CHAP. 541.—An ACT to incorporate the Radford street railway
company.

Approved March 1, 1892.

1. Be it enacted by the general assembly of Virginia,
That James L. Radford, William Ingles, J. Hoge Tyler, W.
R. Wharton, W. H. Barclay, W. W. Justice, W. J. Ken-
derdine, Joseph I. Doran, and Charles H. Mellon, or such of
them as may accept the provisions of this act, their asso-
ciates, successors, and assigns be, and they are hereby, in-
corporated and made a body politic and corporate under
the name and style of the Radford street railway company,
and by that name shal] be known in law, and as such are
authorized and empowered to locate, construct, maintain,
and operate a street railway on any streets or highways in
Radford, and in Montgomery and Pulaski counties in the
vicinity of Radford, for public use in the conveyance of
passengers by any power other than locomotive, and to
collect tolls and fares on the same.

2. Such street railway shall not be located or constructed
except with the consent and under regulations first had
and obtained of the local authorities having control of the
streets or highways proposed to be used ; and when the said
company desires to use any bridge erected at private ex-
pense, the consent and approval in writing of the parties
erecting such bridge must be previously had and obtained ;
and when the company desires to use the part of any street
or highway macadamized by or at the expense of the Rad-
ford land and improvement company, the consent and ap-
proval of the ‘Radford land and improvement company in
writing, as to the use of the part so macadamized, under
its corporate seal, must also be previously had and ob-
tained.

3. The roadway and tracks of said company shall be lo-
cated, constructed, operated, and maintained by it in such
manner as not to interfere with or obstruct the ordinary
use of the streets or highways used by it.

4. The said company shall have perpetual succession,
and have power to sue and be sued, plead and be implead-
ed, defend and be defended in all courts, whether at law
or in equity; and may make and have a common seal, and
alter or renew the same at pleasure; and shall have and
possess and enjoy all the rights and privileges of a corpora-
tion or body politic in the law and necessary for the pur-
poses of this act.

5. The capital stock of said company shall not be less
than twenty-five thousand dollars, and may, from time to
time, with the consent of a majority of the stockholders,
be increased toan amount requisite for the purposes of
the said company by issue and sale of shares, the par
value of which shall not be less than fifty dollars, from
time to time, under such regulations as the board of di-
rectors of said company shall, from time to time, pre-
scribe; and the directors may receive cash, labor, material,
real and personal property suited to the business of said
company in payment of subscriptions to the capital stock
at such ‘valuations as may be agreed upon between the
directors and the subscribers, and may make such sub-
scriptions payable in such a manner or amounts at such
times as may be agreed upon with the subscribers.

6. It shall be lawful for the company to acquire, by do-
nations or purchase, land for right of way, depots, stations,
and other purposes necessary for the successful construc-
tion and operation of its road, and to contract with other
corporations for the supply of power it may require for
the operation of its line.

7. It shall be lawful for said company to borrow money
or issue and sell its bonds from time to time for such
sums and on such terms as its board of directors may
deem expedient and proper, and to secure the payment of
said bonds by mortgages or deeds of trust upon all or any
portion of its property, railroads, privileges, contracts, and
franchises, including its franchises to be a corporation.

8. The said company shall be required to commence the
construction of said railway within two years and complete
three miles thereof within two years thereafter, or other-
wise the powers, privileges, and franchises hereby granted
shall be annulled and become void.

9. The persons first named in this act, or such of them
as shall accept the provisions thereof, shall have the power
and authority of a president and board of directors for the
purpose of organizing and all other purposes. They shall
constitute the board of directors for the first year, and shall
continue in office until their successors shal] be elected
and qualified. Each 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 presi-
dent, and may fill any vacancy that may occur in said
board, unless by removal; in which case the same shall
be filled by the stockholders in general meeting. When-
ever twenty-five 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. °

11. All taxes and debts due and to become due to the
commonwealth by said company shall be paid in lawful
money of the United States, and not in coupons.

12. 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
hereafter.

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