CHAP. 557.—An ACT to incorporate the Piedmont construction
and improvement company.

Approved March 4, 1890.

1. Be it enacted by the general assembly of Virginia,
That George O. Monroe, James M. Moore, R. F. Hill,
Thos. S. Martin, C. C. Dunn, A. N. Peyton, J. W. Yates,
J. 5S. B. Thompson, T. O. Troy, H. Hiden, L. D. Scott,
C. W. Barnum, or any five of them, their associates, as-
signs, and successors, are hereby created, incorporated,
and constituted a body politic and corporate of this state
under the name and style of the Piedmont construction
and improvement company.

2. That said company is hereby authorized and empow-
ered to construct, improve, and equip railroads chartered
by this or any other state, bridges, tunnels, depots, section
houses and other structures proper to the use and opera-
tion of railroads; to contract with any railroad company
or companies heretofore incorporated or hereafter to be
incorporated, to construct, improve, and equip railroads,
bridges, tunnels, depots, section houses and other struc-
tures proper to the use and operation of railroads, and to
take and receive in payment therefor, shares of the capital
stock of such company or companies, bonds secured by
mortgage or otherwise, that may be issued by such com-
pany or companies, and any other bonds or securities, real
and personal property, moneys and valuable consfdera-
tions, which such railroad company or companies shall
have the right lawfully to dispose of, and as shall be agreed
between the contracting parties ; and to bargain, sell, use,
hypothecate, or otherwise dispose of the same as it may
deem best for its interests; and for the purpose of secur-
ing any indebtedness due to said company, shall have the
right to purchase all franchises and properties of any
railroad company of which this company may be a stock-
holder, or which may be indehted to this company.

3. The said company may carry on its work in this and
other states, and may commence operations as soon as
fifty thousand dollars of its capital stock shall have been
subscribed for. Certificates of stock, in shares of one hun-
dred dollars each, may be issued by the board of directors
to an amount not exceeding two hundred and fifty thou-
sand dollars, and with the consent of a majority in inte-
rest of the stockholders, given in any general meeting, the
capital stock may be increased to a sum not exceeding
two million dollars. Each share of stock shall be entitled
to one vote in any meeting of the stockholders.

4. The said company is authorized and empowered to
purchase, hold, own, lease, and control in any manner,
grant, bargain, sell, mortgage, convey and otherwise dis-
pose of, real and personal properties of any kind in this
state or elsewhere: provided, that the said company shall
not own more than twenty thousand acres of land in any
one county in this state at any one time; and the said
company is authorized and empowered to lay out said
lands, or any part thereof, into parcels or lots of conve-
nient size, with roads, lanes, streets and alleys, and develop,
work, improve and cultivate, or otherwise use or dispose
of the same in such manner and upon such terms as the
said company may think proper; and the said company
shall have the right to construct, maintain and operate
within any city, town or village, which the said company
plant, or lay out or in any other city, town, or village, with
the consent of its council, street railroads, whether operated
by steam, electric or animal power, water-works, or gas-
works, or other systemsof illumination. The said com-
pany may also build, construct and operate railroads from
the lands of the said company to connect with any other
railroads, or to any manufacturing establishments, which,
in the judgment of the board of directors, shall seem ad-
vantageous tothe company, or offer sufficient tonnage to
justify their construction: The said company may also
carry on the business of constructing for individuals or cor-
porations any and all kinds of works of public and private
improvement, either through its own officers, agents and
servants, or by means of other agencies, and may receive
in payment therefor, stocks, bonds, or other securities, or
real or personal property of any kind. The said company
may also construct, maintain and operate pipe-lines, tanks
and other appurtenances for the purpose of conducting,
storing and handling gas, oil or other liquids; and for the
purpose of constructing, maintaining and operating any of
the above works, the said company shall have all the
rights, powers and privileges which are given to internal
improvement companies by the laws of the state.

5. The said company shall have the power to borrow
money and secure the same by mortgage on its franchises
and property, or any part thereof. |

6. Said company shall have all the general powers con-
ferred upon chartered companies by the laws of Virginia
now in force, and shall be subject to all the provisions
thereof, except so far as the same are modified by or con-
sistent with this act.

7. The twelve corporators first named in the first sec-
tion of this act, or any five or more of them who shall
accept the provisions of this charter, and consent to act
as such, shall constitute the board of directors for the
first year, or until otherwise constituted or appointed by
the stockholders at the first general meeting of the com-
pany, when organized, as hereinafter provided, one of whom
shall be chosen by them as president of the board and of
the company; but the board of directors may at any time
fill a vacancy in its body, or in the office of the president,
whether such vacancy occurs by death, resignation, or
otherwise.

8. The board of directors may meet as soon as practica-
ble after the passage of this act; and if at such meeting
the minimum capital stock. of fifty thousand dollars be
subscribed, the company shall thereupon be deemed organ-
ized, and the board shall proceed to adopt by-laws for the
conduct of the company, appoint such officers as may be
necessary, and take such action as the interest of the com-
pany may require. The by-laws shall prescribe the time
and place of holding the annual meetings of the stock-
holders, as well as the notice of such meetings, and the
manner of serving the same. But the by-laws may at any
time be changed by the board of directors, or the stock-
holders m any general meeting assembled.

9. This charter shal] be subject to amendment or repeal
at any time by the general assembly; and all taxes, dues,
or demands due, or to become due, to the state of Virginia
shall be paid in lawful currency of the United States and
not 1n coupons.

10. The said company shall have the right to employ
convicts upon the same terms as the railroad company
with which it contracts may have under the existing law.

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