Chap. 190.—An ACT to incorporate the Schuyler Railway Company, and au-
thorize and empower it to lease, acquire, hold, and dispose of real and personal
estate.

Approved March 14, 1902.

1. Be it enacted by the general assembly of Virginia, That J. W.
Foster, Henry L. Lane, T. V. Elsom, D. J. Carroll, George W. Bostwick,
their associates, successors, or assigns, are hereby incorporated, created,
and constituted a body politic and corporate of this State by the name
and style of the Schuyler Railway Company, and by such name shall have
perpetual succession, may contract and be contracted with, sue and be
sued, make, adopt, and use a common seal, and alter the same at will.

2. That said company is hereby authorized and empowered to lease,
acquire, own, hold, or otherwise to control in any manner real and per-
sonal property of any kind in the county of Nelson; also to grant, bar-
gain, sell, mortgage, or otherwise encumber, lease, convey, or otherwise
dispose of the same: provided, that the said company shall not own in
fee simple at any one time more than two thousand acres of land. And
the said company shall have the right to construct, maintain, and operate
a railroad on any of its lands, or upon the lands of other individuals or
corporations over which it may secure the right of way, and upon or
across the public highways in said county, by and with the consent of the
board of supervisors thereof; the said railroad to be operated by electric-
ity, steam, horse, or other power. The said company may also build, con-
struct, own, and operate telephone lines upon the line of its railway for
its own use, or for the use of other individuals or corporations, and may
manufacture, generate, lease, utilize, transmit, and distribute electricity
for either power, or heat or light, to any place or places for its own use, or
for the use of other individuals or corporations.

3. And for the purposes herein provided, the said company may exer-
cise the right of eminent domain within said Nelson county, and the said
company shall have all the rights, powers, and privileges given to railway
companies by the laws of this State, except where such laws are hereby
modified, and may begin and carry on its work under this charter as soon
as the minimum of its capital stock shall have been subscribed for.

4. The capital stock of said company shall not be less than twenty-
five thousand dollars nor more than fifty thousand dollars. The board of
directors may issue certificates of stock in shares of one hundred dollars
each, and each share of said stock shall be entitled to one vote in any
meeting of the stockholders. The said company may receive in payment
for its shares of stock money, lands, or personal property, or other things
of value upon such terms as shall be prescribed by its board of directors,
and said company, through its board of directors, may give a preference
to a portion of its capital stock over the residue thereof, and guarantee
the payment of such preferred stock.

5. The said company shall have the right to subscribe for and hold,
hypothecate, sell, or otherwise dispose of the stock of any corporation,
whether chartered by this or any other State, and may borrow money,
and as security for its payment issue its bonds or obligations, and give a
mortgage or deed of trust or other lien on its franchises and property,
or any part thereof: provided, the total amount of such bonded indebted-
ness shall not exceed the amount of the capital stock of said company
outstanding at the date of the issue of the same bonded indebtedness.

6. The five persons named in the first section of this act, or their suc-
cessors who shall accept the provisions hereof and consent to act as such,
shall compose the board of directors for the first year, or until said board
be otherwise constituted by the stockholders in general meeting after
organization, one of whom shall be chosen by them as president of said
board and of the company, but the board of directors may at any time fill
a vacancy in its body, or in the office of president, whether such vacancy
shall be caused by death, resignation, or otherwise, and may appoint
such officers or agents, and may perform such other acts as the best inter-
ests of the company may demand.

%. The board of directors may meet at any time after the passage of
this act, and if at such meeting twenty-five thousand dollars of the capi-
tal stock be subscribed, the company shall then be deemed organized,
and the board of directors shall proceed to adopt by-laws for the com-
pany, in which the time and place for holding the annual mecting of the
stockholders, as well as the notice of such meeting, and the mode of serv-
ing the same, shall be prescribed; but the by-laws at any time may be
changed by the stockholders in any general meeting.

8. The said company shall begin its work within two years from the
passage of this act; and all taxes and dues to the Commonwealth shall
be paid in lawful money of the United States, and not in coupons.

9. The principal and gencral office of said company shall be in the
State of Virginia.

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