Chap. 342.—An ACT to incorporate the National Compress Associa-
tion Company of Norfolk.

Approved March 7, 1884.

1. Beit enacted by the g neral assembly of Virginia, That
V. PD. Groner, George W. Grador, William H. White, and
James N. Bell, of Virginia, and W. D. Northend, of Massa-
chusetts, their associates and successors, be and are hereby
ereated a body politic and corporate under the name of the
National Compress Association of Norfolk, Virginia, and by
that name and style shall have perpetual succession, may sue
and be sued, contract and be contracted with, plead and be
impleaded, have a common seal, and change the same at plea-
sure, and shall have all the rights and privileges of & corpo-

ration, and be subject to all the rules, regulations and restric-
tions imposed by the laws of Virginia in relation to joint
stock companies, so far as they are applicable to and not in-
consistent with the provisions of this gct.

2. The capital stock of this company shall not be less than
fifty thousand dollars, nor more than five hundred thousand,
divided into shares of one hundred dollars each, and each
share shall be entitled to one vote. The amount of stock to
be issued within the limits aforesaid, shall be determined by a
vote of the stockholders at annual or special meetings law-
fully convened. As soon as the aforesaid minimum sum of
fifty thousand dollars shall have been subscribed, the corpo-
ration may be organized; and whenever the stockholders de-
termine to increase the amount of capital stock, they may

roceed to take subscriptions to such additional stock, either

y opening books of subscription in the manner prescribed
by the general law, or by private subscription, or in any other
manner, or on any other terms that may be deemed best by
the said stockholders.

3. The objects of this corporation are to compress hay,
cotton or other material, to warehouse and stevedore the
BamMe.

4. The place of business of this corporation shall be in the
city or county of Norfolk, Virginia; but it shall have power
to make and entorce contracts anywhere within or without
the stato, unless forbidden by local law.

5. The said corporation may acquire and hold real estate,
not to exceed one hundred acres in amount, and may sell or
alien the same, or charge the same with its debts, or incur
debts upon the security of the same in any manner and for
any purpose that a natural person might; but this shall not
be construed to prevent the said corporation trom buying or
receiving a greater amount of land than one hundred acres
when necessary or expedient for the purpose of securing
debts duc to the said corporation.

6. The officers of this corporation shall consist of a presi-
dent, secretary, treasurer, and not less than three directors,
including the president, who shall be a member of the board
of directors by virtue of his oflice, and shall preside at their
meetings. All of these oftices shall be held by the stock-
holders of this corporation, and the president may be elected
to fill the office of treasurer. These officers shall be chosen
at the regular annual meetings of stockholders, but vacancies
may be filled at special me etings. The dutics, powers, mode
of election and qualifications of the respective oflicers shall
prescribed in the by-laws. If for any cause the election of
officers does not take place at the annual mectings, the elce-
tion may be held at a special meeting called for the purpose,
and the incumbents shall hold over until their suecessors are
elected and qualified.

7. The regular annual mecting of the stockholders shall
be held on the first Thursday in April of cach year. No
notice of the annual mectings shall be required. Special
meetings may be called, w henever deemed proper, by the
president and board ot directors, upon publication of notice
of tho time and place of such special mectings, for at least
seven days, in one or more newspapers published in the city
of Norfolk. A majority of the stock, represented either in

erson or by proxy, shall be a quorum for the transaction ot

usiness, and stockholders may vote by proxy or in person.

8. The corporation shall have powor to make by-laws for
its government not inconsistent with the laws of this state or
of the United States, and may amend or repeal the same at
pleasure. It may prescribe in such by-laws the mode and
terms of subscription tothe capital stock. In addition to the
ordinary remedies allowed by law, it shall have a lien upon
the stock of any member for the unpaid installments, and
may sell the same after ninety day's default in the payment
of such installments, and after thirty day's notice of such
sale by advertisement.

9. The said corporation may issue, for the purposes of their
business, bonds to the extent of fifty thousand dollars, and
secure the payment of the same by a deed of trust, giving a
first lien on all the property and franchises of the said cor-
poration.

10. The signature of the corporate name by the president,
as president, with the seal of the corporation affixed, shall be
a sufficient execution of any legal document or writing by
the corporation.

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