Chap. 780.—An ACT toincorporate the Nassawadox lumber and barrel manu-
facturing and building company, in the county of Northampton.

Approved March 4, 1896.

1. Be it enacted by the general assembly of Virginia, That Joseph
B. Savage, C.C. Bell, Annie M. Savage, C. D. Hurtt and J. B. Bell,
and their associates and successors, or a majority of them, be, and
they are hereby, created and constituted a body politic and corpo-
rate for the purpose of conducting a general lumber business in all
its branches under the name and style of Nassawadox lumber and
barrel manufacturing and building company, and by such name
shall have perpetual succession and a common seal, which it may
adopt and | ter at pleasure; may contract and be contracted with,
sue and be sued, and make, maintain and alter such by-laws, rule:
and regulations for its government and the carrying on of its busi.
ness as it may deem expedient, not in conflict with the constitution
and laws of this state or of the United States.

2. The capital stock of said company shall not be less than five
thousand dollars nor more than fifty thousand dollars, divided inte
shares of one hundred dollars each; and said company may receive
subscriptions to its capital stock or payment for its shares in money
land or other property upon such terms as may be agreed upon ot:
authorized by its board of directors. Each stockholder in said com.
pany shall be entitled to one vote for each share of stock held by
him, and no stockholder shall be individually liable for the debts o1
liabilities of said company in any larger or further sum than to such
amount as may be due and unpaid severally upon his stock and sub-
scription. And the said company is hereby authorized to subscribe
to and hold stock in any other incorporated company.

3. The company shall have authority to make, from time to time,
such by-laws and regulations as it may deem necessary for the man-
agement of its affairs, may fix the number of its directors, elect its
president and other necessary officers; and its principal office will
be at Nassawadox, in Northampton county, Virginia, or elsewhere in
said county, as a majority of its directors may determine. The
president shall be elected by the stockholders, and a vice-president
shall be elected, if the company deem such officer necessary, from
among the directors by the board of directors. A secretary and
treasurer shall be elected by the board of directors, and one person
may hold both these offices if the company so determine. All off-
cers of the company shall be elected for the term of one year and
until their successors are elected and qualified. The president shall
be entitled to vote at all meetings, and each stockholder present, in
person or by proxy, shall be entitled to one vote for each share of
stock held.

4, The said company is hereby authorized and empowered to carry
on the business of getting, cutting, buying, selling, milling, trans-
porting and manufacturing timber and lumber and barrels in what-
ever manner it may deem proper and expedient, and generally to
conduct and'carry on the lumber business in all its details, branches
and departments; and said company shall have the right to buy,
own, sell, dispose of, pledge or mortgage property of all kinds and
descriptions, whether real, personal or mixed, and to own and ope-
rate in its business steamers, vessels and boats of every kind, and
to build, own, equip and operate such tramways as it may desire for
the transportation of its timber, lumber and barrels, manufactured
or unmanufactured: provided that said company shall not own at
any one time more than two thousand acres of land in this state.

5. Said company shall have the right to borrow money and to
issue notes or bonds in such manner and for such sums as its board
of directors may determine, and it may secure the payment of said
notes and bonds and interest thereon by mortgages, deeds of trust
or other lien upon the whole or any part of its property and fran-
shises, including its franchise to be a corporation, as its board of
directors may deem proper and expedient.

6. All taxes and assessments which may hereafter become due to
the commonwealth of Virginia shall be paid in lawful money of the
United States, and not in coupons.

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