An Act to amend and reenact § 46.1-299, as amended, of the Code of Virginia, relating to devices signalling intention to turn or stop and rules therefor.
Volume 1968 Law 99
Volume | 1897/1898 |
---|---|
Law Number | 434 |
Subjects |
Law Body
Chap. 434.—An ACT to incorporate the Staunton and Augusta railroad company.
Approved February 21, 1898.
1. Be enacted by the general assembly of Virginia, That E. C. Vin-
cent, B. A. Blakemore, S. D. Timberlake, C. S. Weller, and A. E. Harns-
berger, their associates, successors, and assigns, be, and they are hereby,
constituted and declared a body politic and corporate by the name and
style of the Staunton and Augusta railroad company, with all the rights
and privileges pertaining to corporations under the laws of this state.
2. The capital stock of said company shall be ten thousand dollars,
divided into shares of one hundred dollars each, and said capital stock
may from time to time be increased by the board of directors to an
amount not exceeding one hundred thousand dollars.
3. It shall be lawful for any county, city, town, or individual to sub-
scribe to the capital stock of said railroad company, or any branch there-
of, in the manner the law prescribes.
4. The said Staunton and Augusta railroad company is hereby au-
thorized, empowered, and permitted to locate, construct, equip, and
operate a railroad of standard gauge with one or more tracks, having for
beginning any point it may select at or near Staunton, in Augusta county;
thence running in a southerly direction by any route the directors may
select to the Augusta county line; then from Staunton north by any
route they mav select to the West Virginia state line; to operate the
same with steam, electricity, or any other mechanical power for the
transportation of passengers, freight, baggage, or mails, for fares or tolls;
to establish and maintain on or near its line one or more electric plants
for the purpose of said road, and to erect and operate telegraph and tele-
phone lines along its route, and to acquire any property or rights need-
ful for the successful conduct of its business.
\ Subject to the general railroad law of this state it shall be lawful
for the said company to cross at grade over or under any other railroad
now constructed or which shall be hereafter constructed within this
state; to construct lateral or branch roads not exceeding twenty miles
each in length, subject to the same limitations and restrictions as the
main line, but as to gauge may he of such gauge as to the company seems
best. It may unite its roads with any other roads in this state or that
may hereafter be built; may enter the grounds of such railroads with
the necessary sidings, switches, turnouts, conveniences, and facilities
as will aid in the furtherance of the construction of the said railroad, or
facilitate the exchange of handling passengers and freight between the
sald railroad and other railroads in this state, but in all cases in which
the said railroad company shall subject the real estate of any other com-
pany to its use or acquire any of the same it shall be in the mode
preseribed by law.
6. The said company shall have power to issue and sell bonds at such
times and on such terms as the directors may deem expedient, or to
borrow money in such sums as they may deem necessary to carry on its
work ; and in order to secure the payment of its bonds, or the repay-
ment of the money so borrowed, may create mortgage or deeds of trust
on its chartered rights, franchises and property. And the said company
may receive, as subscriptions to its capital stock, any cash, labor, bonds
or personal property that may be agreed on between the said company
and the subscribers, and may exchange its bonds for such property, and
such property may be chartered rights and franchises ; and it may hold,
sell, improve, or convey in such manner as to the company may seem
best, any real estate so required: provided, that it shall not hold real
estate not needed for the purpose of the corporation longer than a period
of thirty years from the date of the grant to it of said lands.
7. Subject to the laws of this state the said railroad company may
consolidate, lease, purchase and acquire the franchises, works, privi-
leges and property of any other railroad company now existing in thi:
state or hereafter built, not a parallel or competing line; or it may con
solidate with, lease, purchase or acquire the franchises, works, privilege:
and property of any other railroad without this state whose lines will b
thereby made to connect with or be operated in connection with th
railroad hereby authorized to be built; and any railroad company here
tofore incorporated in this state the line of which connects with or wil
connect with the railroad hereby incorporated and authorized to be con
structed or which lies along its route, and could be utilized as a part of it
line or in lieu of such branch roads as this company may construct, is here
by authorized to sell, to lease, convey its works, property, privileges an
franchises to the Staunton and Augusta railroad company on such term
as the stockholders of the respective corporations shall agree: providec
that in such consolidated sale or any other manner this corporation shal
never lose its identity or cease to be a domestic corporation subject t
the jurisdiction of the courts and laws of this state.
8: The incorporators named in this act shall constitute the board o
directors for the first year and shall continue in office until their suc
cessors shall be elected and qualified. They shall have the power an
authority of a president and board of directors for the purpose of organiza
tion and for all other purposes incident thereunto. They shall elect on
of their number president of the board and may appoint such officers a
they may deem proper. They shall fill any vacancy that may occur in th
hoard or in the office of the president, and receive subscription to the capi
tal stock of the company; whenever two thousand dollars of the stock shal
have been subscribed the board of directors shall proceed to organize th
company by the election of a president, a vice-president, secretary an
such other officers and agents as may be required. The said compan.
shall be then considered legally organized and shall have all the gener:
powers conferred upon corporations and chartered companies by th
laws of this state, and shall be subject to all the provisions thereot
except in so far as the same are modified by or are inconsistent wit
this act.
9. The board of directors of this company is authorized at an
meeting, when the majority of the directors are present if they deem |
advisable, to change the name of this company.
10. All taxes which may be assessed against said company shall k
paid in lawful money of the United States and not in coupons.
11. The construction of the said road shall be begun within tw
years from the passage of this act, and the main line shall be complete
in this state within five years from the passage of this act. And unles
said company be organized by the appointment of a president an
directors within two years from passage of this act, its corporate righ!
and privileges shall cease.
12. This act shall be in force from its passage.