Chap. 409.—An ACT to incorporate the Mineral Belt Steam Tramway
company.

Approved May 24, 1887.

1. Beit enacted by the general assembly of Virginia, That
Clarence Coleman, W. H. Adams, R. P. Cammack, H. M.
Bancroft, and B. Levy, and any other person or persons that
they may associate with them, their successors and assigns,
be and they are hereby incorporated and made a body politic
and corporate under the name and style of the Mineral Belt
Steam Tramway company, and as such are authorized
and empowered to locate, construct, equip, and operate a
steam tramway, commencing at a point at or near New
Bridge, on North Anna river, in Spotsylvania county, thence
to a terminus on the Rappahannock river, at or near Freder-
icksburg; and a branch from said road to cross the Rappa-
hannock river at any point in twenty miles above Fredericks-
burg; thence through Stafford to a terminus near Aquia
creek; and witha branch from said road through Stafford to
a terminus on Potomac run, by such route as may be deemed
most advisable by the directors of said company, and by that
name shall be known in law.

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 en-
joy 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 five thousand dollars, and from time to time be increased
to any amount not exceeding one hundred thousand dollars,
by issue and sale of sbares, the par value of which shall
not be less than fifty dollars, under such regulations as the
board of directors of said company shall from time to time
prescribe. And the directors may receive cash, labor, mate-
rial, 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:
subscriptions payable in such manner or amounts and at such.
times as may be agreed upon witb 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 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 covenants, contracts, and privileges, and
its chartered rights and franchises, including its franchise to
be a corporation; and it may, as the business ot the company
may require, sell, lease, convey, and encumber the same.

5. It shall be lawful for said company to subscribe to and
hold shares in the capital stock of any mining or manufac-
turing corporation; and any mining or manufacturing or
other corporation may lease or operate the road and property
of the said company, or guarantee or hold the stock or bonds
of the said company.

6. Tho said company is authorized and empowered to lo-
cate, construct, equip, and operate lateral or branch tram-
ways from any point on its line of railroad to any timber,
ore banks, mine, or other operations in the counties of.
Spotsylvania, Louisa, and Stafford, or to connect the said line
with any other tramroad or railroad now or bereafter to be con-
structed in or to any of said counties; and the said company
may connect or unite its said road with that of any other
company, or consolidate and :nerge its stock, property, and
franchises with those of any other company operating, or
authorized to operate, a connecting line of tramway upon
such terms as may be agreed upon between the companies so
uniting or connecting, merging or consolidating; and for this
purpose power is hereby given to it, and to such other com-
pany or companies, to make and carry out such contracts as
will facilitate and consummate such connection, merger, or
consolidation.

7. The said company may acquire by condemnation, ac-
cording 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, and may connect or unite its road
with that of any other company. Said company may cross
any railway track, but not at grade, by proper bridges, tun-
nels, and appliances to fully protect from any danger.

8. The said company shall be required to commence the
construction of suid road within two years from the passage
of this act, and to complete the construction of its main line
within five years thereafter. The said company may mine
ore and other minerals from land received by it in payment
of subscriptions to its capital stock.

9. The persons first named in this act, or such of them as
shall accept the provisions thereof, shall have power and au-
thority of a president and board of directors for the purposes
of organization and for all other purposes. They shall con-
tinue in office until their successors shall be elected and quali-
fied. Kach stockholder in the company shall at all meetings
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, un-
less by removal, in which case the same shall be filled by the
stockholders in general meeting. Whenever ten per centum
of the capital stock shall have been subscribed, and the board
of directors shall have elected a president, said company shall
be considered legally organized, and may proceed to the
transaction of business. But before such organization, said
corporation shall have the right to purchase and take title to
any real estate contemplated by this act.

11. The board of directors may establish offices and agen-
cies at such places as they may dcem proper, but the princi-
pal 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; but the
general assembly of the State of Virginia reserves to itself
the right to modify, alter, or repeal this act at any time here-
after.