Chap. 162.—An ACT to incorporate the Pocahontas Towing and Trans-
portation company.

Approved February 18, 1888.

1. Be it enacted by the general assembly of Virginia, That
William Lamb, John Towhy, H. B. Curran, E. S. Hudgins,
Samuel Castuer, junior, William C. Bullit, J. F. Cecil, Joseph
M. Clark and Lewis Bartlett, and such other persons as they
may hereafter associate with them, shall be and they are hereby
made and constituted a body politic and corporate under the
name and style of the Pocahontas towing and transportation
company, for the purpose of towing and transporting, by steam
or otherwise, freight and passengers upon the waters of the
United States, and to or from any port within the United
States, from or to such other places as they may desire.

2. Be it further enacted, That the capital stock of said
company shall not be less than twenty thousand dollars, di-
vided into shares of twenty-five dollars each. Said company
may, with the consent of a majority of the stockholders, in-
crease its capital stock, from time to time, to such an amount
or amounts as may be necessary for their business, to be issued
and sold on such terms and conditions and in such manner
by the board of directors as the stockholders in meeting as-.
sembled may have by resolution directed them in authorizing |
such increase: provided the capital stock does not exceed the
sum of one million dollars. In all meetings of the stock-
holders, each share shall be entitled to one vote, which vote
may be cast in person or by proxy.

3. Be it further enacted, That any person or corporation
holding or owning tugs, steamers, barges, or other vessels
under the laws of this state or the United States, may sub-
scribe for stock in said company, payable in the same, for
which certificates of stock, full paid and unassessable, may be
issued at such price as may be agreed upon between said
company and the party or parties, or corporation so sub-
scribing.

4. Be it further enacted, That said company shall have the
right to construct, purchase, hold, charter or rent such steam
and other vessels, lands, wharves and warehouses as their
business may require, not exceeding, however, one hundred
acres of land.

5. Be it further enacted, That said company may borrow ;
money upon the issue of their bonds or other evidence of debt, '
bearing interest not exceeding eight per centum per annum,
and to pledge, by deed of trust or otherwise, its property and
franchises for the payment of the same.

6. Be it further enacted, That the principal office of said |
company shall be at Lambert’s Point, in Norfolk county,
Virginia, and that the affairs of said company shall be man-
aged by such officers as it may designate, with power to make
such by-laws, rules and regulations, not inconsistent with the
laws of this state or of the United States, as they may deem
proper for the government and management of said company.

7. Be it further enacted, That 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 incorporators shall
elect one of their number chairman, who shall have the power
and authority of a president of said company until the elec-
tion of a president as aforesaid, and in all matters a majority
of said incorporators shall control. It shall be Jawful for any
three of the persons herein named as incorporators, to be se-
lected at a meeting of said incorporators, to open books of
subscription to the capital stock of said company, at such
time and places as they may appoint.

8. This charter is accepted under the express conditions
that all taxes, dues and demands due the state, shall be paid
in lawful money of the United States, and not in coupons.

9. This act shall be in torce from its passage.