Chap. 299.—An ACT to incorporate the Norfolk County Industrial Company.

'
Approved March 23, 1902.

1. Be it enacted by the general assembly of Virginia, That Horace G.
Wilhams, Charles Adamson, C. L. Pullen, W. C. Patterson, and Wil-
liam E. Stokes, or such of them as may accept the provisions of this act,
their successors and assigns, be, and they are hereby, incorporated and
created, constituted and declared a body politic and corporate by the
name of the Norfolk County Industrial Company, and by that name shall
have perpetual succession and a common seal, which it may alter or
amend at its pleasure, and may sue and be sued, implead and be im-
pleaded, contract and be contracted with, purchase, hold, and grant
estates, real and personal, 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, for the management of its estates,
and the due and orderly conducting of its affairs, and generally may do
every act and thing necessary and proper to carry this act into effect and
{o promote the objects of the corporation.

2. The said company shall have a capital stock of not less than one
thousand dollars nor more than ten thousand dollars, which shall be
divided into shares of the par value of one hundred dollars each. Any
three of the above named incorporators are hereby created a commis-
sion, and are authorized to receive subscriptions to the capital stock of
such corporation at such time and place as they may appoint, and with
or without notice, and if with notice, then on such notice as they may
deem best, and as soon as the minimum amount of the capital stock
above named shall have been subscribed, they may at any time there-
after, and upon such notice as they may deem proper, call a meeting of
the subscribers, who may organize the company. From time to time the
capital stock may be increased by action of the board of directors until
the maximum amount above named shall have been issued, and the board
of directors may sell or dispose of such stock upon such terms and at such
price or prices as they may deem proper. The board’ of directors may
receive money, labor, services, rights, options, materials, bonds, or stocks
of other incorporated companies, or any other real or personal property
in payment of any subscriptions to the capital stock of said company,
and at such price or prices and upon such terms as:may be agreed upon
between the directors and subscribers making payment in such way, and
there shall be no individual liability on the part of the holders or takers
of such stock in reference to when the said stock shall have been issued
or declared by the board of directors as fully paid.

3. The said company is authorized and empowered to furnish power
by means of electric current, compressed air, steam, or otherwise to indus-
trial establishments and corporations and individuals, and to the public,
for all purposes whatever, including not only the driving of machinery,
but the production of light and heat; and for that purpose the company
is authorized and empowered to construct, maintain, and operate power
plants operated by steam, by water, or by any other motive power, as well
as power-transmission lines: provided, that the amount of land to be ac-
quired by the company for its power-transmission lines shall not execed
twenty feet in width, and for its water powers and power plants shall
not exceed, including land submerged or covered by water, three thou-
sand acres in any one county. And the said company shall have the
right to charge, demand, receive, and collect such rates, charges, or tolls
for power furnished by it as it may prescribe.

4. The said company shall have the right to condemn, according to
the laws of Virginia relative to the condemnation of lands by a company
incorporated for a work of internal improvement, the land or right of
way required for its power-transmission lines: provided, the said com-
pany shall not enter any city or town without the consent of the council
of said city or town. But said company shall not be authorized to con-
struct or operate a bridge over the eastern branch of the Elizabeth river
west of a point three-eighths of a mile east of the Campostella bridge.

5. The said company may borrow money, and may also make and
issue its bonds for such sums, and bearing such rate of interest as it may
deem wise, and may dispose of the same at such price or prices and upon
such terms as its board of directors may determine, and may secure the
payment of the said bonds and the interest thereon by mortgage or
mortgages, or deed or deeds of trust, on all its works, property, and fran-
chises, or any part thereof.

6. The said company may sell or lease its property and franchises or
any part thereof to any other corporation, or may unite or consolidate
and merge its stock, property, and franchises with and into the stock,
property, and franchises of any other corporation of this or any other
State, and any such other corporation may unite or consolidate and
merge its stock, property, and franchises with and into the stock, prop-
erty, and franchises of the company created by this act, under such
name and upon such terms as may be agreed upon by the boards of
directors of the respective companies, and such union or consolidation
and merger shall be taken and deemed complete so soon as the agreement
thereof is filed in the office of the board of public works.

?. Any other company may subscribe for or purchase, take, and hold
the stock and bonds, or either, of this company, and this company may
subscribe for or purchase, take, and hold the stocks and bonds, or either,
of any other company, and this company may guarantee the bonds of
any manufacturing company or other company.

8. The board of directors may establish offices and agencies at such
places as they may decm proper, but the principal office of the company
shall be in this State.

9. The said company may, by vote of a majority in interest of its
stockholders, reduce its capital stock or change its name, and adopt anv
name not already appropriated by a corporation of this State: provided,
that a copy of the resolution of the stockholders declaring such reduc-
tion of capital or change of name, certified by the president and secre-
tary of the company, under the corporate seal of the company, shall be
filed in the office of the secretary of the Commonwealth and in the office
of the board of public works.

10. The said company, in accepting the privileges contained in this
act, agrees to pay its taxes in lawful money of the United States, and not
in coupons.

11. If the work of construction under this act is not begun within
two years, and the works of the company are not so far completed as to
enable it to supply power to the public as herein authorized within five
years from the passage of this act, then the privileges hereby granted
shall immediately cease and determine.

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