Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1815-12-30

si1ue between the Blue Ridge and the sea
coast.
5. The members of the Board shall be
chosen annually by Joint ballot Of the two
Houses of the General Asse mbiy, and re-
cciye such compensation for tkeir services
as may be allowed by law.
s. That in the absentee of the Governor
the Board may elect President pro tenn
pore, from their own body.
Z. The President aud Board of Public
Works, shall have power TO appoint
principal Engineer or Surveyor OF Public
Works, Secretary and Treasurer, togo
Their with such other officers and assistants
asthcy shall find necessary, each of whom
shall receive for his services, such compen-
sation as the President and Board of Pub
lie Works may allow, to be paid out of the
Revenue Of the Fund for Internal Improve.
ment, and TO be reimbursed the fund by an
allowance to the CommCnwea lth Of SO much
of the stock any Canal or Turnpike COM
pany, as shall constitute a re aSonable COM
pensation for the services rendered such
company, by the Surveyor and his assist
ants.
s. That the President and Boart, Of Pub
lie Works. shall be authorised to subscribe
in behalf of the Commonwealth, to such
public works as the General Assembly
may, from time to time. agree to patron
ize, such portions Of the revenue of the
fund for Internal Improvement as may he
directed ny law bur that no part of the
fund shl II be subscribed towards the stock
o! any Canal or Turnpike company, III til
three fifths at least Of the whole stock ne
&c sary TO complete such Canal or Turns
pike. ST. all have been otherwise subscribed,
nor until of the stock so subscribed, one
fflh part shall have been paid in by the
respective subscribers, or the payment
thereof sf9ectualiy secured.
9. That the dividends upon the stock
which may be subscribed by the Presi ent
and Board of Public Works, shall 90 ex-
clusiveiy to other subscribers than the said
President ard Board until such portion of
the stock of those subscribers, shall have
nett. to them Six ps-centum per annum,
from the specified time of such payment.
That any increase of profit, after that
nett income has been assured to those sub
scribers, shall belong exclusively 10 the
fund for internal Improvement, until the
nett annual income of the Whole stock &C.
tually expended by any company shall
reach SIX per Centum per annum, after
which, the President ard Board Of public
works and the other subscribers to the
Stock of the Company shall divide the nett
profits on such stock, in proportion 10 their
respective interests.
10. That whenever the nett income of
any Company shall &c found for two sue
ceeding years, OF upon an aver ge of five
succeeding years, to surpass fifteen per
cent per annum, the General A ssembly
may reduce the tolls from which such in
come is derived, so as TO limit the nett re
venue of the company TO that amount
PTovided, that should tile tolls for any
two succeeding years fail to yield nett in
come to the Company OF ten per cent per
annum, the President and Board of public
works on sa6sfaC tory evidence being ad-
duced thereof, nay authorize the tolls to
be augmented so as to assure to the Com
pany such nett income md Provided
also, that after the lapse of SIX years, the
maximum profit of the Company may be
reduced to twelve per cent and after the
lapse OF one hundred years, TO ten per cent
per annum.
II. That the President & Board of pub
lie works, shall have power to vest in any
productive fund, the unappropriated divi-
derds accruing upon any of the stock com
mltted to THEN charge, until the same shall
be specially applied by law to some object
OF Internal improvement that they may
from time to time, subject tn the control
of the General Assembly, sell tie whole
or any part OF the shares held by the
Commonwealth in the stock of any Cansl
or Turnpike Company, for the purpose of
reinvestlnS the proceeds Of sale in the stock
OF some other similar public work.
y. That the president and board Of
public works shall have power to appoint,
in behalf of the Common wealth, so many
directors of every public work, as shall
bear to the whole number of directors of
such work. the proportion of the Com
monweaith's shares of stock in such work,
to the whole number Of shares subscribed
thereto.
IS. That 1t shall be the duty of the presi-
dent and board of public works to keen a
fair and accurate record of all their BRO
ceedipgs, to be at all tines open 10 the in
spection cf thu members Of the General
Assembly, and Of the president, directors,
and other officers of any company inter
ested therein, that they shall port
to the General Assembly at, or near the
commencement Of ever annual session. the
exact state of the funds for Int rnal I'm
provement, the progress and condition, no
ting specially the nett income, Of all the
public works within the Commonwealth;
the surveys, plans and estimated cxpence
OF such new works, as they NAV recommend
to the patronage of the General Assembly
together with all other important informa-
ton which may be in their power to collect
relatlye to the objects committed to their
trust.
II. Aud lastly, Resolved, that the an
preparations contained i'm these resolutions