CHAP. 7.—An ACT to amend and re-enact section 2 of an act
entitled an act to incorporate the national compress association
of Norfolk, Virginia, approved March 17, 1884, and to amend
and re-enact section 9 of said act as amended and re-enacted by
an act approved May 21, 1887.

Approved December 19, 1889.

1. Be it enacted by the general assembly of Virginia,
That section two of an act entitled an act to incorporate
the national compress association of Norfolk, Virginia,
approved March seventeenth, eighteen hundred and eighty-
four, and section nine of said act as amended and re-
enacted bv an act approved May twenty-first, eighteen hun-
dred and eightyv-seven, be amended and re-enacted so as
to read as follows:

§ 2. The capital stock of this company shall not. be less
than fifty thousand dollars nor more than one million dol-
lars, divided into shares of one hundred dollars each, and
each share shall be entitled to one vote. The amount of
stock to be issued within the limite aforesaid shall be de-
termined by a vote of the stockholders at annual or spe-
cial meetings lawfully convened. As soon as the afore-
said minimum sum of fifty thousand dollars shal] have.
been subscribed the corporation may be organized, and
whenever the stockholders determine to increase the
amount of capital stock, they may proceed to take sub-
scriptions to such additional stock, either by opening
books of subscription in the manner prescribed by the
general law, or by private subscription, or in any other
manner or on any other terms that may be deemed best
hy the said stockholders.
$9. The said corporation shall have power to borrow

money forthe purposes of its business in such sums and
at such times as a majority in interest of its stockholders
may determine, and may issue bonds therefor and secure
the same by a deed of trust or other liens on all its pro-
perty, rights, and franchises. The said corporation shall
also have power to acquire, hold, and dispose of the capi-
tal stock of anv other company chartered i in or out of this
state.

2. All taxes and debts due the state shall be paid in
money and not in coupons.

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

CuHaP. 8.—An ACT to snieorpera the consolidated compress com-
pany of Norfolk, Virginia.

Approved December 19, 1889.

1. Be it enacted by the general assembly ot Virginia,
That V. D. Groner, Fergus Reid, C. C. Pearson and W. H.
White, of Virginia, and A. E. Bateman, of New York, their
associates and successors, be and are hereby created a
body politic and corporate under the name of the consoli-
dated compress company of Norfolk, Virginia, and by
that name and style shall have perpetual succession, may
sue and be sued, contract and be contracted with, plead
and be impleaded, have a common seal and change the
same at pleasure, and have all the rights and privileges
of a corporation, and he subject to all the rules, regula-
tions and restrictions imposed by the laws of Virginia in
rlation to joint stock companies so far as they are appli-
cable to and not inconsistent with the provisions of this
act.

2. The capital stock of this company shall not be less
than fifty thousand dollars, nor more than two million
dollars, divided into shares of one hundred dollars each,
and each share shall be entitled to one vote. The amount
of stock to be issued within the limits aforesaid shall be
determined by a vote of the stockholders at annual or
special meetings lawfully convened. As soon as the afgre-
said minimum sum of fifty thousand dollars shall have
been subscribed, the corporation may be organized; and
whenever the stockholders determine to increase the
amount of capital stock, they may proceed to take sub-
scriptions to such additional stock, either by opening
books of subscription in the manner prescribed by the
general law,or by private subscription, or in anv other
manner, or on any other terms that may be deemed best
by the said stockholders.

3. The objects of this corporation are to compress hay,
cotton, or other material, to warehouse and stevedore the
same, and to organize, maintain and conduct a line of
steamships and sailing vessels from any port in the state
of Virginia to any other port or ports in or out of the said
state, and to have and maintain such other vessel pro-
perty as may be desirable for the transaction of its busi-
ness. But nothing in this act shall be so construed as to
authorize the incorporators herein named, or their succes-
sors or assigns, to construct or maintain or operate a ferry
for the transportation of passengers between the cities of
Norfolk and Portsmouth and the town of Berkeley, Vir-
ginia, or between either or any of said points.

4. The place of business of this corporation shall be in
the city or county of Norfolk, Virginia, but it shall have
power to make and enforce contracts anywhere within or
without the state, unless forbidden by local law.

5. The said corporation may acquire and hold such real
estate as it may deem proper for the purposes of its busi-
ness, may sell or alien the same, or charge the same with
its debts, or incur debts upon the security of the same in
any manner and for any purpose that a natural person
might; and may also acquire, hold and dispose of the
capital stock of any company chartered in or out of
Virginia.

6. The officers of this corporation shall consist of a
president, secretary, treasurer, and not less than three
directors, including the president, who shall be a member
of the board of directors by virtue of his office, and shall
preside at their meetings. All of these offices shall he
held by the stockholders of this corporation, and the
president may be elected to fill the office of treasurer.
These officers shall be chosen at the regular annual meet-
ings of the stockholders, but vacancies may he filled at
special meetings. The duties, powers, mode of election
and qualifications of the respective officers shal] be pre-
scribed in the by-laws. If for any cause the election of
officers does not take place at the annual meetings, the .
election may be held at a special meeting called for the
purpose, and the incumbents shall hold over until their
successors are elected and qualified.

1. The regular annual meeting of the stockholders shall ,
he held on the first in of each vear. |
No notice of the annual meetings shall be required.
Special meetings may be called whenever deemed proper, ;
by the president and board of directors, upon publication
of notice of the time and place of such special meetings
for, at least, five days, in one or more newspapers pub-
lished in the city of Norfolk. A majority of the stock,
represented either in person or by proxy, shall be a
quorum for the transaction of business, and stockholders
may vote by proxy or in person.

8. The corporation shall have power to make by-laws)
for its government not inconsistent with the laws of this
state or of the United States, and may amend and repeal
the same at pleasure. It may prescribe in such by-laws
the mode and terms of subscription to the capital stock.
In addition to the ordinary remedies allowed by law, it
shall have a lien upon any stock of any member for the
unpaid instalments, and may sell the same after ninety
days’ default in the payment of such instalments, and
after fifteen days’ notice of such sale by advertisement.

9. The said corporation shall have power to borrow
money for the purposes of its business in such sums and '
at such times as a majority in interest of its stockholders
may determine, and may issue bonds therefor and secure
the same by deed of trust or other liens on all its pro-
perty, rights and franchises.

10. The signature of the corporate name by the presi-
dent, as president, with the seal of the corporation affixed,
shall be a sufficient execution of any legal document or
writing by the corporation.

11. All taxes and debts due the state shall be pad in
money and not in coupons.

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