Chap. 217.—An ACT to consolidate the Hampton and Old Point railway com-
pany and the Newport News street railway company, and thereby create a
corporation to be known as the Newport News, Hampton and Old Point rail-
way company.

Approved February 1, 1896.

Whereas by an act of the general assembly of Virginia, approved
February twenty-fourth, eighteen hundred and eighty-eight, entitled
“An act to incorporate the Hampton and Old Point railway com-
pany,” with a capital stock of not less than twenty thousand dollars
and not more than one hundred thousand dollars, the said Hampton
and Old Point railway company was duly organized ;

And whereas, under the provisions of the said act the said com-
pany has constructed its road from the town of Hampton, in the
county of Elizabeth City, to Old Point Comfort ;

And whereas by another act of the general assembly of Virginia,
approved February eighteenth, eighteen hundred and ninety, enti-
tled “An act to incorporate the Newport News street railway com-
pany,” with a capital stock of not less than ten thousand nor more
than fifty thousand dollars;

And whereas, under the provisions of the said act, the said New-
port Newport News street railway company was duly organized and
has constructed its road from the town of Hampton, in the county
of Elizabeth City, to Newport News, in the county of Warwick ;

And whereas it is represented that a very large majority, if not
the whole, of the stockholders of the said Hampton and Old Point
railway company and the Newport News street railway company de-
sire to have the two said companies united and consolidated into
one company, to be known as the Newport News, Hampton and Old
Point railway company ;

And whereas it is further represented that parties holding bonds
of the said Hampton and Old Point railway company and the New-
port News street railway company prefer that.the said two compa-
nies should be united and consolidated into one company as afore-
said: therefore,

1. Be it enacted by the general assembly of Virginia, That the
Hampton and Old Point railway company and the Newport News
street railway company be, and the same are hereby, consolidated
and made one body politic and corporate, under the name of the
Newport News, Hampton and Old Point railway company, subject
to all the liabilities of each of said companies, and with all the
rights, powers, privileges and franchises heretofore conferred upon
each of the said two companies by their said charters of incorpora-
tion, respectively, above mentioned and set forth, and subject to the
provisions of the code of Virginia with respect to chartered compa-
nies, except so far as modified by this act.

2. That after the passage of this act the stockholders of the said
Hampton and Old Point railway company and the said Newport News
street railway company, or a majority of them in joint meeting as-
sembled, after thirty days’ previous notice of the time and place for
such meeting, published in some newspaper in the town of Hamp-
ton and in the city of Newport News, may accept the terms and pro-
visions of this act; provided that stockholders in each of the said
consolidated companies, representing not less than four-fifths in
value of the stock of each of the said respective companies, shall
agree thereto; and when the said stockholders, representing not less
than four-fifths in the value of the stock of each of said companies
shall have agreed to receive for their said stock so held by them the
stock of the Newport News, Hampton and Old Point railway com-
pany, as hereinafter provided for, then this act shall become opera-
tive, and the said stockholders may proceed at once, by ballot,
to elect a president and five directors, who shall constitute a board of
directors for the said consolidated company, and elect a secretary
and treasurer therefor; and the said board of directors so elected
shall thereupon call in and cancel all the certificates of stock issued by
the Hampton and Old Point railway company and the Newport News
street railway company, held by stockholders agreeing to accept the
stock of the Newport News, Hampton and Old Point railway com-
pany in lieu thereof, and merge the said capital stock, properties and
franchises of both of the said consolidated companies into one cap-
ital stock, property and franchises of the new company under the name
of the Newport News, Hampton and Old Point railway company;
aud certificates of the said new capital stock shall be issued to the
stockholders, respectively, in accordance with the valuation of the
said respective stocks held in the Hampton and Old Point railway
company and in the Newport News street railway company, the
said valuation to be determined as hereinafter provided for.

3. That at the said meeting of stockholders of the Hampton and
Old Point railway company and the Newport News street rail-
way company as hereinbefore provided for, the said stockholders
may agree as to the relative value of their said stocks, to be paid
in the stock of the said Newport News, Hampton and Old Point
railway company at such rate of valuation as may be agreed upon;
provided that the stockholders of each of the said two companies,
representing not less than four-fifths in value of the said respective
stocks, shall agree and concur in the said valuation; and provided
further, that such valuation shall allow to each stockholder of the
Hampton and Old Point railway company and the Newport News
street railway company at least as many shares of stock of the said
Newport News, Hampton and Old Point railway company as such
stockholder now holds in the aforesaid companies.

4. The capital stock of the Newport News, Hampton and Old Point
railway company shall not be less than three hundred thousand dol-
lars nor more than five hundred thousand dollars, to be divided into
shares of one bundred dollars each.

5. The said Newport News, Hampton and Old Point railway com-
pany be, and it is hereby, authorized and empowered to operate as
one road from Newport News, in the county of Warwick, to Old
Point Comfort, the two roads heretofore known as the Hampton and
Old Point railway company and the Newport News street railway
company, and subject to any restrictions imposed by either of the
aforesaid charters not inconsistent with this act.

6. The Newport News, Hampton and Old Point railway company
shall be, and the same is hereby, invested with all the powers and
subject to all restrictions provided and set forth in chapter forty-six
of the code of eighteen hundred and eightv-seven, and any amend-
ments thereto, not in conflict with any of the provisions of this act.

7. The said Newport News, Hampton and Old Point railway com-
pany shall be, and the same is hereby, authorized and empowered to
construct a branch road, not exceeding five miles in length, or to
purchase or lease any such branch road which may be so constructed,
together with all of the rights, powers, properties, privileges and
franchises of any such branch road which may be so purchased.
Any such road may be so constructed, or any such road may be so
purchased, only under a resolution adopted in general meeting by
two-thirds of the votes of all the stockholders.

8. All taxes and assessments levied against the said Newport News,
Hampton and Old Point railway company shall be paid in current
money of the United States, and not in coupons.

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