Chap. 358.—An ACT to incorporate the Electric Company of Virginia.
Approved March 10, Iss4.

1. Be it enacted by the general assembly of Virginia, That
George L. Arps, William W. Chamberlain, Theodore 8. Gar-
net, Junior, Louis Hilliard, and George ‘McIntosh, of Nor-
folk, Virginia, and such other persons as may hereafter be
associated with them and their successors, be and they
are hereby incorporated and mado a body politic and corpo-
rate under the name and style of the Electric company ot
Virginia, for the purpose of furnishing the electric current
for all purposes for which it is necdful and useful, and to
transmit messages or furnish means for their transmission ;
also to furnish electrical supplies, and generally to transact
any business appertuining to electrical matters; also to fur-
nish power and leht for public and private use, by either
electricity or other means of illumination, all of which it is
hereby authorized to do. subject to the laws of this state and
of the United States.

2. The company shall have a common seal, and in its cor-
porate name, may suc and be sued, plead and be impleaded,
and shall possess and enjoy all the rights, privileges, and im-
munities of a corporation or body, politic in law, and may
make all such by-laws, rules, and regulations not inconsis-
tent with the constitution and laws of this state and of the
United States, as they may deem necessary for promoting
the interests thereof.

3. At the first meeting of stockholders, the company shall
elect a president and four or more directors, who shall remain
in office until the next annual meeting, and until their suc-
cessors shall be elected; and they may fill any vacancy which
may occur in tho office of president or director, to be held
by the persons so elected by the directors, until the next
annual mecting of stockholders; and the said president and
directors shall constitutes board, to have things done that may
be proper and lawful to be done by the company, not other-
wise provided for by tho by-laws of the company; and they
shall hold meetings at such times as they may deem neces-
sary. The annual mectings of stockholders shall be held on
the second Monday in April, until otherwise provided by a
majority of the stockholders.

4. The capital stock of said company shall not be less than
forty thousand dollars, but it may be increased from time to
time, to a sum not exceeding five hundred thousand dollars,
aud be divided into shares of one hundred dollars each; and
such portions of any increase may be made preferred stock,
as a majority of the stockholders may determine. The com-
pany may acquire and hold such real estate as may be neces-
sary for their business, not to exceed ten acres, and may dis-
pose of the same when found no longer needed tor its pur-
USER.

5. The company is authorized to borrow money, at a rate of
interest notexcecding six per centum per annum, payable semi-
annually, and may make them loans convertible into stock of
the company, guaranteed to produce semi-annual dividends,
of not less than three per centum per annum, and to secure
the punctual payment of the principal and interest of) said
loans or said dividends, as the case may be, by a deed of
trust or mortgaze on all the property of the company, its
rights, privileges and franchises,

6. The company shall have authority to erect and main-
tain poles, wires, mins, and necessary fixtures in the streets
of the city of Norfolk, for the proper conduct of their busi-
ness: provided however, that the consent of the municipal
authorities be first obtained, and along the county roads and
highways: provided the consent of the county Courts, where
the same may be located, be first obtained.

7. The principal othce of the company shall be located in
the city of Norfolk, until otherwise ordered by a majority of
the stockholders; but it shall be lawful for the company to
establish branches in the city of Portsmouth and town of
Suffolk, and other cities and towns in this commonwealth,
with local boards of directors, subject to the same conditions,
and with the same powers as the present company; but the
capital stock and accounts of said branch companies, shall be
kept separate and distinct, and all profits and liabilities: of
said branch companies shall belong to, and be borne by them
respectively. The present company may hold shares of
stocl in the branch companies, but the aggregate capital
stock of the branch company shall not exceed five hundred
thousand dollars.

8. Theodore S. Garnett, Junior, and W. C. ILardey, are
hereby appointed commissioners, to receive subscriptions to
the capital stock of this company, and as soon as the mini-
mum amount shall be subscribed, they shall call a meeting
of the subscribers. a majority of whom may proceed to orga-
nize this Company.

9. This act shall be in foree from its passage.