Chap. 180.—An ACT to Incorporate The Chesapeake and Albemarle
Railway Company.

Approved April 9, 1874.

1. Be it enacted by the general assembly of Virginia, That
S. Bassett French, R. C. Taylor, George W. Grice, A. C.
Withers and J. F. Stewart, together with such other persons
as may be hereafter associated with them, shall be and the
same are hereby made a body politic and corporate, under
the name and style of The Chesapeuke and Albemarle Rail-
way Company, for the purpose of constructing a narrow-gauge
railroad from some point on the Nansemond river, at or near
the town of Suffolk, to some point on the southern bounda
line of Virginia, and (in view of this further extension wit
the state of North Carolina) on the most direct and feasible
route to Edenton, via Gatesville, in the state of North Caro-
lina, and when ten thousand dollars shall have been subscribed
to the capital stock of the said Chesapeake and Albemarle
railway company, and two per centum thereon paid in, the
said company shall be invested with all the rights, powers
and privileges conferred, and made subject to all the rules,
regulations and restrictions imposed by the existing laws of
Virginia, not inconsistent with the provisions of this act.

2. The capital stock of the said company shall not be less
than twenty-five thousand nor more than one hundred thou-
sand dollars, to be divided into shares of one hundred dollars
each, and the owners of said stock shall be entitled to one
vote for each share of stock held by them. It shall be law-
fal for the board of directors to issue, from time to time as
may be required, six per centum preferred, or seven per centum
guaranteed stock, and may provide that the said preferred
stock shall participate in all the profits in excess of six per
centum; and it shall be further lawful for the said board of di-
rectors to execute a mortgage on the road-bed, franchises and
other properties of the company, to secure the payment of
the dividends on the guaranteed stock: provided, however,
that such mortgage shall be second and inferior to any mort-
gage which may, at any time, be created to secure the prin-
cipal and interest on any bonds which may be issued under
the provisions of this act.

3. Subscriptions to the capital stock of thesaid company may
be made in money, materials, lands, labor, or otherwise; and
the said company may acquire land by gift, purchase or other-
wise, and shall have power to hold, lease and sell the same
for the construction and maintenance of its road, depots, in
the development of the country, and the fostering of immi-
gration along its line, and for the general purposes of the
company: provided, that said company shall not. hold more
than one hundred thousand acres, nor for a longer time than
ten years after the completion of the said road.

4. Subscriptions may be made to the capital stock of said
company by individuals or by any corporate company char-
tered under the laws of this state and authorized by its char-
ter 80 to do, by the town of Suffolk or the county of Nanse-
mond.

9. It shall be lawful for the said Chesapeake and Albemarle
railway company to borrow moncy to an amount not exceed-
ing its capital, for the construction, maintenance, equipment
and repairs of its road, and its other necessary purposes, and
secure the same by a first mortgage upon its properties and
franchises.

6. The said Chesapeake and Albemarle railway company,
a majority of the stock assenting thereto, may purchase, lease
or subscribe to the capital stock of any connecting road in
this or any other state; and with like assent may lease or
sell its road to any other connecting road in this or any other
state now or hereafter to be contructed.

7. The said company shall make its own by-laws, may reg-
ulate the number of its officers, their mode of appointment,
emoluments and tenure of office.

8. The said railway shall be commenced in two and be
completed within five years from the passage of this act.

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