Chap. 101.—An ACT to incorporate the James River Valley Construc-
tion company.

Approved February 8, 1888.

1, Be it enacted by the general assembly of Virginia, That |
James F. Bradley, T. B. Dorset, George Beadle, P. C. War-
wick, A. L. Johnston, W. S. Ivey, and their associates,
assignees and successors, are hereby incorporated and consti-
tuted a body politic and corporate of this state, under the
name and style of the James River Valley Construction
company.

2. That the said company is hereby authorized and em- |
powered to construct, improve and equip railroads, bridges,
tunnels, docks, piers, wharves, basins, warehouses, elevators,
depots, section houses, and other structures proper to the use
and operation of railroads; to contract with any railroad
company, or companies heretofore incorporated, or hereafter
to be incorporated, to construct, improve and equip railroads,
bridges, tunnels, depots, docks, piers, wharves, basins, ware-
houses, elevators, section houses, and other structures, proper
to the use and operation of railroads, and to take and receive
in payment therefor shares of the capital stock of such com-
pany or companies, bonds, secured by mortgages, or other-
wise that may be issued by such company or companies, and
any other bonds or securities, real and personal property,
moneys, and valuable considerations which such railroad
company shall have the right lawfully to dispose of, and as
shall be agreed between the contracting parties; and to bar-
pee sell, use or otherwise dispose of the same as it may

eem best for its interest; also to acquire and hold the bonds,
and subscribe to and hold the stock of any company whose
works it may construct in whole or in part.

3. The said company may carry on its work in this and
other states, and may commence operations as soon as one |
hundred thousand dollars of the capital stock shall have been
subscribed for; certificates of stock in shares of one hundred
dollars each may be issued under such regulations as the
board of directors shall prescribe. The capital stock may,
from time to time, be increased by the board of directors to
an amount not exceeding five hundred thousand dollars, and
with the consent of a majority in interest of the stockholders
given in any general orspecial meeting, the capital stock may be
increased to a sum not exceeding one million dollars; each
share of stock shall be entitled to one vote in any meeting of
stockholders.

4. The said company shall have the power to borrow
money and secure the same by mortgage on its franchises
and property, or any part thereof.

5. Said company shall have all the general powers confer-.
red upon chartered companies by chapter fifty-seven of the
Code of Virginia of eighteen hundred and seventy-three, and
shall be subject to all its provisions, except so far as the same
are modified by or inconsistent with this act.

6. Five of the corporators named in the first section of this
act shall constitute the board of directors for the first year,
or until otherwise constituted or appointed by the stock-
holders at any general meeting of the company, one of whom
shall be chosen by them as president of the board and of the
company; but the board of directors may at any time fill a
vacancy in ita body or in the office of president, whether such
vacancy occur by death, resignation or otherwise.

7. The board of directors may meet as soon as practicable
after the passage of this act; and if at such meeting the
minimum capital stock of one hundred thousand dollars shall
be subscribed, the company shall thereupon be deemed orga-
nized, and the board shall proceed to adopt by-laws for the
conduct of the company, appoint such officers as may be ne-
cessary, and take such further action as the interest of the
company may require; the by-laws shall prescribe the time

‘and place of holding the annual meeting of stockholders, as
well as the notice of such meetings, and the manner of serv-
ing the same; but the by-laws may at any time be changed
by the board of directors or any general meeting of the
stockholders.

8. This charter shall be subject to amendment or repeal at
any time by the general assembly, and all taxes, dues or de-
mands due or to become due by this company to the state of
Virginia, shall be paid in lawful currency of the United States
and not in coupons.

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