A railroad, street railway or canal company organized under this chapter shall be deemed to have waived its charter rights, franchises and privileges unless it shall begin the construction of the proposed road within two years from the date of the issuance of its charter and complete it within a period to be fixed by the Secretary of State in his certificate of incorporation, which shall in no case exceed fifteen years. A steamboat company organized under this chapter shall commence operating its line within two years from the date of issuance of its charter or its charter rights shall be deemed forfeited.
HISTORY: 1962 Code Section 58-664; 1952 Code Section 58-664; 1942 Code Section 8191; 1932 Code Section 8191; Civ. C. '22 Section 4371; Civ. C. '12 Section 2885; Civ. C. '02 Section 1928; 1899 (23) 68.
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