Chap. 213.—An ACT to incorporate the Virginia and North Carolina
construction company.

Approved February 24, 1888.

1. Be it enacted by the general assembly of Virginia, That
D. F. Houston, H. S. Trout, P. L. Terry, E. H. Stewart, J.
M. Gambill, 8. F. Tyler, C.J. Cragin, 8. A. Crozer, H. C. Les-
ter, John D. Spencer, John A. Brown, C.-B. Bryant, H. F.
Fries, R. J. Reynolds, J. C. Buxton, C. B. Watson, OC, H.

is'7 i% ctiCo eee
Fogle, James A. Gray, or any five of them, their associates,
assigns and successors, are hereby created, incorporated and
constituted a body politic and corporate of this state, under

» the name and style of the Virginia and North Carolina con-
struction company.

2. That said company is hereby authorized and empowered
10 construct, improve and equip railroads, chartered by this
or any other state, bridges, tunnels, depots, section-houses
and other structures proper to the use and operation of rail-
roads; to contract with any railroad company or companies
heretofore incorporated or hereafter to be incorporated, to
construct, improve and equip railroads, bridges, tunnels, de-
pots, section-houses and other structures proper to the use
and operation of railroads, and to take and receive in pay-
ment therefor, shares of the capital stock of such company or
companies, bonds secured by mortgage or otherwise, 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 or com-
panies shall have the right lawfully to dispose of and as shall
be agreed between the contracting parties; and to bargain,
sell, use, hypothecate or otherwise dispose of the same as it
may deem best for its interests; and for the purpose of secur-
ing any indebtedness due to said company, shall have the
right to purchase all franchises and properties of any railroad
company of which this company may be a stockholder, or
which may be indebted to this company.

3. The said company may carry on its work in this and
other states, and may commence operations as soon as fifty
thousand dollars of its capital stock shall have been subscribed
for. Certificates of stock, inshares of one hundred dollars each,
may be issued by the board of directors to an amount not ex-
ceeding two hundred and fifty thousand dollars, and with the
consent of a majority in interest of the stockholders, given
in any general meeting, the capital stock may be increased to

a sum not exceeding two million dollars. Hach share of stock
shall be entitled to one vote in any meeting of stockholders.

4. The said company shall bave 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 the laws of Virginia now
in force, and shall be subject to all the provisions thereof, ex-
cept so far as the same are modified by or inconsistent with
this act. :

6. The nineteen corporators first named in the first section
of this act, or any five or more of them who shall accept the
provisions of this charter and consent to act as such, shall
constitute the board of directors for the first year, or until
otherwise constituted or appointed by the stockholders at the
first general meeting of the company when organized as here-
inafter provided, one of whom shall be chosen by them as
president of the board and of the company; but the board of

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directors may at any time fill a vacancy in its body or in the
office of president, whether such vacancy occurs 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 fifty thousand dollars be subscribed,
the company shall thereupon be deemed organized, and the
board shall proceed to adopt by-laws for the conduct of the
company, appoint such officers as may be necessary, and take
such action as the interests of the company may require.
The by-laws shall prescribe the time and place of holding the |
annual meetings of the stockholders, as well as the notice of.
such meetings and the manner of serving the same. But the
by-laws may at any time be changed by the board of direc-
tors or the stockholders in any general meeting assembled.

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 a due to the state of Virginia, shall
be paid in lawful currency of the United States, and not in
coupons.

9. The said company shall have the right to employ con-.
victs upon the same terms as the railroad company with
which it contracts, may have under the existing law.

10. This act shall be in force from its passage. ,