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 | 1883/1884 |
---|---|
Law Number | 244 |
Subjects |
Law Body
Chap. 244.—An ACT to incorporate the Pittsburg and Virginia Rail-
road Company.
Approved March 3, 1884.
1. Beit enacted by the general assembly of Virginia, That
Frank B. Jones and Joseph D. Weeks, of Pittsburg, Penn-
sylvania; S. H. Letcher, William Joliffe, W.N. Page, Francis
_ Anderson, Samuel J. Gr aham, J. T. Barclay, J. T Patton,
and J. H. Adams, of Virginia, and H. G. Honton, D. Peploe
Reploe, Thomas B. Edwards, E. E. Digby, boycott, of Eng-
land; and John J. McCook, John W. Simpson, and E. R.
Leland, of New York, their associates and successors, be and
they are bereby made a body politic and corporate, under the
name and style of The Pittsburg and Virginia Railroad Com-
pany, under which name it may sue and be sued, shall have
perpetual succession, and may have a corporate seal, and alter
and renew the same at pleasure, and may make by-laws and
regulations for the government of said company and its em-
ployees not inconsistent with the laws of this commonwealth.
2. It shall be lawful for said Pittsburg and Virginia rail-
road company to build and work a line of railw: ay from
Lynchburg, or any point on the Richmond and Alleghany
railroad, west of Lynchburg. to any point upon the line
between the states of Vi irginia and West Virginia, in the
counties of Highland or Bath. It shall be lawful for said
company to construct and operate branch railroads to any
points which are and not more than twenty miles trom the
main line. In constructing its railroad it shall be lawful tor
said company to cross and re-cross the state line into and out
of said states, or any portion of them, as often as it may
deem necessary, upon such terms as the state entered may
require. In order to secure a continuous line of railroad, to
be operated under one management, without change of cars
or break of bulk, and for no other purpose, said company
may acquire the franchises, rights, privileges and property of
other chartered railroad companies in this and the states
aforesaid, or which may hereatter be chartered in said states,
by exchanging its stock, or by purchase or lease, and it may
merge, and for the purpose aforesaid consolidate, ‘the same or
any of them with said Pittsburg and Virginia railroad com-
pany, on such terms as may be agreed upon between the
contracting parties, and may adopt another name tor the
consolidated company, tull power and authority being hereby
given such other companies to make and carry out such con-
solidation and merger: provided it shall not merge or con-
solidate with any parallel or competing line.
3. Said company, or its successor, may, from time to time,
issue and sell common and preferred stock in shares of one
hundred dollars each, to a sum not to exceed ten millions of
dvllars, upon such terms as the board of directors may direct
and it or its successor may issue and sell its bonds upon like
terms, and may secure the same by mortgage or deeds of
trust mpon its franchises and property, or any part thereof.
4. To furnish a basis for raising capital, it shall be lawful
for said company, or its successor, to receive grants and sub-
scriptions in land, coal, iron, timber, and material at their
fair value upon such terms as may be agreed upon with the
board of directors, and it may exchange its stock or bonds
therefor, and may hold and sell the same at pleasure: pro-
vided said company shall not hold said land more than fifteen
years. Said corporation, in its character of common carrier,
shall make no discrimination against any citizen of this state,
either in respect to freights or rates or transportation facili-
ties, in favor of any of the products of, or freights shipped
from lands or mines owned by said company, and any such
discrimination shall ipso facto operate to annul this charter.
5. It shall be lawtul for any railroad company, incorpo-
rated company city, and town, to aid in the construction of
said railroad, and for that purpose may subscribe to its capi-
tal stock, or that of its successor, and may acquire the bonds
of said company.
6. No stockholder shall ever be held liable for the indebt-
edness of said company in a sum greater than may be due
from him on stock subscribed by him.
7. The directors of said company shall be stockholders, and
they shall elect one of their number president; they shall be
elected, and their number fixed by the stockholders in their
annual meetings, and they shall hold their office until their
successors are elected, and they may fill any vacancy in their
board; cach stockholder shall be allowed to cast one vote,
either in person or by proxy, for each share of stock owned
by him. For the purpose of organizing said company, the
nine persons first named in this act shall constitute its first
board of directors, and shall serve until the first meeting
ot stockholders, and three or more may act, and may reccive
subscriptions to the capital stock at any time and place ; «and
when the sum of fifty thousand dollars or more is subscribed,
they sball convene the stockholders and organize said com-
pany. Atsaid mecting one of their number shall preside,
and they shall certify said organization on the books of the
company, and their certificate, or a copy thereof, duly
authenticated by a notary public, shall be received as evi-
dence of the legal organization of said company.
8. Said company, or its successor, shall begin the work of
constructing its railroad within two years from the organiza-
tion of the company, and shall complete its main line in this
state within ten years from the date of such organization.
But such work of construction shall not be commenced until
at lcast twenty-five thousand dollars of the capital stock
shall be actually paid up in cash.
9. Said company, or its successor, shall never, by reason of
any merger or consolidation with any company in this or any
other state, cease to be a domestic corporation, but shall for-
ever be and remain subject to the jurisdiction of the courts of
this commonwealth.
10. This act shall be in force from its passage.