Chap. 635.—An ACT to incorporate Norfolk-Hampton Roads Shipbuilding and
Dry Dock Company.

Approved April 2, 1902.

1. Be it enacted by the general assembly of Virginia, That G. W.
Atkinson, A. C. Scherr, Peter Silman, W. H, Anderson, Frank Harri-
ACTS OF ASSEMBLY. Jol

son, A. E. Campe, D. P.. Blount, Edward W. Wolcott, S. B. Sanford
Nathaniel Beaman, J. W. Perry, H. L. Lowenberg, H. G. Merry, anc
W. J. Payne, their associates, successors, and assigns, be, and they ar
hereby, declared a body corporate and politic by the name and style o!
Norfolk-Hampton Roads Shipbuilding and Dry Dock Company, and by)
that name and style shall have all the rights, powers, and privileges con-
ferred by, and subject to, all the laws of the State of Virginia appli.
cable to works of internal improvement.

2. The capital stock of said company shall be not less than five hun.
dred thousand dollars, divided into shares of the face value of one hun-
dred dollars each. Said company may, upon resolutions of its duly con-
stituted board of directors, increase its capital stock, from time to time
to such an amount as the board of directors may deem expedient: pro-
vided, that the capital stock shall not exceed ten million dollars. In all
meetings of the stockholders each share shall be entitled to one vote, which
vote may be cast in person or by proxy. And the said company is hereby
further authorized to issue its capital stock, fully paid and non-assess-
able, in return for land, rights, labor, services, easements, privileges.
money, leases, options, and property—real, personal, and mixed—at such
valuation and to such an extent as may be agreed upon and determined
by the board of directors, and may sell and issue such stock, fully paid
and non-assessable, at par value, or more than par value, or less than pat
value, as the board of directors may, from time to time, fix and deter-
mine. The certificates of stock shall set out the minimum capital stock
of the company, the maximum capital stock, and the face value per share,
but the amount or consideration received need not be set out.

3. The said company is hereby authorized and empowered to construct
in the State of Virginia, on the eastern side of the Elizabeth river, or
Hampton Roads, and at such point or points, place or places as its direc-
tors may, from time to time, select and designate, one or more dry docks
and shipbuilding plants of such proportions and capacity as the directors
may deem expedient, with all buildings, picrs, wharves, docks, and other
improvements as the directors may deem desirable or expedient, and is
hereby authorized and empowered to build and repair steamships, ships,
vessels, and boats of any and every character and description, of wood,
iron, steel, or other material, and to this end 1t may own, construct, main-
tain, and opcrate all convenient, suitable, and desirable yards, ships,
wharves, picrs, bulkheads, docks, machinery, cars, tracks, engines, trans-
porting devices, and such other works and appliances as may be neces-
sary, convenient, or desired by it for operating and conducting its busi-
ness, and may grade and fill in along the water front of its property to the
line of navigability, subject, however, to the rights of private property.
The said company may acquire, by lease, purchase, or otherwise, such
real, personal, and mixed property as it may deem necessary, convenient,
or desirable for its purposes: provided, the amount of land acquired by
it shall not exceed one thousand acres at any one time, and may dispose
of the same.

4. The incorporators herein named shall have the powers and au-
thority of a president and board of directors for the purpéese of the or-
ganization of said company, and for all other purposes, until a board of
directors and president shall be selected. The said corporators shall elect
one of their number chairman, who shall have all the power and au-
thority of a president of said company until the election of a president
as aforesaid, and in all matters a majority of said corporators shall con-
trol. It shall be lawful for any three of the persons herein named as
incorporators, to be selected at a meeting of said incorporators, to open
books of subscription to the capital stock of said company at such times
and places as they may appoint.

&. That the said Norfolk-Hampton Roads Shipbuilding and Drv
Dock Company is hereby empowered to contract with the government of
the United States, giving the said government such special or exclusive
rights in the works so constructed, or in any part of them, for the an-
chorage, outfitting. construction, docking, or repairs to its vessels,
other specified purpose in time of peace, or for such absolute command 0 or
control in time of war as may be required by said government; and all
priority or lien or right of title required to make effective such contract
is hereby conceded.

6. The said Norfolk-Hampten Roads Shipbuilding and Dry Dock
Company shall have the mght to borrow money, from time to time, to
such an amount as it may ‘deem necessary, Proper, or desirable, and to
issue for the same notes, bonds or other evidences of indebtedness, and
shall have the right to secure the payment thereof, and the performance
of any contract inte which if may emter by mongages or deeds of trust
UPON HS Property or assets, or ofherwWise medeing er hypothecating the
same.

t. The said Norfotk-Hamyiton Raads Sh ee cing and Ey Dock
Company, in aceepting the provisions ef ohis !
their taxes due and ca bwome cue in sl earrener of the Cnitel
States: and this aet shall be sudfect to amendmen: or repeal at any time

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