Chap. 561.—An ACT to incorporate the United States cotton warehouse and
loan company of Virginia.

- Approved March 2, 1894.

1. Be it enacted by the general assembly of Virginia, That Edward
A. Pierson, New York; John H. Dingee, Philadelphia; J. Andre
Mottu, Norfolk; J. R. McMurran, Saint Paul, Minnesota; Heber
Alter, Philadelphia; James Y. Leigh, Norfolk; S. Henry Norris,
Philadelphia; William Burrington, Philadelphia; Herman Nie-
meyer, Portsmouth; Fergus Reid, Norfolk; C. W. Murdaugh, Mar-
cellus Miller, Berkley; Park Pointdexter, William Pedin, Phila-
delphia; William Schmoele, junior, Portsmouth; John L. Vaughan,
O. P. Heath, S. L. Burroughs, Walter S. Taylor and George Ward,
their associates and successors, be, and are hereby, created a body
politic and corporate under the name of United States cotton ware-
house and loan company of Virginia, and by that name and style
shall have perpetual succession; may sue and be sued, contract and
be contracted with, plead and be impleaded, have a common seal and
change the same at pleasure, and shall have all the rights and privi-
leges of a corporation.

2. The said company is hereby authorized to construct at or near
Norfolk or Portsmouth, Virginia, and at any point on tidewater,
wharves, piers, docks, warehouses, elevators and cotton presses suita-
ble for the accommodation of steamships, vessels and boats, and for
convenient loading, unloading, shipping, receiving and storing of all
kinds of merchandise and personal property, and said company may
conduct a general dock, warehouse, wharf and lighterage business,
and may acquire, by lease or purchase, such real and personal estate
as it may deem necessary or convenient for its purpose, and may
build, purchase or hire lighters, boats and vessels and other appli-
ances used for the business.

3. It may receive on storage or deposit all kinds of merchandise
and property for safe-keeping, and may conduct any business usually
transacted by warehousemen, wharfingers and lightermen, and may
charge and collect compensation for storage, dockage, wharfage and
lighterage; and this company shall have power and authority to re-
ceive cotton on deposit, and grant certificates therefor in accordance
with the conditions and provisions of the law of Virginia, and may
charge and collect compensation for storage, dockage, wharfage and
lighterage, and for all labor incident thereto, including the expense
of weighing, insuring, keeping and delivering such merchandise or
personal property, on such rates and on such terms as may be agreed
upon between it and its customers or their agents, and for any ad-
vance made by it on merchandise or property stored or deposited
with it, and for all its charges and expenses incident thereto said
company shall have a preferred lien on said merchandise or property,
which shall be paid before said company can be required to deliver
the same.

4. That for convenience of access to such improvements the said
company shall also have authority to construct, equip and operate
one or more railways or roads, with all necessary sidings and
branches, not to exceed five miles in length, from any of said struc-
tures to such point or points of convenient connection with each or
any line of railway passing through or terminating at or near either
Norfolk, Portsmouth, Berkley, Suffolk or Petersburg, as the said
company shall determine: provided proper compensation be paid
for rights of way for such roads, but shall not have power of con-
demnation.

5. Any railway, steamship or navigation company with which
said United States cotton warehouse and loan company may connect is
hereby authorized to acquire, by subscription, purchase or otherwise,
any portion of the capital stock of this company, and this company
may in like manner acquire, by subscription, purchase or otherwise,
any portion of the capital stock of any such railway, steamship or
navigation company.

6. The capital stock of this company shall not be less than twenty-
five thousand nor more than six hundred thousand dollars, divided
into shares of one hundred dollars each, and each share shall be en-
titled to one vote.

7. The said company may acquire and hold real estate not exceed.
ing one thousand acres in amount, and may sell or alien the same,
or charge the same with its debts or encumbrances upon the security
of the same, in any manner and for any purpose that a natural persor
might, but this shall not be construed to prevent the said company
from buying or securing a greater amount of land when necessary fo
the proper conduct of its business or expedient for the purpose o
securing debts due the said company. ,

8. The said company shall have the right to fix the number of di.
rectors by its by-laws, one of whom shal! be president, also one vice
president, to be elected by a majority of the stockholders; and whe
shall also elect a secretary, treasurer and superintendent, and may
fix such compensation as a majority of the stockholders may decide
The said directors and officers shall have the power to appoint sucl
necessary agents and clerks and fix their compensation, and ala
make by-laws and regulations.

9. The principal office shall be in Portsmouth or Norfolk, Virginia
and branch offices in Philadelphia, New York, London and Liver.
pool, England. | ~

10. The said corporation may issue, for the purpose of their busi.
ness, bonds to the extent of one million dollars, and secure the pay-
ment of the same by deed of trust, giving a first lien on all property
and franchises of the said company.

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