Chap. 112.—An ACT to ineorporate the Norfolk Dock Improvement
company.

Approved May 2, 1887.

1. Be it enacted by the ecneral assembly of Virginia, That
Walter H. Taylor, A. A. McCullough, Frederick J. Kimball,
Joseph 1. Doran, and William Lamb, their associates, suc-
cessors, and assiens, be and they are hereby declared a ‘body

olitie and corporate by the name and style of the Nortolk
Dock Improvement company, and by that name and style
shall have all the rights, powers, and privileges conferred by.
and be subject to all the laws of the State of Virginia, appli-
cable to works of internal improvements.

2. The capital stock of said company shall not be Jess 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 stockbolders, increase its capital stock from
time to time to such an amount or amounts as may be neces-
sary for constructing, operating. and maintaining its works:
such stock to be either common or preferred, to be issued and
sold on such terms and conditions. and in such manner by the
board of directors, as the stockholders, in meeting assem bled.
may bave by resolution, directed them in authorizing such
increase: provided the capital stock shall not exceed three
millions of dollars. 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. Any persons or any corporations holding or owning lands
under the laws of this State, may subscribe. for stock in said
company, payable in land, for which certificates of common
or preterred stock, full paid and unassessable, may be issued
at such price as may be agreed upon between said company
and the party or parties so subscribing.

4. This company shall have power to issue a preterred

stock on which it may guarantee dividends not execeding six
per centum per annum from the general profits of the com-
pany; but when the general profits exceed such guaranteed

er centum per annum on the whole subscribed stock, the
holders of the common and preferred stock shall share equally
with such profits.

56. The company may also issue bonds or other obligations,
and borrow money to such an amount as it may deem neces-
sary and proper for purposes of its business; securing the
same, if necessary, by mortgage or deed of trust upon the
property of said company.

6. The said Norfolk Dock Improvement company may
acquire whatever real estate may be necessary for its pur-
poses in the city or county of Norfolk, not to exceed ten
acres of bigh land, and it may acquire, reclaim, and improve,
not to exceed three hundred acres of land below high water
mark, and within the port Warden’s line, in the harbor of
Norfolk, at the passage of this act.
The said company may own a scctional, floating, or
other dock, and operate the same; and may construct and
conduct marine railways with necessary machine and boiler
shops, and all other appliances necded in the construction and
maintenance of vessels constructed of wood, iron, steel, or
other materials.

8. And the said company is hereby authorized to build,
purchase, repair, and own steamships, vessels, and boats of
all kinds, with the right to sell or charter the same.

9. And tho said Norfolk Dock Improvement company i8
hereby empowered to contract with the government of the
United States for the use of any dock or marine railway it
may construct or control. And it shall be lawtul for this
company to receive from the yovernment of the United
States an annuity, rent, or bounty for the privilege on the
part of the said government to have priority in the use of
said docks or railways over any other party or parties when-
ever the public exigency may require.

10. The said Norfolk Dock Improvement company is au-
thorized to erect upon any wharf which it shall have con-
structed upon heretofore unimproved water property, cotton
presses, grain elevators, conl shutes, and warehouses and
sheds for the storage of all kinds of merchandise, and shall
have the authority to issue negotiable receipts for all mer-
chandise stored in its elevators and warehouses, subject to
the warehousing laws of the State of Virginia; and it shall
be lawful for said company to lease any of its wharves so
constructed, to persons or corporations for manufacturing or

other purposes.

11. The incorporators herein named shall 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
chosen. The said corporators shall elect. one of their number
chairman, who shall have the power and authority of a presi-
dent 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.

12. The said Norfolk Dock Improvement company in ac-
cepting this act agrees to pay all their taxes due or to be-
come due to the State of Vi irginia, in lawful currency of the
United States.

13. This act shall be in force from its passage.