Chap. 323.—An ACT to incorporate the Danville and Seaboard railroad
company.

Approved May 20, 1887.

1. Beit enacted by the general assembly of Virginia, That
J.D. Blair, C. G. Holland, F. X. Burten, J. F. Rison, M. P. Jor-
don, J. C. Wrenshall, Berryman Green, John H. Schoolfield.
J. G. Penn, C. H. Conrad, B. B. Gordon, Doctor C. W. Thorn.
J. Wilcox Brown, and Frank P. Clark, or such of them as
may accept the provisions of this act, their associates, succes-
sors, and assigns, be and they are hereby incorporated and
made a body politic and corporate under the name and stvle
of the Danville and Seaboard railroad company, and as such.
are authorized and empowered to locate, construct, equip.
and operate a railroad, commencing at the city of Danville
and running thence to some point at or near the seaboard at
or near the city of Norfolk, by such route as a majority vt!
its stockholders may determine.

2. The said company shall have perpetual succession, and
have power to sue and be sued, plead and be impleaded, de-
fend and be defended in all courts, whether in law or in equity.
and may 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 fifty thousand dollars, and may from time to time be in-
creased to any amount not exceeding five millions of dollars
by issue and sale of shares, under such regulations as the
board of directors of said company shall prescribe, the par
value of which shall not be less than one hundred dollars; and
the directors may reccive cash, labor, material, bonds, stocks.
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 may make such subacrip-
tions payable in such manner or amounts and at such times
as may be agreed upon with the subscribers; and whenever
one hundred shares shall have been subscribed to, and the
sum of ten thousand dollars paid in cash, the subscribers
under the direction of any five of the incorporators herein-
before named, who themselves shall be subscribers, may or-
ganize the said company by electing a president and board
of directors, and by electing or providing for the appointment
of such other officers as may be necessary for the control and
management of the business and affairs of said company,
and thereupon they shall have and exercise all the powers and
functions of a corporation under their charter and the laws of
this State.

4. It shall be lawful for said company to borrow money and
issue and sell its bonds from time to time for such sums and
on such terms as its board of directors may deem expedient
and proper in the prosecution of any of its work; and may
secure the payment of said bonds by mortgages or deeds
of trust upon all or any portion of its property, real, per-
sonal, and mixed, its contracts and privileges, and its char-
tered rights and franchises, including its franchises to be a
corporation; and it may, as the business of the company shall
require, sell, lease, convey, and incumber the same.

5. It shall be lawtul for said company to subscribe to and
hold sbares in the capital stock of any mining, manufactur-
ing, or other corporation, and any mining, manufacturing, or
other corporation may subscribe to, guarantee, or hold the
stock or bonds of the said company.

6. Thesaid company is authorized and empowered to locate,
construct, equip, and operate any lateral or branch roads or
tramways not exceeding fifty miles each in length, which a
majority of its stockholders may determine to construct, main-
tain, equip, and operate, and by such route as may be deter-
mined by its board of directors; and the said company may
connect or unite its said road with that of any other company
or companics, or consolidate and merge its stock, property,
and franchises with those of any other company or companies
operating or authorized to operate a connecting line of rail-
road, upon such terms and under such name 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 consum-
mate such connection, merger, or consolidation: provided
that a copy of every such contract of consolidation and merger
be filed in the office of the board of public works.

7. The company may acquire by condemnation, according
to the laws of Virginia, the lands required for the right of
way of its railroad, ‘and the necessary stations and depots for
its operation.

8. Each stockholder in the company shall at all meetings
or elections be entitled to one vote for euch share of stock
registered in his name, and the president and board of direc-
tors of said company may enact such by-laws, rules, and
regulations for the management of the affairs of said com-
pany as they may deem proper and expedient.

9. The board of directors shall be stockholders of aaid
company, and shall consist of such number as the stock-
holders may determine upon, and shall be elected at the
stockholder’s annual mecting, to be held on sucb day as the
by-laws of the company may direct, and shall continue in
ottice for the term of one year, from and after the date of
their election, and until their successors are elected and ac-
cept the duties of the office, and they shall appoint one of
their number president. And in case of the death, resigna-
tion, or incapacity of any member of the board of director
during his term of office, the said board shall elect bis suc-
cessor for the unexpired term.

10. Any town or city along the line of said railroad, or
any county through which such line passes, may pursuant to
the general laws of Virginia, subscribe to the capital stock of
the said railroad company, and the said company is autho-
rized to accept the same.

11. 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 the law upon other like incorpors-
tions 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.

12. This charter shall always remain subject to amend-
ment or repeal by the general assembly of Virginia, and in
the event of a consolidation with any other company, this
company shall remain a Virginia corporation so far as the
right of suing and being sued is concerned.

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