Chap. 315.—An ACT to incorporate the Piedmont lumber and warehous
company.

Approved February 10, 1900.

1. Be it enacted by the general assembly of Virginia, That C. H
Richardson, C. W. Miller, E. L. Johns, Howard M. Smith, A. S. Rey
nolds, or such of them as may accept the provisions of this act, an
such other persons as may be hereafter associated with them, their su
cessors and assigns, be, and hereby are, incorporated and made a body
politic and corporate under the name and style of the Piedmont lumber
and warehouse company, and by that name and style shall have per-
petual succession and a common seal, which it may alter and amend at
pleasure, sue and be sued, contract and be contracted with, make, ordain,
establish, alter, or amend by-laws and regulations concerning all matters
of organization and business not herein specifically provided for, nec-
essary to carry this act into effect or to promote the objects and designs
of the corporation, and be generally invested with all the rights and
privileges appertaining to incorporated companies under the laws of
Virginia, and of the United States, and upon the further condition that
it shall pay in current money of the United States all demands due by
it to the state of Virgimia. .

2. The capital stock of the said company shall not be less than ten
thousand dollars nor more than twenty-five thousand dollars, which
said stock shall be divided into shares of the par value of one hundred
dollars each. The said stock shall be deemed personal property, and
shall be transferred on the books of the company in such manner as mav
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
receive In payment for its capital stock, labor, services, material, stocks
or bonds of individuals or corporations, or such other values or evidences
of delt as the directors may deem proper, and it may issue at par upon
such terms and conditions and at such price as may be determined by the
directors of the company, and may use its said stock so as to be issued
in payment for any property, real or personal, it may purchase or other-
Wise acquire. Subscriptions to the capital stock mav be received by the
incorporators 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 as the minimum capital stock has been sub-
seribed the subseribers mav organize as a corporation by the election
of a president and board of directors, and the adoption of by-laws and
regmiaons governing the company’s s business.

. The management of the company shall be vested in a board of
dincetors composed of five stockholders, of whom the president and
vice-president shall be two, with the right to increase the number to
nine, by a vote of the stockholders in general meeting, representing a
majority of stock issued. The board of directors shall be elected an-
nually by the stockholders in general meeting. The president and vice-
president and all other officers shall be elected by the board of directors,
which shall also fill all vacancies occurring in its own body.

4. The said company shall have the power to acquire and hold so
much real estate and landings as may be necessary for its purposes,
but shall not have the power to acquire by condemnation proceedings
over one acre, at any one place.

5. The shiet office of the said corporation shall be in Richmond,
Virginia, with power te establish local offices at any other place or places
within the state.

6. A general meeting of the stockholders may be called by the board
of directors or by stockholders holding together one-tenth of the capital
stock, by giving notice ten days thereof, published at least three times
before the said meeting in one of the daily newspapers in the city of
Richmond, Virginia. The said company shall have the power to conduct
a general wholesale and retail lumber and general warehouse business,
import and export, and to buy, lease, or erect all necessary warehouses,
wharves, landings. And the said company shall have the power and
authority to subscribe to and to purchase and hold stocks in any other
corporation, whether organized under the laws of this state or some
other state. Any stock so held in another corporation shall be voted as
the board of directors may appoint.

7%. The said company is hereby authorized and empowered upon a
vote of the majority of the stockholders in meeting assembled to sell
or lease or consolidate and merge its privileges, properties, rights, works,
and franchises with those of any other company now chartered or which
may be hereafter chartered, and in such manner and upon such terms
under its own name or the name of such other company or anv other
name as the stockholders of the several companies so consolidated may
agree upon. And all vessels intending to unload at, or having loaded at
the wharves of the said company, shall enter the ports of this common-
wealth and clear therefrom, and navigate the waters of this common-
wealth free of pilot charges. In the event of the consolidation above
mentioned, the said company is hereby authorized to receive as part of
the terms thereof, and consideration for such consolidation, so much of
the stocks and bonds of such consolidated company as may be provided
in the agreement of consolidation, and may use, hold, or otherwise dis-
pose of such stocks and bonds as it may deem proper. The consolidation
and merger of such companies and the organization of such consolidated
company shall be deemed as taken as final and complete, so soon as the
agreement of such consolidation fixing the terms, name, and conditions
thereof and the organization of the consolidated companies shall be
lodged in the clerk’s office of the circuit court of the city of Richmond,
Virginia, and the said consolidated companies under whatever name may
be so agreed upon, shall thereupon be, and it hereby is, invested and
clothed with all the powers, rights, privileges, franchises, and properties
of the other company 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 stocks 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.