CHAP. 257.—An ACT to incorporate the Newport News creo-
soting company.

Approved February 16, 1892.

1. Be it enacted by the general assembly of Virginia, That
Carter M. Braxton, George E. Alsop, Boyd D. Chandler,
John L. Marye, junior, Elliott M. Braxton, and such other
persons as they may associate with them and their succes-
sors, be, and they are hereby, made and constituted a body
politic and corporate by the name of the “ Newport News
creosoting company,” and shall have all the powers,
rights, and franchises proper for the purpose of conducting
the business 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 shall have and exercise
all general powers, and be subject to the general restric-
tions provided by the laws of the state of Virginia 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 to manufacture creosote, and other-
wise treat piles, telegraph poles, cross-ties, and lumber
of all kinds; to own, build, or acquire by purchase or other-
wise, and operate the same, all barges, steam-tugs and
vessels necessary to the successful carrying on of said busi-
ness; to own, erect, construct, and build warehouses, oil-
tanks, piers, wharves, docks, and basins to extend sufli-
ciently far into the Hampton roads or James river to
secure adequate depth of water for the purposes of said
company, and to construct and have constructed tramways,
pide-tracks or switches connecting their premises with the
lines of transportation in accordance with the municipal
or other regulations applying to such facilities: provided,
however, that they shall not have power to condemn land
or material.

4. The principal office shall be in Newport News, War-
wick county, Virginia.

5. The said company shal! have power to purchase, own,
hold, lease, sell, grant, transfer, convey, pledge, or other-
wise control real or personal property, except that it shall
only hold such real estate as is proper for the purposes for
which it was incorporated and as security, not to exceed
one thousand acres at one time.

6. The capital stock of this company shall not exceed
one hundred thousand dollars, nor be less than ten thau-
sand dollars, to be divided into shares of the par value of
one hundred dollars each, and said stock may be all com-
mon or such part or parts preferred as the board of direc-
tors of said company may determine in receiving the
original subscriptions to the stock of the company, and
thereafter as may be determined by the board or the com-
pany. The preferred stock may be issued as first pre-
ferred and second preferred stock, or either, in such pro-
portions as may be determined by the board or the com-
pany. Each share of stock ehall be entitled to one vote,
unless otherwise provided at the time its issue is author-
ized. The said company may dispose of such stock at
such prices and upon such terms and conditions as may
be agreed upon between the board of directors and the
subscribers thereto.

7. The board of directors of said company may, with
or without notice, open the books and receive subscriptions
to the stock, from time to time, as they may deem expe-
dient, until the stock is fully taken, and all subscriptions
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; and said board of directors,
with the consent of the holder or holders thereof, may,
from time to time, retire any of the capital stock of said
company, as may be deemed best for the interest of said
company.

8. It shall be lawful for said company to receive in ful]
or part payment of subscriptions to the capital stock of
said company, as may be agreed upon by its board of di-
rectors, money, Jands, leases, materials, stocks, bonds.
claims, or other property or interest therein, or othe
means deemed available for the purposes or adapted to the
uses of said company, or the proceeds of which, by sale o1
exchange, may be converted to the uses of said company;
and such subscriptions may be received from individuals,
other associations, or corporations, and any corporation of
this state is hereby authorized to subscribe to the stock of
the company hereby incorporated; or any service, labor,
means, or property of the character described in this sec-
tion, received by the company, the board of directors may
pay for wholly or partly in capital stock of said company,
and said company may sell, lease, or otherwise dispose of
any land or property acquired under this section.

9. The board of directors shall have power to issue
bonds, either registered or coupons, or convertible the one
with the other, im sums of one hundred dollars and mul-
tiples thereof, and bearing interest not exceeding six per
centum per annum, the priocipal and interest of which
shall be payable at such times and places as the board of
directors may determine, and may secure the same by one
or more mortgages or deeds of trust, and may sell such
bonds at such discount as may be thought best for the ben-
efit of the company.

10. All taxes, dues, and demands due the state, or what
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.

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