Chap. 306.—An ACT to Incorporate The Richmond Hotel and Dra-
matic Company.

Approved April 29, 1874.

1. Be it enacted by the general assembly, That it shall be
lawful for Robert Beverley, W. B. Matthews, Bradley T.
Johnson, W. B. Isaacs, George C. Wedderburn, John Enders,
John B. Davis, Joseph Hall, Isaac Davenport, John P. Branch,
B. C. Flannagan and John T. Ford, or any five of them, to
open books of subscription to the capital stock of The Rich-
mond Hotel and Dramatic Company, at such times and places
as they may determine upon; and whenever seventy-five
thousand dollars shall have been subscribed by persons able
to pay, the subscribers may organize the company, and thence-
forth they and such persons as may afterwards be lawfully
assuciated with them, shall be a corporation under the name
of Richmond Hotel and Dramatic Compuny, for the purpo-
ses of erecting a building in the city of Richmond for the
purposes of a first-class hotel and theatre, with the necessary
stores and usual accompaniments, as may be determined upon
by the board of directors, and a8 such shall have perpetual
succession and a common seal, which it may renew or alter
at pleasure; and may sue and be sued, contract and be con-
tracted with. ,

2. The capital stock of said company shall not be less than
seventy-five thousand, nor more than five hundred thousand
dollars, to be divided into shares of fifty dollars each, shall
be deemed personal property, shall be transferable as may be
prescribed by the by-laws of the company, and stockholders
shall have one vote for each share of stock in all meetings of
stockholders.

3. The said company shall have all the general powers
conferred on corporations by the title seventeen, chapter
fifty-six of the Code of Virginia of eighteen hundred and sev-
enty-three, rave so far as the same shall not conflict with the
provisions of this act.

4. Subscriptions may be made in money, materials for build-
ing purposes, machinery or land, and said association may
also acquire land by gift or purchase, and shall have power
to hold and sell the same. for the erection or repair of their
building: provided, that the amount of land so held at any
one time shall not exceed the amount necessary for the pur-
poses of their incorporation, and’at the expiration of two
years from the completion of the buildings, only so much
land shall be held as may be necessary for the use of said
2ompany.

5. It shall be lawful for the company, from time to time,
,0° borrow stich sums of money as may be necessary to carry
put the provisions of this act, and to issue and dispose of their
oromissory notes or bonds for the amounts so borrowed; and
,hey may mortgage, pledge, or hypothecate by deed of trust,
432 ACTS OF ASSEMBLY.

any part of their corporate property and franchises, to secure
the payment of such notes or bonds.
By-laws and 6. The stockholders, in general meeting, shall make and
regulations =» publish such by-laws, rules and regulations, not inconsistent
with the laws of the state of Virginia, or of the United
States, as they may deem proper for the management and
control of their affairs and business, and government of their
officers, agents and other employees, which shall be binding
on themselves, and all persons in the employment of the
company. , .
First annual 7. The first annual meeting of the company shall be held
meeting ; wher in the city of Richmond, at such place as the board of direc-
tors may determine, on the first Monday in July, eighteen
Subsequent hundred and seventy-four; and at the first and every subse-
meetings quent annual meeting, the stockholders shall elect nine of
Directors their number, to constitute a board of directors, to remain in
office until their next annual meeting, or until their succes-
sors are elected.

Powers of board 8. Subject to the by-laws, rules and regulations of the
of directors

stockholders, the board of directors shall have the manage. |

ment and control of the affairs and business of the company.
President; hia From their own body they may elect a president, who shall
cine preside at all meetings of the board, and perform such other

duties as may be prescribed for him by the stockholders or |

His compensa- board of directors; and the board of directors shall fix the
ton amount of compensation, it any, the president is to receive.
Vice president They may also appoint from their own body a vice-president,
and executive and an executive committee, and prescribe the duties of each.
Officers, agents Lhey shall appoint such officers, agents and clerks, as they
andclerks = may find necessary for the successful management of the bu-
Subscriptions; Siness of the company; and shall provide for necessary sub-

when to be pay- scriptions to the capital stock, which they shall make paya- —
ble at such times, and in such instalments, as they or the |

Quorumot stockholders may direct. Any seven members of the board
board of direc- shall constitute a quorum for the transaction of business.
Who to consti: The nine persons first named in the first section of this act,

tutefirst board shall constitute the board of directors, to serve until the first

annual meeting, and until their successors are elected. So
soon as the capital stock shall have been subscribed, they
shall call a meeting of the stockholders.

of stockholder
Commencement 9. This act shall be in force from its passage.