Chap. 166.—An ACT to incorporate the Norfolk and European S:eamship
Company.

Approved June 27, 1870.

1. Be it enacted by the general assembly, That Edward
Higgins, John B. Whitehead, Henry Ghiselin, Thomas J. Ccer-
rew, James E. Barry, Washington Reed, Walter H. Taylor,
farshall Parks, and such other persons as may be hereafter
associated with them, their successors and assigns, are hereby
incorporated into a company to be known as The Norfolk and
European Steamship Company, for the purpose of opening up
another avenue to the great West and Southwest, for direct
trade through Virginia, and to promote immigration and com-
merce to Norfolk from Antwerp, or such other port or ports
in Europe as the said company may select.

2. Be it further enacted, That the capital stock of said com-
pany shall not be less than one hundred thousand dollars or
more than five million of dollars, in shares of one hundred dol-
lars each.

3. Be it further enacted, That the said company may acquire
and hold such docks, wharves, depots, stations, &c., as they
may desire; and for the purpose of promoting immigration,
may purchase, or exchange for stock in said company, lands
not exceeding one hundred thousand acres, in any of the coun-
ties of this state; which lands, so acquired, the said company
may dispose of in such manner and terms as the said company
may direct.

4. Be it further enacted, That it may be lawful for any rail-
road or other incorporated company in this state, to subscribe
for and hold stock in this company: provided, that no railroad
or other incorporated company in which the state is a stock-
holder shall make any such subscription.

d). Be it further enacted, That the said company may bor-
row money upon the issue ‘of their bonds or other evidences
of debt, bearing interest not exceeding twelve per centum per
annum; which bonds may be guaranteed by any corporation
or company in the state interested in said company.

6. Be it further enacted, That for managing the business of
said company, there shall be chosen annually, by the stock-
holders, at such times as they may in general meeting appoint,
a president, vice-president, and ten directors, a majority of
whom shall constitute a board for the transaction of business,
five of which officers, at least, shall be residents of this state;
and in all mectings of the stockholders, each share of stock
shall be represented by one vote.

7, That this act shall be subject to all general laws govern-
ing such corporations, which are applicable to and not incon-
sistent with the provisions of this act.

8. Be it further enacted, That this act shall be in force from
its passage.