Chap. 487.—An ACT to incorporate the Fairmount railway company.

Approved March 1, 1894.

1. Be it enacted by the general assembly of Virginia, That Fred-
erick C. Brauer, junior, John H. Dinneen, Samuel H. Pulliam, V.
Hechler, junior, and William T. Hechler, and such others as may be
associated with them, are hereby incorporated and made a body pol-
itic and corporate under the name and style of the Fairmount rail-
way company, and may make rules and by-laws not inconsistent
with the laws of the United States or the laws of this commonwealth
for the government and management and maintenance of the corpo-
ration hereby created.

2. The capital stock of said company shall not be less than ten
thousand dollars nor more than five hundred thousand dollars. The
company may in payment for subscriptions to its capital stock take
materials, land, labor or other thing of value. Any other corporation
may subscribe to the capital stock of this company to any amount
not exceeding twenty-five per centum of the whole capital stock of
this company. |

3. The management and control of this company shall be vested
in a board of directors, all of whom shall be stockholders. The
board of directors, except the first board, shall be elected by the
stockholders annually at their annual meeting. All rules and by-
laws for the government of this company shall be made by the stock-
holders at their first meeting held under this charter; such rules or
by-laws may be changed or amended at any annual meeting of the
stockholders.

4. As soon as practicable after the passage of this act the corpora-
tors named shall open books of subscription in one or more places in
the city of Richmond or county of Henrico, notice of the same to be
first given by advertisement in some newspaper published in the city
of Richmond or county of Henrico. .

5. When as much as the minimum amount of capital stock shall
have been subscribed, said corporators shall call a meeting of the
stockholders, to be held at some place in the city of Richmond or
county of Henrico, notice of the time and place first being given by
advertisement in some newspaper published in thecity of Richmond
or county of Henrico. At said first meeting the first board of directors
shall be elected; the board of directors, at their first meeting after
their election, shall elect from their number a president and vice-
president of said company, to hold said offices without vacating their
office of said board.

6. The said company shall have power—

First. To construct, maintain and operate a railway to commence
at a point in Henrico county near the northeastern portion of the
city of Richmond, and extending through Fairmount northwardly
or eastwardly to some point in Henrico county not exceeding ten
miles from the city of Richmond; and in the operation and man-
agement of said railway may use for motive power horses, mules,
steam, electricity OF other power.
Second. To acquire land necessary for the construction and opera-
tion of said railway, together with necessary land for depots and
other necessary buildings at the termini of said railway, according
to chapter forty-seven of the code of Virginia.

Third. To cross, unite or connect with any other line of railway,
constructed or to be constructed, or to lease to any other company the
right to convey passengers or property over its road.

Fourth. To acquire and hold, in addition to the land mentioned in
the second subdivision, any amount of land not exceeding one thou-
sand acres. |

Fifth. For the purpose of carrying out the provisions of this char-
ter, may make and issue coupon bonds, notes, acceptances or other
evidences of debt, and may borrow money and make and issue notes
or bonds prumising to pay the same, and may convey the real and
personal property, rights and franchise by deed of trust or mortgage
to secure the payment of the same and the interest to become due.

7. The company shall begin the construction of its road within
two years from the passage of this act, and shall complete the same
within four years thereafter.

8. All taxes due or to become due to the commonwealth of Vir-
ginia by this company shall be paid in lawful money of the United
States, and not in coupons. ,

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