Chap. 56.—An ACT to incorporate the Portsmouth construction and transporta
tion company.

Approved January 22, 1894.

1. Be it enacted by the general assembly of Virginia, That W. L.
Wise, A. J. Phillips, Goodrich Hatton, and John L. Watson, together
with their associates and successors, be, and are hereby, declared to be
a body corporate by the name of the Portsmouth construction and
transportation company, and the same is hereby vested with all
rights, powers and privileges, and made subject to all the restrictions
pertaining to works of internal improvement and corporations gen-
erally under the laws of this commonwealth not inconsistent with
the provisions of this act.

2. The capital stock of said company shall not be less than five
thousand dollars, but the company shall have the right from time to
time to increase the same to an amount not exceeding five hundred
thousand thousand dollars. The said stock shall be divided into
shares of the par value of one hundred dollars each. Subscriptions
to said stock shall be made under the supervision and control of not
less than three of said incorporators hereinbefore named; and when
the stock of the par value of five thousand dollars shall have been
subscribed for and two per centum of said subscriptions shall have
been paid in cash, the subscribers shall have the right to organize
the company by the election of a president, board of directors, and
such other officers as they may deem expedient, and the term of
office of those so elected shall be one year, or until their successors
are elected and qualified. The incorporators who shall control the
said subscription shall have the power to limit the amount of stock
taken by any One or more persons.

3. The’said company is authorized to build, equip, or otherwise
acquire, and to operate and maintain a railroad of such gauge as may
be deemed expedient, from some point in the county of Nansemond
to and through the city of Portsmouth, or between any intermediate
points, and to operate said railroad for either freight or passengers,
or both, and with such motive power as may be desired, whether the
same be now known or hereafter invented or discovered.

4, The said company shall also have power to build and equip, or
otherwise acquire, and to operate and maintain a bridge or bridges
over apy stream or streams, between the said points, whether the said
bridge shall be for foot passengers, vehicles or railroads, or either
or all of said purposes: provided, however, that the said bridges shall
have sufficient drawers to prevent obstruction to navigation.

5. The said company shall also have power to build, or otherwise
acquire, wharves and warehouses, and to operate and maintain the
same, to do a general wharfage and storage business, and to issue
warehouse receipts, which may be negotiable; to charter and other-
wise acquire vessels and do a general wharf, dock, steamboat and
lighterage business.

6. It shall be lawful for this company to consolidate with any rail-
road or transportation company now existing or hereafter incorpo-
rated whose line of road or other property connects or will connec
physically with any of the works of the company hereby incorpo.
rated. It shall likewise be lawful for this company to lease or sel.
any or all of its property to any other corporation or to any othe!
person or persons.

7. It shall be lawful for the said company to issue bonds to an
amount not exceeding double the par value of the capital stock sub-
scribed for in such denominations and with such conditions as may
be deemed best, and to secure the same by deed of trust or mortgage
on all or such portion of its property ay it may desire. It shall be
lawful for said company to acquire and hold so much land as it may
be necessary for its uses, and to sell or dispose of or hold the same,
or any portion thereof, as it may deem best, and it may receive grants
and subscriptions in land, and pay for the same with its stock or
bonds, or both, at such valuation as may be determined by its board
of directors.

S. The said company is authorized to construct or otherwise acquire
and maintain all necessary buildings, machinery, poles and lines of
wire and other materials necessary for the production and generation
and transmission of the electric current, to use said current for the
propelling of its cars or the cars of other corporations, for lighting,
and for other such purposes as it may be expedient.

9. Thesaid company is authorized to construct or otherwise acquire
a turnpike or toll road in connection with said bridge or bridges, and
the same shall be entitled to all the privileges and be subject to all
the restrictions now or hereafter to be provided by the general laws
of this commonwealth pertaining to turnpike roads.

10. That all taxes, dues or demands to the commonwealth of Vir-
zinia shall be paid in lawful money of the United States, and not
in coupons.

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