Chap. 484.—An ACT to inco corporate the McCullough terminal railway, wharf
warehouse company.

Approved February 26, 1896.

1. Be it enacted by the general assembly of Virginia, That A. A.
McCullough, J. W. Perry, Marshall Parks, F. W. McCullough, George
McIntosh, and their associates and successors, be, and are hereby,
constituted and made a body corporate and politic by the name and
style of the McCullough terminal railway, wharf and warehouse com-
pany, and by that name and style shall have all the rights and pow-
ers and privileges conferred, and be subject to all the rules and regu-
lations and restrictions imposed, by the laws of the state applicable
to such corporations not inconsistent with the provisions of this act.

2. The capital stock of the said company shall not be less than ten
thousand dollars, and may from time to time, with the consent of a
majority of its stockholders, be increased to an amount not to exceed
five hundred thousand dollars, requisite for the purposes of the com-
pany by issue and sale of shares, the par value of which shall not be
less than fifty dollars, from time to time, under such regulations as
the board of directors of said company shall from time to time pre-
scribe ; and the directors may receive cash, labor, material, contracts,
leases, real and personal property suited to the business of the com-
pany, in payment of subscriptions to the capital stock, at such val-
uations, in such manner, and on such terms as may be agreed upon
between the directors and the subscribers. The persons first named
in this act, or such of them as shall accept the provisions thereof,
shall have the power and authority of a president and board of direc-
tors for the purpose of organizing, and all other purposes. They
shall constitute the board of directors for the first year after organiza-
tion, and shall continue in office until their successors shall be
elected and qualified. Each stockholder in the company shall, at
all meetings or elections, be entitled to one vote for each share of
stock registered in his name. The board of directors shall appoint
one of their number president, and may fill any vacancy that may
occur in said board unless by removal, in which case the same shall
be filled by the stockholders in general meeting. Whenever the
minimum of capital stock herein named shall have been subscribed
and the board of directors shall have elected a president said com-
pany shall be considered legally organized, and may proceed to the
transaction of business.

3. The annual meetings of the stockholders of said company shall
be held in the city of Norfolk on Thursday after the first Monday in
April of each year, and in all meetings of stockholders subscribers
who have paid all calls on their stock theretofore made shall be en-
titled to one vote for each share of stock held by such stockholder,
which vote may be cast in person or by proxy.

4. The said McCullough terminal railway, wharf, and warehouse
company is hereby authorized and empowered to locate, construct,
equip and operate a railway, with all necessary tracks, sidings, and
branches (the latter not to exceed five miles in length), at any point
or points near the harbor of Norfolk, and for that purpose may ac-
quire a title in the mode prescribed by law, to a continuous line of
one hundred feet in width of land and such additional] lands as may
be necessary for the use of the said company; provided, however,
that said company shall not be authorized to condemn the prop-
erty or water frontage of any work of internal improvement or of any
other wharf, warehouse, or terminal company, or obstruct the same.

5. The said company is also authorized to construct, at such
points as it may select, at or near the city of Norfolk, or at tide-
water on any of the branches of the Elizabeth river, wharves, piers,
docks, warehouses, elevators, and cotton presses suitable for the
accommodation of steamships and vessels, and for the convenient
unloading, shipping, and storing of all kinds of merchandise; and
said company may conduct a general dock, wharf, and lighterage
business, and may acquire, buy, lease, or purchase such real or per-
sonal estate as it may deem necessary for its purposes, and may
build, purchase, or hire lighters, vessels, and other appliances used
in the business; it may receive for storage all kinds of merchan-
dise for safe-keeping and may conduct any business usually con-
ducted by warehousemen, wharfingers, and lightermen, and may
charge and collect compensation for storage, wharfage, and lighter-
age at such rates and on such terms as may be agreed upon between
it and itscustomers; and for any advances made by it on merchan-
dise stored or deposited with it for shipment; and for all its charges
and expenses said company shall have a preferred lien on said mer-
chandise, which shall be paid before said company can be required
to deliver the same.

6. The said company shall have power to unite, consolidate, or
connect its railway with any other line of railways constructed or
which may be constructed in this state, upon such terms as may be
agreed upon between it and such other railway company, and for
this purpose power is hereby granted to it, and to any railway com-
pany incorporated by this state, to make and carry out such con-
tracts, by lease, purchase, or otherwise, as will facilitate such
connection or consolidation.

7. Any railway, steamship, or navigation company with which
said McCullough terminal railway, wharf, and warehouse company
may connect is hereby authorized to subscribe to the capital stock
of this company, and as to the stock so subscribed shall have the
same privileges and powers and be subject to the same conditions
and regulations as other stockholders therein.

8. The McCullough terminal railway, wharf, and warehouse com-
pany is also authorized, from time to time, to borrow such sums of
money as may be necessary for its purposes, and for such loans
issue its bonds, bearing interest at a rate not exceeding six per
centum per annum; to sell, exchange, and hypothecate said bonds
on such terms as it may deem advisable, and to secure the payment
of said bonds and the interest thereon by deed of trust or mortgage,
conveying its property and franchises, in whole or in part.

9. All taxes due 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.