Chap. 111.—An ACT to incorporate the Danville and North Carolina
railroad company.

Approved February 8, 1888.

1. Be it enacted by the general assembly of Virginia, That
W. T. Sutherlin, J. H. Schoolfield, J. D. Blair, James G. Penn,
F. X. Burton, M. P. Jordan, E. B. Withers, J. G. Lea, J. E.
Schoolfield, J. F. Rison, C. H. Conrad, B. S. Crews, James M.
Neal, E. H. Miller, E. G. Moseley, J. T. Morehead, James Dil-
lard, —— Vaughan, L. W. Anderson, R. J. Reynolds, P. H.
Haynes and F. H. Fries, and such other persons as they may
associate we them, and their successors, be and are hereby

constituted a body politic and corporate under the name and

style of the Danville and North Carolina railroad company, :
for the purpose of constructing, equipping and operating a

railroad from Danville to some point on the North Carolina

state line, west thereof; and with the consent of the state of
North Carolina, through the territory of that state to a con-

nection with the Cape Fear and Yadkin Valley railroad and

the proposed Roanoke and Southern railroad. The said com-.
pany shall also have the right, with the consent of the state

of North Carolina, te extend the railroad herein authorized

to be constructed to the towns of Winston and Mocksville in

that state.

2. The capital stock of the said company shall not be less
than fifty thousand dollars, divided into shares of one hun-
dred dollars each, and the board of directors may, at their
discretion, from time to time, increase the said capital stock
to any amount not exceeding two millions of dollars. Hach
share of said capital stock shall entitle its holders to one vote
in all meetings of the stockholders of said company, and the
said company may receive real and personal property suitable
for its business in payment of subscriptions to the said capi-
tal stock at such valuations as may be agreed upon between
the board of directors and the subscribers thereto.

3. The seven corporators first named in the first section of
this act shall constitute the board of directors of the company
for the first year, and they shall choose one of their’own
body president of the board and of the company; but the
board of directors may, at any time, fill any vacancy in their
own body or in the office of president, whether such vacancy
occur by reason of death, resignation or otherwise.

4. Assoon after the passage of this act as they may choose,
the board of directors may meet together and take such steps
as they may deem proper to secure subscriptions to the capi-
tal stock of the said company, and as soon as the minimum
amount of said capital stock shall have been subscribed, and
two per centum thereof paid, the board of directors may pro-
ceed to organize the said company by electing a president
and such other officers as they may deem necessary, adopting
by-laws for the government of the company and taking such
further action as the interest of the said company may require.
And thereupon, the said company shall be deemed duly or-
ganized, and shall have all the general powers and be subject
to such restrictions as are conferred and imposed upon cor-
porations and chartered companies by the laws of Virginia.

5. The by-laws of the said company shall prescribe the
times and places for the meetings of the stockholders, and
also the time and method of giving notification of such meet-
ings; but the same may be changed at the discretion of the
board of directors.

6. The said company shall have power to borrow money
for its purposes, and to secure the same by mortgage, or
mortgages, upon its works, franchises and incomes.

7. Itsball be lawful for the said company to construct and
operate branch or lateral lines of railroad not exceeding fifty
miles in length for each in this state, or, with the consent of
thé state of North Carolina, into the territory of that state,
and to consolidate with any other railroad company hereto-
fore incorporated, or which shall be hereafter incorporated,
in or out of the state of Virginia, whose line of railroad con-
nects, or will connect, with the railroad hereby authorized to
be constructed; and it shall be lawful for the company hereby
incorporated to lease or sell its works, property, franchises
and privileges to any other such company: provided, that the
identity of this company shall not be destroyed by such con-
solidation, lease or sale, or its character as a domestic corpo-
ration changed: and provided further, that the company
hereby chartered, shall not lease or sell its works, property or
franchises to any corporation not chartered by this state; and
it shall be lawful for the said company to lease or purchase
the works, property, franchises and privileges of any other
railroad company, heretofore incorporated, or which shall be
hereafter incorported, in or out of the state of Virginia, whose
lines connect, or will connect, with the line of the railroad
hereby authorized to be constructed; and any railroad com-
pany heretofore incorporated, or which shall be hereafter in-
corporated, in the state of Virginia, is hereby authorized to
consolidate with the said Danville and North Carolina rail-
road,company, or to sell or lease its works, property, fran-
chises and privileges to the said Danville and North Carolina
railroad company, and which lies along the route of this com-
pany, so as to be used as a part of its main line or which may

e used in lieu of such lateral road as this company is author-
ized by the general laws of this state to construct.

8. This act shall be subject to amendment or repeal at any
time by the general assembly, and all taxes, dues or demands
due, or which shall become due hereafter to the state of Vir-
ginia, shall be paid in lawful money of the United States, an
not in coupons.

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