Chap. 807.—An ACT to incorporate the National construction company,
Approved March 3, 1898,

1. Be it enacted by the general assembly of Virginia, That Joseph T.
Lawless, Charles V. Carrington, W. W. Baker, James F. Bradley and
James Giw atkin, and such other persons as may hereafter be associated
vith them, their successors and assigns be. and they are hereby, cre-
ted and constituted a body politic and corporate, to be known by the
ame of the National construction company, and by such name shall
ave perpetual succession, may contract and be contracted with, sue
nd be sued, plead and be impleaded, and may have, make, and use a
common seal, and the same break, alter, and renew or change at pleas-
ire, and may make, ordain, establish, alter or amend such by-laws, or-
linances and regulations concerning all matters of organization and
usiness not herein specifically provided for as they may think proper,
ind generally may do every act and thing necessary to carry this act into
{Yect or to promote the objects and designs of the corporation: provided,
uch by-laws, ordinances and regulations or acts be not inconsistent
vith the laws of this state or of the United States.

2. The capital stock of said company shall not be less than twenty-
ive thousand dollars, to be divided into shares of one hundred dollars
ach; and the same may be from time to time increased by additional
subscriptions or the issue and sale of shares to an amount not ex-
ceeding two hundred and fifty thousand dollars. And said company
may give a preference to portions of its capital stock over the residue
thereof as to the dividends and the payment thereof, and may create
or issue two or more classes of stock, according to the preference or pref-
erences so given, and designate the same accordingly. Subseriptions to
the capital stock may be received by the corporators herein named, or
any three of them, at such time and place as they may appoint,
and with or without public notice as they may deem best, and as
soon asthe minimum capital stock has been subscribed the said sub-
scribers may organize as a corporation by the election of seven directors,
of whom one shall be elected as president to remain in office one year,
and until their successors are elected, unless sooner removed by the
stockholders. After the organization as aforesaid, the stockholders may
adopt such by-laws, ordinances, and regulations as may be proper for
the management of the affairs of the company, and thereafter further
subscription to the capital stock may be received by the board of direct.
ors. Subscriptions to the capital stock may be payable either in money,
land, labor, services, materials, rights or other property, or in the cap-
ital stock of other corporations, upon such terms and conditions as may
be agreed upon between the said company and the subseriber. Thi
stockholders may at any general meeting change the number of it:
board of directors. Theboard of directors may appoint such subordi
nate agents and officers of the company as they may decm necessary fo:
the proper dispatch of the business of the company. There shall be on
or more vice-presidents of said company, who shall be chosen as pro
vided in its by-laws.

3. The said company shall have the right to acquire, by lease, pur
chase or otherwise, property, real, personal and mixed, and the stocl
and bonds of other like corporations, but cannot hold more than tw
hundred acres of land. It shall have the powers, rivlts and franchise
necessary and proper for the construction of railroads and railways, o
boats and ships, of wharves, piers, canals, ship-yards, docks, elevators
transfers, lighters, warehouses, waterworks, and other structures an
appliances, under contract with other persons or corporations, but ma,

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not own them except to secure a debt previously made, which the com-
pany may find to be necessary or convenient for the proper conduct of
its business; and may sell, lease or otherwise dispose of the same, in
whole or in part, if acquired as above. Said company is authorized to
carry on the business of mining and manufacturing, to develop any
property taken for debt as above set out.

4. It shall be lawful for said company, from time to time, to sell its
bonds and its shares of stock for such sums or prices and on such terms
as the board of directors may deem expedient or proper in the prosecu-
tion of any of its work or business; and it may secure the payment of
the principal and interest of its bonds by mortgages or deeds of trust or
declarations of trust upon all or any portion of its property, rights and
franchises, including its franchise to be a corporation; and it shall be
lawful for said company to subscribe to and hold shares in the capital
stock and bonds of any other like corporation whenever the board of
directors shall deem it to its interest to do so. Each stockholder in the
company shall be entitled to one vote for each share held by him, and
no stockholder shall be held individually lable for the debts or liabili-
ties of the company in any larger or further sum than to such amount
as may be due and unpaid severally upon the shares of stock purchased
or subscribed for by him at the agreed price thereof; said company
shall pay all taxes upon its property in this state in lawful money of
the United States and not in coupons.

5. It shall be lawful for any corporation or company, whether foreign
or domestic, to subscribe for, acquire and hold the shares of the capital
stock of said company.

6. The principal oflice of the company shall be in the state of Virginia,
in the city of Richmond; but the company may establish in any other
place, state or county, such other offices as it may find necessary for the
conduct of its business and the preservation of its records.

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