Chap. 720.—An ACT to incorporate the Norfolk lumber company.
Approved March 4, 1896.

1. Be it enacted by the general assembly of Virginia, That Frank
C. Rice, E. H. Hotchkiss, F. S. Morse, W. M. Pitzer, and William F.
Rhea, their associates and successors, are hereby incorporated and
constituted a body politic and corporate under and by the name of
Norfolk lumber company, and by that name shall be known in law,
and shall have perpetual succession and have power to sue and be
sued, plead and be impleaded, defend and be defended in all courts,
whether in law or equity; and may make and have a common seal,
and alter or renew the same at pleasure; and shall have, enjoy,
and exercise all the rights, powers, and privileges pertaining to cor-
porate bodies and necessary for the purposes of this act; and may
make such by-laws, rules, and regulations as it may deem proper for
the management of its estates and properties, and the due and
orderly conduct of its affairs.

2. The capital stock of said company shall not be lesa than twenty-
five thousand dollars; but may be increased from time to time by
the board of directors to asum not exceeding fifty thousand dollars;
and shall be divided into shares, the par value of which shall be one
hundred dollars each. The board of directors shall fix the amount
of capital stock, and take subscriptions thereto, and may sell shares
of eaid stock, or any part thereof, at such price and on such terms
as they may deem to be to the best interest of the company; and
may receive notes or bonds, real or personal property, money or
services, in payment thereof, and at such valuation.as may be agreed
upon between the directors and the purchasers.

3. The annual meeting of the stockholders of said company shall
be held in the city of Norfolk, Virginia, on the last Saturday of
May of each year, or at such other time and place in this place as
the board of directors or stockholders in general meeting may
appoint; and in all meetings of stockholders one vote may be cast
in person or by proxy for each share of stock by the holder thereof.

4. The board of directors shall consist of five members, who shall
from their number choose a president, a vice-president, a general
manager, and a secretary and treasurer; and it may from its own
number, or from other persons, choose such other officers, agenta
and employees as it may designate and require, and may fix such
compensation and salaries as it may deem proper for each and all of
its officers, agents, and employees; and the same person may hold
one or more offices as the board may determine. The board of
directors shall also have power to change the name of the company
whenever they deem it proper to do so.

5. The five persons named in the first section of this act shall
constitute the first board of directors, and shall manage the affairs
of the company, and shall discharge all the duties given the board
under this act until their successors have been elected by the stock-
holders, and shall have power to establish and enforce all rules and
by-laws which they may deem necessary, until the same may be
changed or altered by the stockholders in general meeting.

6. The principal office of said company shall be in the said city of
Norfolk, or such other place in this state as the board of directors
may designate; and it may establish branch offices in such places
as it may deem necessary.

The said company is authorized and empowered to purchase, hold,
own, lease, and control in any manner, and to grant, bargain, sell,
transfer, mortgage and convey, and otherwise dispose of real and
personal property of any kind as may be necessary for the proper
conduct of the lumber business in this state or elsewhere, and to
deal in timber, lumber, and any other material, and build houses
of any character and kind necessary to the lumber business, and to
lease, mortgage, sell, and otherwise dispose of said lumber, materials,
houses and lots, as the board of directors may deem best; and for
the purpose of carrying on the timber and lumber business, it may
establish its plant or plants in or near the city of Norfolk, or else-
where in this state; and for the operation of its general business it
may contract for and operate water-rights, ways, and privileges, and
may make, construct, and operate and maintain tramways and other
roads than railroads by making due compensation for land used.

7. The said company shall be subject to the general laws of the
state in regard to chartered companies and corporations, except
where it is otherwise provided in this act.
8. No stockholder shall ever be liable or made responsible for the
debts and liabilities of the company in a larger or greater sum than
the amount of any unpaid balance due the company on acconnt of
stock subscribed for or purchased from said company by such stock-

older. .

9. All taxes which may become due from said company to the
state shall be paid in money, and not in coupons.

10. The general assembly reserves the right to alter, amend, or re-
peal this charter at its pleasure.

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