Chap. 171.—An ACT to incorporate the American central trunk line railroad
company.

Approved January 28, 1896.

1. Be it enacted by the general assembly of Virginia, That P. W.
Reherd, L. D. Winston, W. H. Rickard, E. Purcell, junior, and P. H.
McCaull, 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 American central trunk line railroad com-
pany.

2. The capital stock of said company shall be one hundred thou-
sand dollars, divided into shares of one hundred dollars each, and
may from time to time be increased by the board of directors to any
amount not exceeding two millions of dollars.

3. The said American central trunk line railroad company is au-
thorized and empowered to locate, construct, equip and operate a
railroad of standard gauge, with a single or double track, com-
mencing at any point it may select on or between the Potomac and
York rivers, and run thence by the most practicable, eligible, and
direct route deemed advisable by the directors of said company to
such point as it may select on the West Virginia state line. 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 each 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 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 of
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
inland, 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 Jande 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. Any county, city, or town on or near the line of railroad of said
fompany may subscribe to its capital stock in the mode prescribed

y law.

7. The said company shall have power to cross at grade, over,
or under, any other railroad now constructed or which shall be here-
after conetracted within this state at any point on its route, subject
to the provisions of the general law of this state; to unite its road
with any of said roads, and to enter upon the ground of such rail-
toad 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 respective roads: provided, that the acquisi-
tion of any of the real estate of another company shall be in the
mode prescribed by the law of this state.

8. 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
héreby authorized to be constructed; and any railroad company
herstofore incorporated in the state of Virginia whose line of rail-
road connects with or will connect with the railroad hereby author-
ized to be constructed, is hereby authorized to consolidate with, or
to sell to, or lease its works, property, franchises, and privileges to
the said the American central trunk line railroad company: provi-
ded, 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 the stockholders of each of said companies; and
provided, further, that the company hereby incorporated shall never
by reason of consolidation with any other company, lose its iden-
tity or cease to be a domestic corporation subject to the jurisdiction
of the courts of this state.

9. The corporators in this act shall constitute the board of direc-
tors for the first year, and shall continue in office unfil their succes-
sors shall be 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 ap-
point 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 one hundred thousand dollars of the capital stock shall bave
been subscribed and the tax on the charter paid, the board of direc-
tors shall proceed to organize the company by the election of a presi-
dent, vice-president, secretary, treasurer, and such other officers and
agents 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 of the provisions thereof except
so far as the same are modified or are inconsistent with this act.

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

11. 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. Construction shall begin
within two years, and be completed in five years from the passage of
this act.

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