Chap. 53. —An ACT to incorporate the Planters’ Tobacco Warchouse
of Bristol.

Approved February 6, 1878.

1. Be it enacted by the general assembly of Virginia, That
Z. L. Burson, Henry C. Holly, John Oyler, Joel Kaylor, Abel
J. Fleener, William Eades, John Wood, John Shankle, J. B.
Dunn, Joseph Deck, and James M. Barker, and such other
persons as may become associated with them, and their suc-
cessors, be and the same are hereby constituted a body poli.
tic and corporate by the name of The Planters’ Tobacco
Warehouse Company of Bristol, to be located in the town of
Goodson; and by that title shall have perpetual succession ;
shall sue and be sued, implead and be impleaded; and shall
have power to own real estate for purposes of said associa-
tion, not to exceed two acres; and shall have power to carry
on the tobacco warehouse business only, under such regula-
tions and restrictions as may be and are imposed by the gen-
eral assembly on private warehouses.

2. The capital stock of said company shall be one thou-
sand dollars, with the privilege of increasing the same, from
time to time, to ten thousand dollars, to be divided into
shares of not less than ten dollars each.

3. Thesaid company shall have power to create mortgages
on any part or the whole of its property, at a rate of inter-
est not exceeding six per centum per annum, and to sell,
convey, or exchange the same.

4, The stockholders of said tobacco warehouse, in meeting
assembled, of which meeting public notice shall be given at
least twenty days prior thereto, and in which a majority of
said stock shall be represented, shall clect a board of direc-
tors, each of whom shall be a stockholder.

5. Said company shall have power to fix the number of its
directors by its by-laws, which shall be adopted by a meet-
ing of the stockholders, as provided for in section four of
this act, a majority of whom shall constitute a quorum for
business; one of whom shall be president, to be elected by
them as such. Said board of directors shall also elect one of
their number treasurer, and another one as secretary, and
shall affix such compensation or allow such salary to such
officers as they may deem proper. Said officersand directors
shall hold their terms of office for such length of time as the
by-laws of said company shall provide, or until their succes-
sors are elected.

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