An Act to amend and reenact § 46.1-299, as amended, of the Code of Virginia, relating to devices signalling intention to turn or stop and rules therefor.
Volume 1968 Law 99
Volume | 1871/1872 |
---|---|
Law Number | 331 |
Subjects |
Law Body
Chap. 331.—An ACT to Incorporate the Liberty and Rocky Mount Nar-
row Gauge Railroad Company.
Approved March 23, 1872.
1. Be it enacted by the general assembly, That it shall be
lawful for James M. Mathews, James F. Johnson, John R.
Thurman, G. A. Wingfield, Robert C. Mitchell, John H. Booth,
John G. Kasey, E. C. Burks, Roland D. Buford, Ro. B. Clay-
ton, and L. D. Haymond, or any five of them, at Liberty, and
for such other persons as they may designate at other places
in the county of Bedford; and for Moses G. Booth, B. M.
Hatcher, Peter Saunders, George H. C. Greer, George E
Dennis, Hughes Dillard, J. W. Hartwell, James C. English,
John S. Hale, J. C. Ferguson, or any five of them, at Rocky
Mount, and for such other persons as they may designate at
other places in the county of Franklin, to open books of sub-
scription to the capital stock of the Liberty and Rocky Mount
Narrow Gauge Railroad Company; and whenever twenty-five
thousand dollars shall have been subscribed by persons and
corporations able to pay their subscriptions, may organize the
company; and thenceforth they and such persons as may after-
wards be lawfully associated with them shall be a corporation
under the name of “The Rocky Mount Narrow Gauge Rail-
road Company,” for the purpose of constructing and operating
& narrow gauge railroad from Liberty to some point in Frank-
lin county at or near Rocky Mount, subject to all the provis-
ions of the laws of Virginia applicable to railroad companies.
2. The capital stock of said company shall not be less than
one hundred thousand dollars, nor more than one million dol-
lars, to be divided into shares of twenty-five dollars each; and
stockholders shall have one vote for each share of stock in all
meetings of stockholders.
3. Subscriptions may be made in money, material, machinery
or land; and said company may also acquire land by gift or
purchase, and shall have power to hold and sell the same for
the construction or repair of their road, for depots and other
necessary purposes, or for purposes of aiding and encouraging
immigration: provided, that the amount of land so held at
any one time shall not exceed one hundred and fifty thousand
acres; and at the expiration of fifteen years from the comple-
tion of the road, only so much shall be held by said company
as may be necessary for the use of said company for depots,
depot grounds, &c.
4. Subscriptions to the stock of said company may be made
by private individuals, mining, manufacturing and banking
companies, the corporation of Liberty, the counties of Bed-
ford and Franklin, or by any township in the counties afore-
said; and the proper authorities (town trustees, or council,
county judge or township board) of said towns, counties or
townships may cause a vote to be taken therein on the subject
of such corporate subscription, at such time as the commis-
sioncrs of subscription named in the first section of this act,
or the company, may ask such vote to be taken in accordance
with the general law governing such elections. Should such
subscription be ordered in accordance with the provisions of
such general law, the town authorities aforesaid, county board
of supervisors or township board, as the case may be, shall
make such subscription; and to this end may issue bonds
bearing a rate of interest not exceeding eight per centum per
annum, of such denomination as said authorities may deter-
mine: provided, that said bonds so issued shall be taken by
the company at par in payment of such subscription, and shall
not exceed in amount, in the case of a town or county, the
sum of two hundred thousand dollars, or in the case of a
township, the sum of fifty thousand dollars.
5. It shall be lawful for any railroad company with which
said narrow gauge railroad may connect to subscribe to and
own an amount of its stock not exceeding two-fifths of the
whole thereof.
6. It shall be lawful for said railroad company to borrow
‘money for the construction or repair of its road, issue bonds
and secure the same by mortgage upon its property and fran-
chises or otherwise.
7. The said railroad shall be commenced within two years
and be completed within ten years from the passage of this
act.
8. This act shall be in force from its passage.