Chap. 132.—An ACT to incorporate the Atlantic Coast Telephone Company.

Approved March 10, 1902.

1. Be it enacted by the general assembly of Virginia, That W. N. Me-
Ange, Ira H. Gaither, E. E. Holland, W. N. McAnge, junior, George L.
Barton, George W. Truitt, William TH. Jones, junior, and John B. Pinner,
their associates and successors, be, and they are hereby, constituted,
created, and incorporated a body corporate under the name of the Atlan-
tic Coast Telephone Company, and by that name may sue and be sued,
contract and be contracted with, make and have a common seal, alter
the same at pleasure, shall have, enjoy, and exercise all of the rights,
powers, and privileges, and be subject to all of the restrictions conferred
and imposed by the laws of Virginia upon incorporations and chartered
companies, including all of the rights, powers, and privileges granted to
telephone and telegraph companies, and other companies incorporated
for works of internal improvement.

2. The said company shall have power to do a general telephone busi-
ness, and to that end and purpose shall have power and authority to
manufacture for its own use and sale telephones, telephone supplies, and
other electric material, and also powcr and authority for its own use or
for other companies, to acquire, construct, build, equip, maintain, and
operate a telephone line or lines, with all convenient and necessary ex-
changes and appliances, from Suffolk to Norfolk, Portsmouth, Frank-
lin, or either or any of them, and to extend its line or lines, with con-
venient and necessary exchanges and appliances, to any point in the
counties of Nansemond, Southampton, Isle of Wight, Norfolk, Surry,
Sussex, Prince George, Greenesville, and Dinwiddie.

3. The said company shall have power to acquire by purchase, lease,
condemnation, or otherwise, in accordance with the general laws of the
State of Virginia, all real estate, rights, privileges, and easements neces-
sary for the convenient erection and maintenance of its lines, offices, and
exchanges, but the real estate to be held by said company shall not ex-
ceed one acre in any county in which it operates.

4. The said company may construct and maintain its lines along the

public highways of said counties, by and with the consent of the board
of supervisors of said counties, subject to the proprietary rights of
abutting land owners, and along the streets, alleys, and public ways in
said towns and cities by and with the consent of the council of said towns
and cities.
5. The said company may acquire by purchase, lease, or assignment
the capital stock, bonds, properties, rights, privileges, and franchises,
or any interest therein or part thereof, of any telephone company or
companies organized or created by the laws of this or any other State,
and operating wholly within the territory named, and may make payment
therefor in its own stock, bonds, money, or property. It shall have power
to unite and consolidate with any other telephone company or companies
upon such terms as may be agreed upon between them; and power is
hereby conferred upon such other telephone company or companies to
transfer by sale or lease its property, rights, privileges, and easements,
or any interest therein or part thereof, to the company hereby incorpo-
rated, or to unite or consolidate with it upon such terms as may be
agreed upon by and between them. That the said company may make
and enter into contracts, connections, and traffic arrangements with other
companies not inconsistent with the laws of this State; may subscribe to
the capital stock of other companics, and other companics may subscribe
to the capital stock of the company hereby created. The said company
may dispose of the whole or any part of its property, however acquired,
by sale, lease, or otherwise ; may borrow money, issue its bonds, and secure
the same by mortgage, or deed of trust, upon the whole or any part of its
property, works, rights, privileges, easements, and franchisements. _

6. The principal office of the said company shall be in the town of
Suffolk, Virginia.

7. The capital stock of the said company shall be not less than ten
thousand dollars nor more than fifty thousand dollars, to be divided into
shares of not less than twenty-five dollars each. It shall not be neces-
gary to give any notice of the opening of subscriptions to said stock, but
the same may be subscribed in such a manner, and at such times, as the
majority of the incorporators may determine.

8. When the minimum amount of the capital stock shall have been
subscribed, the subscribers may meet upon such notice as the majority
of them shall determine, and elect a president and a board of directors,
and such other officers as they may deem best; and at such meeting each
subscriber may, in person or by written proxy, cast one vote for each
share of stock subscribed for by him. The board of directors may con-
sist of any number -that the stockholders may, from time to time, pr-
scribe. After such election the said company shall be deemed duly or-
ganized, and the board of directors may proceed to adopt by-laws for the
conduct of the company, and take such further action as the interest of
the company, in their judgment, may require. General and annual meet-
ings of the stockholders may be held on such notice and publication as
the board of directors may, from time to time, prescribe.

9. This act shall be subject to repeal, alteration, or amendment by
the general assembly at any time.

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