Chap. 280.—An ACT to incorporate the Norfolk and Saint Nazaire
Ssieam Navigation Company.

Passed December 18, 1865.

°

1. De it enacted by the general assembly of Virginia, That
the eapital stock of the said company shall not exceed five
millions of dollars; but as soon as the sum of one hundred
thousand dollars shall be subscribed, the subseribers ‘shall be
a body politic and corporate, by the name and style of The
Nortoik and Saint Nazaire Steam Navigation Company; and
subject to chapters fityv-six and fifty-seven of the Code of
Vi ir: vinta except so daras may he het ‘oinatter provided: and
all ‘ubscriptions heretofore made to the Norfolk and Saint
Nazaire steam navigation company, under the act passed on
thie tiventy-seventh” day of March, eignteen hundred and
fitty-eight, shall be considered and received as valid subscrip-
tions under this act; and all acts done by the commissioners
under that act are hereby ratified by this act. A majority of
the stockholders, owning or re presenting one hundred thou-
sand dollars of said stock, shall be a quorum.

2, At the first meeting of the stockholders of the said
company, they shall appoint mine directors, who shall be
stockholders of the said company, five of whom shall be resi-
dent citizens of the United States; two of whom shall reside
In the state of Virginia; and four shall be resident citizens
of France. The five directors in the United States shall
eonstitute a board for the management of the affairs of the
sald company in the United States; nod the four directors
residing in France shall constitute a board tor the manae-
ment of the afiairs of the said company in Irranee; and each
board shall choose one of its own number or some other
stockholder president of the board; but beth boards shall
communicate fo each other, once a month, a copy of its acts
and proecedings for the preceding month.

3. Phe stockholders shall hold their annital meetings al-
ternately in Lichmond or Norfolk and Paris, unless they
shall in general meeting otherwise direct; and then such
meetings shall be held where such general meeting shall
direct. In such meetings each share ot stock shall be entitled
to give one vote; and the stockholder may vote in person, or
by proxy duly authorized by written Power, authenticated
according to the law of the country in whieh if is made.

4. ‘Che said company shall have power to ‘borrow money,
and issue the bonds of the company for the same, and to
pledee, by deed of trust, mortgauc, assignment or otherwise,
its property for the repayment of the same; but no loan, for
a vreater stun than three millions of dollars, shall be created,
unless both boards concur in it, or unless the stockholders in
general meeting otherwise direct: and the said corporation
nay purchase, hire, charter or construct as many steamships.
boats, sailing vessels, wharves, shipyards, foundries, furnaces
and buildings, and as much land as its business may require :
provided, that no debt, for more than three millions of dol-
lars, shail be incurred without the concurrence oft both
boards, unless the stockholders shall otherwise direct in
general meeting.

». ‘Phe said corporation shall have power to make all recu-
Intions and by-laws for the manacement of its affhirs, the
control of its officers and agents. and the protection and dis-
position of its property, which they may deem necessary :
provided the same shall not beim conflict with the laws of
the state of Virgima or of Franee.

6. The sail company shall, within three years, establish its
line of steamships, according to the preliminaries of a con-
vention mentioned in the act passed on the twenty-seventh
day of March, ezhteen hundred and titty-eicht.

7. So much of the act passed on the twenty-seventh day
of March. eighteen hundred and tity-elght, to incorporate
the Norfolk and Saint Nazaire stcam navigation company, as
may be in conflict with this act. shall be and the same is
hereby repealed: and in all other respects, that act and thi:
act suall be received and construed as one act.

*. ‘This act shall be in force from its passage. and shall be
subject to amendment, alteration or modification, at the plea
sure of the general assembly.
Chap. 280.—An ACT to incorporate the Norfolk and Saint Nazaire
Ssieam Navigation Company.

Passed December 18, 1865.

°

1. De it enacted by the general assembly of Virginia, That
the eapital stock of the said company shall not exceed five
millions of dollars; but as soon as the sum of one hundred
thousand dollars shall be subscribed, the subseribers ‘shall be
a body politic and corporate, by the name and style of The
Nortoik and Saint Nazaire Steam Navigation Company; and
subject to chapters fityv-six and fifty-seven of the Code of
Vi ir: vinta except so daras may he het ‘oinatter provided: and
all ‘ubscriptions heretofore made to the Norfolk and Saint
Nazaire steam navigation company, under the act passed on
thie tiventy-seventh” day of March, eignteen hundred and
fitty-eight, shall be considered and received as valid subscrip-
tions under this act; and all acts done by the commissioners
under that act are hereby ratified by this act. A majority of
the stockholders, owning or re presenting one hundred thou-
sand dollars of said stock, shall be a quorum.

2, At the first meeting of the stockholders of the said
company, they shall appoint mine directors, who shall be
stockholders of the said company, five of whom shall be resi-
dent citizens of the United States; two of whom shall reside
In the state of Virginia; and four shall be resident citizens
of France. The five directors in the United States shall
eonstitute a board for the management of the affairs of the
sald company in the United States; nod the four directors
residing in France shall constitute a board tor the manae-
ment of the afiairs of the said company in Irranee; and each
board shall choose one of its own number or some other
stockholder president of the board; but beth boards shall
communicate fo each other, once a month, a copy of its acts
and proecedings for the preceding month.

3. Phe stockholders shall hold their annital meetings al-
ternately in Lichmond or Norfolk and Paris, unless they
shall in general meeting otherwise direct; and then such
meetings shall be held where such general meeting shall
direct. In such meetings each share ot stock shall be entitled
to give one vote; and the stockholder may vote in person, or
by proxy duly authorized by written Power, authenticated
according to the law of the country in whieh if is made.

4. ‘Che said company shall have power to ‘borrow money,
and issue the bonds of the company for the same, and to
pledee, by deed of trust, mortgauc, assignment or otherwise,
its property for the repayment of the same; but no loan, for
a vreater stun than three millions of dollars, shall be created,
unless both boards concur in it, or unless the stockholders in
general meeting otherwise direct: and the said corporation
nay purchase, hire, charter or construct as many steamships.
boats, sailing vessels, wharves, shipyards, foundries, furnaces
and buildings, and as much land as its business may require :
provided, that no debt, for more than three millions of dol-
lars, shail be incurred without the concurrence oft both
boards, unless the stockholders shall otherwise direct in
general meeting.

». ‘Phe said corporation shall have power to make all recu-
Intions and by-laws for the manacement of its affhirs, the
control of its officers and agents. and the protection and dis-
position of its property, which they may deem necessary :
provided the same shall not beim conflict with the laws of
the state of Virgima or of Franee.

6. The sail company shall, within three years, establish its
line of steamships, according to the preliminaries of a con-
vention mentioned in the act passed on the twenty-seventh
day of March, ezhteen hundred and titty-eicht.

7. So much of the act passed on the twenty-seventh day
of March. eighteen hundred and tity-elght, to incorporate
the Norfolk and Saint Nazaire stcam navigation company, as
may be in conflict with this act. shall be and the same is
hereby repealed: and in all other respects, that act and thi:
act suall be received and construed as one act.

*. ‘This act shall be in force from its passage. and shall be
subject to amendment, alteration or modification, at the plea
sure of the general assembly.