburg and Gor-
donsville Railroad Company, according to the respective
amounts of the stock in that company originally subscribed
and held by them.

6. The said Fredericksburg, Orange and Charlottesville
Railroad Company shall not issue more than six hundred
thousand dollars of said bonds, until after said railroad is fully
completed to Orange Court-house.

7. This act shall not be in force until the said company shall
file, in the office of the board of public works of Virginia,.
their acceptance of the same, and its conditions to be signed
by the president and secretary of said company, with the com-