Chap. 420.—An ACT to incorporate the Spotsylvania railroad com-
pany.

Approved May 24, 1887.

1. Beit enacted by the general assembly of Virginia, That
L. M. Smith, W. W. Hall, Solon T. Coleman, William H.
Duerson, Doctor Thomas 8. Young, Doctor Joseph S. DeJar-
nette, E. H. DeJarnette, Robert E. Waller, J. O. Smith, and
such persons and corporations as they may associate with
them, shall be and they are hereby constituted a body corporate
and politic by the name of the Spotsylvania railroad com-
pany, and by that name shall have all the powers, rights,
privileges, and franchises necessary and proper to locate,
construct, equip, anc maintain a railroad from some point on
the line of the Newport News and Mississippi Valley com-
pany, at or near Hewlett’s station, in Hanover county, and
thence, as they may deem most practicable, through the
counties of Hanover, Caroline, and Spotsylvania, to some
point in said county of Spotsylvania, at or near Chanccllors-
ville.

2. Said company shall have perpetual succession and a
common seal, which it may renew or alter at pleasure, and
may sue and be sued, plead and be impleaded, contract and
be contracted with, and make ordinances, by-laws, and regu-
lations not inconsistent with the provisions of this act and
the laws of this State, for the government of its officers and
agents, and the proper conduct of its affairs.

3. It shall be lawful for the said Spotsylvania railroad
company to issue bonds tor the construction of its road, and
to secure payment of the interest and principal of the same
by a mortgage or deed of trust upon its property, franchises,
and so forth.

4. Subscriptions to the capital stock of sail company may
be made in money, materials, or lands; and said company
may also acquire lands by gift or purchase, and shall have
power to hold and sell the same: provided that the amount
of Jand so held at any one time shall not exceed five thou.
sand acres. .

5. The capital stock of said company shall not be Icss than
one hundred thousand dollars nor more than two million dol-
lars, to be divided into shares of one hundred dollars each,
and each share of stock shall be entitled to one vote.

6. The corporators herein mentioned shall have the powers
and authority ef a president and board of directors for the
purpose of organization of said company, and for all other
purposes, until a president and board of directors shall be
elected at a stockholders’ meeting, and such meeting shall be
held upon such notice as the corporators may deem proper.

7. It shall be lawful for any three of the corporators
herein mentioned, after giving ten days notice in some news-
paper of general circulation published in Virginia, to open

ooks of subscription to the capital stock of said company ;
and when the minimum of the capital stock of said company
shall have been subscribed, the said corporators may elect
one of their number chairman, who shall have the power and
authority of president of said company; and in all matters a
majority of said corporators shall control.

8. The work on the said road shall be commenced within
two years, and completed within ten years from the passage
of this act.

9. The said company shall have power to cross, unite, con-
bolidate, or connect with any line of railway constructed or
which may be constructed in this State, or may acquire by
lease or purchase any lino of railway constructed or which
may be constructed in this State.

10. This act is subject to modification, amendment, and
repeal at the pleasure of the general assembly of Virginia,
and this corporation agrees to pay all debts, dues, and de-
mands to the State of Virginia in lawful money of the United
States and not in coupons.

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

CuaP. 421.—An ACT to direct a sale of the State’s interest in the Alex-
andria canal company.

Approved May 24, 1887.

. 1. Beit enacted by the general assembly of Virginia, That
the commissioners of the sinking fund, be and they are hereby
directed to expose to sale at public outcry, to the highest
bidder, for cash, in current money of the United States, in
the city of Alexandria, at some time prior to the first day of
July, eighteen hundred and eighty-seven, the stock held and
owned by the commonwealth in the Alexandria canal com-

any. The time, place, and terms of such sale shall be fixed
by publication for at least four successive weeks in one or
more newspapers published in the cities of Alexandria and
Washington. In making said sale, the said commissioners
shall offer the said stock first in blocks of not over five hun-
dred shares at a time, and also as a whole, reserving to them-
selves the right to accept the bid for it as a whole, or in
blocks, if the sale in the latter way shall aggregate more
than the sale of it as a whole.

2. The said commissioners shall promptly notify the pur-
chasers of said stock as soon as they accept and confirm his
or their bid, and require him or them to pay for the same in
current money of the United States ton days thereafter, at
the office of the second auditor of Virginia, by whom it shall
be paid into the treasury of the State, subject to the warrant
of the auditor of public accounts, in payment of public dues;
-the said commissioners shall then make such transfers, and

sign and execute such papers and conveyances as may be
necessary to vest in said purchaser or purchasers the title to
said stock, and the said commissioners shall make report of
their action hereunder to the general assembly.

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