Chap. 713.—An ACT to amend and re-enact sections 8, 7, and 8 of an act enti-
tled an act to incorporate the Madison and Orange railroad company,
approved February 26, 1894.

Approved March 4, 1896.

1. Be it enacted by the general assembly of Virginia, That sec-
tions three, seven, and eight of an act entitled an act to incorporate
the Madison and Orange railroad company, approved February
twenty-six, eighteen hundred and ninety-four, be amended and re-
enacted so as to read as follows:

§ 3. The incorporators named in this act, or such of them as
accept the provisions of this charter, shall constitute the board of
directors for the first year, and shall continue in office until their
successors 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. The board of directors
shall be stockholders of said company; they shall elect a president,
who shall be one of their number, a secretary and treasurer, and
may appoint such other officers or agents as they may deem proper;
and shal! fill any vacancy that may occur; may receive subscrip-
tions to the capital stock of the company in such manner as they
may deem best, and no advertisement of the time and place at which
books will be opened for subscriptions shall be necessary.

And the company may receive Jabor, material, real or personal
property, and equipment in payment of subscriptions, at such valua-
tion and in such manner or amounts as may be agreed upon between
directors and subscribers. Whenever five per centum of the mini-
mum capital stock shall have been paid in, and the board of
directors shall have elected a president, secretary and treasurer,
both of which last two offices shall be held by one person, the said
company shall then be considered legally organized.

§ 7. When the said company shall have been legally organized, it
shall be lawful for the said company, in order to raise means to con-
struct or equip said road, to borrow money upon the faith of the prop-
erty and franchises, and to issue its bonds therefor, secured by such
deeds of trust or mortgages as may be necessary, said bonds to be
sold upon such terms as may be agreed upon by the board of directors.
§ 8. The said road shall be commenced within two years from the
first day of March, eighteen hundred and ninety-six, and completed
within five years from said date.
2. This act shall be in force from its passage.