Chap. 25.—An ACT to incorporate Alberene railroad company.

Approved December 20, 1895,

1. Be it enacted by the general assembly of Virginia, That Wil-
liam E. Paine, Geo. W. Bostwick, Hanford R. Nash, James H. Serene
and Frank L. Felter, or such of them as may accept the provisions
of this act, their associates, successors, or assigns be, and they are
hereby, incorporated and made a body politic by the name and style
of Alberene railroad company, and by that name may and shall
have perpetual succession, may sue and be sued, plead and be im-
pleaded, and have all the rights and powers of an incorporated com-
pany which may be necessary and proper to build, construct, equip,
and operate a railroad, either standard or narrow gauge, from Albe-
rene post-office, in the county of Albemarle, to any point on the
Southern railway company in the said county of Albemarle where
the said Alberene railroad company may be able to make, by agree-
ment, most suitable connections with the said Southern railway
company ; and from Alberene post-office to any point on the southern
boundary of Albemarle county.

2. The capital] stock of said company shall not be less than fifty
thousand dollars, nor more than two hundred and fifty thousand
dollars, to be divided into shares of fifty dollars each, and each
stockholder shall be entitled to one vote in general meeting for each
share of stock registered in his name. The corporators herein above
named, or any three of them, may receive subscriptions to the capi-
tal stock of said company, and, when the minimum capital of fifty
thousand dollars shall have been subscribed, the said subscribers
may organize said company by the election of a president, vice-presi-
dent, a board of five directors and such other officers as may be
deemed necessary; and thereupon said company shall at once have
and enjoy all the powers and privileges of an incorporated company,
and be subject to all the restrictions imposed by the laws of this
state upon such companies, except so far as may be modified by this
act. Payments of subscriptions to the capital stock of said company
may be made in real or personal property, and such other things as
the board of directors may agree upon, to be taken in exchange for
stock upon such terms and of such value as the board of directors
of said company and its subscribers may agree upon. And the com-
pany shall also have power to issue all of its capital stock, or so
much thereof as may be required, in payment for the construction or
equipment of said railroad, or any portion thereof. Other companies
may, with the consent of the company hereby chartered, subscribe
to its capital stock and vote thereon.

3. The board of directors shall be stockholders of said company,
and shall have power to fill vacancies which may occur in their
board, (unless the same has been caused by removal, in which case
the same shall be filled by the stockholders in general meeting).
They may establish offices and agencies at such places as they
deem proper: the president of the company shall be an ex-officio
member of the board, and he shall, with the approval of the board,
appoint all agents, who shall hold during the pleasure of the said
board; they, the said board, shall prescribe their compensation and
take from them such bonds as they eee fit.

4. The board of directors shal] have power to borrow money, and
from time to time issue bonds of not less than than one hundred
dollars each, to the aggregate amount of two hundred and fifty
thousand dollars, bearing interest at not exceeding six per centum
per annum, and may secure said bonds by one or more mortgages
or deeds of trust upon all its property, franchises and income, or
such part thereof as may be mentioned in said mortgages or deeds
of trust. The said board of directors may, with the con-
sent of a majority of the stockholders entered on record at any
stockholder’s meeting, sell or lease the roadbed, rolling stock,
equipments and all other property belonging to the said company
to any other company, upon such terms as may be agreed upon
between the said companies; or they may make such contract with
such other company for the operation and managementof the company
herein chartered as may be agreed upon by the two companies. To
facilitate the connection of the company herein chartered with the
Southern railway company the said company is authorized and
empowered, with the consent of the said Southern railway company,
to connect its track or tracks with the railway track of the said
Southern railway company, at such points and upon such terms,
and in such manner, as may be agreed upon between the said
companies.

5. The said Alberene railroad company shall have power to ac-
quire, by purchase, lands to an amount not exceeding seventy-five
acres in any one county, and may own, use, mortgage, sell, develop
and improve the same at its pleasure. And said company shall have
further power to acquire, by condemnation or purchase, such land as
may be necessary for the construction of its road-bed, and to acquire
a proper and needful right of way.

6. The said company may build and construct such branch and
tram-roads as will connect the mineral lands and deposits of the ad-
jacent country with the main line of its road, and shall have the
right to develop said mineral land for the purpose of furnishing
tonnage for its road.

-7. By the acceptance of this charter the said company agrees to
pay all public dues, demands and taxes in lawful money and not in
coupons.

8. The work of constructing said railroad shall be commenced
within two years from the passage of this act, and the main line
shall be completed within five years from the same date.

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