Chap. 261.—An ACT to incorporate the Union terminal company.

Approved February 16, 1901.

1. Be it enacted by the general assembly of Virginia, That 'T. J. Wool,
A. J. Phillips and W. BP. Andrews, of Portsmouth, Virginia; M. W.
Mason, of Norfolk, Virginia, and H. 8. Darsie, of Washington, Pennsy]-
vania, and their associates and successors, be, and are, hereby constituted
and made a body, corporate and politic, by the name and style of the
Union terminal company, and by that name and style shall have all
the rights and powers and privileges conferred, and be subject to all the
rules and regulations and restrictions imposed by the laws of the state
applicable to such corporation, not inconsistent with the provisions of
this act.

2. The capital stock of the said company shall not be less than five
thousand dollars ($5,000.00), and may from time to time, with the
consent of a majority of its stockholders, be increased to an amount not
to exceed one hundred thousand dollars ($100,000.00), divided into
shares of the par value of one hundred dollars ($100.00) each, under
such regulations as the board of directors of said company shall from
time to time preseribe; and the directors may receive cash, labor, mate-
rial, contracts, leases, real and personal property suited to the business
of the company, in payment of subscriptions to the capital stock, at such
valuations, in such manner and on such terms as may be agreed upon
between the directors and the subscribers.

3. The persons first named in this act, or such of them as shall accept
the provisions thereof, shall have the power and authority of a president
and board of directors for the purpose of organizing and all other pur-
poses; they shall constitute the board of directors for the first year after
reorganization or until their successors shall be elected and qualified.

4. Mach stockholder in the company shall, at all meetings or elections.

be entitled to one vote for each share of stock registered in his name.
The hoard of directors shall appoint one of their number president, and
may fill any vacancy that may occur in said board, unless by removal, in
which case the same shall he filled by the stockholders in general mect-
ing. Whenever the minimum of capital stock herein named shall have
heen subseribed and the board of directors shall have elected a president.
said company shall be considered legally organized, and may proceed to
the transaction of business.
5. The annnal meetings of the stockholders of said company shall be
held in the city of Portsmouth on Thursday after the first Monday in
April of each year, and in all meetings of stockholders, subscribers who
have paid all calls on their stock theretofore made, shall be entitled to
one vote for each share of stock held by such stockholder, which vote
may he east in person or by proxy.

6. The said Union terminal company is hereby authorized and em-
powered to locate, construct. equip and operate a railwav for the trans-
portation of freight, with all necessary tracks, sidings and branches (the
latter not to exceed five miles in length) at any point or points on or
near the Elizabeth river or the western branch thereof, and for that pur-
pose may acquire title in the mode prescribed by law, to a continuous
strip of land not exceeding eighty (80) feet in width, and for such addi-
tional lands as the board of directors of the said company shall deem
necessary for its use; and said company shall have the right to use any
of the county roads in Norfolk county by the consent of the board of
supervisors of the said county; and any other roads or streets on lands
which have been platted and laid out: provided, said company shall first
have the consent of the owner or owners of the fee in said roads or streets.

7%. The said company is also authorized to construct, at such points as
it may select on the Elizabeth river, or any of its branches, wharves,
piers, docks, warehouses, elevators, and cotton presses suitable for the
accommodation of steamships and vessels, and for the convenient un-
loading, shipping and storing of all kinds of merchandise; and said com-
pany may conduct a general dock, wharf and lighterage business, and
may acquire, by lease or purchase, such real or personal estate as it may
deem necessary for its purposes, and may build, purchase or hire lighters,
vessels and other appliances used in the business; may receive all kinds
of merchandise for storage and safe-keeping, and may conduct any busi-
ness usually carried on by warehousemen, wharfingers and lightermen,
and collect such compensation for storage, wharfage, lighterage and trans-
portation of freight, and on such terms as may be agreed upon between it
and its customers; and for advances made by it on merchandise stored or
deposited with it for shipment and for all its charges and expenses saia
company shall have a preferred lien on said merchandise, which shall
be paid before said company may be required to deliver same.

8. Said company may acquire, by purchase or condemnation, in a
continuous strip or parcel, all or any portion of the lands on the south
side of the western branch of the [Elizabeth river, lying west of the
property of the New York, Philadelphia and Norfolk railroad company,
and east of the West Norfolk and Port Norfolk draw-bridge, and north
of a line drawn parallel to the south boundary line of Bay View boule-
vard, and distant not less than sixty (60) feet therefrom: provided, that
the amount of land so taken or acquired shall not exceed sixty (60) acres,
including land covered by water: and, provided further, that said com-
pany shall not have the right to condemn the property of any other ter-
minal company: and, provided further, that Bay View boulevard shall
not be reduced in width to less than sixty (60) feet. And the said com-
pany shall have power to unite. consolidate. or connect its railway with
any other line of railways constructed or which may be constructed in
this state, upon such terms as may be agreed upon between it and such
other railway company, and for this purpose power is hereby granted to
it, and to any railway company incorporated by this state, to make and
carry out such contracts, by lease, purchase or otherwise, as will facili-
tate such connection or consolidation.

9. Any railway, steamship, or navigation company with which said
Union terminal company may connect is hereby authorized to subscribe
to the capital stock of this company, and as to the stock subscribed shall
have the same privileges and powers and be subject to the same condi-
tions and regulations as other stockholders therein.

10. The said Union terminal company is authorized to encumber, sell
or lease any or all of its property, rights and privileges and franchises,
upon such terms as the board of directors may determine, and for the
purpose of raising money, it may issue its bonds and secure the payment
of said bonds and the interest thereon by deed of trust or mortgage con-
veying its property and franchises in whole or in part.

11. All taxes due the state of Virginia shall be paid in lawful money
of the United States, and not in coupons.

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