Chap. 189.—An ACT to Incorporate the Portsmouth Water Company.

Approved March 27, 1876.

1. Be it enacted by the general assembly of the state of
Virginia, That Washington Reed, J. G. Holliday, Daniel 8.
Cherry, EK. W. Whipple, and William White, of the city of
Portsmouth, and William B. Rogers, of the city of Norfolk,
and such other persons as they may associate with them,
and their successors, are hereby created a body corporate
and ‘politic under the name and style of The Portsmouth
Water Company; and by that name may sue and be sued;
contract and be contracted with; plead and be impléaded in
all courts and places; have a common seal, and change the
same at pleasure; and may make all-necessary by-laws and
regulations for the government of said company, not incon-
sistent with the laws of the state of Virginia and the United
States. ,

2. The purposes and objects for which said company are
incorporated and which they are authorized to effect, are—
the construction, on any plan that may be approved, of reser-
voirs, force pumps, engines, and any fixtures or appurtenances
necessary therefor, and the laying of pipes (main and lateral)
to convey water from Lake Drummond, or from the Dismal
swamp canal, with the permission of the Dismal swamp canal
company, or from such other point as may be deemed most
suitable, into the city of Portsmouth and to the Norfolk navy
yard, and United States naval hospital; and for these pur-
poses they shall have all the rights, privileges, franchises, and
grants necessary to carry into effect the objects and interests
of the said company.
3. The said company are authorized to contract and agree
with the owners of any land in Norfolk county or in counties
adjacent thereto, for the use or purchase thereof, for the con-
venient location of any portion of their works; ‘and in case
of a disagreement, or if the ownermthereof be a feme covert,
under age, non compos mentis, oat of the state, or unknown,
the said company are invested with all the rights, powers,
and privileges conferred, and subject to all the rules, regula-
tions, and restrictions imposed y the fifty-sixth chapter of
the Code of Virginia, eighteen hundred and seventy-three,
so far as the same may be applicable and not inconsistent
with this act.

4, The capital stock of said company shall not exceed five
hundred thousand dollars, to be divided into shares of one
hundred dollars each.

5. There shall be not less than five nor more than seven
directors, who shall be elected by the stockholders annually.
One of their number shall be chosen as president, and the
president and directors may appoint all officers, agents, and
employees, and fix their compensation.

6. The president and directors may issue bonds or certifi-
cates of indebtedness, bearing interest not to exceed eight
per centum per annum, and pledge the property and profits
of the company for the payment thereof and may convert
the said bonds or certificates of indebtedness into capital
stock of said company, with the consent of the holders
thereof.

7. It shall be lawful for the said company to sell and dis-
pose of their water to the city of Portsmouth, to the inhabi-
tants thereof, to other corporations or persons, and to the
government of the United States, in such manner and at such
rates, a8 to them shall seem fit for the benefit of said com-

an

"It ghall be lawful for the city of Portsmouth, whenever
a majority of the freeholders of said city shall, at an election
held for that purpose, so determine, subscribe to the capital
stock of said company; and the said city, when a majority
of the freeholders of said city may, at an election held for
that purpose, so determine, guarantee the bonds issued by
said company, upon such terms and conditions as may be
agreed upon by the council of said city and said company.

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