Chap. 219.—An ACT to amend and re-enact sections 1, 5, and 1] of an act en-
titled an act to incorporate the Virginia Electrical Railway and Development
Company, approved February 7, 1898.

Approved March 15, 1902.

1. Be it enacted by the general assembly of Virginia, That sections
one, five, and eleven of an act entitled an act to incorporate the Virginia
Electrical Railway and Development Company, approved February
seventh, eighteen hundred and ninety-cight, be amended and re-enacted so
as to read as follows:

1. Be it enacted by the gencral assembly of Virginia, That J. Gordon
Payne, John P. Pettyjohn, W. W. Dornin, Carter Glass, and Frank P.
Christian, and such other persons as mav he hereafter associated with
them, their successors and assigns, be, and they are herebv, constituted a
body politic and corporate, to be known as the Virginia Electrical Rail-
way and Development Company, and by that name to sue and be sued,
plead and be impleaded, in all courts of law and equity in this State, and
may have, make, and use a common seal, and the same break, alter, re-
new, or change at their pleasure, and may make, ordain, establish. alter,
or amend such by-laws, ordinances, and regulations concerning all mat-
ters of organization and business not herein specifically provided for as
they may think proper, and generally may do every act and thing neces-
sary to carry this act into effect, or to promote the objects and designs of
the corporation: provided, such by-laws, ordinances, and regulations or
acts be not inconsistent with the laws of this State or of the United
States; and it shall be lawful for the circuit court of the city of Rich-
mond, upon a petition of the president and board of directors, at any
time to order a change in the name of the corporation, but any such
change of name shall be without prejudice to the rights of any creditor,
or to the exercise of any of the powers and privileges granted by this act.

2. The capital stock of said company shall not be less than one hun-
dred thousand dollars nor more than ten million dollars, divided into
shares of one hundred dollars each. Subscriptions to the capital stock
may be received by the corporators herein named, or any three of them,
at such time and place as they may appoint, with or without public
notice, as they may deem best, and as soon as the minimum of the capital
stock has been subseribed said subseribers may organize as a corporation
and proceed to the election of a president and board of directors, and
adopt such by-laws and regulations as may be proper for the management
of the affairs of the company, and thereafter further subscription to the
capital stock may be received by the board of directors. Subscriptions to
the capital stock may be payable cither in money, land, labor, services,
materials, rights, or other property, or in the capital stock of other cor-
porations, upon such terms and conditions as may be agreed upon be-
tween the said company and the subscriber. The board of directors of
said company may, on behalf of said company, sell cither at public or
private sale (and if the latter, after ten days’ notice to stockholders of
said company), upon such terms and conditions, and at such prices, as
may be agreed upon between the said board and the purchaser, any of its
capital stock not heretofore subscribed for or issued, and no liability shall
rest upon the original subscribers thereto or purchasers thereof, or their
assignees, either to said corporation or to its ereditors, who may become
such after the passage of this act, except for so much (if any) of the
subscription or purchase price expressly stipulated to be paid by the
original subscribers to, or purchasers of, said company as may remain
unpaid at the time of the passage of this act.

3. The right to construct railwavs under this act must be exercised
within at least two vears, and shall not be exercised after the expiration
of ten vears: provided, that nothing contained in this act shall be con-
strued to limit or restrict the right of the company incorporated by this
act to exercise, or in the exercise of, anv rights, powers, privileges, or
franchises which it may acquire by purchase of, or consolidation with,
anv other company as authorized by this act.

4. T' ie vet shall be in foree from its passage.