Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1828-03-05

ne memorial OF tne Senlra Co'inlItte VI tne
Chesap eake and Ohio Canal Convention,
which first assembled in the City Of Wash,
ington, on the 9Th November, 1928, and re-
ssemblrd therein on the 9th Of December,
1926.
MoST RESPECTFULLY REPRESENTS:
That, as The important work conhded by a
resolution Of the Convention, to the Supervi.
sion and care oftne me- mnrialsts, proceeds to-
wards its final consummatlon, defect has been
manifested in the charter vi the company, by
the recent discovery OF The legal construct ton
by the Legi Stature Of Virg MIA, Of that clause
thereof which prescribes that the "esiates, rights
andinis ssis ofLhe company" and consequently
the hGres OF stock Their In, "ShGH be adjudged
and taken, ia lac, 10 be real estate"
Thi, cause, in the charter Of the present Po-
tomac Company, doubtless gave rise to the 9th
secIion Of an act e i prior General Assembly
OF Virginia. emitted "An act 10 amend an &C,
for opening and extending the navigation Of
Potomac river" which passed the 10Th of De-
crmber, 1890, and may be found in tie 18th
volume If The statutes at large Of that State,
W., re- i; first me- the eye Of your memorahss.
N; having appeared among any Of the COM
pilations OF ,he Numerous acts constituting
the Charter OF h. Potomac Company, it had
passed unregarded, in the act NJ the General
Ass-crby a Virginia, oe the 22d Of February,
1922, which was adopted by the Chesapeake
aud oh Canal Convention as the oasls OF he
chatter thu they soil, itr0; nor was il, afIer>
wards, conprehended in the charter itself
The h Secti n Of the act referred TO by
your nv mor,aiss deci4res "that il shall and
my &c '@"fW rSr PERSONS mt citiz, MS of thi,
Comm 'nwea!th I'm anIng ,he Commonwealth
ri l,C-f ~ y Il Ii IA l.
serb. 1t SHARES oi The said Potomac Company.
P'ooded, lnat the persons so purchasing shall
not, Inrreby, bee ONE citizens oil his Commons
Meath
Subs quently To the date of the act Of which
thi> sec'on Is a part, considerable sums were
81 rScrbed, by aliens, to the stock OF the Poio-
m C Company. Being still held by them, this
sto' Is iD, iud'd IN the shares OF the stock OF
that company, which, by the late charter, were
d. sigued 10 make, with the consent of the
holders, part oil the stock of ,he new compa>
ny.
Accordingly, on the books Of subscription,
now open in the town Of Alexandria, stock to
ths amount If S23 SIS, ha, been subscribed, or
ira >'erred from the old TO the new compa nv,
on foreign dccONat.
o render such subscriptions valid, in con-
g. nifty vi h he inten, Of the new charter, it
appsa's, therefore, essential, tina, this charter
b. amended.
But since the attention Of your memorialists
has been thus forcibly attrao ted to. this, till
now, latent defect Of the charte, Of the Chess
peake aud Ohio Canal Company, it has been
dee med by them highly expedien,, if not indis-
pe"sihly necessary, To extend the proposed a.
mendmsnt, ST. far as to provide, with the APP
pr baton Of he Company, and Of the necessa-
~ parties 20 their charter, that these shares of
st'' k shall be adJudgrd aud taken in law, TO be
personal, aud no, real estate.
Personal estate is governed by the lex loci
OF the decrdent L. lis distribution on the death
Of the own r. Real estate, In Its descent, or
transfer by purchase, by the law Of the country
i'm which il lies
But ne harter Of the Chesapeake and Ohio
Canal Company, like that of the Potomac
Company. Being the offspring OF the concurrent
aC;s f d fife, emf Legislatures, who have attacks
ed peculiar qualities 10 such real estate as lies
within heir espec,i,e jurisdiction; inasmuch
as The certificates of he stock OF Joint com
pany have not In their nature, the locality OF
real property, IL may b. easily foreseen, or inn
agined, no" much perplr4iIy would arse in
the s,temp' 10 determine, any where within
or without the United States, what rule Of de-
Scout or distribution would attach 10 il, on the
real state in Pennsylvania in Maryland, IN
Virginia, or Oh either shore of the Potomac,
within tue district Of Columbia? In cases OF
inSesldncy, OCT urring abroad; Of the foreign
holder, by whatla" of desceh,s shall such real
estate be cast upon the heir? by tina, Of the
'na,Ive or adopted country of the decedent, or
of onr OF the many rarties to the charter,
wlieh declares III property 10 be, III law, real
esta,e! A like difficulty would occur, in re-
CARL to the di,pusiiinn of the sto k of deee
dent citizen Of any other of the United States;
H. fine, of any other of the States; who are par
ties 20 the ,harier.
AL h,ugh the l7th section ofth new char
ter providesa rule e evidence for tho ordinary
tran ,fers Of he shares ofthis stock, it supplies
none, whatever, for such a, are made by de-
wise, o. beque>,; the proof necessary 10 the val
idity of which, aries in III, States which have
been named, aud even between the Opposite