CHAP. 106.—An ACT to incorporate the Virginia Dredging com-
pany.

Approved January 28, 1892.

1. Be it enacted by the general assembly of Virginia,
That W. R. Trigg, Norman V. Randolph, Thomas Ellett,
J. C. Brockenbrough, James R. Werth, C. P. E. Burgwyn,
George M. Wilson, and such other persons as they may as-
sociate with them, and their successors and assigns, be,
and they are hereby, made and constituted a body politic
and corporate, by the name of the Virginia dredging com-
pany, and shall have all the powers, rights, and franchises
necessary or proper for the purpose of conducting the busi-
ness hereinafter described.
2. Any five of the corporators named may organize the
company by electing a president and board of directors ;
and thereupon the said company sha]] have and exercise all
the general powers, and be subject to the general restrictions
provided by the laws of the state as to bodies politic and
corporate, except so far as the same are modified by, or are
inconsistent with, this act.

3. The said company shall have authority, in the prose-
cution of its business, which is to dredge material and ob-
structions from water-ways, to own, build, equip, and ope-
rate steam and other boats, dredges, and pile-drivers, light-
ers, and scows; to rent from other individuals, or other
associations, or corporations, such vessels, or to hire to them
the vessels, properties, or facilities, used by and belonging
to the company hereby incorporated. The company may
own as much as one hundred acres of land in the country,
and as much as five acres in the city of Richmond:
provided that the authority given in this act to the com-
pany shall not extend to the dredging of oysters in the
waters of this state.

4. The principal office of the company shall be in the
city of Richmond.

5. The capital stock of this company shall not be less
than ten thousand dollars, and may be increased by a two-
thirds vote of the subscribers thereto to any amount not
exceeding five hundred thousand dollars. The stock is to
be divided into shares of the par value of one hundred dol-
larseach. Each share of stock shall be entitled to one vote.
The said company may issue and dispose of such stock
at such price, and upon such terms and conditions, as may
be agreed upon between the board of directors and the
subscribers thereto.

6. The board of directors of the said company may,
with or without notice, open the books and receive sub-
scriptions to the stock, from time to time, as they may
deem expedient until the stock is fully taken; and all sub-
scriptions to the stock of the company shall be payable
at such times and places, and in such manner and
amounts, as said board of directors may prescribe.

7. It shall be lawful for the said company to receive,
in full or part payment of subscriptions to the capital
stock of the said company, money, lands, labor, leases,
materials, stock, bonds, appliances, or other property or
interest therein, or other means deemed available for the
purposes, or adapted to the uses of said company, or the
proceeds of which, by sale or exchange, may be converted
to the uses of said company, and such subscriptions may
be received from individuals, or other associations or
corporations; and any corporation of this state is hereby
authorized to subscribe to the stock of the company
hereby incorporated.
8. The board of directors shall have power to issue
bonds, either registered or coupon, or convertible, the one
with the other, in sums of one hundred dollars, and mul-
tiples thereof, and bearing interest not exceeding six per
centum per annum; the principal and interest of which
shall be payable at such times and places as the board of di-
rectors may determine, and may secure the same by one or
more mortgages or deeds of trust on the franchises, income
and property of the company, real and personal, or such
part or parts thereof as may be designated in the mort-
gages, or deeds of trust, and may sell such bonds at such
discount as may be thought best for the benefit of the
company.

9. All taxes, dues, and demands due the state, or that
may hereafter become due by this company to the state of
Virginia, shall be paid in lawful money of the United
States, and not in coupons.

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