Chap. 95.—An ACT to incorporate the Norfolk Land and Improvement
company.

Approved April 28, 1887.

1. Be it enacted by the general assembly of Virginia, That
Barton Myers, Leroy H. Shields. David Lowenburg, Freder-
ick M. Killam, Robert F. Baldwin, W. F. B. Slaughter, or any
five of them, their associates and successors, are bereby created
and declared a body politic and corporate under the name and
style of the Nortolk Land and Improvement company, and by
that name may sue and be sued, and have all the powers and
be subject to all the restrictions imposed upon joint stock com-
panies and corporations generally by the statutes of this State,
except as herematter provided.

2. The capital stock of said company shall not be less than
fifty thousand dollars nor more than five hundred thousand
dollars, divided into shares of the par value of one hundred
dollars each; and the directors may receive real or personal
properly or labor In payment of subscriptions to the capital
stock, at such valuation as may be agreed upon.

3. Lhe said company shall have the power and may pur-
chase. hold, grant, mortgage, or otherwise dispose of real
estate, not to exceed two hundred and fitty acres, and personal
property in this State, or issue bonds thereon and secure the
same by mortgage or trust deed; and may lay out any lands
acquired by it Into parcels or lots of convenient size, or parks
with intervening roads, streets, and alleys, and may develop,
work, improve, cultivate, sell, grant, mortwage. lease, or other
wise dispose of the same, or any part thereof, insuch manner
and upon such terms as the company may think proper; and
may erect buildings thereon for sale or rent, or any other
purpose which 1 may deem proper. and may lend money
whenever deemed expedient tor developing lands held or sold
by it, or lands contiguous thereto; and may run street Cars,
impelled by any kind of motive pow er which it m: LV deem
preferable, over any strect so lnid out, or the streets of any
municipal corporation whose proper authorities may author-
ize it so to do, or the roads of any county whose proper
authority may authorize it; and may also operate gas or
electric light works, or any other method of lighting, and
steam heating work, and may also furnish steam for heating
purposes or motive power; and may acquire and hold the
stock or bonds of any toll bridge or turnpike company leading
to the city of Norfolk or its suburbs, or of any other street

‘ailway or improvement company.

4, ‘The said company shall also have power, if in the jude-
ment of its directors it may become expedient to do so in the
furtherance of any of its schemes of development, to erect
bridves over Smith’s creck to connect with any of the streets
of the city of Norfolk: provided that in so doing it leave a
movable draw for permitting the passave of any class of ves.
sels or lighters that may navigate said creck.
5. The officers of said company shall consist of a president,
five directors, secretary, treasurer, and such other subordinate
officers or employees as may be prescribed by the by-laws.
The terms of these officers, and mode of election of the same,
shall be as prescribed by the general law of the State. The
corporators above named shall have the power and authority
of a president and a board of directors for the purpose of
organization of said company, and for all other purposes, until
a preside nt and board of directors shall be elected at a stock-
holders’ meeting; and such meeting shall be held atter such
notice as the said incorporators may deem proper. The said
Incorporators may clect one of their number chairman, who
shall have all the powers and anthority of president of said
company, and in all matters a majority of said incorporators
shall control.

6. The principal office of the said company shall be in either
the city or county of Norfolk. The annual meeting of the
stockholders of said Company shall be held at the principal
office of said Company on the first Wednesday in May of each
year, unless the stockholders in general meeting shall change
the same.

7. The company may prescribe by its by-laws the duties of
the different officers.

8. As soon as the minimum amount of capital allowed shall
have been subscribed for, and twenty per centum thereot shall
have been paid up in cash, the company may organize and
commence business.

9. The said company shall have as full powers over its
property and the mode and terms of disposition thereot as a
natural person would have, except where restricted by this
act or the venceral statute law.

10. This act shall be in force from its passage, and this
charter is granted on the express condition that the said cor-
poration will pay all taxes, dues, and demands due the State
at any time hereafter, in money, and will not tender or pay
coupons therefor.