Chap. 144.—An ACT to Incorporate the Chesapeake Warehouse Company
of Norfolk, Virginia.

Approved March 6, 1872.

1. Be it enacted by the general assembly of Virginia, That
W. W. Gwathmey, Richard Taylor, Wm. F. Allen, R. A. Dobie,
B. G. Pollard, Charles B. Gwathmey, Richard H. Baker, A. B.
Gwathmey, T. A. Williams, M. L. T. Davis, and all persons who
may hereafter be associated with them and their successors, are
hereby created and declared a body politic and corporate, under
the name and style of Chesapeake Warehouse Company.

2. The capital stock of said company shall be fifty thousand
dollars, which may be increased by said company to a sum not
exceeding five hundred thousand dollars. So soon as the cap}-
tal stuck shall be subscribed, and ten per centum thereof paid
in cash, it shall be lawful for said company to organize and
commence business. The said capital stock shall be divided
into shares of one hundred dollars each, shall be deemed per-
sonal property, shall be transferable as may be prescribed by
the by-laws of the company, and each share shall be entitled
to one vote in all meetines of the stockholders.

3. The said company shall have all the general powers, and
be subject to all the general restrictions conferred or imposed
on corporations generally by the laws of Virginia, save so far
as the same shall contlict with the provisions of this act.

4. The said company shall have power and authority to carry
ona general warehouse, storage, @ock, wharf and lighterave
business, and may lease, purchase, hold, convey and assign all
such real and personal estate as they may deem necessary and
convenient for their business, and may construct warehouses
and other edifices, docks and wharves, and ‘build or purchase
lighters, boats and other vessels, and such other apphances as
they may deem proper for the purpose of their business. They
may receive on storage or deposit, all kinds of merchandise and
personal property for safe keeping or shipment, and make ad-
vances in money thereon; and may transact and carry on all
kinds of business usually transacted by warehousemen, wharf-
ingers and hghtermen; and may collect and receive compensa-
tion for stor ave, dockage, wharfage and lighterage, and all
labor and expenses incident thereto, including the expenses of
receipt and delivery, insurance and custody on all received on
storave or deposit, at such rates and on such terms as may be
agrecd on between the company and the owners of the pro-
perty or their agents, and all advances made by the company
on property received on storage or deposit, and compensation
for all charges and expenses thereon shall be a preferred lien
on said property, which shall be satisfied and paid before the
company can be called on for the delivery of the property.

5. For property received by the company on storage or de-
posit, the receipt or certificate of the company shall be given,
binding the company to deliver the same to the party in whose
favor the receipt or certificate is given, or his assignee, on pay-
ment of all dues to the company, for which the property is
lable, which receipt or certificate shall be negotiable, and by
endorsement or assienment and dellivery thereof, shall transfer
the title to the property therein mentioned and described, to
the holder of the receipt or certificate. The holder of the re-
ceipt or certificate shall be entitled to receive the property from
the company on delivery of the receipt or certificate, properly
endorsed, and paying the company whatever may be due on
the property for advances, charges, storage, labor and expenses,
with interest and cost thereon, if any have accrued. All ad-
vances made by the company shall be endorsed or stated on the
receipt or certificate given for the property on storage or de-
posit, and after a receipt or certificate is given or issued, no
advances on the property for which it is given shall be made by
the company. In the event of the loss or destruction of a re-
ceipt or certificate given by the company for property on stor-
ace or deposit, the bona fide holder of such receipt or certifi-
cate at the time of its loss or destruction, his representatives
or assigns, shall have the same night to receive the property
from the company that he would have had on the delivery of
the receipt or certificate, on proof of the loss or destruction of
the receipt or certificate, and on delivery to the company of a
proper bond of indemnity with security satisfactory to the
company.

6. When from any cause the property on storage or deposit
with the company shall so decrease in value as in the opinion
of the company, to render the preferred lens on said property
a doubtful security for advances, charges, storave, labor and
expenses due the company, or when any property has been left
on storage or deposit, and the charges ‘and expenses attending
it have not been satisfied and paid at such time or times as
may be required by the revulations established by the company
for the conduct of its business, it shall be lawful for the com-
pany to give notice to the party entitled to said property, per-
sonally, or by mailing the notice prepaid to him or his agent's
usual or last known residence or place of business, requiring
the party, within ten days after the receipt of the notice, to pay
to the company all such advances, charges and expenses, with
any interest which may have accrued; and if, within thirty days
after the personal service, or mailing the notice, the same be
not paid, it shall be lawful for the company to sell such pro-
perty at public sale, as to the company may seem best for the
interest of all concerned ; and after reserving the amount due
the company, and paying the costs of sale, pay over the balance
of proceeds of sale to the party entitled thereto on his surren-
der of the receipt or certificate given for the property. If the
holder of the receipt or cer titicate be unknow n, the notice may
be given to the party to whom it was issued or his personal
representative, if deccased: provided, however, that nothing
in this section contained shall be construed to prevent the said
company from making any such sale, at such earlier time, and
in such manner as may be provided in any contract or agree-
ment made by any person or persons with said company.
7. It shall be lawful for the company from time to time tc
borrow such sums of money as may be necessary to carry out
the provisions of this act, and to issue and dispose of thei
promissory notes or bonds for the amounts so borrowed; anc
they may mortgage, pledge or hypothecate, by deed of trust
any part of their corporate property and franchises to secure
the payment of such notes or bonds.

8. The stockholders, in general meeting, shall make and es
tablish such by-laws, rules and regulations, not inconsistent
with the laws of the state of Virginia or of the United States.
as they may deem proper for the management and control o!
their affairs and business and government of their officers.
agents, clerks and other employees, which shall be binding or
themselves and all persons in the employment of the company.

9. The first annual meeting of the company shall be held af
such place as the board of directors may determine on the first
Monday in March, in the year one thousand eight hundred and
seventy-two, and at the first and every subsequent annual meet.
ing, the stockholders shall elect five of their number to consti-
tute a board of directors, to remain in office until the next an-
nual meeting, or until their successors are elected.

10. Subject to the by-laws, rules and regulations of the stock.
holders, the board of directors shall have the management and
control of the affairs and business of the company. From
their own body, they shall elect a president, who shall preside
at all meetings of the board, and perform such other duties as
may be prescribed for him by the stockholders or board of di-
rectors; and the board of directors shall fix the amount of
compensation, if any, the president is to receive. They may
also appoint from their own body, a vice-president and an ex-
ecutive committee, and prescribe the duties of each. They shall
appoint such officers, agents, and clerks as they may find ne-
cessary for the management of the business of the company;
and shall provide for receiving subscriptions to the capital stock,
which they shall make payable at such times and in such instal-
ments as they or the stockholders may direct. Any three
members of the board shall constitute a quorum for the trans-
action of business. The seven persons first named in the first
section of this act shall constitute the board of directors, to
serve until the first annual meeting and until their successors
are elected. So soon as the capital stock shall have been sub-
scribed, they shall call a meeting of the stockholders.

11. The offices of the company, and the warehouses, docks,
wharves, &c. of the company, may be located at such place or
places in or near the city of Norfolk, as the board of directors
or stockholders may determine.

12. It shall be lawful for citier, railroad, steamboat and navi-
vation companies, banks and other corporations to subscribe
Lo the capital stock of this company.

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