Chap. 494.—An ACT to amend and re-enact an act to incorporate the Dan-
ville and Riverside railway company, approved January 30, 1896.

In effect February 22, 1900.

1. Be it enacted by the general assembly of Virginia, That the act
to incorporate the Danville and Riverside railway company, approved
January thirtieth, eighteen hundred and ninety-six, be amended and re-
enacted so as to read as follows:

§ 1. That T. B. Fitzgerald, John H. Schoolfield, James E. Schoolfield.
R. A. Schoolfield, F. X. Burton, W. P. Bethell, R. A. James, James G.
Penn, B. F. Jefferson, J. N. Wyllie, R. I. Anderson, and H. R. Fitzgerald,
or such of them, not less than ten, as may accept the provisions of this
act, and such persons, natural and artificial, as may hereafter, in accord-
ance herewith, be associated with them, be, and they hereby are, made
and constituted a body politic and corporate, by and under the name of
the Danville and Riverside railway company, and by that name shall
have all the powers, rights, and franchises of other like corporations
under the general laws of this state, and shall have the right to locate
and construct, equip, maintain, and operate a standard gauge railroad,
to be operated by steam or electricity, from a point in or near the city
of Danville, Virginia, thence through the intervening territory to a point
or points on the line of and into North Carolina, Tennessee, Kentucky,
or West Virginia, west of Marion county, West Virginia.

3 2. The capital stock of said company shall not be less than twenty-
five thousand nor more than five million dollars, to be divided into
shares of the par value of one hundred dollars each.

§ 3. The said company shall be organized under this act within one
year from its passage, by the corporators aforesaid, or not less than ten
of them, after notice published for not less than fifteen days in the
columns of a daily paper, published in the city of Danville, Virginia,
of the time and place of meeting of such corporators for the purpose,
who shall then, or if less than ten corporators be present, at an adjourned
meeting, organize said company by electing a president and board of
directors of not less than five nor more than nine members exclusive of
said president, who shall be a member thereof ex officio; and thereafter
the general laws of this state in such cases made and provided in reference
to incorporated and internal improvement companies shall in all re-
spects apply to this company, except in so far as inconsistent with the
provisions of this act, and the said organization so effected shall con-
tinue for one year and until the first annual meeting of the stockholders
thereafter.

§ 4. The board of directors shall have the power to appoint a vice-
president, secretary, and treasurer, and such officers as may be deemed
necessary and beneficial to said company; to receive subscriptions to the
capital stock, and to make all requisite and proper arrangements to
locate, construct, equip, maintain, and operate the said railroad, and to
conduct its affairs until the first annual meeting of the stockholders
according to law.

$5. The said company may receive subscriptions to its capital stock
from persons, natural or artificial, public or private, and also may re-
ceive in subscriptions to its capital stock, or by donation or otherwise,
lands, mines, property, material, and labor, and may sell, lease or other-
wise dispose of all lands or other property so subscribed or donated:
provided, that not more than forty thousand acres of land shall be held
by said company at one time.

§ 6. The said company may locate, construct, equip, maintain, ac-
quire, and operate branch and lateral roads not exceeding twenty-five
miles in length each.

§ 7. The said company may acquire by contract, lease, purchase, or
consolidation, the property or franchise of any railroad which is not a
parallel or competing line, on such terms as may be mutually agreed
upon, and so the said company may sell, lease or transfer its franchises
and property in part, or as a whole, to any such line of railroad or com-
pany organized to own and construct one.

§ 8. The said company may borrow money, issue bonds or other evi-
dences ‘of debt, and secure the same by one or more mortgages or deeds
of trust upon its property, rights, and franchises, or any part thereof.

§ 9. The principal office of the said company shall be in the city of
Danville, Virginia, or in Pittsylvania county.

$10. The work of the construction of said railroad shall be begun
within one year and completed within ten years from the passage hereof.

$11. All taxes upon said company shall be paid in lawful money of
the United States, and not in coupons.

$12. All acts done and steps taken under the terms of this charter
of incorporation, as originally granted, shall be and continue valid and
effectual, and the amendments herein contained shall not require that
they be retaken or done.

S13. This act shall be in force from its passage.