CHAP. 174.—An ACT to incorporate the Malvern Hill railroad
company.

Approvei February 5, 1890.

1. Be it enacted by the general assembly of Virginia,
That D. J. Baldwin, James T. Vaughan, George W. Brown,
J. H. Webb Peploe, and L. W. Harris, and such other per-
sons and corporations as they may associate with them,
and their successors be, and they are hereby, made and
constituted a body politic and corporate by the name of
the Malvern Hill railroad company, and shall have all the
powers, rights, and franchises necessary or proper for the
purpose of locating, constructing, equipping, maintaining,
and operating a railroad, with such number of tracks as
they may desire, from or near Elko, in Henrico county,
Virginia, which is a depot on the Chesapeake and Ohio
railroad, to a point on James river contiguous and con-
venient to Malvern Hill, in said county of Henrico.

2. Any four of the corporators hereinbefore named may
Organize the company by electing a president and board
of directors, and may elect and appoint such other officers
as may be necessary for the proper management of said
company’s affairs; and thereupon they shall have and
exercise all the general powers and functions of a corpo-
tation, and be subject to all the restrictions imposed by
the laws of the state applicable to internal improvement
companies, except so far as the same may be changed o1
modified by this act.

3. The said company shall have authority in prosecu.
ting their work to build their road, or any part thereof, of
any gauge or description—single or double track—and
operate the same in such manner as the said company
may determine and decide as best for their interest.

4. The capital stock of this company shall not exceed
one million dollars, to be divided into shares of the par
value of twenty-five dollars each; and such stock may be
all common, or such part or parts preferred as said com-
pany may from time to time determine. Each share of
stock shall be entitled to one vote.

5. It shall be lawful for said company to acquire, in
subscriptions to the capital stock of said company or by
donations, money, lands, land, or other damages, work,
labor, materials, property, bonds, or other means availa-
ble for their purposes, and to receive subscriptions from
individuals, other companies, associations, or corporations ;
and the said company may sell, lease, or otherwise dispose
of any lands or properties acquired under this section.

6. That any city, town, county, or corporation may sub-
scribe to the capital stock of said company in the manner
and under the restrictions prescribed by the statutes of
Virginia.

7. The directors of said company may open the books
for subscription of stock, from time to time, as they may
deem expedient until the stock is fully taken; and instal-
ments on original subscriptions of stock, as well as those
afterwards received, shall be paid at such times and places
and in such amounts as said directors may prescribe.

8. The directors may receive in payment of any sub-
scription for stock in said company any property adapted
to the construction, operation, or maintenance of said road,
or may receive all or any partof such subscription in ser-
vices, labor, or materials.

9. The directors shall have power to issue bonds in sums
of one hundred dollars and multiples thereof, and bear-
ing interest not exceeding the rate of eight per centum
per annum, the principal and interest of which shall be
payable at such times and places as the board of directors
may determine; and may secure the same by one or more
mortgages or deeds of trust on the road, franchises, in-
come, and the real, personal, and mixed property of the
company, or such part or parts thereof as may be desig-
nated in the mortgages or deeds of trust, and may sell
such bonds at such discount as may be thought best for
the benefit of the company; and said board of directors
may confer on any bondholder of said company the right
to convert the principal due or owing on such bond into
stock of said company at any time; and said board of

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lirectors may from time to time retire any of the capital
tock of the company as may be deemed best for the in-
erest of said company.

10. Said company shall have the power to construct,
naintain, and operate branch roads from any point or
ints on their main line. |

11. For the purpose of forming a continuous line of
ailroad, to be operated under one management, the said
ompany may consolidate with any other railroad not a
ompeting or parallel one, and in case of consolidation as
iforesaid, such united or consolidated company may have
ind exercise all and singular the powers, rights, privi-
eges, and franchises granted to the said Malvern Hill
‘ailroad company under and by virtue of the laws of this
state.

12. That the said company, by acceptance of this char-
ler, hereby agrees to pay all taxes, dues and demands due
the state that may hereafter be assessed against it, in law-
ful money of the United States and not in coupons.

13. The construction of said road shall be commenced
within two years from the first day of March, eighteen
bundred and ninety, and be completed within five years
after the passage of this act.

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