CHAP. 453.—An ACT to incorporate the Mercantile Publishing
company of Norfolk city.

Approved March 8. 1890.

1. Be it enacted by the general assembly of Virginia.
That Robert W. Lamb, John Twohy, Arthur H. Page.
George W. Owen, and William Lander, and such others as
may be associated with them, and their successors, are cre-
ated a body politic and corporate under the name and
style of the Mercantile Publishing company, and as such
shall have perpetual succession, shall possess all privi-
leges and powers of corporations, and are authorized todo
all acts necessary for carrying on a general newspaper,
publishing, printing, lithographing, engraving, and bind-
ing business.

2. The capital stock of said company, for purposes of
organization, shall not be less than five thousand dollars.
divided into shares of one hundred dollars each. Said
company may, with consent of a majority of the stock-
holders, increase the minimum capital stock from time to
time to such an amount or amounts as may be deemed
expedient, such stock to be in proportion of two shares of
preferred toone of common; to be issued and sold in such
manner by the board of directors as the stockholders in
meeting assembled may have by resolution directed them
in authorizing such increase: provided, the capital stock
shall not exceed two hundred and fifty thousand dollars.
In all meetings of the stockholders each share shall te
entitled to one vote, which vote may be cast in person or
by proxy.

3. The said company shall have power to issue a pre-
ferred stock, on which it may guarantee dividends not ex-
ceeding 81x per centum per annum from the general profits
of the company, but when the general profits exceed such
guaranteed per centum per annum on the whole stock the
holders of the common and preferred stock shall shar:
equally with such profits.
4. The said company may also issue bonds or other obli-
gations and borrow money to such an amount as it may
dieem necessary and proper for purposes of its business,
securing the same, if necessary, by mortgage or deed of
trust upon the property of said company.

5. The said company may acquire whatever real estate
may be necessary for its purposes in the city of Norfolk.

6. The said company are authorized to contract with
any telegraph or telephone company for the use of private
wires for the purposes of its.business, or may construct
telegraph or telephone lines to any points in or beyond
the limits of the state of Virginia for its exclusive use in
the conduct of its business.

7. The incorporators herein named shall have all the
powers and authority of a board of directors for the pur-
pose of the organization of said company, and for all
other purposes, until their successors are elected and
qualify. They shall elect one of their number president,
and appoint other necessary officers. It shall be lawful
for them to appoint an agent or agents to obtain subscrip-
tions to the capital stock, and shall have the power to
issue common stock to such agent or agents in payment of
such services.

8. The said company in accepting this act agrees to pay
all their taxes due or to become due to the state of Vir-
ginia in lawful currency of the United States and not in
coupons.

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