Chap. 524.—An ACT to incorporate the Virginia Central and Western railroad
company.

Approved March 1, 1894.

1. Be it enacted by the general assembly of Virginia, That N.G.
Douglass, H. V. Strayer, Joseph F. Snell, W. H. Ritenour, E. Pur-
cell, junior, Herbert Coffman, and their associates, successors and
assigns, be, and they are hereby, made and declared a body politic
and corporate by the name and style of the Virginia Central and
Western railroad company.

2. The capital stock of said company shall be not less than three
hundred thousand dollars, divided into shares of one hundred dollars
each, and may from time to time be increased by the board of direc-
tors to any amount not exceeding one million dollars.

3. The said Virginia Central and Western railroad company is au-
thorized and empowered to locate, construct, equip and operate a
railroad of standard gauge, with a single or double track, to be run
either by steam or electricity, commencing at any point it may select
on the West Virginia line, and running thence by way of Bridge-
water, Harrisonburg and Elkton, and thence by the most practicable,
eligible and direct route deemed advisable by the directors of said
company to such point as it may elect on tidewater Virginia; and
it shall be lawful for said company to construct and maintain lateral
or branch roads of standard or narrow gauge, not exceeding twenty
miles in length, which shall have all the rights and powers and be
subject to the same restrictions as the main line.

4. The said company shall have power to borrow money or issue
and sell its bonds from time to time on such terms as the board of
directors may deem proper and necessary in the prosecution of any
of its works; and to secure the payment of said loan or loans or
bonds, the said company may create one or more mortgages or deeds
of trust on the whole or any part of its property, chartered rights
and franchises.

5. The said company may receive subscriptions to its capital stock
in land, property, materials and equipment, at such valuation and
upon such terms as may be agreed upon between the said company
and the subscribers, and may exchange its bonds therefor, and may
hold, improve, sell or convey at pleasure all lands so acquired: pro-
vided that said company shall not hold land not needed for the pur-
poses of its incorporation for a longer period than twenty years.

6. The said company shall have power to cross at grade, over or
under any other railroad now constructed, or which shall be hereafter
constructed within this state, at any point on its route, subject to
the provisions of the general law of this state; to unite its roads
with any of said roads, and to enter upon such railroad companies
with the necessary turnouts, sidings, switches and conveniences in
furtherance of the objects of its construction, as well as to facilitate
the economical exchange of passengers and traffic between the re-
spective roads: provided the acquisition of any of the real estate of
another company shall! be in the mode prescribed by the laws of this
state.

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7. It shall be lawful for said company to consolidate with or lease
or purchase the works, property, franchises and privileges of any
other railroad company, in or out of the state of Virginia, whose
line of railroad connects or will connect with the railroad hereby
authorized to be constructed; and any railroad company heretofore
incorporated in the state of Virginia whose line of railroad connects
with or will connect with the railroad hereby authorized to be con-
structed, or which lies along its route. so as to be used as a part of
its main line, or, in lieu of such lateral or branch road as this com-
pany is authorized to construct, is hereby authorized to consolidate
with or sell or lease its works, property, franchises and privileges to
the said Virginia Central and Western railroad company: provided
that such consolidation, lease or purchase or sale shall be made
only upon such terms and conditions as shall be agreed upon by a
majority of stockholders in each of said companies: and provided,
further, that the company hereby incorporated shall never, by rea-
son of consolidation with any other company, lose its identity or
cease to be a domestic corporation, subject to the jurisdiction of the
courts of this state.

8. The corporators named in this act shall constitute the board of
directors for the first year, and shall continue in office until their
successors shall have been elected and qualified. They shall have
the power and authority of a president and board of directors for
the purpose of organization, and for all other purposes incidental
thereto. They shall elect one of their number president of the
board and may appoint such officers as they may deem proper. They
shall fill any vacancy that may occur in the board or in the office of
president, and may receive subscriptions to the capital stock of the
company. Whenever the tax on the charter shall have been paid
the board of directors shall proceed to organize the company by the
election of president, vice-president, secretary, treasurer and such
other officers as may be required; thereupon the said company shall
be considered legally organized and shall have all the general powers
conferred upon corporations and chartered companies by the laws of
this state, and shall be subject to all the provisions thereof except so
far as the same are modified or are consistent with this act.

9. The board of directors of said company is authorized at any
meeting, when a majority of the directors are present, if they deem
it advisable, to change the name of said company.

10. All taxes which may be assessed against said company shall
be paid in lawful money of the United States, and not in coupons;
and the general assembly of Virginia reserves the right to alter or
repeal this act at any time hereafter.

11. The work on said railway shall be commenced within two years
and completed within five years from the passage of this act.

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