Chap. 84.—An ACT to incorporate the Mineral belt railway and tramway
company.

Approved January 18, 1896.

1. Be it enacted by the general assembly of Virginia, That Row-
land F. Hill, J. Frederic Kernochan, William Man, and W. H. Adams
and W. A. Little, junior, and any other person or persons that they
may associate with them, their successors and assigns, be, and they
are hereby, incorporated and made a body politic and corporate,
under the name and style of the Mineral belt railway and tramway
company, and as such are authorized and empowered to locate, con-
struct, equip and operate a tramway to use steam, electricity or any
other motive power, commencing at a point at or near Mineral City,
on the Chesapeake and Ohio railway, in Louisa county; thence to a
terminus at or within twenty miles of Aquia creek, in Stafford
county, by such route as may he deemed most advisable by the di-
rectors of said company, and by that name shall be known in law.

2. The said company shall have perpetual succession, and have
power to sue and be sued, plead and be impleaded, defend and be
defended in all courts, whether in law or in equity, and may make
and have a common seal, and alter or renew the same at pleasure ;
and shall] have, possess and enjoy all the rights and privileges of a
corporation or a body politic in the law and necessary for the pur-
poses of this act.

3. The capital stock of the said company shall not be less than
five thousand dollars, and from time to time may be increased to
any amount, not exceeding fifty thousand dollars, by issue and sale
of shares, the par value of which shall! not be less than fifty dollars,
under such regulations as the board of directors of said company
shall from time to time prescribe; and the directors may receive
cash, labor, material, real or personal property, in payment of sub-
scriptions to the capital stock, at such valuation as may be agreed
upon between the directors and the subscribers, and may make such
subscriptions payable in such manner or amounts, and at such times,
a3 may be agreed upon with the subscribers.

4. It shall be lawful for said company to borrow money and issue
and sell its bonds, from time to time, for such sum and on such terms
as its board of directors may deem expedient and proper, in the
prosecution ‘of any of its works; and may secure the payment of
said bonds by mortgages or deeds of trust upon all or any portion of
its property—real, personal or mixed, ite covenants, contracts and
privileges, and its chartered rights and franchise, including ita
franchise to be a corporation; and it may, as the business of the
company may require, sell, lease, convey and encumber the same.

5. It shall be lawful for said company to subscribe to and hold
shares in the capital stock of any mining or manufacturing corpora-
tion; and any mining or manufacturing or other corporation’ may
lease or operate the road and property of the said company, or guar-
antee or hold the stock or bonds of the said company.

6. The said company is authorized and empowered to locate, con-
struct, equip and operate Jateral or branch tramways from any point
on its line of railroad to any timber, ore banks, mines or other ope-
rations in the counties of Louisa, Spotsylvania, Orange, Culpeper
and Stafford, or to connect the said line with any other tramway or
railroad now built or hereafter to be constructed in or either of the
said counties; and the said company may connect or unite its said
road with that of any other company, or consolidate and merge its
stock, property and franchises with those of any other company,
>»perating or authorized to operate a connecting line of tramway upon
such terms as may be agreed upon between the companies so uniting
2 connecting, merging or consolidating; and for this purpose
power is hereby given to it and to such other company or companies
‘o make and carry out such contracts as will facilitate and consum-
mate such connection, merger or consolidation.

7. The said company may acquire by condemnation, according to
the laws of Virginia, the lands required for the right of way of its
railroad and the necessary stations and depots for its operation, and
may connect or unite its road with that of any other company. Said
ompany may cross any railroad track, but not at grade, by proper
oridges, tunnels and appliances to fully protect from any danger.

4. The said company shall be required to commence the construc-
ion of said road within two years from the passage of this act and
9 complete the construction of its main line within five years there-
fter. The said company may mine ore and other minerals from
and received by it in payment of subscriptions to its capital stock.

9. The persone first named in this act, or such of them as shall ac-
ept the provisions thereof, shall have power and authority of a
president and board of directors for the purpose of organization and
for all other purposes. They shall continue in office until their suc-
cessors shall be elected and qualified. Each stockholder in the com-
pany shall at all meetings or elections, be entitled to one vote for
each share of stock registered in his name.

10. The board of directors shall be stockholders of said company.
They shall appoint one of their number president, and may fill any
vacancy that may occur in said board, unless by removal, in which

case the same shall be filled by the stockholders in general meeting.
Whenever ten per centum of the capital stock shall have been sub-
scribed and the board of directors shall have elected a president, said
company shall be considered legally organized, and may proceed to
the transaction of business.

11. The board of directors may establish offices and agencies at
such places as they may deem proper, but the principal office of the
company shall be located at some point within the limits of the state
of Virginia.

12 Whenever the corporation shal] 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 said com-
pany shall be paid in lawful money of the United States, and not in
coupons.

13. This act shall be in force from its passage, but the general as-
sembly of the state of Virginia reserves to itself the right to modify,
alter, or repeal this act at any time hereafter.