The times. [volume] (Richmond, Va.) 1890-1903, 1894-01-18
TO BIZ R%EORGANIZED.
,UcH rs THE NEXT STEP OF TIM
RICH MOND AND DANvILLE X. r.
A Bill Introduced in tho Legislature Civ
ing n Authority and Allowing the Con-
soiidation Of Other Corporations.

An Act Authorizing the Purchasers Of the
Richmond and Danville Railroad. Their
Assigns and Successors. TO Become and
BE a Corporation. 10 ADOPT n Name
Therfor, and TO Possess aud Exercise
General Powers; and Authorizing the
Consolidation Herewith of Other corpo-
~rations.
Whereas, a certain suit in equity Is now
pending IN the Circuit Court OF the United
States of America for the Eastern Dis
trict OF Virginia, wherein Central Trust
CO. ipany OF New York Is complaint. and
the Richmond and Danville Railroad
Company. a corporation created by and
existing under the laws of The State Of
Virginia, Is defendant, I'm which SUIT It IS
sought to foreclose the consolidated mort
gage, dated the twenty-second day Of Oc-
tober, in the year one thousand eight hun
dred and cighty-six, and upon or about
hat day duly executed, acknowledged and
delivered by said railroad corporation 10
said Central Trust Company OF New York,
and subsequently supplemented and con-
frmed by said railroad corporation by
instruments dated November /, iSSG. and
April 80, 1855. respectively, in which suit
also it is proposed 10 sell the whole of
the morteaged property and premises, be-
ing the rights, property. privileges, and
franchises of the said Richmond and
Danville Railroad Company;
And whereas il is deemed desirable and
for the interest OF this Commonwealth
that the said railroad property shall be
sold and reorganized in such n manner
and under such conditions as 10 secure
the largest an best possible facilities ana
advantages of transportation and commu-
n~ication for the people Of this State: Now.
therefore,
l. Re it enacted by the General Assem-
bly, Of Virginia. that the purchaser or
purchasers Of the said mortgaced prem
ises OF the said the Richmond and Dan
vile Railroad Company at the f~oreclos-
urc sale thereof In the course Of the said
suit in equity, and such person or persons
as he or they may associate with him
SELF or themselves, shall forthwith be,
and they hereby are, constituted a body
polite and corporate by the name which
they may select. as set forth in the con-
veyance of said mortgage premises. or
in any certificate signed by or in behalf
of such purchaser or purchasers. and filed
as hereinafter provided. In the Office OF
the Secretary of the Commonwealth Of
the State of Virginia, and such new cor
poration shall have, possess, and be in
vested with all the estate. right, title.
and interest in and to such railroad and
other property with their ap-
purtenances, and all the Franchise
es, rights. and privileges had and pos
sessed BY the said Richmond and Dam
vile Railroad Cimpany 10 the same eX-
tent as a purchaser under Sections 1893
and 1884 of the Code OF Virginia.
.. Such purchaser or purchasers may
associate with him. or them any number Of
persons In tho organization of the new
corporation, which may create n issue
&C. cffeE md tie lCnde c,rrr-l Ht mort
gage or otherwise. according to any plan
adopted by such purchaser or purchasers,
and filed as hereinafter provided.
3. 1t shall be the duty Of such new
corporation within six months after the
conveyance TO il Of said mortgased prem
ises TO execute 4 certificate in writing
under its common seal attested by the
signature Of its President or Nice-Presi-
dent, referring 10 the sale and convey
ance by which it shall have acquired IL
tie to such premises and the plan Of or
ganization adopted by the purchasers. the
amount and classes or kinds Of capital
stock and mortgage bonds or other obi.
cations authorized 10 be issued, and also
specifying the name OF such new corr
p~oration and Of its president, and the num-
Der and names of it's directors, which GER
tiGcate shall be filed in the Office OF the
Secretary Of the Commonwealth Of Nir-
ginia, and a certified copy thereof shall
be conclusive evidence OF the existence
of such new corporation.
I. In addition TO its other powers such
new corporation shall have. and from
time to time as occasion arises may exei-
else, the following powers, or any OF
them, namely:
ca. with the approval OF n majority
of its stockholders given i'm writing or al
a meeting it may from time to time lease,
use, operate, consolidate with or puf-
chase or otherwise asquire. or be leased,
used, operated by. or consolidated with,
any railroad or transportation company
now or hereafter Incorporated by the
laws of the United States, or OF any Of
the States thereof, or any one or more OF
such railroad or transportation compan-
les, or any other railroad or transpor-
tation company or companies which now
are or hereafter may be leased, or used,
or operated by. or consolidated with any
one or more of such railroad or trans
portation companies; and from time 10
time it may consolidate its capital stock.
property, and franchises. by change OF
name or otherwise, with the capital stock,
property and franchises Of any other
railroad or transportation company, power
being hereby granted 10 any r9llroad or
transportation company or companies IN
cOrpOrated by or under any act or acts
of the General Assembly of the State OF
Virginia, with the approval Of a majority
I'm amount of its or their share holders le-
spcctively, given in writing or at a meet
ing, to make and carry out such contracts
of consolidation or lease. sale. o: other
method of acquisition. provided mat III
all consultations, a copy OF the agree
ment therefor shall be filed IN the Office
of the Secretary OF Commonwealth or
Virginia, and that any Virginia corpo-
ration with which said new corporation
may consolidate. or which IL may lease,
shall remain subject to the General
Laws Of Virginia. and 10 the jurisdiction
of its courts, and provided further that
any stakeholder who dissents from. any
such consolidation may within sixty days
thereafter apply by petition 10 the Cir
cult Court OF the city Of Richmond 10
determine the value Of his stock, ana
shall be entitled 10 receive from the new
corporation the value as thus determined
of such stock nron transfer thereof 10 the
new corporation. such ncw corporation,'
or any corporation formed by c"naollaa-
ton herewith. may 30 into lluiiation,
and may wind up its affairs ana lusi-
ness. and from time 10 time it may also
sell. convey, and dispose of any part OF
IT'S property not deeGcd Tor its
business in the opinion OF It's
directors. or ii may sell the whole
thereof with the consent OF stockholders
owning a majority of rs stock, TO he
given in writing or at a needing, and IL
case of iauidation its Board Of Directors,
or such other person or persons as may
be authorized aud directed by 5tockhoii-
- ~ GfAaE Ghn1