Chap. 51.—An ACT to incorporate the Chesapeake Dry-Dock and
| Construction Company.

Approved January 28, 1886.

1. Be it enacted by the general assembly of Virginia, That
P. C. Asserson, J. E. Simpson, John Callahan, H. P. Gilbert,
J. F. Dezendorf, E. A. Adams and T. W. Evans, their asso-
ciates, successors and assigns, be and they are hereby declared
a body politic and corporate, by the name and style of the
Chesapeake Dry-Dock and Construction Company, and by
that name and style shall have all the rights, powers and privi-'
leges conferred by, and be subject to all the laws of the state
of Virginia applicable to works of internal improvement.

2. The capital stock of said company shall not be less than
one hundred thousand dollars, divided into shares of one hun-
dred dollars each. Said company may, with the consent of a
majority of the stockholders, increase its capital stock, from
time to time, to such an amount as may be necessary for con-
structing, operating and maintaining its works: provided the
capital stock shall not exceed two millions of dollars ; such in-
crease to be made at a regular or called meeting for the pur-
pose, and upon such notice as may be necessary and proper.
In all meetings of the.stockholders each share shall be entitled
to one vote, which vote may be cast in person or by proxy.

3. The said company is authorized to construct, operate
and maintain at some point on either side of the Elizabeth
river, at or near Norfolk, Portsmouth, or the town of Berkley,
or at or near Newport News, in the county of Warwick, a dry-
dock, of such proportions as they may deem proper, with the
necessary buildings, piers, wharves and docks required to
operate and maintain the same.

4. The said Chesapeake Dry-Dock and: Construction Com-
pany is hereby authorized to build and -repair steamships,
ships, vessels and boats of all dimensions, of wood, iron, steel
or other materials; and may acquire, by lease or purchase,
such real and personal property as it may deem necessary and
convenient for its purposes: provided, the amount of land so
acquired shall not exceed one hundred acres.

5. The incorporators herein named will have the powers
and authority of a president and board of directors, for the
purpose of the organization of said company, and for all other
purposes, until a board of directors and president shall be
selected. The said corporators shall elect one of theiy number
chairman, who shall have all the power and authority of a
president of said company, until the election of a president as
aforesaid, and in all matters a majority. of said corporators
shall control. It shall be lawful for any three of the persons
herein named as incorporators, to be selected at a meeting of
said incorporators, to open books of subscription to the capi-
tal stock of said company, at such times and places as they
may appoint.

6. The said Chesapeake Dry-Dock and Construction Com-
pany is hereby empowered to contract with the government of
the United States, giving the said government such special or
exclusive rights in the works so constructed, or in any part of
them, for the anchorage, outfitting, construction, docking or
repairs of its vessels, or other specified purpose, in time of
peace, or for search, absolute command or control in time of
war, aS may be required by said government; and all priority
of lien or right of title required to make effective such contract
is hereby conceded. .

7. The said Chesapeake Dry-Dock and Construction Com-
pany shall have the right to borrow money to such an amount
as it may deem necessary and proper, and to issue for the same
bonds of said company, secured by mortgage or deed of trust
upon the property of said company.

8. The said Chesapeake Dry-Dock and Construction Com-
pany, in accepting the provisions of this act, do agree to pay
all their taxes, due and to become due, in lawful currency of
the United States: and this act shall be subject to amendment
or repeal, at any time, by the general assembly.

g. This act shall be in force from its S passage.