Chap. 450.—An ACT to amend and re-enact sections 3 and 9 of an act entitled an
act to incorporate the Great Falls and Old Dominion Railway Company, ap-
proved January 24, 1900.

Approved March 29, 1902.

1. Be it enacted by the general assembly of Virginia, That sections
three and nine of an act entitled an act tu incorporate the Great Falls and
Old Dominion Railway Company, approved January twenty-fourth, nine-
teen hundred, be amended and re-enacted so as to read as follows:

§ 3. The capital stock of the said company shall not be less than thirty
thousand dollars, and may, from time to time, be increased to any amount
not exceeding three hundred thousand dollars by issue and sale of shares,
preferred or common stock, or both, upon such terms and conditions and
under such regulations as the board of directors of said company shall
prescribe. The said shares of stock shall not be less than ten dollars
nor more than one hundred dojlars euch, and the same shall be sold at
such price, either at par or less than par, as may be fixed and determined
by the said board of directors. The directors may receive cash, labor,
material, bonds, stocks, and any real or personal property in payment of
subscriptions to the capital stock at such valuation and at such prices a3
458 ACTS OF ASSEMBLY.

may be agreed upon between the said directors and the subscribers, an
such subscriptions shall be payable in such manner and amounts and a
such time as may be agreed upon with the subscribers. Whenever on
hundred or more shares shall have been subscribed, and the sum of ont
thousand dollars paid in cash, the subscribers, under the direction of an
five of the incorporators hereinbefore named, who themselves shall bi
subscribers, may organize the said company by electing a president anc
board of directors, and by electing or providing for the appointment o
such other officers as may be necessary for the control and management o
the business and affairs of said company, and thereupon they shall hav
and exercise all the powers and functions of a corporation under thi:
charter and the laws of this State.

§ 9. The said company shall be required to commence the constructior
of said railroad within one year from the passage of this act, and to com.
plete the construction of at least fourteen miles of said railroad by thi
first day of July, nineteen hundred and five.

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