Chap. 954.—An ACT to incorporate the Newport News terminal and warehouse
company.

Approved March 4, 1898.

1. Be it enacted by the general assembly of Virginia, That F. F. Finch,
Robert W. Perkins, J. Ik. Warren, B. D. Chandler, J. K. M. Newton
and W. A. Gwaltney, and their associates and successors, shall be, and
are hereby, made and created a body corporate and politic by the name
of the Newport News terminal and warehouse company, and by that
name shall have perpetual succession, and may contract and may be
contracted with, sue and be sued, plead and be impleaded, and have
and exercise all the powers hereinafter given, and such other powers as
are usually given to and exercised by hike corporations, and may have
and use a common seal and alter the same at pleasure.

2. The capital stock of said company shall be not less than twenty-
five thousand dollars nor more than three hundred thousand dollars,
divided into shares of the par value of one hundred dollars each, and
the directors may receive stock or bonds of other incorporated compa-
nies in payment of subscription to the capital stock of this company at
such valuation as may be agreed upon. In all meetings of the stock-
holders each share shail be entitled to one vote, which vote may be cast
in person or by proxy.

3. The said company may acquire and hold real estate in the county
of Warwick, city of Newport News, or both, not to exceed in the ag-
gregate the amount of three hundred acres at any one time, and may
erect thereon, or any part thereof, roads, streets, wharves, piers, docks,
basins, dry docks, warchouses, elevators, sheds, or any other buildings
or improvements suitable or convenient for its business, or for the ac-
commodation of vessels, boats, barges or other crafts, for the convenient
loading, unloading, shipping, receiving and storing of all kinds of mer-
chandise, freight, or other personal property for safe-keeping, and may
conduct the business usually of warehousemen and whartingers, and
may charge and collect compensation for the storage, dockage or wharf-
age, or for all labor incident thereto whilst in its charge; and for all
such charges and expenses the said company shall have a preferred lien
on said merchandise or personal property, which shall be paid before
the said company shall be required to deliver the same.

4. The said company shall have the right to lease, sell, mortgage or
otherwise dispose of any real or personal property owned or acquired
by it to as full an extent as if it were a natural person, and to issue
bonds securing them by mortgage or deed of trust on its property or
franchise.

5. The said company shall have the right to build, equip and operate
upon its said lands one or more hotels, and any other building neces-
sary or convenient for carrying on its business or improving its pro-
perty, and to sell, lease or mortyage the same if it should be necessary
or expedient to do so.

6. The said company shall have the right to purchase, charter, or to
build, equip and operate a steamer or line of steamers for the purpose
of carrying passengers or freight to and from Newport News and Old
Point Comfort to Norfolk, or from either one of said places, and to
charge a reasonable ferriage, fare or freight therefor.

7. The officers of said. company shall consist of nine directors and a
president, vice-president, secretary and treasurer, who shall be selected
from among the directors, and such other subordinate officers and
employees as may be prescribed by its by-laws.

8. The terms of these officers and mode of election of same shall be
prescribed by the general laws of the state. The corporators above
named shall have the power and authority of a president, vice-presi-
dent and board of directors for the purposes of organization of said
company, and for all other purposes, until a president and board of di-
rectors shall be elected at a stockholders’ meeting, and such meeting
shall be held after such notice as the said incorporators may deem
proper. The said incorporators may elect one of their number chair-
man, who shall have the power and authority of president of said
company, and in all matters a majority of the stockholders shall con-
trol.

9. The principal office of said company shall be in the city of New-
port News. The annual meetings of the stockholders of said company
shall be held at the principal office of the said company on the first Wed-
nesday in March of each year, unless the stockholders in general meet-
ing shall change the same.

10. The company may prescribe by its by-laws the duties of the dif-
ferent officers.

11. As soon as the minimum amount of capital stock allowed shall
have been subscribed for and ten per centum thereof paid in cash the
company may organize and commence business.

12. The said company shall have as full power over its property and
the mode and terms of disposition thereof as a natural person would
have, except where restricted by this act or by the laws of the state.

13. This charter is granted upon the express condition that the said
corporation will pay all taxes, dues and demands due the state at any
time hereafter in money, and will not tender or pay coupons in satisfac-
tion thereof.

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