Chap. 789.—An ACT to incorporate the Tobacco warehousing and trading
company.

Approved March 4, 1896.

1. Be it enacted by the general assembly of Virginia, That Rich-
mond Maury and C. E. Kersey and J. W. D. Farrar, of Danville, Vir-
ginia, and Dean Maury and A. Langstaff Johnston, of Richmond,
Virginia, and their associates, and such persons as may be hereafter
associated with them, and their successors, be, and they are hereby,
constituted a body politic and corporate under the name and style
of the Tobacco warehousing and trading company.

2. The said corporation may make and use a corporate seal,
which it may alter or renew at its pleasure, may sue and be sued,
plead and be impleaded, contract and be contracted with, and make
by-laws, rules and regulations, consistent with the laws of this state
and the United States, for the government, management and contro]
of its members, estates and properties, and the due and orderly con-
duct of its affairs.

3. The capital stock of said company shall be not less than ten
thousand nor more than one hundred thousand dollars. The said
stock shall be divided into shares of the par value of one hundred
dollars each. Subscriptions to said stock shall be made under the
supervision and control of not less than three of said corporators
hereinbefore named; and when the stock of the par value of ten
thousand dollars shall have been subscribed for, the subscriber
shall have the right to organize the company by the election of :
president, board of directors, and such other officers as they may
deem expedient, and the term of office of those so elected shall bi
one year, or until their successors are elected and qualified, but shal
be subject at any time to removal by the stockholders.

4. The number of the directors and the number necessary t
constitute a quorum of the board may be fixed from time to tim«
either by the stockholders or under a by-law adopted by the board
The said board may make and prescribe all rules and regulations
deemed useful or proper for carrying on the business of the com:
pany not inconsistent with this act, and at their pleasure may
repeal, alter or amend the same. Such rules and regulations shal.
be printed, and, together with this charter, shall be accessible at its
place of business to all persons doing business with the company
The said board may appoint from its members an executive commit
tee, or such other committees as it may see fit, and may delegate to
said committees such duties and powers as may be deemed expedient
and proper. The said board may also appoint a secretary and treasu-
rer and all such other officers and agents as it may think fit, and may
prescribe their duties and powers. All such officers and agente shall
be subject to the control of the said board and hold their offices du-
ring its pleasure.

5. It shall be lawful for the said company to receive subscriptions
to its capital stock or payment for its shares so issued in money, real
or personal property, or labor, and said company may give a prefer-
ence to portions of its capital stock over the residue thereof as to
dividends and the payment thereof, and may create and issue two or
more classes of stock, according to the preferences so given, and de-
signate the same accordingly, by and with the consent of the holders
of two-thirds of the outstanding capital stock of the company.

6. The said company shall have power to raise, produce, grow, and
manufacture tobacco, and to carry on all or any of the trades or busi-
nesses of growers, planters, raisers, exporters, merchants, agents, and
brokers of and in tobacco, and generally to grow, raise, produce, make
marketable, and turn to account tobacco which can be raised or pro-
duced from any of the company’s property, or which such property
is available to raise or produce.

(b) To buy, sell,and deal in tobacco as merchants or as principals
or agents or on commission or otherwise.

(d) To build, construct, erect, purchase, take on, lease, hire, or
otherwise acquire or provide any factories, warehouses, offices, houses,
stables, workshops, buildings, dwellings, sheds, furnaces, kilns, ovens,
engines, water wheels, plant, machinery, tools, implements, utensils,
materials, and other articles and things necessary or useful in devel-
oping and working the properties and business or undertakings of
the company.

(j) To raise and borrow money in such manner as the company
may think fit, and particularly by the issue of debentures, debenture
stocks, bonds, or other similar obligations, or upon mortgage, and to
charge all or any of the real or personal property of the company,
oth present and future (including unpaid calle and unpaid capital |
rowing crops, and other products in course of production, as eecurit
herefor, and to invest any moneys of the company not immediate]
equired upon such securities as may from time to time be dete:
nined.

(k) To do anything which a merchant or merchants would do i
yn gaged in a similar business to that the company is authorized t
AYTy on, and particularly to accept, endorse, and execute promissor
10tes, bills of exchange, and other negotiable instruments.

(4) To amalgamate, whether by purchase of its undertaking o
»therwise, with any other company having objects similar to the ok
ects of this company, and to undertake all or any of the liabilitie
or transactions of any person, firm, or company whose business, un
jiertaking, and property, or any part thereof, respectively, may b
zcquired by the company.

(m) To hold in the names of others any property which the com
pany is authorized to acquire, and to carry on or do any of the busi
nesses, acts,and things.aforesaid, either as principal or by the agenc
of, or as agents or trustees for others.

(rn) To do all such other things as are incidental or conducive t
the attainment of the above objects or any of them.

7. The principal office of the said company shall be in Danville
Virginia.

8. The said company shall have the power to and may purchase
hold, grant, mortgage, or otherwise dispose of so much real estate 1:
this state or elsewhere as is proper for the purposes for which it i
incorporated.

9. All taxes and other public dues accruing from the said com
pany to the state of Virginia shall be paid in lawful money of th
United States, and not in coupons.

10. The general assembly of Virginia reserves to itself the righ
to alter, amend, or repeal this act at ite pleasure.

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