CHAP. 19.—An ACT to authorize the issue of additional bonds
and stock by the Chesapeake and Ohio railway company, and
defining the purposes to which they may be applied.

Approved December 22, 1891.

Whereas the Chesapeake and Ohio railway company is
making large expenditures in the improvement and ex-
tension of its railroads, and in the purchase of rolling
stock, to meet the increasing demands of its freight and
passenger traffic; and whereas it may be necessary here-
after to make still further improvement, extension, and
acquisition of railroads, rolling stock, and other facilities,
in order to furnish adequate accommodations for the grow-
ing business of the company; and whereas, for the pur-
poses aforesaid, it may become necessary to issue addi-
tional bonds, to be secured by mortgage, and to further in-
crease the capital stock of the company, and readjust or
convert the several classes of shares into which the capital
of the company is now divided; therefore,

1. Be it enacted by the general assembly of Virginia,
That for the purpose of providing means to acquire or to
improve, complete or extend, its lines of railroad, or to
puild or acquire branches, or to acquire additional rolling
stock or other property, needed for the development of the
business of the company, or to extinguish or liquidate any
indebtedness, at any time contracted for the purposes
aforesaid, or in the course of its business, or for the pur-
pose of converting or changing its several classes of stock,
the Chesapeake and Ohio railway company may, with the
approval of a majority, in amount, of all the stockholders
of the company, issue its bonds to such amount as may
be needed, and secure the same by one or more deeds of
trusts or mortgages upon the railroad property and fran-
chises of the corporation, or any part or parts thereof,
and, with like approval of the stockholders, may, from
time to time, increase its capital stock in such amounts as
may be by said stockholders authorized, and may, also
upon such terms as may be agreed upon with the parties
interested, and to such extent as may be deemed expedient
by the company, contract for and make the exchange or
conversion of its present outstanding capital stock, com-
mon and preferred, or any of its bonded indebtedness, or
any obligations guaranteed by it, into capital stock of a
different class, or into bonds, or both: provided, however,
that to protect the interest and to preserve the rights of
the company and the stockholders and bondholders, the
stock and bonds so converted may be held in the treasury
of the company, upon such terms and conditions as may
be agreed upon.

2. Any such deeds of trust or mortgages that may have
been or may hereafter be executed, whether the same shall
extend to or cover the whole or any part of such works or
property or branches, shall entitle the purchaser or pur-
chasers thereunder to the full benefit and enjoyment of
such works and property, branch or branches embraced
therein respectively, and all franchises necessary for the
proper ownership and enjoyment thereof.

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