Chap. 519.—An ACT to incorporate the Smithfield and Norfolk steamboat
company.

Approved February 26, 1900.

1. Be it enacted by the general assembly of Virginia, That J. W.
Holloway, J. G. Wilson, John L. Cowling, J. E. Warren, J. M. Gwaltney,
C. S. Betts, J. W. Thomas, V. W. Joyner, R. S. Thomas, and W. L.
Folk, all of the town of Smithfield, in the state of Virginia, and W. J.
Nelms, of the city of Newport News, Virginia, and J. P. Cowper, of the
city of New York, in the state of New York, and associates, and succes-
sors in office, shall be, and are hereby, declared to be a body politic and
corporate, by the name and style of the Smithfield and Norfolk steamboat
company, and they shall have perpetual succession, and a common seal
which they may alter or amend at pleasure, may sue and be sued, plead
and be impleaded, contract and be contracted with, may purchase and
hold real estate sufficient for its purposes, and make ordinances, by-laws,
and regulations consistent with the laws of this state and of the United
States for the government of all under its authority and the due and
orderly conduct of its business.

2. The capital stock of said company shall not be less than twenty-
five hundred dollars or more than fifty thousand dollars, divided into
shares of one hundred dollars each, and the board of directors may at
any time increase said capital stock to any amount between the said mini-
mum and maximum amounts; and subscriptions to the capital stock may
be paid in money by individuals, corporations or associations, or in labor,
materials or service, or any other property or thing which the board of
directors may deem valuable for the purposes of the company at such val-
uation as they may accept.

3. The said Smithfield and Norfolk steamboat company may build,
equip, maintain, and operate a line of steam, electric, naphtha, or any
other known power, vessels for the purposes of transportation of passen-
gers and freight between the town of Smithfield and the cities of Newport
News and Norfolk; and they shall have the power to build or rent
wharves, piers, and all offices and houses necessary and convenient to
their business, and may hire, rent, use, and operate by lease or other-
wise the vessels of any transportation company or individual or indivi-
duals, upon such terms as may be agreed upon between the parties owning
the same: provided, no ferry shall be operated between the cities of
Norfolk and Portsmouth or Portsmouth and Berkley or Norfolk and
Berkley, and it shall be lawful for any corporation to aid in the con-
struction of its vessels, and they may subscribe to, purchase, or otherwise
acquire the bonds or stock of this company for said purpose.

4. The said company shall have the power to borrow money to such
an amount as it may deem proper and necessary, and to issue its notes
or bonds bearing interest at such rate as the said company may determine;
and to secure the payment of such loan or loans the said company may
execute a deed of trust or mortgages on the whole of its property or
part thereof, real, personal, or mixed, its charter rights, franchises, and
income, and may hypothecate or pledge the same as they see fit, and may
sell, lease, or otherwise in any manner dispose of its franchise, rights,
and property to any person or persons or corporations whatsoever. And
the president and board of directors of the said company, if they cannot
agree upon the terms of purchase with those entitled to the lands need-
ful for its purposes, then they may proceed to ascertain what is a just
compensation for such land, to condemn and acquire title to the same
in the manner and to the full power and extent given by the forty-sixth
chapter of the code of Virginia of eighteen hundred and eighty-seven.

5. The incorporators herein mentioned, whether present in person or
by proxy, shall have all the powers and authority of a president and
board of directors for the purpose of organizing the said company and for
all other purposes until a president and board of directors shall have
been elected. They may elect one of their number chairman, who shall
have all the powers of a president of said company.

6. Books of subscription to the capital stock of said company shall be
opened at such time and such places and upon such notice as the incor-
porators may determine. Three of the members shall be selected to
control and supervise the same.

?. The principal office of said company shall be located in the town
of Smithfield, or at such other place within the state of Virginia as
the board of directors may determine.

8. The said company shall carry out the provisions of this act within
three years from its passage.

9. All taxes due or to become due to the commonwealth of Virginia
by the said company shall be paid in lawful money of the United States,
and not in coupons.

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