Chap. 166.—An ACT to incorporate the Charlotte county railway company.

; Approved January 26, 1900.

1. Be it enacted by the general assembly of Virginia, That E. F.
Daniel, F. H. Gregory, B. P. Eggleston, F. C. Thornton, G. W. Watson,
J.C. Carrington, W. H. Smith, A. J. Terry, their associates, successors,
and assigns, be, and thev are hereby, incorporated and made a body
politic and corporate, under the name and style of the Charlotte county
railway company.

2. ‘The said railway company is authorized and empowered to create.
construct, equip, and operate with steam, electricity, or any other motive
power, a railroad, commencing at some point on the line of the southern
railway company within the county of Charlotte, and extending to
Smithville, Virginia, which portion of said railroad shall be deemed the
main line. ‘The said railway company may also locate, construct, equip,
and operate as aforesaid a line of railroad from Smithville, Virginia,
to some point on the line of the Norfolk and western railway company
within the limits of the county of Prince Edward.

3. The said company shall have perpetual succession, and shall have
the power to sue and be sued, plead and be impleaded, defend and be
defended in all courts, whether at, law or in equity, in this state, and may
have made and use a common seal, and the same make, alter, and renew,
or change at their pleasure; and may make, ordain, establish, alter, or
amend such by-laws, ordinances and regulations concerning all matters
of organization and business not herein specifically provided for as they
may think proper, and generally may do every act and thing necessary
tc carry this act into effect or to promote the objects and designs of the
corporation: provided, such by-laws, ordinances, and regulations, or act
be not inconsistent with the laws of this state or the United States.

4. The capital stock of said company shall not be less than twenty-
five hundred dollars, and may from time to time be increased to fifty
thousand by the issue and sale of shares, preferred or common stock, or
both, upon such terms and conditions and under such regulations as
the board of directors of said company may prescribe, the par value of
which shall not be less than one hundred dollars; and the directors
may receive cash, labor, material, bonds, stock, real or personal property
im payment of subscriptions to the capital stock at such valuation and
at such prices as may be ‘agreed upon between the directors and sub-
scribers, and may make such subscriptions payable in such manner or
amounts and at such times as may be agreed upon with subscribers;
and whenever twenty-five shares shall have been subscribed to, the sub-
scribers, under the direction of anv five of the incorporators hereinhefore
named, who themselves shall be subscribers, may organize the said com-
pany by electing a president and board of directors, and by electing
and providing for the appointment of such other officers as may be
necessary for the control and management of the business and affairs
of said company, and thereupon they shall have and exercise all the
powers and functions of a corporation under the charter and the laws
of this state.

5. It shall be lawful for said company to borrow money and issue and
sell its bonds from time to time for such sums and on such terms as
its board of directors may deem expedient and proper for any of the pur-
poses of the company, and to secure the payment of said bonds by mort-
gages or deeds of trust upon all or any part of its property—treal, per-
sonal, and mixed—its contracts and privileges and its chartered rights
and franchises including its franchise to be a corporation, and it may,
az the business of the company shall require, sell, lease, convey, and
encumber the same.

6. It shall be lawful for said company to subscribe to, guarantee, and
hold the stock and bonds of mining, manufacturing, and other cor-
porations, and any mining, manufacturing, and other corporations may
subscribe to, guarantee, and hold the stock and bonds of the said com-
pany.

7. The said company is authorized and empowered to locate, con-
struct, equip, and operate any lateral or branch roads or tramways, not
to exceed fifty miles in length, which a majority of its stockholders may
determine to construct, maintain, equip, and operate, and by such route
as may be determined by its board of directors; and the said company
may connect or unite its said roads with that of any other company or
companies and consolidate and merge its stock, properties and franchises
with and unto those of any other company or companies operating or
authorized to operate a connecting road not a competing line, in this
state, and the said company is authorized to extend its lines to any point
or points on the James or Appomattox rivers, and to there erect, con-
struct or build, lease or purchase, or cause same to be erected, con-
structed or built, the necessary wharves, piers, or any other appliances
needful for the transhipment of passengers and freight of any character
whatever. The said company shall have power to cross at grade over
or under any other railroad now constructed or which shall be hereafter
constructed within the state at anv point on its route, subject to the
provisions of the general lew of this state; to unite its roads with anv
of the said roads, and to enter upon said railroad companies’ lands with
the necessary turnouts, sidings, switches, and conveniences in further-
ance of the objects of its construction, as well as to facilitate the
economical exchange of passengers and traffic between the respective
roads: provided, the acquisition of any of the real estate of another
company shall be in the mode preserihed by the laws of this state.

8. It shall be lawful for the company to acquire by donation or pur-
chase or by condemnation, according to the laws of this state, land for
right of way, depots, stations and other purposes necessary for the
construction and operation of its road through any of the counties where
it is authorized to construct its road.

The said company shall be required to commence the construction
of The railroad within two vears from the first day of March, nineteen
hundred, and to complete the construction of its main line within five
vears from that date, or otherwise the powers, privileges, and franchises
hereby granted shall be annulled and become void.

10. Kach stockholder in the company shall, at all meetings or elec-
tions, be entitled to one vote for each share of stock registered in his
name. And the president and board of directors of said company may
enact such by-laws, rules, and regulations for the management of the
affairs of said company as they mav deem proper and expedient.

The hoard of directors shall be stockholders of said company,
and shall consist of sueh members as the stockholders may determine
upon. and shall be elected at the stockholders’ annual meeting, to he
held on such davs as the by-laws of the company may direct, and shall
continue in office for the term of one vear from and after the date
of their election and until their successors are elected and aecept the du-
ties of the office, and they shall appoint one of their number president,
and in case of death, resignation or incapacity of anv member of the board
of directors during his term of office, the said board shall elect his suc-
cessor for the unexpired term.

12. The board of directors may establish offices and agencies at such
nlaces as they may deem proper, but the principal office of the company
shall be located in this state.

13. All taxes due the commonwealth by said company shall be paid
in lawful money of the United States, and not in coupons.

14. It shall be lawful for said company at any time, by a vote of a
majoritv of its stockholders, to further increase its capital stock in
excess of the maximum of capital stock hereinbefore provided for, to an
amount not exceeding twenty thousand dollars for each mile of road
actually constructed, but said increase of stock shall not be valid, nor
shall certificates therefor be issued, until and except the said company
shall pay into the state treasury the amount of the tax now required
by law to be paid on such increase of stock, and shall file with the
secretary of the commonwealth a certificate, verified by the affidavit
of the president of said company, showing the number of miles of said
railroad actually constructed and the amount of such increase of stock.
The secretary of the commonwealth, when he is satisfied that the addi-
tional tax herein provided for has been paid into the treasury, shall
record said certificate in the manner provided by law for the recordation
of charters granted by circuit courts.
15. This act shall be in force from its passage.