Chap. 342.—An ACT to incorporate the Richmond Hotel Company.

Approved April 30, 1874.

1. Be it enacted by the general assembly of Virginia, That

» Joseph L. Carrington, Franklin Stearns, H. Coalter Cabell,

Bradley T. Johnson, Thomas Potts, Z. W. Pickrell and John
B. Davis, and their associates and successors, be and they are
hereby created a body corporate, under the name of the
Richmond Hotel Company; and as such, shall have a com-
mon seal, and perpetual succession, and all the rights, powers
and privileges, necessary for the purposes of their creation,
and also such as are conferred and defined in chapter fifty-
six, title seventeen, of the Code of Virginia, as printed in the
edition of eighteen hundred and seventy-three, entitled cor-
porations generally.

2. The capital stock of said corporation shall be not less
than one hundred thousand dollars, which may be increased
by the stockholders to five hundred thousand dollars or less,
to be divided into shares of one hundred dollars each, and
which may be divided into common stock, or preferred and
guaranteed stock, at the discretion of the company.

3. The company shall have power to acquire, purchase or
lease, any quantity of land, not to exceed two acres in the
city of Richmond, nor five hundred acres in the counties of
Chesterfield and Henrico, to erect, lease or purchase a hotel
or hotels in the said city of Richmond, and to carry on the
business of keeping hotels, and to rent, lease or sell any of
the property of the corporation.

4. They sbal) have power to issue preferred stock, guaran-

x teeing dividends, convertible into bonds, and to issue bonds
s convertible into preferred stock, guaranteeing dividends, and

to secure such bonds, by mortgage on any orall of the pro-
perty of the company, and to issue bonds, securing the same
y mortgage on said property, if the same be deemed advisa-
ble; and they may fix the rate of dividends guaranteed on
the preferred stock, and the interest on bonds issued, at such
rates as shall be considered expedient: provided, that nothin

i herein contained shall be construed as exempting said hote

nt

company from taking out the license required by Jaw for con-
ducting such business. |
5. This act shall take effect from its passage.