Chap. 99.—An ACT to incorporate the Danville Storage company.

Approved February 8, 1888.

1. Be it enacted by the general assembly of Virginia, That
F. X. Burton, J. G. Penn, J. H. Schoolfield, W. T. Sutherlin,
J. M. Neal, Albert Gerst, E. G. Moseley, E. K. Jones, John F.
Rison, W. W. Worsham, E. H. Miller, James Fricker, O.
Wemple, J. E. Schoolfield, E. F. Acre, J. E. Lipscombe, W.
F. Thomas, Green Penn, J. A. Craddick, P. W. Ferril, E. B.
Withers, J. A. Henderson, W. P. Bethell, T. J. Talbott, A. G.
Fuller, J. D. Blair, J. R. Pace, C. G. Holland, M. P. Jordan,

George A. Lea, R. A. Bendall, W. B. Brooks, J. R. Topiings
John G. Lea, W. N. Shelton, W. W. New, H. W. Cole, F. B.
Graveley, J. M. Johnston, R. L. Hickson, J. R. Hutchings, D.
A. Overby, B. J. Crews, George 8. Hughes, Tarlton Brown,
J. R. Cabell, G. H. Poindexter, J. N. Wylie; T. N. Jordan,
John O. Read, Harry Wooding, George Coleman, W. P. Hod-
nett, J. J. Pritchett, C. H. Conrad, J. T. Catlin, J. T. Watson,
P. R. Jones, John G. Friend, John H. Cosby, C. C. Dula, T.
J. Corbin, C. H. Hicky, R. L. Dibrell, H. D. Guarrant, and
such other persons as may be hereafter associated with them,
and their successors, be and are hereby created and declared
a body politic and corporate under the name and style of the
Danville Storage company.

2. The capital stock of the said company shall be one hun-
dred thousand dollars, which may be increased at the option
of said company to any amount not exceeding five hundred
thousand dollars. So soon as twenty-five thousand dollars of
the said capital stock shall have been subscribed and ten per
centum thereof paid in cash, it shall be lawful for the said
company to organize and commence business. The said cap-
ital stock shall be divided into shares of one hundred dollars
each; shall be deemed personal property; shall be transfer-
able as may be prescribed by the by-laws of the said company,
and each shall entitle its holder to one vote in all meetings of

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

4. The said company shall have power and authority to.
carry on a general warehouse, storage and commission busi-
ness; may lease, purchase, hold, convey, and assign all such
real and personal property as it may deem necessary and
convenient for its business, not exceeding in value the amount
of the capital stock of the company; may construct ware-
houses and other buildings for its business; may receive on
storage or deposit tobacco and other agricultural products,
and all other kinds of general merchandise and personal
property, not to include bonds, notes, accounts, or other se-
curities and evidences of debt, for safe keeping, sale or ship-
ment; may transact and carry on all kinds of business usually
transacted and carried on by warehousemen and commission
merchants; may collect and receive compensation for storage,
selling or shipment and all labor incident thereto, including
expenses of receiving and delivering, handling, sampling,
cooperage, insurance, and custody, or any other service ren-
dered or expense incurred on all property received on storage
or deposit, at such rates and on such terms as may be agreed
on by and between said company and the owners of such
property or their respective agents; may make advances in
money, negotiable notes, acceptances, endorsements, or other
evidences of indebtedness on tobacco or other agricultural
products, merchandise or other property stored or deposited
with it, and may guarantee payment of notes, acceptances,
bonds, or other like obligations of persons or corporations
storing or depositing such property with it, other than bonds
of the state of Virginia or of any county or city of the state
or of cotnty, state or district officers, and all such advances
or guarantees so made by said 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 said company
shall be called on for the delivery of said property; and for
such advances in money or otherwise, acceptances, notes, or
guarantees, the said company shall be entitled to charge and
collect such commissions as may be agreed upon between said
company andthe owners of such property or their agents:
provided, that no advancement in money or otherwise, accep-
tance, endorsement or guaranty so made, shall, in any case
exceed seventy-five per centum of the cash value of the prop-
erty on which it is made, and all such property shall be
actually in the hands of the said company before any such
advances, acceptances, endorsements or guarantees, what-
ever shall be made.

5. The said company shall appoint and employ an intelli-.
gent, experienced and reliable man, skilled in the handling of '
tobacco, and possessing a good, general knowledge of other

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things and their value, who shall, under oath, whenever so
directed by said company, carefully examine and sample all
tobacco and other thing deposited with said company, and
make a record of the same in a book to be kept by him for
that purpose; and when required by said company so to do,
he shall give a certificate of such examination and sampling,
with the date thereof, and the order and condition of the
tobacco or other thing so examined and sampled, and the
cash value of the same; and the said company shall, in all
cases where it makes advances or guarantees of any kind, be
governed by said valuation so certified.

