Chap. 439.—An ACT to amend and re-enact sections 2, 5, and 6 of an act entitled
an act to authorize the consolidation of the Port Norfolk Electric Railway Com-
pany, the Portsmouth and Smithfield Railroad Company, and the Portsmouth,
Pig’s Point and Newport News Railway, Ferry and Hotel Company into a cor-
poration to be known as the Norfolk, Portsmouth and Newport News Railway
Company, and to define its powers, approved February 20, 1900, and to change
the name of said company.

Approved March 29, 1902.

1. Be it enacted by the general assembly of Virginia, That the name
of the company authorized to be formed by an act entitled an act to
authorize the consolidation of the Port Norfolk Electric Railway Com-
pany, the Portsmouth and Smithfield Railroad Company, and the Ports-
mouth, Pig’s Point and Newport News Railway, Ferry and Hotel Com-
pany into a corporation to be known as the Norfolk, Portsmouth and
Newport News Railway Company, and to define its powers, approved
February twentieth, nineteen hundred, be, and the same is hereby,
changed so that the name of the said company shall be the Norfolk,
Portsmouth and Newport News Company.

2. That sections two, five, and six of the said act entitled an act to
authorize the consolidation of the Port Norfolk Electric Railway Com-
pany, the Portsmouth and Smithfield Railroad Company, and the Ports-
mouth, Pig’s Point and Newport News Railway, Ferry and Hotel Com-
pany into a corporation to be known as the Norfolk, Portsmouth and
Newport News Railway Company, and to define its powers, approved
February twentieth, nineteen hundred, be, and the same are hereby,
amended and re-enacted so as to read as follows:

§ 2. The said Norfolk, Portsmouth and Newpcrt News Railway Com-
pany, when so consolidated, shall, among its other powers, have the right
to maintain and operate the road heretofore constructed and used by
the Port Norfolk Electric Railway Company from all points in and
through the city of Portsmouth to and through Port Norfolk and Pin-
ner’s Point, and all the railroads, lands, and other property used, held,
and enjoved in connection therewith by the said Port Norfolk Electric
Railway Company, and, from time to time, to cunstruct, equip, maintain,
and operate the main and any and all branches and lateral roads which
either of said consolidating companies have or might have constructed
under either or all of their charters, or such as may be permitted under
the general laws of this Commonwealth, and to acquire any property
which may be useful as a connection; and, from time to time, to pur-
chase, build, and operate electric-light plants and gas plants, erect poles,
string wire thereon, put down pipe and pipe lines, and do such other
things as may be necessary for the proper distribution of electric current
or gas for light, heat, or power, and to enter into contracts for the sale
of such current or gas to persons or corporations upon such terms as may
he agreed upon.

§ 5. The capital stock of the said consolidated company shall be not
less than five hundred and fifty thousand dollars, and may, from time to
time, be increased by the stockholders of the said company in meeting
assembled to any amount not exceeding ten million dollars, and shall
be divided into shares of the par value of one hundred dollars each. The
board of directors shall dispose of so much of said stock as may be neces-
sary by issuing the same for the purpose of acquiring stock of said three
constituent companies as may be provided in the agreement of consol-
idation, and when said last mentioned stock is thus acquired, the same
shall be cancelled. The stockholders of said consolidated company may
dispose of all the residue of the stock of the consolidated company at
such prices and upon such terms and under sich regulations and for
such purposes as they may determine, and the stockholders may issue the
same in pavment for, or receive in payment therefor, cash, labor, material,
bonds, whether its own or the bonds of any other company or companies,
stocks, real or leasehold estaté, rights, rights of way, or any personal
property, at such valuations as may be agreed on between the subscriber
or purchaser and said stockholders, and said payments may be made in
such manner and amounts and at such times as the stockholders may pre-
scribe ; and when stock shall be issued for cash, labor, material, bonds, as
aforesaid, stocks, real or leasehold estate, rights, rights of way, or any
personal property, at a valuation as aforesaid, or in exchange for stock of
said constituent companies, the holders thereof shall not be liable for
further calls thereon.

86. It shall be lawful for said consolidated company to borrow money
and issue and sell its bonds, from time to time, to such amount and on
such terms as its stockholders may deem expedient and proper. It may
secure the payment of such bonds by mortgages or deeds of trust upon all
or any portion of its property—real, personal, or mixed—its contracts
and franchises and its chartered rights, net revenues and privileges, in-
cluding its franchises to be a corporation; also upon all property which
the said consolidated company may hereafter acquire; and it may, as the
stockholders may determine, sell, lease, convey, and encumber the same,
and it may use so many of the bonds of the said consolidated company
as may be necessary for the purpose, under the direction and control of
the directors of said consolidated company, in redeeming and taking up
the outstanding bonds and obligations of the said consolidated company,
which may be hereafter issued or incurred, and the outstanding bonds
and coupons of the Port Norfolk Electric Railway Company, on such
terms and conditions as the said board of directors may be able, from
time to time, to make with the holders of said bonds and obligations, and
for purchase of property—real, personal, or mixed—and for construction,
repairs, and for any other lawful purposes of the corporation.

The said consolidated company may acquire, by purchase or exchange,
hold, and dispose of stock in or bonds of any other company or companies,
and may acquire, by purchase or otherwise, or consolidate and merge with
any other railway, railroad, transportation, electric or gas company or
companies upon such terms as may be agreed upon, and all powers, rights,
franchises, and properties belonging to any of the companies so purchased
or otherwise acquired, or consolidated or merged with, shall be and be-
come the powers, rights, franchises, and properties of the said consoli-
dated company, and may be exercised and used by it on or in respect to
all or any part or parts of its lines, extensions, branches, and property ;
but nothing in this act shall limit or restrict in any manner any of the
righta, powers, and franchises now possessed by the said consolidated
company.

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