Chap. 792.—An ACT to incorporate the Lake Drummond railway and hote
company.

Approved March 4, 1896.

1. Be it enacted by the general assembly of Virginia, That A.
Brinkley, T. J. Wool, N. Beamon,, Benjamin D. White, and A. J.
Phillips, their associates, successors, and assigns be, and they are
hereby, constituted a body politic and corporate by the name of the
Lake Drumngond railway and hotel company.

2. The said company shall have perpetual succession, and have
power to sue and be sued, plead and be impleaded, may make and
have a common seal, which it may alter and renew at pleasure; and
the said company is hereby vested with all the rights, powers, and
privileges, and made subject to all the restrictions pertaining to works
of internal improvement and corporations generally, under the laws
of this commonwealth not inconsistent with the provisions of this
act.

3. The capital stock of the said company shall be not less than
five thousand dollars, but the company shall have the right to increase
the same from time to time to an amount not exceeding fifty thou-
sand dollars. The said stock shall be divided into shares of one
hundred dollars each; and the board of directors may dispose of the
same at such prices and upon such terms and under such regula-
tions as they may determine; the directors may receive cash, labor,
material, bonds, stocks, real or personal property in payment of
subscriptions to the capital stock, at such valuations as may be
agreed upon between the directors and subscribers, and may make
such subscription payable in such manner or amounts and at such
times as may be agreed upon. The corporators above named, or a
majority of them, may receive subscriptions to the capital stock in
such manner as they may deem best, and no advertisement of the
time and place at which the books will be opened for subscriptions
shall be necessary; and the said company shall have the power and
right to issue preferred stock upon such terms as may be determined
upon by the board of directors.

4. The board of directors of the said company shall be stockholders
of the said company, and shall consist of five members, which number
nay be increased to any number not exceeding nine at any annual
neeting of the said company, who shall hold office for the term of one
year or until their successors are elected and accept office; and the
said board shall from their number elect a president and such other
»fficers and employees as they shall deem necessary, and they shall
ill any vacancy that may occur in the board or in the office of presi-
Jent. The corporators named in this act shall constitute the board
>f directors for the first year, and shall continue in office until their
successors shall have been elected and accept office; they shall
have the powers of and authority of a president and board of direc-
tors for the purpose of organization and for all other purposes inci-
dent thereto; they shall elect one of their number president, and
may appoint such other officers as they may deem expedient; they
shall fill any vacancy in the board and in the office of president that
may occur.

5. The said the Lake Drummond railway and hotel company is
hereby authorized, empowered and permitted to locate, construct,
equip and operate a railroad of standard or narrow gauge, with one
or more tracks, to be propelled by steam or electric power, having for
its beginning a point either in Nansemond or Norfolk counties on
the shore of Lake Drummond; thence running through the county
of Nansemond or the county of Norfolk, or both of said counties, to
a point on the Elizabeth river in or near the city of Portsmouth or
to the town of Suffolk, or to a point on the line of the Norfolk and
western railroad or on the line of the Norfolk and Carolina railroad.
It shall have the right to cross the track of any other railroad com-
pany at grade or over or under the same, subject to the provisions of
the general law now in force. The said company is authorized to
have, hold and improve not to exceed thirty acres of Jand along the
shore of Lake Drummond, and to erect thereon, own, operate and
maintain such buildings, structures and yards, including a hotel, as
the directors of the company may deem proper.

6. The said company may connect or unite ita said road with that
of any other company or companies, or consolidate or merge its
stock, property, and franchises with those of any other company or
companies operating or authorized to operate in this state upon such
terms and under such name as may be agreed upon, or to enter into
traffic or other arrangements or contract with any other railroad
company organized under the laws of this state for doing business
over the line of such other railroad; and to that end power is hereby
given to such company to make and carry out such contract by lease,
purchase, acquisition of stock in such company as will facilitate and
consummate such connection or consolidation or traffic contract on
such terms as may be agreed upon; and the said company may own,
charter, or otherwise employ vessels propelled by steam or other
means in order to facilitate and meet the demands of trade and com-
merce; and to construct all necessary works, conveniences, and
facilities as will aid it in the furtherance of its purposes, such as
wharves, piers, warehouses, docks, and other structures, with the
right to charge and collect tolls for the use of the same.

7. It shall be lawful for the said company to borrow money and to
issue and sell its bonds from time to time for such sums and on such
terms as the board of directors may deem expedient and proper in
the prosecution of its works, and may secure the payment of the
said bonds by mortgages or deeds of trusts upon all or any portion
of its property, real, personal, and mixed, its contracts and privi-
leges, and its chartered rights and franchises, including its fran-
chise to be a corporation; and it may, as the business of the com.
‘pany shall require, sel], lease, convey, and encumber the same.

8. It shall be lawful for the said company to subscribe to and hold
shares of the capital stock of any manufacturing or other corpora:
tion or enterprise; may subscribe to, guarantee, or hold the stocks or
bonds of the said company; and it shall be lawful for any county,
city or town to subscribe to the capital stock of said company, or any
branch thereof, in the manner in which the law prescribes.

9. The company may acquire by condemnation, according to the
laws of the state of Virginia, the lands required for the right of way
of the said railway, and the necessary stations and depots, yards and
terminal facilities and other purposes necessary for its operation.

10. Each stockholder of the said company shall at all meetings or
elections be entitled to one vote for each share of stock registered in
his name, and the president and board of directors of the said com-
pany may enact such by-laws, rules and regulations for the manage-
ment of the affairs of the said company as they may deem expedient.

11. Whenever this corporation shall exercise any of the privileges
conferred by this act it shall be liable to the same taxes as may be
imposed by law upon other like corporations or persons exercising
like privileges; and all taxes due the commonwealth by the said
company shall be paid in lawful money of the United States, and aot
in coupons.

12. This act shall at all times be subject to amendment, altera-
tion and repeal by the general assembly of Virginia; and in the
event of a consolidation with any other company, this company shall
remain a Virginia corporation so far as the right of suing and being
sued is concerned.

13. The construction of the said road shall be begun within two
years from the first day of May, eighteen hundred and ninety-six,
and completed within five years thereafter.

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