Chap. 821.—An ACT to incorporate the Whitlock-Hanson pump-dredge com-
pany; to define its powers and privileges.

Approved March 6, 1900.

1. Be it enacted by the general assembly of Virginia, That James
G. Whitlock, Victor Hanson, James H. Crenshaw, George A. Wilcox,
and F. A. Hanson, or such of them as may accept the provisions of this
act, and such other persons as are now or may hereafter be associated
with them, their successors and assigns, be, and are hereby, created,
constituted, and incorporated a body politic and corporate, under the
name of the Whitlock-Hanson pump-dredge company, which company
shall have the powers, rights, and franchises necessary or proper for
the purposes of conducting the business hereinafter described.

2. The said company shall have perpetual succession, the power to sue
and be sued, plead and be impleaded, defend and be defended in all
courts, whether at law or in equity, and may make and have a com-
mon seal, and alter or renew the same at pleasure.

3. Any three of the incorporators named may organize said company
by electing a president and board of directors, and thereupon the said
fompany shall have and exercise all the general powers, and be subject
to the general restrictions provided by the laws of this state as to
bodies politic and corporate, except so far as the same are modified by
or are inconsistent with this act.

4. The capital stock of the said company shall not be less than ten
thousand dollars nor more than twenty-five thousand dollars, to be
divided into shares of the par value of twenty-five dollars each; and the
directors of the said company may receive cash, labor, material, real
or personal property, and patents which may be necessary or suited to
the business of the said company in payment of subscription to the cap-
ital stock, at such valuation as may be agreed upon between the directors
and the subscribers, and dispose of such stock at such price and upon
such terms and conditions as may be agreed upon by the board of
directors and the subscribers thereof, and such subscriptions may be
received from individuals, other associations, or corporations, and any
corporation in this state is hereby authorized, to subscribe to the stock
of the company hereby incorporated, and the said company may sell,
lease, or otherwise dispose of any land, property, or rights acquired
under this section.

5. The said company shall have the right to remove earth, sand,
gravel, rocks, and other like material or substances except oysters and
clams from the public waters of this state: provided, that in so doing it
shall not interfere with navigation or infringe private rights: and
provided no dredging or other interference with shall be permitted to
said company or any company on any grounds included in the Baylor
survey, or on any grounds held or leased by the state as oyster plant-
ing grounds; and said company shall have the right to conduct the
business known as dredging and of removing wrecks or other obstruc-
tions to navigation; and said company may remove wrecks or other
obstructions, and dredge earth, sand, gravel, rocks, or other material or
substances from private waters of this state upon contract with the
proper parties in interest; and said company may sell all earth, sand,
gravel, rocks, and other material or substances removed from public
or private waters, as aforesaid; and said company may manufacture,
buy, and sell, or lease such boats, machinery, and other appliances as
may be necessary or expedient in the carrying on of its business; and
the said company is hereby authorized to acquire, by purchase, lease, or
otherwise, such real estate as may be necessary or expedient in the
carrying out of its business, and may sell or lease the same; and said
company may do any and all acts necessary or expedient for the carry-
ing out of the purposes in this act enumerated.

6. The board of directors of the said company may, with or with-
out notice, open its books and receive subscriptions to its stock from
time to time as they may deem expedient, until the stock is fully taken;
and all subscriptions to the stock of said company shall be payable at
such times and places and in such manner and amounts as the said
board of directors may prescribe.

%. The board of directors shall have power to horrow money; to
issue bonds, either registered or coupon, or convertible the one with
the other, in sums of one hundred dollars and multiples thereof, the
principal and interest of which shall be payable at such times and places
as the board of directors may determine, and may secure the same by
one or more mortgages or deeds of trust on the franchises, income,
or other property of the company, or such part or parts thereof as may
be designated in such mortgages or deeds of trust, and may sell such
bonds at such discounts as may be deemed best for the benefit of the
said company.

8. The principal office of the said company shall be in the city of
Richmond, Virginia, but said company may establish in any county or
state such other offices as it may find necessary for the conduct of its
business.

9. The said company shall pay all taxes, dues, and demands of this
state in lawful money of the United States, and not in coupons.

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