Chap. 543.—An ACT to amend and re-enact sections 1, 2, 4,5, 6, and 9 of an act
approved February 26, 1804, entitled an act to incorporate the Madison and
Orange railroad company, and also to amend and re-enact sections 3B, 7, ands
of an act approved March 4, 1896, entitled an act to amend and re-enact sec-
tions 3, 7 and S of an act entitled an act. to incorporate the Madisun and
Orange railroad company, approved February 26, 1904.

Approved February 28, 1898,

1. Be it enacted by the general assembly of Virginia, That. section-
one, two, four, five, six and nine of an act approved February twenty-
sixth, eighteen hundred and ninety-four, entitled an act to incorporate the
Madison and Orange railroad company, and scctions three, seven and
elyht of an act approved March fourth, elvyhteen hundred and ninety-
six, entitled an act to amend and re-en: ict sections three, seven and eight
of an act entitled an act to incorporate the Madison and Orange rail-
road company, approved February twenty-sixth, eighteen hundred and
ninety-four, be amended and re-enacted gv as to read as follows:

1. Be it enacted by the general assembly of Virginia, That Robert
S. Walker, M. A. Turner, FM. McMullan, James W. Morton and E.
I.. Goss, W. E. Miner, RC. St. John, and such other persons as they
may associate with them, be, and they : are hereby, declared a body politic
and corporate by the name and style of the Madison and Orange railroac
company, and as such shall have authority to construct, equip, main.
tain and operate a railroad from some point in or near the town of Madi
son Courthouse, in the county of Madison, to such a point in the county
of Orange, and thence to such a point on Tidewater Virginia, as the
board of directors of said company may select, and to cross at grade
unite, consolidate and connect with any railroad or branch thereof which
may be deemed necessary to the completion and successful operation o
the Madison and Oranve railroad company.

2. The capital stock of said company shall not be less than ten thou
sand dollars nor more than three hundred thousand doNars, to be dividec
into shares of twenty-five dollars each; and said corporation may issu
such capital stock of one or more classes or kinds and in one or mor
series or grades, with such preferences, conditions and voting power a
shall be provided in the plan of organization or determined upon by th:
board of directors, and in like manner it may, from time to time, in
crease or decrease the amount of any class or kind, series or grade o
such stock. The shares of cach class of stock shall entitle the holder:
to such votes respectively as shall be provided in the said plan of or
ganization or determined upon by the board of dircetors.

The ineorporators named in this act, or such of them as accept thi
provisions of this charter, shall constitute the board of directors tor the
first year, and shall continue in oflice until their successors shall be
elected and qualified. The board of directors shall be stockholders o
said company ; they shall elect a president, who shall be one of ther
number, a secretary and treasurer, and may appoint such other olflicer
or agents as they may deem proper ; and shall till any vacancy that ma)
occur; may receive subscriptions to the capital stock of the company 1
such manner as they may deem best, and no advertisement of the tim:
and place at which books will be opened for subscriptions shall be
recessary.

And the company may receive labor, material, real or, personal
property, and equipment in payment of subscriptions, at such valuation
and in such manner or amounts as may be agreed upon between directors
and subscribers. Whenever five per centum of the minimum 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 may he beld by one person, the said company shall then be con-
sidered legally organized,

4. It shall be lawful for the said company to transport passengers,
freight, baggage, collect fares and tolls therefor, and use in the propul-
sion of cars on its road cither steam, electricity or other propelling
power, and, in general, have all such other powers, privileges, rights
and franchises that may be necessary for the accomplishment of the
purpose of its incorporation.

5. The said company may acquire lands for the purpose of a right of
way and for the erection of necessary buildings for stations and depots,
and to this end may condemn and purchase, in accordance with the
laws of Virginia, land for its roadbed, depots and stations, and may
thereon erect, maintain and operate plants, 1f necessary, for the genera-
tion of electricity or other propelling power, and the supply of the electric
current or other power, and build, lay or construct such or any lines of
poles, wires and pipes or other devices as may be necessary for pro-
perly, fully and conveniently accomplishing the purpose of this
franchise.

>. The said company may also acquire, purchase, hold and convey
real estate, not to exceed one thousand acres, In each county in or
through which it may be operated.

When the said company shall have been legally organized, it shall be
lawful for the said company, in order to raise means to construct or
equip said road, to borrow money upon the faith of the property and
franchises and to issue its bonds therefor, secured by such deeds of
trust or mortgayes as may be necessary, said bonds to be sold upon
such terms as may be agrecd upon by the board of directors, and the
said company may acquire by contract, lease, purchase or consolida-
tion, the property and franchise of any connecting railroad, on such
terms as may be mutually agreed upon; and it shall also have the
power and right, in like manner, to transfer or contract for the use of
the franchise or property, in whole or in part by sale, lease, consolida-
tion or otherwise with any railroad or construction company.

7. The said board of directors of said company is authorized at anv
meeting, when a majority thereof are present, 1f they deem it advisable,
to change the name of said company.

8. The said road shall be commenced within four years from the
first day of March, eighteen hundred and ninety-eight, and completed
within six years from said date.

9. All dues, taxes and demands due the commonwealth shall be paid
in lawful money of the United States and not in coupons.

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