Chap. 463.—An ACT to incorporate the Virginia electric company.
Approved February 23, 1898.
1. Be it enacted by the general assembly of Virginia, That Peter

Wright, W. H. White, W. W. Randolph, Isaak Kershaw, or such of

tham ag maw annant tha nenvuicinna vf thia ant ann einh athar narenne ag
may be hereafter associated with them, their successors and assigns, be,
and are hereby, incorporated and made a body politic and corporate,
under the name and style of ‘‘ Virginia electric company,’’ and by that
name and style shall have perpetual succession and a common seal
which it may alter and amend at pleasure, and sue and be sued, contract
and be contracted with, and be generally invested with all the rights and
privileges appertaining to incorporated companies under the laws of the
state of Virginia and of the United States, and subject to the restrictions
now imposed upon the same by the general assembly of the state ; and
upon the further condition that it shall pay in current money of the
United States all taxes and other demands due by it to the state of
Virginia.

2. The said company shall have power to construct, lease, purchase,
or acquire by consolidation with any other company or companies, and
operate and maintain in the city or county of Norfolk, or both, and in
any other city, town, or village in the said county, suitable works,
machinery and plants for the manufacture of electricity , and for the sale
and distribution of the same ; and it shall have power to sell and distri-
bute the same for public and private illumination, for heating and for
power, and for any other purposes which the same may be used for ;
and it shall have power to do such acts and things, and conduct such
enterprises as are convenient in connection with or incidental to the
enjoyment of the powers hereinbefore conferred, and may with the con-
sent of the proper authorities of the city of Norfolk and of such other
city er town or county as are named above, use the streets and roads
thereof for laying its mains, pipes and wires and erecting its poles.

3. The capital stock of the said company shall not be less than
twenty thousand dollars, nor more than one million dollars, which said
stock shall be divided into shares of the par value of one hundred dol-
Jars cach. The said stock shall be deemed personal property, and shall
he transferable on the books of the company in such manner as may be
prescribed by the directors ; and each share of stock shall be entitled to
one vote at all meetings of the stockholders. The said company may
recelve in payment for its capital stock, labor, material, stocks, or bonds
of individuals or corporations, or such other values or evidences of
indebtedness as the directors may deem proper; and it may issue said
stock above or below par value, and at such prices and upon such terms
and conditions as may be determined by the directors of the company,
and may use its said stock so to be issued in payment for any property,
real or personal, which it may purchase or otherwise acquire.

4. The said company shall have power to acquire and hold so much
real estate as may be necessary for its purposes, not to exceed however,
at any one time, twenty acres.

The said company shall have power, and is hereby authorized from
time to time to borrow such sum or sums of money as it may deem
useful and proper for its purposes and for such loan or loans to issue its
bonds, registered or coupon, pavable at such time or times and in such
amounts and at such rate of interest as the stockholders may determine;
and said company may secure the same by deeds of trust or mortgages
on any or all of its property, rights and franchises.

6. All meetings of the stockholders and directors of said company,
shall be held at such time and place and upon such notice as the board
of directors may from time to time determine.

7. The said company is hereby authorized and empowered upon a vote
of the majority of the stockholders thereof, in meeting assembled, to
sell or lease or consolidate and merge its privileges, properties, rights,
works and franchises with those of any other corporation now chartered
or which may hereafter be chartered for purposes the same or similar to
those for which this company is chartered, and in such manner and upon
such terms and under its own name or the name of such other com-
pany or any other name, as the stockholders of the several companies so
consolidating may agree upon.

In the event of such consolidation the said company is hereby author-
ized to receive as a part of the terms thereof, and consideration for such
consolidation, so much of the stock and bonds of such consolidated
company as may be provided in the agreement of consolidation, and
may hold, use or otherwise dispose of such stock and bonds as it may
deem proper.

The consolidation and merger of such companies and the organization
of such consolidated. company shall be deemed and taken as final and
complete so soon as the agreement of such consolidating companies
fixing the terms and conditions of such consolidation and organization
shall be lodged for record in the office of the clerk of the corporation court
of the city of Norfolk, and the said consolidated company under what-
ever name may be so agreed upon, shall thereupon be, and it hereby, is
invested and clothed with all the rights, powers, privileges, franchises
and properties of the other company with which it may be so consoli-
dated, as fully and completely as if the same had been transferred by
deed, including the power to issue and use such an amount of its stock
and bonds as may be necessary to carry out the terms of such agreement
of consolidation.

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