Chap. 631.—An ACT to incorporate the Broadwater oyster association for the
following purposes: To promote by the application of scientific methods, by
experimental research, and by all other appropriate means, the propagation,
cultivation, and improvement of the oyster; to plant oysters in Virginia
waters on the east or ocean side of Northampton county; to fatten oysters
in the artificial parks and elsewhere; to shuck and prepare oysters for the
market, and to take, buy, sell, and deal in oysters, clams, and other shell fish.

Approved March 8, 1896.

1. Be it enacted by the general assembly of Virginia, That Joseph
L. Ferrell, Zoro Willis, O. F. Meass, and G. S. Kendall, residents,
and Thomas S. Parvin, John C. Sims, Samuel T. Wellman, Fra: <x
K. Hipple, Daniel S. Newhall, and William C. Alderson, non-re .-
dents of the state of Virginia, or such of them as may accept the
provisions of this act, their associates and successors, be, and they
are hereby, incorporated and made a body politic and corporate
under the name and style of Broadwater oyster association, and by
that name shall be known in Jaw and shall have perpetual succes-
sion, and have power to sue and be sued, plead and be impleaded,
defend and be defended in all courts, whether at law or in equity;
and may make and have a common seal, and alter and renew the
same at pleasure; and shall have, enjoy, and exercise all the rights,
powers and privileges pertaining to corporate bodies and necessary
for the purposes of this act; and may make by-laws, rules and regu-
lations consistent with the existing laws of the state of Virginia for
the government of all under its authority, the management of its
properties, and the due and orderly conduct of its affairs.

2. The said association is authorized and empowered to promote,
by the application of scientific methods, by experimental research,
and by all] other appropriate means, the propagation, cultivation, and
improvement of the oyster; to plant oysters in Virginia waters on
the east or ocean side of Northampton county; to fatten oysters in
artificial parks and elsewhera; to shuck and prepare oysters for the
market, and to take, buy, sell and deal in oysters, clams, and other
shell fish: provided, however, that no oysters shall be taken by the
said association except for planting the same upon the lands to be
assigned tothe said association as hereinafter provided or for shipment
after being so planted; and provided, further, that the said association
shall only employ, in taking or catching oysters residents of the
state of Virginia within the meaning or as defined by the general
Jaws of this state for taking or catching oysters, and the said asso-
ciation may, for its operations, occupy at the same rent per acre
and on the same terms as individual citizens or residents of this
state, oyster planting grounds in one or more parcels in the waters
aforesaid, consisting of marsh and shoal, bed and bottom, to the
amountof not exceeding in the aggregate at any one time five hundred
acres, and may have the same surveyed, planted, and assigned to it on
application to the proper officer in the manner provided by law;
and may, in addition thereto, buy, lease, or otherwise acquire, own,
hold, use, sell, or otherwise dispose of all such land on the island of
Broadwater (formerly known as Hog island) and elsewhere, not ex-
ceeding in the aggregate at any one time three thousand acres, to-
gether with artificial parks, shucking and packing houses, warehouses,
and other buildings, wharves, water works, machinery, vessels, boats,
wagons, cars, and other vehicles, tools, and other property necessary
or useful for the operations of the association.

3. The said association shall have a capital stock, which shall be
not less than fifty thousand dollars, and may, with the consent of a
majority of the stockholders of the association, be increased from
time to time to any amount not exceeding five hundred thousand
dollars by the issue or sale of shares, the par value of which shall be
one hundred dollars each, upon such terms and conditions and under
such regulations as may be prescribed by the board of directors of
the association; and of the entire capital stock of the association
such part shall be preferred and such part common as the board of
directors of the association shall from time to time determine; and
the directors may receive real or personal property, contracts, ser-
vices, or other things of value in full or part payment or exchange
for such issue or sale of the capital stock.

4. The persons first named in this act, or such of them as shall
accept the provisions hereof, shall organize the association, consti-
tute its first board of directors, and continue in office until the first
meeting of the stockholders thereof. At euch first meeting, and at
every annual meeting, as many directors shall be elected as may be
prescribed by the by-laws of the association: provided that the num-
ber shall not be less than five; and the directors so elected may be
removed by the stockholders in general meeting, but unless so re-
moved they shall continue in office until their successors shall be
elected and qualified. Each stockholder in the association shall at
all meetings or elections be entitled to one vote for each share of
stock registered in his name.

5. The directors shall choose one of their number president, and
may fill all vacancies that may occur in the board, unless by re-
moval, in which case the same shall be filled by the stockholders in
general meeting. Whenever the board of directors shall have elected
a president and the minimum amount of capital stock herein named
shall have been subscribed, issued, or sold, the association shall be
considered legally organized, and may proceed to the transaction of
business. The board shall appoint, to hold during its pleasure, the
subordinate officers and agents of the association, prescribe their
compensation, and take from them such bonds, with security, as
they may deem fit.

6. The board of directors may establish offices and agencies at
such places in this state and elsewhere as they may deem proper,
but the principal office of the association shall be located at Broad-
water island, in the state of Virginia.

7. The annual meeting of the stockholders of the association shall
be held at the principal office of the association at such time as the
by-laws of the association may prescribe. A general meeting of the
stockholders of the association may be held at any time in accord-
ance with section eleven hundred and fourteen of the present code
of Virginia.

8. The association shall issue certificates of its stock in shares of
one hundred dollars each, signed by the president and countersigned
by the secretary of the association. The said shares shall be trans-
ferable only upon the books of the association by the stockholders,
their personal representatives or duly authorized agents or attorneys,
and the said certificates, when the stock represented by them is
transferred as aforesaid, shall be returned to the said association
and cancelled, and new certificates of stock shall be issued in lieu
thereof to the person entitled thereto for a like number of shares.

9. It shall be lawful for said association to borrow money and to
issue and sell its bonds from time to time for such sums and on such
terms as its board of directors may deem expedient and proper in the
prosecution of its business, and the association may secure the pay-
ment of said bonds by mortgages or deeds of trust upon all and any
portion of its property and franchises, including its franchise to be a
corporation; and it shall be lawful for the association to subscribe
for, own, and hold the stock and bonds of any companies or associa-
tions incorporated in this state or elsewhere; and any corporations or
citizens of this or any other state may subscribe for, own, and hold
the stock and bonds of this association.

10. No stockholder in the said association shall be held liable or
made responsible for its debts and liabilities in a larger or further
sum than the amount of any unpaid balance due to the said asso-
ciation upon his stock according to the sale or issue thereof.

11. All taxes and debts due or to become due to the state of Vir-
ginia by the association shall be paid in lawful money of the United
States, and not in coupons.

12. Work shall be commenced under this charter within twelve
months from its passage.

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