Chap. 464,—An ACT to amend and re-enact the charter of the
Portsmouth land, improvement, and promotion company.

Approved March 3, 1890

1. Beit enacted by the general assembly of Virginia,
That the charter of the Portsmouth land, improvement,
and promotion company, granted by the judge of the court
of hustings for the city of Portsmouth, in vacation, on
the first day of July, eighteen hundred and eighty-nine,
be, and the same is hereby, amended and re-enacted so
as to read as follows:

81. That Joseph L. Bilisoly, H. L. Watts, J. W. Brown.
junior, John H. Hume, G. M. Reynolds, W. L. Bilisoly, E.
O. Young, J. L. Watson, G. Hatton, O. V. Smith, A. P.
Grice, W. B. Godwin, P. C. Trugien, A. L. Bilisoly, A. J.
Phillips, George R. Trant, W. V. H. Williams, S. W. Nie-
meyer, and such others as are now, or may hereafter be,
associated with them, and their successors, are hereby
constituted a body politic and corporate, by the name of
“The Portsmouth land, improvement, and promotion com-
pany,” and by that name and style shall have perpetual
succession and a common seal, which it may alter or amend
at its pleasure, and may sue and be sued, implead and
be impleaded, contract and be contracted with, purchase,
hold, and grant estates, real and personal, and make ordi-
nances, by-laws, and regulations, consistent with the laws
of this state and of the United States, for the government
of all under its authority, for the management of its
estates, and the due and orderly conducting of its affairs,
and shall have all of the general powers, and be subject
to all the general restrictions, conferred and imposed on
corporations, and be governed by the provisions of chap-
ters forty-six and forty-seven of the code of this state, so
far as the same are applicable, and shall be subject to all
future laws which may be passed to alter or amend the
same. And upon the further condition that it shall com-
ply with the provisions of section four hundred and three,
chapter twenty-two, code of eighteen hundred and eighty-
seven.

$2. The said company is authorized and empowered to
purchase, hold, improve, sell, grant, and convery real
estate, either in lots or in such parts, or as a whole, as it
may desire; to purchase and sell personal property; to
borrow money and make loans, and do a general banking
business; and especially to do what may be necessary to
promote manufacturing and all forms of business tending
to build up and bring into active use the lands in this sec-
tion, or to do any one or more of them, as the board of
direc tors may elect.

$3. The capital stock of said company shall not be less
than twenty thousand dollars, nor more than four hun-
dred thousand dollars, divided into shares of the par value
of one hundred dollars each, which shall be paid for in
monthly instalments of one dollar per share. The pay-
ments on stock tocontinue until the amount paid, together
with the dividends, are equal to the par value of said
stock. The certificates of said stock shall be issued in
such forms and under such circumstances as may be re-
quired by the by-laws of the company, and shall set forth
truly the actual capital of the company, the nominal value of
each share of the stock, and the amount paid on each share
by the holder of such certificate; and shall be transfer-
able on the books of the company at any time. No mem-
ber shall hold or own at any one time less than one share
nor more than one hundred shares.

§4. The said company is hereby authorized from time to
time to borrow such sums of money as may be necessary
for its purposes, and for such loans to issue its bonds,
bearing interest; to sell, exchange, and hypothecate said
bonds on such terms as it may deem advisable, and to se-
cure the said bonds and interest thereon by deed of trust
or mortgage on its property, rea] and personal, or in such
other manner as it may desire.

5. The company may purchase and hold real estate, pro-
vided the amount so held by the company does not at any
one time exceed ten thousand acres, and may subscribe to,
purchase, or otherwise acquire the stock of other com-
panies, and may vote such stock in any general or special
meeting of stockholders of such company or companies,
and have all other rights and privileges granted by law to
other stockholders.

§6. The officers of said company shall consist of a presi-
dent, vice-president, secretary, treasurer, and board of
directors. The said board of directors shall consist of the
president and vice-president of the company and not less
than six nor more than twelve stockholders, as may be
prescribed by its by-]aws, and shall manage the affairs of
the company in accordance with its by-laws. The board
of directors shall have power to take from its secretary
and treasurer bond with security, payable to company, in
such penalty as they may require, conditioned for the
faithful performance by them of the duties of their re-
spective offices.

§7. The company may make by-laws for the management
of its affairs, the conduct of its business and its govern-
ment, and to regulate the admission of members: pro-
vided, that the same do not conflict with the laws of this
state or the United States.

§8. Its principal office shall be kept in the city of Ports-
mouth, state of Virginia.

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