Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1816-03-09


seize the said vessel, craft or boat, or so
much of the lading thereof as may be
thought sufficient to pay the tolls, and sell
the same for ready money at public auc-
ton advertising the said sale one month /:
the money arising from. which, so far as
may be necessary, shall be applied to-
wards paying the said tolls. and expen-
ses of seizure and sale and the balance, If
any, shall be paid to the owner or his as
signs. And the person having direction
Of such vessel, craft or boat, shall be liza.
bic for such tolls, il the same are not paid
by the sale aforesaid.
And whereas the James River Company
have consented to the passage of this Act
upon certain conditions:
vi. BE it therefore enacted, In pursu-
ance of the condition so stated by the said
James River Company, That nothing in
this Act contained shall be so construed as
10 subject the produce, goods wares, mer-
chandise or empty boats passing from the
canal of the James River Company into
tide water through the lock above Mayo's
Island, or from tide water through the
said lock into the locks of the James River
Company, to any additional tolls to he
paid to the said Dock Company, but shall
at all times pass aud repass free of toll,
through the said locks, as well as into the
basins or canal: Provided, The boats or
produce do not pass the lock at Rockets
Provided. also, ho,cerer, That the said
Dock Company shall, at their own ex-
peDse, build or erect the said lock, and re
move the obstruction in the River between
che lock and tide water, and keep the same
in repair, free of expense to the said
James River Company, and furnish keep
er for said lock, to be under the direction
Of the said James River Company.
VII. lind be IL further enacted, That at
the expiration of twelve months after the
work proposed to be erected by the said
Dock Company shall have been in com
plete operation, the James River Company
shall be forever thereafter exonerated
from keeping open the communication
from the lowest of the connected chain of
locks near Haxal's Mill, with tide water
in the river, any law to the contrary not
withstanding. And thenceforward the
said Dock company shall bebound to keep
open and in good order for navigation, the
communication between the said chain of
lpcks aforementioned and tide water, as
the said James River Company now are |
That it shall and may be lawful for any
OF the said proprietOrs TO transfer his OF
her share or shares, bv deed execute5 he
fore two witnesses, and registered, after
proof of the execution thereof, ia the said |
company's books, and not otherwise, ex-
cept by devise. which devise shall also be |
exhibited to the president and directors
OF the said company, and registered in |
H.. h., L. Al. 4
shall he entitled to draw any part cf the |
profits from the said toll Provided, That
no transfer whatsoever shall be made ex-
cept for one or more whole share or shares.
and not for part of such shares : and that
no share shall at any time be sold, convey
ed, transferred or held in trust, for the
use and benefit, or in the name of another |
whereby the said president and directors.
OF prOprietors. members of the said COM
pany, or any of them. shall or may be chaI-
lenged or made 10 answer any such trust 4
but that every such person appearing as
aforesaid 70 be proprietor, shall as to the
others of the said company be to every in
tent taken absolutely as such but between
any trustee and the person for whose be- I
neit any trust shall be created, the COM
mon remedy may be pursued.
After the first FIVE years in which the |
company shall begin to collect tolls, no
halt yearly dividends of the profits of the
said company, arising from tolls, shall ex.
coed seven & half per centum on the sum
actually paid in by the stockholders there
OF but whenever the net profits made bv
the company shall permit a dividend of
more than fifteen per centum per annum
on the sum actually paid in by the stock !
holders, after deducting the annual expen-
Ses, the excess Of the said profits beyond |
niteen per centum per annum shall be paid |
by the president and directors Of the com
pany to commissioners appointed by the
governor and council within thirty DAYS ofl
the time OF declaring such dividend, for the
sole use of improving the navigation of the
branches OF James river above the Falls,
and below the Falls from Warwick to
HAMPTON Roads, and to buoy out the chan
mel of the said river after the improve
ment of the navigation Of the branches oil
James river above the falls, and the river
below the falls, from Warwick to HamptOnl
Roads, shsl be perfected & the channel ofl
the river buoyed out, Che said surplus TOLL
shall be paid by the president and direc. I
tors, into the public treasury Of this com
mOnwealth. And in order to ascertain the
rate Of profits made by the said compauy.
the president and directors thereof are
hereby required to make report to the
Executive of this commonwealth. az soon
as the canal, basins Il locks are CONNECTED.
nj tNn fol a