Chap. 969.—An ACT to incorporate the Richmond and Bay railroad company.

Approved March 4, 1898.

1. Be it enacted by the general assembly of Virginia, That Edward
T. Crump, William B. Lightfoot, and S. Galeski, of the city of Rich-
mond; H. G. Tayloe and Joseph W. Chinn, of Richmond county, in the
state of Virginia, their associates and successors, are hereby constituted
a body politic and corporate by the name of the Richmond and Bay rail-
road company, and as such shall have all the privileges, franchises, and
Immunities applicable to such a corporation.

2. The first named persons in this act shall be held sufficient to con-
stitute a corporation under the laws of Virginia, shall constitute the first
board of directors of said corporation, and “they, or a majority of them,
shall have the right to organize the same and shall continue in office until
the first mecting of the stockholders thereof. The said five persons, or
a majority of them, may receive subscriptions to the capital stock of said
company, and so soon as subscriptions to the amount of three hundred
thousand dollars shall have been received, they may, by giving five days’
notice to the subscribers, call a meeting of the stockholders. At such
meeting the stockholders may provide for annual meetings, pass all
needful by-laws and regulations, and elect a board of directors, to con-
sist of such number as may be fixed in the by-laws, but not to be less
than five, and to transact any other lawful and pertinent business for the
promotion of the objects of this incorporation.

3. The capital stock of said railroad company shall not be less than
three hundred thousand dollars, divided into shares of one hundred dol-
lars each, and may be increased by the board of directors by the issuance
or sale of stock from time to time, but the total capital stock shall not
exceed one million dollars. The said company may receive subscrip-
tions to its capital stock, or payment for its shares to be issued in money,
materials, work, labor, land, or other property, real or personal, upon
such terms as may be agrecd upon or authorized by its board of directors.

4. The said company may construct, equip, and operate a standard
gauge railroad, either of single or double track, from the city of Rich-
mond to a point on the Ches: apeake bay near the mouth of the Potomac
river, passing by what it may deem the most practicable route, through
the counties of Henrico, Hanov er, King William, King and Queen, King
George, Essex, Richmond, W estmoreland, Lancaster, and Northumber-
Jand, or any of them. he said railroad may pass through the city of
Ric hmond, by and with the consent of the council of said city first
obtamed. The said company may have the power to construct branch
or lateral lines, not exceeding twenty miles in length, and within the
territorial limits above mentioned. The said railroad company shall
have the right to construct and maintain all necessary bridges over and
across all rivers and streams over which said railroad will pass: provided
the said bridges shall be constructed with proper draws, so as not to ob-
struct navigation.

5. The said railroad company may have power to construct, own, and
operate in connection therewith steam or other vessels for the carriage of
freight and passengers, or both, on the Chesapeake bay, or any of the
navigable streams emptying thereinto, subject to all the laws of the state
of Virginia, or the United States, governing the navigation of steam or
other vessels.

6. The said railroad company may acquire by contract, lease, pur-
chase, or consolidation, the road, equipment, property, and franchise of
any company, which i is not a parallel or competing line, or any property
that may be necessary for its business, upon such terms as may be mu-
tually agreed upon. It shall have the power and right in like manner
to transfer its franchise and property by sale, lease, or consolidation, to
any company which is not a parallel or competing line.

7. It shall be lawful for said company to borrow money, issue bonds,
and other evidences of debt, and to secure the same by one or more
mortgaves or deeds of trust on its properties, rights, and franchises, or
any purt thereof.

8. The said railroad company ghall have its principal office in Vir-
ginia, and may have such oflices as its business may require without the
state.

YJ. The said railroad company shall be commenced within two years,
and its main line be completed within five vears from the time when this
act becomes a Jaw: provided, however, that work be not abandoned for
two years after it has been commenced.

10. This act shall be in force from and after its passage.