CHAP. 780.--An ACT to incorporate the Nassawadox lumber and barrel manufacturing and building company, in the county of Northampton.

1. Be it enacted by the general assembly of Virginia, That Joseph B. Savage, C. C. Bell, Annie M. Savage, C. D. Hurtt and J. B. Bell, and their associates and successors, or a majority of them, be, and they are hereby, created and constituted a body politic and corporate for the purpose of conducting a general lumber business in all its branches under the name and style of Nassawadox lumber and barrel manufacturing and building company, and by such name shall have perpetual succession and a common seal, which it may adopt and alter at pleasure; may contract and be contracted with,
sue and be sued, and make, maintain and alter such by-laws, rules and regulations for its government and the carrying on of its business as it may deem expedient, not in conflict with the constitution and laws of this state or of the United States.

2. The capital stock of said company shall not be less than five thousand dollars nor more than fifty thousand dollars, divided into shares of one hundred dollars each; and said company may receive subscriptions to its capital stock or payment for its shares in money, land or other property upon such terms as may be agreed upon or authorized by its board of directors. Each stockholder in saidcompany shall be entitled to one vote for each share of stock held by him, and no stockholder shall be individually liable for the debts or liabilities of said company in any larger or further sum than to such amount as may be due and unpaid severally upon his stock and subscription. And the said company is hereby authorized to subscribe to and hold stock in any other incorporated company.

3. The company shall have authority to make, from time to time, such by-laws and regulations as it may deem necessary for the management of its affairs, may fix the number of its directors, elect its president and other necessary officers; and its principal office will be at Nassawadox, in Northampton county, Virginia, or elsewhere in said county, as a majority of its directors may determine. The president shall be elected by the stockholders, and a vice-president shall be elected, if the company deem such officer necessary, from among the directors by the board of directors. A secretary and treasurer shall be elected by the board of directors, and one person may hold both these offices if the company so determine. All officers of the company shall be elected for the term of one year and until their successors are elected and qualified. The president shall be entitled to vote at all meetings, and each stockholder present, in person or by proxy, shall be entitled to one vote for each share of stock held.

4. The said company is hereby authorized and empowered to carry on the business of getting, cutting, buying, selling, milling, transporting and manufacturing timber and lumber and barrels in whatever manner it may deem proper and expedient, and generally to conduct and carry on the lumber business in all its details, branches and departments; and said company shall have the right to buy, own, sell, dispose of, pledge or mortgage property of all kinds and descriptions, whether real, personal or mixed, and to own and operate in its business steamers, vessels and boats of every kind, and to build, own, equip and operate such tramways as it may desire for the transportation of its timber, lumber and barrels, manufactured or unmanufactured: provided that said company shall not own at any one time more than two thousand acres of land in this state.

5. Said company shall have the right to borrow money and to issue notes or bonds in such manner and for such sums as its board of directors may determine, and it may secure the payment of said notes and bonds and interest thereon by mortgages, deeds of trust or other lien upon the whole or any part of its property and franchises, including its franchise to be a corporation, as its board of directors may deem proper and expedient.

6. All taxes and assessments which may hereafter become due to the commonwealth of Virginia shall be paid in lawful money of the United States, and not in coupons.

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