CHAP. 229.—An ACT to incorporate the Seaboard Cotton Compress
Company.

Approved March 8, 1880.

1. Be it enacted by the general assembly of Virginia, That
William D. Reynolds, Henry S. Reynolds, W. I. Donald, H.
Boswell Bagnall, I. N. Vaughan, David Humphreys and Luther
Sheldon, or such of them as may accept the provisions of this
act, and such other persons as may be hereafter associated with
them and their successors, shall be and they are hereby consti-
tuted a body politic and corporate under the name and style of
The Seaboard Cotton Compress Company, and the said com-
pany is hereby invested with all the powers, rights and privi-
leges pertaining to incorporated companies under the laws of
the state of Virginia, and is made subject to the restrictions
imposed by such laws, except in so far as the same are incon-
sistent with the provisions of this act.

2. The said company shall have power and authority to carry
on the business of compressing cotton at such rates and for
such compensation and reward as may be usual and customary,
or as may be agreed upon between the company and owners or
holders of the cottou, and to charter steamers or sailing vessels
for the transportation of the same to Europe or other ports, and
also to carry on a general warehouse, storage, dock, wharf and
lighterage business; and it shall be lawful for the said company
to purchase, lease and hold, as well as to sell and convey, any
real or personal estate or property which it may deem neces-
sary or proper for the purposes and objects aforesaid, and to
construct warehouses and other buildings, docks and wharves,
and to build or purchase lighters, boats and other vessels, and
generally to transact all business and to do all acts properly
pertaining to the purposes and objects aforesaid.

8. The said company may make advances in money or cot-
ton and all kinds of merchandise and personal property re-
ceived on storage or deposit, and all advances made on such
property, as well as compensation for the charges and expenses
thereon, shall be a preferred lien on said property, which shall
be satisfied and paid before the company shall be required to
deliver up the same, and for all such property received by the
company on storage or deposit, a receipt or certificate of the
company shall be given, binding the company to deliver up the
said property to the person in whose favor the receipt or cer-
tificate is given, or his assignee, on payment of all advances and
dues for which the property is liable ; and the said receipt or cer-
tificate shall be negotiable, and by endorsement or assignment
and delivery thereof shall transfer the title to the property
therein mentioned to the holder thereof, and such holder shall
be entitled to receive the property from the company on deliv-
ery of the receipt or certificate properly endorsed, and on pay-
ment to the company of whatever may be due on the property
for advances, charges, storage, labor and expenses, with inter-
est thereon, if any have accrued. All advances made by the
company shall be endorsed or stated on the receipt or certificate
given for the property on storage or deposit, and after a receipt
or certificate is issued, no further advances on the property for
which it is given shall be made by the company. In the event
of the loss or destruction of the receipt or certificate, the bona
fide holder thereof, at the time of its loss or destruction, his
representatives, or assigns shall have the same right to receive
the property from the company that he would have had on the
delivery of the receipt or certificate: provided, however, that
he shall furnish proof of the loss or destruction of the receipt
or certificate, and shall execute and deliver to the company a
proper bond of indemnity with security satisfactory to the com-
pany.

4, The capital stock of the said company shall not be less
than fifty thousand dollars, nor more than five hundred thou-
sand dollars, and shall be divided into shares of one hundred
dollars each, and at all meetings of the stockholders each
stockholder shall be entitled to as many votes as he shall hold
shares of stock.

5. When the amount of the minimum capital of the company
shall have been subscribed, the subscribers may organize by
electing a president and four other directors, who shall consti-
tute a board for the management of the affairs of the company ;
and the said board of directors may prescribe the time or
times, manner, and amounts in which the payments of the sub-
scriptions to the capital stock shall be made. And the stock-
holders of the company may pass all such by-laws and regula-
tions not inconsistent with the laws of the state of Virginia or
of the United States which they may deem necessary or pro-
per for the due and proper management of the business and
affairs of the company, as well as for the government and con-
trol of its officers, agents and clerks.

6. An annual meeting of the stockholders shall be held on
such day as the stockholders may in general meeting from
time to time appoint, and a general meeting of the stockholders
may be held at any time upon the call of the president, or the
board of directors, or of stockholders holding together one-
tenth of the capital stock ; and notice of the time and place of
the holding of such annual and general meetings may be given
by personal service thereof, or by written or printed notice
sent through the mail, such notice to be served or sent ten
days prior to the holding of such meetings; or notice may be
given of the time and place of such meetings by publication
thereof every other day for the period of two weeks in some
newspaper published in the city of Norfolk.

7. It shall be lawful for the said company from time to time
to borrow money, as it may be needed, to carry out the pur-
poses and objects of its incorporation, or to transact and con-
duct its business and affairs; and the said company may issue,
negotiate and dispose of its promissory notes or bonds, and
nay mortgage, pledge, hypothecate, or convey by deed of trust
ny part of its corporate property and franchises for the pur-
ose of securing the payment of such notes or bunds.

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