Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1812-12-24

Sdly. THAI, fer The purpose Of improving
ana disbur>ing such portions OF this Fuad,
as may he. by law. directed To be applied
To any internal improvements, tire said Fund
shall be vested in Il corporate body, to be
styled, "rhe President and Board of Pub
lie Works"
Sthlv. That the President of the Board of
Public Works shall be All officer elected an
nuaily, 10y joint ballot of both houses of the
General Assembly. aud shall receive such
salary or compensation for his services, as
| may he alloseed him by law.
5thly. That the Board of Public Works,
majority nfthe members of which, with
he President, shall be competent to trans
act all busi1css devolving on the corpora
ton, shall cousist of the Treasurer Of Vir-
gina. and ihc Attorney General for the time
oeing, and OF three citizens of this common
wealth, members of the Privy Council, to
be annually chosen from that body, in like
manner With the President of the Board
othly. That the President and Board of
publ'c Works shallbe empowered to APP
point Secretary and Surveyor of Public
works; each of whom shall receive for his
services such annual compensation or SAL
airy as sh9li be ordained by law.
Tthly. Resolved, That the President and
Board of Public Works, shall be authorised
to subscribe to such Public Works as the
General Assembly may, from time to time,
consent to patronize, such portions of the
revenue OF the Fund for internal improve
fnent as may be appropriated by law but
mat no part of the said fund shall be sub
scrioed towards the stock of any Canal or
turnpike Company, until three ffths at
least, OF the qvhote stock necessary to com
piete such Canal or Turnpike shall have
been otherwise subscribed, nor until of the
stock So subscribed. AT least one tenth part
SHALL have been fad uf BY the respective
subscribers,
sthly. That the dividends upon the stock
which may hereafter be created in pursu
ahCe 81 these resolutions, III order to render
any river navigable, or to form any Turn
PIKE road, shall so, exclusively, to othcf,
subscribers than the President aud Board of
Pubic Works, until such portion of The
stock OF those subscribers, as stall have
been actually paid in, shall have melted to
them six per cent. per annum, from the time
OF payment; that any increase Of profit af-
ter that nett income has been assured to
those subscribers. shall belong, exclusively,
10 the fund aforesaid, mt the nett revenue
OF the whole stock, actually expended by a.
ny such company, shall reach six per cent.
per anpnm; after which, the President and
Board of Public Works, and the other sub
icrihers 10 the stock of such company shah
divide The nett profits upon such stock in
proportion to their respective interests -
pToviticd that, whenever the nett income of
any such company shall be found, fer two
succeeding years, to c.rceed szpcEt,c per cent.
per annum, the General Assembly NAV re-
duce the tolls, from which such income is
derived, so as TO reduce the nett reycnue of
The company to thai amount.
sthly. rha: it shall he The duty Of the Pre-
sident & Board IF p ablc Works, to reDort 20
the General Assembly, once in every year,
the state OF the fand committed to their
charge the progress and Condition of al,f-.b.
nc W orks within the Commonwea the
lans. surveys and estimated sxoence of such
as they may recomrnend TO the General AS
senoIy. together with all such information
as 1t may he in their power 10 collect in re
iation to the objects oftheirimportait trust.