Chap. 296.—An ACT to incorporate the Princess Anne county rail-
way company.

Approved February 29, 1888.

1. Be it enacted by the general assembly of Virginia, That
George R. Howell, John T. Woodhouse, Charles W. Mackey,
Thomas W. Keeling, C. Y. Cheatham, T. O. Troy, W. F.
Dann, or such of them as may accept the provisions of this
act, their associates, successors and assigns, be and they are
hereby incorporated and made a body politic and corporate
under the name and style of the Princess Anne county rail-
way company, and by that name shall be known in law, and
as such are authorized and empowered to locate, construct,
equip, and operate a railroad, commencing at a point on the
line of the Norfolk and Virginia Beach railroad company in the
county of Princess Anne, and running thence to a point at or
near Princess Anne courthouse, or to such other point in
Princess Anne county as may be necessary to subserve the
wants of the public.

2. The said company shall have perpetual succession, and
have power to gue and be sued, plead and be impleaded, de-
fend and be defended in all courts, whether in law or equity,
and make and have a common seal, and alter or renew the
same at pleasure; and shall have, possess and enjoy all the
rights and privileges of a corporation or body politic in the
law, and necessary for the purposes of this act.

3. The capital stock of the said company shall not be less
than twenty-five thousand dollars, and may from time to
time be increased to an amount not exceeding three hundred
thousand dollars, by the issue and sale of shares, the par
value of which shall not be less than fifty dollars, from time
to time, under such regulations as the board. of directors of
said company shall from time to time prescribe, and the

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directors may receive cash, labor, material, real or personal
property in payment of subscriptions to the capital stock, at
such valuation as may be agreed upon between the directors
and the subscribers, and make such snbscription payable in
such manner or amounts and af such times as may be agreed
upon with the subscribers.

4. It shall be lawful for said company to borrow money
and issue and sell its bonds, from time to time for such sum
and on such terms as its board of directors may deem expe-
dient and proper in the prosecution of any of its works; and
may secure the payment of the same by mortgages or deeds
ot trust upon all or any portion of its property, real, per-
sonal and mixed, and its chartered rights and franchises, in-
cluding its franchise to be a corporation, and it may, as the
business of the company require, sell, lease, convey, and en-
cumber the same.

5. The said company is authorized and empowered to
locate, construct, equip, and operate lateral or branch roads
toa point on the Chesapeake bay or the Atlantic ocean, in
the county of Princess Anne, and to connect its said line with
that of any other railroad now or hereafter to be constructed
in said county; and the said company may connect or unite
its said road with that of any other company, or consolidate
or merge its stock, property, and franchises with those of any
other company, operating, or authorized to operate, a con-
necting line of railroad, upon such terms as may be agreed
upon between the companies so uniting or connecting, merg-
ing or consolidating; and for that purpose power is hereby
given to it, and to such other company or companies, to make
and carry out such contracts as will facilitate and consummate
such connection, merger, or consolidation: provided, that a
copy of every such contract of consolidation and merger shall
be filed in the office of the board of public works.

6. The said company is authorized to purchase or acquire by
lease or otherwise, and operate all or any part of the line of
any railroad that can be used as part of the main line, or any
branch of the railroad of the said company ; and the railroad so
acquired by the said company shall, for all purposes of this act,
be and become a part of the line of the said company, and be
extended or improved or operated as if the same had been
located and constructed hereunder; and the franchises inci-
dent to the line of railroad so acquired, shall thereby become
vested in said company, and the company owning or operat-
ing such line of railroad is hereby authorized and empowered
to make and carry out such contracts and execute such deeds
of conveyance as may be necessary to vest in the said com-
pany the line of railroad so acquired, with all the franchises
incident thereto, and necessary for its extension, improve-
ment, and operation; and the line, location, grades, and guage
of the railroad so acquired, may be changed from time to time
by said company, at such places and in such manner as may
be required to carry fully into effect the purposes of this act.

7. The said company may acquire by condemnation, accord-
ing to the laws of Virginia, the lands required for the rights

of way of its railroad, and the necessary stations and depots

for its operation, and may connect or unite its railroad with
that of any other railroad company.

8. The said company shall be required to commence the
construction of said railroad within eighteen months from the
passage of this act, and to complete the construction of its
main line within three years thereafter, otherwise the powers,
privileges, and franchises hereby granted, shall be ipso facto
void. .

9. The persons first named in this act, or such of them as
shall accept the provisions thereof, shall have the power and
authority of a president and board of directors for the pur-
poses of organization and for all other purposes. They shall
continue in office until their successors shall be elected and
qualified. Each stockholder in the company shall, at all meet-
ings or elections, be entitled to one vote for each share of
stock registered in his name.

10. The board of directors shall be stockholders of said
company. They shall appoint one of their number president,
and may fill any vacancy that may occur in said board, unless
by removal, in which case the same shall be filled by the
stockholders in general meeting.

11. The board of directors may establish offices and agencies
at such places as they may deem proper, but the principal

» office of the company shall be located at some point within
the limits of the state of Virginia.

12. Whenever the corporation shall exercise any of the
privileges conferred by this act, it shall be liable to the same
taxes as may be imposed by law upon other like corporations
or persons exercising like privileges; and all taxes due the
commonwealth by said company, shall be paid in lawful money
of the United States and not in coupons.

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