Chap. 315.—An ACT to incorporate the Pamunky mining and navi-
gation company.

Approved Mav 20, 1887,

1. Be it enacted by the general assembly of Virginia, That
David Youngling, Jr., W. i Willewy, J. H. Kracke, R. B.
Fauntleroy, 4 T. Lacy, L . A. Slater, J. D. Odell, John B.
Vaiden, H. R. Pollard, A. W. Eastwood, and Thomas S. Talia.
ferro, and their associates and successors are hereby consti:
tuted a body politic and corporate, under the name of the
Pamunky mining and navigation company, for the purpose
of mining and transporting freight and passengers in the
Chesape ako bay and its tributaries.

That the capital stock of said company sball not be less
than five thousand dollars nor more than five hundred thou-
sand dollars, and shall be divided into shares of one bundred
dollars each. Each share of stock shall be entitled to one
vote.

3. Any three of the corporators above named, may act as
commissioners for the purpose of taking subscriptions to the
capital stock of the company, and subscriptions to the capital
stock may be payable either in money, labor, land, material,
or other property at such price and upon such terms as the
said company may agree upon.

4. As soon as the minimum amount of capital above
named has been subscribed, and the amount required by
chapter fifty-seven of the Code of eighteen hundred and
seventy-three, to be paid gt the time of subscribing, has been
paid, the company may be organized pursuant to the provis-
ions of law relating to chartered companies.

5. The company shall have power to borrow money for its
purposes, and to secure the payment of the same by deed of
trust or mortgage on its works, property, and franchises.

6. The said company shall bave power to lease or purchase
boats, barges, and vessels, either steam or sail, and may lease
or purchase real estate, mines, or mineral beds, such real
estate so purchased not to exceed twenty thousand acres
owned at any one time, and said company is granted the
privilege of taking marls and minerals from the beds of the
navigable waters of the commonwealth.

7. This act shall be in force from its passage: provided that
the said company shall pay its taxes in lawful money of the
United States and not in coupons of the State of Virginia;
and this charter shall be subject to amendment, modification,
or repeal at the pleasure of the gencral assembly of Virginia.