CHaP. 579.—An ACT to incorporate the Virginia central railroad
and navigation company.

Approved March 2, 1892.

1. Be it enacted by the general assembly of Virginia,
That Thomas F. Barrett, Julian H. Miller, John S. John-
son, William W. Fleming, and Martin H. Bunn, their as-
sociates, successors and assigns, be, and they are hereby,
incorporated and made a body politic and corporate under
the name and style of the Virginia central railroad and
navigation company, for the purpose of constructing, equip-
ping and operating railroads and transporting freight and
passengers on the Chesapeake bay and its tributaries, and
as such are authorized and empowered to locate, to con-
struct, equip and operate a railroad, commencing at the
town of Hampton, or near there-at deep water, and running
thence to West Point, and from thence to Orange court-
house and Harrisonburg, through the counties of Eliza-
beth City, York, James City, New Kent, King William,
Hanover, Caroline, Louisa, Spotsylvania, Orange, Culpeper,
Madison, Greene, and Rockingham, or any of them, as the
said company may determine, after they have surveyed
the route in accordance with the best interests of the com-
pany, and as such authorized to locate, operate and equip
a line of water transportation by means of steamboats,
sail vessels, ferry boats, and such other floats as the said
company may deem advisable.

2. The said company shall have perpetual succession,
have power to sue and be sued, to plead and be impleaded,
defend and be defended in all courts, whether at law or in
equity, and they may make and have a common seal, alter
and renew the same at pleasure, and to have possession
and enjoy all the rights and privileges of a corporation or
a body politic in the law, and necessary for the purpose of
this act.

38. The capital stock of this company shall not be less
than five thousand ($5,000) dollars, and may from time to
time increase the same to any amount not exceeding five
million ($5,000,000) dollars by issuing certificates of
shares under such regulations as the board of directors
shall decide: the par value of which shall not be less than
one hundred ($100) dollars each; and the subscriptions to
the capital stock of said company may be made in money,
labor, material, bonds, stocks, real estate or personal prop-
erty at such valuation as may be agreed upon between the
directors and the subscribers, and such subscriptions may
be made payable in such manner and amounts and at such
times as may be agreed upon with the subscribers, and
whenever fifty shares shall have been subscribed to, the
subscribers, under the direction of any five of the incorpo-
rators hereinbefore named, who themselves shall be sub-
scribers, may organize the said company by electing a
president and board of directors and by electing or provid-
ing for the appointment of such other officers as may be
necessary for the contro] and management of the business
and affairs of said company, and thereupon they shall
have and exercise all the powers and functions of a corpo-
ration under their charter and the laws of this state.

4. It shall be lawful for said company to borrow money
and issue and sell bonds from time to time for such sums
and on such terms as its board of directors may deem ex-
pedient and proper in the prosecution of any of its work;
and may secure the payment of said bonds by mortgages
or deeds of trusts-upon all or any of its property, real, per-
sonal, and mixed, its contracts and privileges, and its
chartered rights and franchises, including its franchises
to a corporation; and it may, as the business of the com-
pany shall require, sell, lease, convey and encumber the
same.

5. The said company shall have power to lease or pur-
chase boats, barges, and vessels, either steam or sail; and
any mining, manufacturing or other corporation may sub-
scribe to, guarantee, or hold the stock or bonds of said
company.

6. The said company is authorized and empowered to
locate, construct, equip, and operate any lateral or branch
roads or tramways, not exceeding twenty miles in length,
which a majority of its stockholders may determine to
construct, maintain, equip, and operate, and by such route
as may be determined by its board of directors; and the
said company may connect or unite the said route with
that of any other company or companies other than a com-
peting line, or consolidate and merge its stock, property,
and franchises with those of any other company or com-
panies operating or authorized to operate a connecting
line other than a competing line upon such terms and
under such name as may be agreed upon between the com-
panies so uniting or connecting, merging or consolidating,
and for that purpose power is hereby given to it and to
such other company or companies to make and carry out
such contracts as will facilitate and consummate such con-
nection, merger, or consolidation: provided that a copy of
every contract of consolidation and merger be filed in the
office of the board of public works. The company may
acquire by condemnation, according to the laws of Vir-
ginia, the lands required for the right of way of its railroad,
and the necessary stations, landing and depots for its ope-
ration.

7. Each stockholder in the company shall, at all meet-
ings or elections, be entitled to one vote for each share of
stock registered in his name, and the president and board
of directors of said company may enact such by-laws,
rules and regulations for the management of the affairs of
said company as they may deem proper and expedient.

8. The board of directors shall be stockholders of said
company, and shall consist of such number as the stock-
holders may determine upon, and shall be elected at the
stockholders’ meeting to be held on such day as the by-
laws of the company may direct, and shall continue in
office for the term of one year from and after the date of
their election and until their successors are elected and
accept the duties of the office, and they shall appoint one
of their number president. And in case of the death, re-
signation or incapacity of any member of the board of
directors during his term of office, the said board shall elect
his successor for the unexpired term.

9. All taxes and dues to the commonwealth by said
company shall be paid in Jawful money of the United
States, and not in coupons. And this charter may be
altered or amended upon the application of the board of
directors of said company.

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