CHAP. 60.—An ACT to ratify and confirm and amend the cha
ter of the Norfolk company.

Approved January 14, 1892.

Whereas the corporation court of the city of Norfol
did, on the twenty-first day of May, anno Domini, eigt
teen hundred and ninety, grant acharter of incorpors
tion to the Norfolk company, as follows:

Virginia: In the corporation court of the city of No
folk, to-wit: This day came Theodore H. Price, John EF
Dingee, F. J. Kimball, Joseph I. Doran, Harry F. Wes
Richard B. Tunstall, Fergus Reid, Alfred P. Thom, C. ¢
Ramsay, Walter H. Taylor, and N. M. Osborne, who hav
duly made, signed and acknowledged before a notary public,
the certificate in writing hereto attached, and presented
the same to the court. Upon reading and maturely con-
sidering said certificate, and the application therein made,
the court doth adjudge, order, and decree that a charter
of incorporation be, and is hereby, granted to the said
Theodore H. Price, John H. Dingee, F. J. Kimball, Joseph
I. Doran, Harry F. West, Richard B. Tunstall, Fergus
Reid, Alfred P. Thom, C. G. Ramsay, Walter H. Taylor,
and N. M. Osborne, upon the following terms, that is to
Say:

1. The said Theodore H. Price, John H. Dingee, F. J.
Kimball, Joseph I. Doran, Harry F. West, Richard B.
Tunstall, Fergus Reid, Alfred P. Thom, C. G. Ramsay,
Walter H. Taylor, and N. M. Osborne, and such other per-
sons as are now or may hereafter be associated with them,
their successors and assigns, are hereby created a body
politic and corporate, under and by the name of the Nor-
folk company, and as such company shall have all the
general powers, and be subject to all the general restric-
tions conferred and imposed, and be governed by the
provisions of chapters forty-six and forty-seven, of the
code of Virginia, of eighteen hundred and eighty-seven,
so far as they are applicable and not inconsistent with
this charter.

2. The purposes for which this company is formed,
Bhall be to acquire, improve, lay out, develop, hold and
sell real estate in thecity of Norfolk, and state of Vir-
ginia, and to that end, the company shall have power to
lay out streets, avenues, and highways, to grade and
pave the same; to construct bridges; to establish public
grounds, squares, and parks; to establish gas-works, and
electric light plants for the purpose of furnishing power
and light; to construct water-works; to build houses
and other structures; and to lend money to persons pur-
chasing real estate from the company, for the purpose of
enabling them to improve the same, and generally todo all
things necessary for furnishing to persons who may de-
sire to reside or do business there, the attractions, conve-
niences and facilities of a place of residence or business,
and all other powers necessary or convenient to the ac-
quisition, improvement, laying out, developing, holding,
and selling such properties, and to the establishment and
maintenance of such improvements.

3 .‘‘The capital stock of said company shall be not less
than three hundred thousand dollars nor more than five
million dollars, divided into shares of one hundred dollars
each.

4. “The company shal] have power to determine how
subscriptions to its capital stock may be received, and no
notice of the time or place of receiving such subscrip-
tions shall be necessary. It may increase or diminish its
capital stock from time to time in such manner as it may
elect within the limits above prescribed.

‘**Said company shal] have the power to issue preferred
stock and common stock, and to establish the privileges
and preferences on which preferred stock is issued and
held, and to determine the time or times at which such
preferred stock may be paid off and retired. )

“It shall have power to acquire and hold real estate not
to exceed five hundred acres at any one time, and to dis-
pose or sell, grant, and convey its property, real and per-
sonal.

o. “The place at which its principal office is to be kept
is the city of Norfolk, in the state of Virginia.

6. “The chief business to be transacted by said com-
pany is that set forth in paragraph second above.

7. “The names and residences of the officers who, for
the first year are to manage the affairs of the company,
are as follows: Theodore H. Price, New York city, New
York, president; Alfred P. Thom, Norfolk, Virginia, vice-
president and general counsel; John H. Dingee, Philadel-
phia, Pennsylvania, secretary and treasurer.

“BOARD OF DIRECTORS:

‘“‘ Richard B. Tunstall, Norfolk, Virginia; F. J. Kimball,
Philadelphia, Pennsylvania; Josepk I. Doran, Philadel-
phia, Pennsylvania; Alfred P. Thom, Norfolk, Virginia;
Fergus Reid, Norfolk, Virginia; C. G. Ramsay, Norfolk,
Virginia; John H. Dingee, Philadelphia, Penngylvania;
Walter H. Taylor, Norfolk, Virginia; H. F. West, Phila-
delphia, Pennsylvania; Theodore H. Price, New York city,
New York; N. M. Osborne, Norfolk, Virginia.

‘“‘The said company shall also have power to accept in
payment for property its preferred stock at par so soon as
the subscription price for the same shall have been full
paid, in which event the stock so received shall be retired
and cancelled. It shall likewise have power to subscribe
to, purchase, or otherwise acquire the stock of any other
company or companies.

“The said company shall pay all its taxes and other de-
mands against it due the state of Virginia in current
money of the United States”; and

Whereas under the financial plan under which the said
company was organized it was proposed to issue preferred
stock, with six per centum cumulative dividends, to the
amount of one million dollars and two million dollars of
certificates, which were to be transferrable by endorsement
and would give the holders the right to receive pro rata a
like amount of two million dollars in fully-paid common
stock, when and as soon as the net earnings, profits, and
assets of the company should warrant the issue of such
common shares as fully paid, or as soon as legislative au-
thority therefor could be obtained; therefore,

1. Be it enacted by the general assembly of Virginia,
That the said charter of the Norfolk company, be, and
the same hereby, is ratified and confirmed, except in so
far as the officers thereof may have been changed in the
meanwhile, in which event, such change of officers is also
hereby ratified and confirmed.

2. That the said company, be, and it hereby is, author-
ized to issue common stock, as provided in its financial
plan, in lieu of said certificates, which common stock
shall be considered as fully paid, and there shall be no indi-
vidual liability upon the takers or holders of the same in
reference thereto.

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