Chap. 79.—An ACT to amend the charter of the Newport News ship-building
and dry-dock company by amending and re-enacting section 2 thereof
as amended and re-enacted by the act approved January 11, 1896, SO as to
authorize said Newport News ship-building and dry-dock company to issue
preferred as well as common stock: and by adding an independent section
to said charter authorizing and permitting said Newport News ship-building
and dry-dock company and its successors to manufacture steel and iron
and the products thereof, and armor and arms, carriages and ammu-
nition, and to erect and maintain piers, docks, bulkheads, and other proper-
ties and works in the James river westerly trom and in front of the prop-
erty owned or which may be owned by said company or its successors at
Newport News.

Approved January 10, 1900,

1. Be it enacted by the general assemlly of Virginia, That the second
section of the charter of the Newport News ship-building and dry-dock
company, as amended and re-enacted by the act approved January
eleventh, eighteen hundred and ninety-six, be amended and re-enacted
so as to read as follows:

§ 2. The capital stock of said company shall not be less than one
hundred thousand dollars, divided into shares of one hundred dollars
each. Said company may, with the consent of the holders of a majority
of its common capital stock increase its common capital stock from time
to time to such an amount as may be necessary for constructing,
operating, and maintaining its works, and with the consent of the
holders of three-fourths of its common capital stock, may issue pre-
ferred stock or preferred stocks entitled to such preferences in respect
to capital and income, and with such rights, if any, as to voting at cor-
porate meetings, as may be fixed by a resolution assented to by the
holders of such three-fourths of the outstanding common capital stock
of the company, and may thereafter increase its preferred stock, or pre-
ferred stocks, from time to time with such preferences as to capital and
income and such rights, if anv, as to voting at corporate meetings as
may from time to time be fixed by resolutions assented to by the holders
of three-fourths of the outstanding common and preferred capital stock:
provided, that the common capital stock shall not exceed six million
dollars, nor the preferred stock, or preferred stocks, exceed the like
amount; and provided, that preferred stock may be sold and issued in
payment of any existing indebtedness of the company at a rate not lower
than sixty per centum of its par value. The resolution or resolutions
assenting to any such increase of the common capital stock or issue of
preterred capital stock or stocks shall be adopted at a regular meeting or
a special meeting called for the purpose, and upon such notice as may
be deemed by the board of directors of the company to be necessary and
proper. In all meetings of stockholders each share of the common
capital stock shall be entitled to one vote, and each share of preferred
capital stock shall be entitled to such vote, if any, as may have been
fixed and prescribed by the resolution under which the same was issued.
Votes may be cast in person or by proxy.

& 2. The said Newport News ship-building and dry-dock company
and its successors is, and are hereby, authorized and empowered, in
addition to building and repairing steamships, ships, vessels, and boats of
any and every character and description, to manufacture steel and
iron, and the products thereof, and armor and arms, carriages and
ammunition, and for the purposes of its or their business to erect and
maintain piers, docks, bulkheads, and other properties and works in the
James river, westerly from and in front of the property owned, or which
may be owned, at Newport News, by said company or its successors.

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