Chap. 224.—An ACT to incorporate the Peninsula Railroad Company.
Approved Murch 12, 1878.

1. Be it enacted by the general assembly, That William
Painter, William U. Schoolfield, Robinson Nottingham,
George A. Rahm, Orris A. Browne, C. F. Drake, Benjamin T.
Gunter, John W. Gillet, George T. Garrison, Alfred Parker,
and James H. Fletcher, or any three of them, be and the
same are hereby appointed commissioners to open books,
receive subscriptions, and organize a company, to be known
by the name of the Peninsula Railroad Company, with au-
thority to construct a railroad from any point on the line of
Virginia and Maryland, in the county of Accomack, to any
point at or near Chesapeake bay or the Atlantic ocean, by
any route which may be deemed by tho directors best, in the
vicinity of Cherrystone or Cape Charles, and to have all the
powers and privileges, and be subject to all provisions of the
act to incorporate the North and South railroad company,
passed January twenty-fourth, eighteen hundred and fifty-
three, and an act to incorporate the Eastern Shore railroad
company, passed April twenty-third, eighteon hundred and
sixty-seven, and an act to incorporate the New York and
Norfolk railroad, approved March fifteenth, eighteen hundred
and seventy-two, as amended and re-enacted by an act ap-
proved March thirteenth, eighteen hundred and seventy-foar,
except so far as they may be changed by this act.

2. That the capital stock of this company shall be two
hundred thousand dollars, with power to increase to one
million dollars, divided into shares of fifty dollars each; and
any railroad company, or other corporation or association of
individuals, may subscribe for, and hold any number of said
shares.

3. That the board of directors of said company shall con-
sist of seven persons, one of whom shall be elected president
by a majority of the said board present at their meeting first
held after their election.

4. That the annual meeting of the stockholders of the
company, for the purpose of the clection of seven directors,
shall be held in Drummondtown on the third Monday of
January of each year, at which meeting a statement of the
receipts and expenditures made and adjusted to the thirty-
first day of October, inclusive, of the preceding year, shall
be exhibited by the directors,"and the accounts of said com-
pany shall be kept to correspond therewith.

5. That the said company shall bave power to borrow
money from time to time, for the purpose of this act, and to
issue therefor coupon or other bonds of said denominations,
and at such rate of interest not to exceed seven per centum,
and for such length of time as the board of directors of the
said company may determine, and dispose of the said bonds
at such prices as to the said directors may seem advisable,
and secure the payment of such bonds and loan by mortgage
or mortgages of the property, or any portion of the property,
and corporate franchises of the company, each mortgage
separate; and it shall be lawful for any corporation to
guarantee the whole or any portion of the said bonds.

6. That the said company is hereby authorized to erect,
establish, and maintain a line of telegraph along said road,
and is for that purpose hereby invested with all rights,
powers, and franchises extended to any other telegraph line
or lines by authority of the state of Virginia.

7. That the said company shall have power to connect
with, and to cross at any grade, any other railroad now or
hereafter built, and to construct a branch, or branches, to
connect with any railroad within nine miles of the main line,
by any route which the directors may deem advisable.

8. That the directors of said company may, and are hereby
authorized to increase the capital stock of said company, by
the subscription of additional shares to an amount not exceed-
ing one million dollars: provided such increase is authorized
by the votes of the majority of the stockbolders.

9. At all meetings, each stockholder shall be entitled to
one vote for each share.

10. The actual construction of the said railroad shall be
commenced within two years, and shall be completed within
five years from the passage of this act.

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