CHAP. 108.—An ACT to incorporate the Old Point villa site com-
pany.

Approved January 28, 1892.
Whereas the Old Point villa site company was duly in-
corporated by an order of the judge of the circuit court of

Warwick county, Virginia, entered and recorded as provi-
ded by law, on February fifth, eighteen hundred and nine-

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ty-one; and whereas said company desires to have its
powers enlarged; therefore,

1. Be it enacted by the general assembly of Virginia,
That P. T. Woodfin, John A. Curtis, Arthur T. Selden, W.
J. Nelms, R. G. Bickford, W. S. Upshur, C. E. Willford,
Richard Brown, E. A. Saunders,Wm. H.Curtis, C. B. Nelms,
W. T. Ferguson, and Walter H. Taylor, or such of them as
may accept the provisions of this act, their associates and
successors, he, and they are hereby, incorporated and made
a body politic and corporate under the name and style of
the Old Point villa site company, and by that name shall
be known in Jaw and shall have perpetual succession, and
have power to sue and be sued, plead and be implead-
ed, defend and be defended, whether at law or in equity,
and may make and have a common seal, and alter and
renew the same at pleasure, and shall have, enjoy, and
exercise all the rights, powers and privileges pertaining
to corporate bodies, and necessary for the purposes of this
act, and that all of the acts of the said the Old Point
villa site company heretofore done within the scope of its
charter, are hereby confirmed and validated.

2. That said company is authorized and empowed to ac-
quire, take, and hold, by purchase or otherwise, any real
estate, lands, tenements, personal, or mixed property of
any kind or description whatsoever, and to sell and con-
vey the same, and to encumber the same by deed of trust,
mortgage, or otherwise, and to lease and accept leases of
any real or mixed property. And said company js author-
ized to lay out and improve such lands, to erect or have
erected thereon dwellings, stores, hotels, mills, or other
buildings, and to lease, sell, or encumber the same, and
to manage and conduct any such hotels, and to establish,
own, operate, and conduct any manufacturing enterprises
on said lands. And said company shall have authority to
construct, or have constructed, equip, and maintain, ope-
rate, or lease any railway or railways, upon and from any
of its property, to any railroad running through the coun-
ty of Elizabeth City: provided the railway so to be con-
structed shall not exceed thirty miles inlength. The said
company shal] have the power to establish a turnpike road
from its property to any road Jeading from its property to
Old Point or Hampton: provided the same shall not ex-
ceed sixty feet in width; and it may condemn property
for this purpose, as now provided for condemnation of
lands by railroad companies. And said company is au-
thorized to take and hold stock in any other company or
to dispose of its stock to any such company; and any
such company is hereby authorized and empowered to
take and hold such stock. The said company may own
and operate any gas or electric light works.
3. The capital stock of said company shall not be less
than twenty-five thousand dollars nor more than five hun-
dred thousand dollars, and shal] be divided into shares of
the par value of fifty dollars each, and certificates of stock
shall be issued to the subscribers therefor or purchasers
thereof, said certificates to be signed by the president and
by the secretary of said company. The said certificates
shall be transferable upon the books of the company in
person or by attorney in fact. The said stock shall be
non-assessable, after fifty per centum of the face value
shall have been paid in the manner agreed upon, and the
holder or holders of any such stock shall be liable only
for the price and upon the terms agreed on for stock sub-
scribed for by them, and no stockholder holding such stock,
nor the assignee of any such, shall be liable to any con-
tribution or for any debts, liabilities, or obligations of said
company.

4. The persons named in this act, or such of them as
shall accept the same, shall constitute the board of direc-
tors of this company, to manage its business, and shall
continue to hold office until the first meeting of stock-
holders held to elect officers, and until their successors
shall be elected and accept, which said election shall occur
at an annual meeting of the stockholders, to be held in
January, eighteen hundred and ninety-three. The board
of directors shall appoint such agents or officers as may
be necessary, prescribe their duties, fix their compensa-
tion, require of them such bonds, with or without eure-
ties, as they may deem proper, and may suspend or remove
such agents or officers at pleasure. The president, first
vice-president, second vice-president, secretary, treasurer,
and nine directors shall be elected by the stockholders at
their annual meeting each year. All vacancies occurring
in the board may be filled by said board for the unexpired
term of the member whose office is vacated. The direc-
tors shall hold office for one year, and thereafter until their
successors shall have been elected and have accepted.

5. It shall be lawful for said company to increase its
capital stock from time to time, not exceeding the maxi-
mum amount named in section three of this act, and to
dispose of its capital stock by subscription, or by the issue
and sale of shares, under such regulations and at such
price and upon such terms as the board of directors shall,
from time to time, prescribe; and the board of directors
may receive labor, supplies, materials, and other property,
real, personal, or mixed, in payment for capital stock, of
such valuations as may be agreed upon between the di-
rectors and subscribers or purchasers, and to deliver there-
for 80 many paid-up shares of stock as may be agreed
upon. And the incorporators herein mentioned, or any
one or more of them, may transfer to said company, for
20 much paid-up stock of said coinpany as may be agreed on
amongst themselves, any property, rights, privileges, fran-
chises, contracts, options, or other property of any kind
or description whatsoever, owned by them respectively.

6. The board of directors may issue certificates for paid-
up stock, non-assessable, and may make sale thereof at such
price as may be agreed on by the board of directors, and
on payment of such price there shal! be no further Jiabil-
ity on said purchaser, nor any assignee or transferree, of
such stock to said company, its assigns, or creditors.

7. The said company shall have power to advance and
loan money on real or personal security, and to borrow
money and issue its bonds therefor, bearing interest at
not exceeding six per centum per annum, and to secure
said bonds by deed of trust or mortgage upon any of its
property, real, personal, or mixed.

8. All taxes due the commonwealth by said company
shall be paid in lawful money of the United States, and
not in coupons.

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