6. For all tobacco or other property received by the com-
pany on storage or deposit, and which it is authorized to
receive under this act, the receipt or certificate of the com-
pany shall be given, binding the company to deliver the said
tobacco or other thing to the party in whose favor the receipt
or certificate is given, or his assignee, on payment of all dues
to the company, for which the same is liable, which receipt
or certificate shall be negotiable, and by endorsement or
assignment and delivery thereof, shall transfer the title to the
property therein mentioned and described, to the holder of the
said receipt or certificate. The holder of the said receipt or
certificate shall be entitled to receive the property therein
mentioned and described, from the company, on delivery of
said receipt or certificate, properly endorsed, and paying to
the company whatever may be due on the said property for
advances, endorsements, guarantees, charges, storage, labor
and expenses, with interest and costs thereon, if any have
accrued. All advances, endorsements and guarantees made
by the company on any property stored or deposited with it,
shall be endorsed or stated on the receipt or certificate given
for such property. In the event of the loss or destruction of
a receipt or certificate given by the company for property on
storage or deposit, the bona fine holder of such receipt or
certificate at the time of its loss or destruction, his represen-
tatives or assigns, shall have the same right to receive the
said property from the said company that he would have had
on the delivery of the said receipt on proof of its said loss or
destruction, and on delivery to the said company of a proper
bond of indemnity, with security satisfactory to said com-

any.
P 7. Whenever from any cause any tobacco or other prop-
erty on storage or deposit with the said company shall so
decrease in value as, in the opinion of the said company, to
render the prefered lien on the same a doubtful security for
advances, endorsements, guarantecs, charges, storage, labor
and expenses due the said company thereon; or whenever,
on any tobacco or other property left on storage or deposit
with the said company, the advances, endorsements, guaran-
tees, charges, labor, storage and expenses due the said com-
pany thereon shall not have been satisfied and paid at such
time or times as may be required by the regulations estab-
lished by said company for the conduct of its business, it

shall be lawful for the said company to give notice to the
party entitled to said tobacco or other property, personally
(or by mailing such notice to him), or his agent, at his or
agent’s last known place of business or residence, requiring
the said party, within fifteen days after the receipt of such
notice, to pay to the said company all such advancements,
endorsements, guarantees, charges, storage, labor and ex-
penses, with any interest that may have accrued thereon;
and if, within twenty-tive days after the personal service (or
mailing of such notice), the same be not paid, it shall be law-
ful for the said company to sell such property at public sale,
after ten days’ public notice, as to the said company may
seem best for all concerned; and after reserving the amount
due the said company, and paying the costs of the sale, the
said company shall pay over the ‘balance of the proceeds of
the property to the party entitled thereto, on his surrender
of the receipt or certificate given for said property. If the
holder of the receipt or certificate be unknown to the said
company, the said notice may be given to the party to whom
the said receipt or certificate was originally issued, or, if he
be deceased, to his personal representative. But nothing in
this section contained shall be construed to prevent the said
company from making any such sale at such earlier or later
time, and in such other manner as may be provided for in
any contract or agreement made by any person or persons
with said company.

8. 1t shall be lawful for the said company to borrow such
sums of money, from time to time, as may be necessary to
earry out the provisions of this act, and to issue and dispose
of its promissory notes or bonds for the amounts so borrowed ;
and the said company may mortgage, pledge, or hypothecate
any part of its corporate property and franchises to secure
the payment of such notes or bonds.

9. The stockholders, in general meeting, shall make and
establish such by-laws, rules and regulations not inconsistent
with the laws of the state of Virginia or of the United States
not inconsistent with this act as they may deem proper for
the management and control of the affairs and business of
the said company and the government ot its officers, agents,
clerks and other employees, which shall be binding upon
themselves and all persons in the employment of the said
company.

10. The seven persons first named in the first section of
this act shall constitute the board of directors, who shall
serve until the first annual meeting of tho stockholders, and
until their successors are elected. So soon as the said com-
pany is authorized to organize and commence business, by
having complied with the requirements of the second section
of this act, the board of directors shall call a meeting of the
stockholders, at such time and place as they may appoint,
which shall be their first annual meeting. At their first and
every subsequent annual meeting, the stockbolders shall elect

seven of their number to constitute a board of directors, to
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remain in office until their next annual meeting, or until their
successors are elected.

11. Subject to the by-laws, rules and regulations of the
company, the board of directors shall have the management
and control of its affairs and business. 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 pre-
scribed for him by the stockholders or board of directors; his
compensation, if any, shall be fixed by the board of directors.
They may also choose a vice-president and an executive com-
mittee from their own body and prescribe their duties. They
shall appoint such officers, agents and clerks as they may find
necessary for the management of the company’s business; and
they shall provide for receiving subscriptions to the capital
stock of the company, which they shall make payable at such
times and in such instalments as they, or the stockholders in
general meeting may determine.

12. The offices of the said company and its warehouse and
other buildings shall be located at such place or places in the
city of Danville as the board of directors or the stockholders
of the company, in general meeting may determine.

13. All taxes assessed against this corporation to be paid
in money and not in coupons.

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