CHAP. 289.—An ACT to incorporate the Virginia water com-
pany.

Approved February 16, 1892.

1. Be it enacted by the general assembly of Virginia,
That George W. Jobnston, Holt W. Page, H. G. H. Tarr.
Herbert L. Smith, R. B. Cooke, N. M. Osborne, and W. H.
Stewart, and their associates, successors, and assigns, be.
and they are hereby, made and declared a body politic and
corporate by the name and style of the Virginia wate:
company, and as such may have, exercise, and enjoy al
the rights, privileges, powers, and franchises pertaining tc

corporate bodies and necessary for the purposes of this
act.

2. The capital stock of said company shall not be less
than ten thousand dollars, divided into shares of one hun:
dred dollars each, and may be increased to any amoun'
not exceeding five hundred thousand dollars, from time tc
time, as the board of directors of said company may
prescribe. The said company may receive subscription:
to its capital stock or payment for its shares so issuec
in money, land, or other property, in such sums and upor
such terms as may be agreed upon or authorized by it:
board of directors, and said company may give a prefer
ence to a portion of its capital stock over the residu
thereof as to dividends or the payment thereof.

3. The above-named corporators, or any three of them
may receive subscriptions to the capital stock of said com
pany, and when the minimum capital of ten thousanc
dollars shall have been subscribed, the subscribers may
organize said company by the election of five directoré
of whom they shall elect one as president, to remain il
office one year and until their successors are elected anc
qualified, unless sooner removed by the vote of the stock-
holders. After such organization the stockholders at any
general meeting may change the number of directors and
provide for the proper government of the company by
adopting such by-laws as they may deem proper. The
board of directors may appoint or authorize to be appointed
such subordinate officers and agents of the company as
they may deem necessary and proper for the conduct of
the business of the company. Earh stockholder shall
be entitled to one vote for each share of stock held by
him. There shall be no limit upon the amount of shares
of the stock to be held by one person, and four-fifths of
the capital stock may become the property of less than
five persons without any forfeiture of the chartered rights
of the company.

4, The said company is hereby authorized to erect and
construct water-works, to acquire, or build, establish and
maintain wharves and wet-docks, and to supply to any
persons or corporations, and to any of the cities and towns
of this state, and to the state or federal governments,
water and water-power on such terms as may be agreed
upon. The said company may acquire by contract or oth-
erwise, such land and water rights as it may deem neces-
sary from any persons or corporations, and from any
sources, within this state, including the waters of Lake
Drummond and its tributaries or affluents: provided
that any use of the waters of Lake Drummond, its tribu-
taries or affluents, shall at all times be subject to the
rights thereto of the Norfolk and North Carolina canal
company and its assigns, the successors of the Dismal
Swamp canal company. The amount of land to be held
by this corporation at any one time, shall not exceed five
thousand acres.

5. It shall be lawful for said company to issue and sell
its bonds from time to time, for such sums and on such
terms as its board of directors may prescribe, in the pros-
ecution of its works and business, and may secure the
payment of the principal and interest thereof by deed or
deeds of trust upon all or any portion of its property,
rights and franchises; and it shall be lawful for said
company to subscribe to, acquire and hold shares in the
capital stock of any other corporation whenever the board
of directors shall deem it expedient to do so.

6. All taxes due by the said company to the state of
Virginia upon the property of said company shall be paid
in lawful money of the United States, and not in coupons.

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