Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1832-04-24

shall be eNlssSLeI TO tho Pre- ,lLvn, and Directors
ana Tue original certificate othtosk, or satisfactory
proof OF It's loss, shall be- produced. Whcreupon,
the stock shall be transferred upon the books, and
Il new certificate certificates granted. Chtil
such evidence of title shall be produced to the
PRESIDENT and Directors they shall DC restrain
dby legal process, they shall be JustIhcd IN pay
/ my the dividends to the persons III whose name
'hc stock stands upon their books; and the Com
Pany shall not be ch-rgeaLo therefor to any other
! cldImlNt.
IL Within thirty DAYS after the adjournment Of
the first GENERAL meeting of the Stockholders, OF
which puhc notice shall bo given IN such news
papers as the President and Directors may think
proper the Stockholders other than the Common
wealth, shall prv into one OF the banks atoTc-
Said or into one OF their Offices ofdiscount and de-
post such as the President and Directors may de.
/ signatc, tho further sum of hvc dollars on each
share of their stock and they shall pay the residue
of their subscriptions i'll such sums, at such times,
and in such manner, thu cxgencies of the Com
! pany may demand, and as the President and Di-
rectors may from tiune to time require.
| Is. II any stakeholder shall fail to pay the
required of him by this act, within thirty DAYS at.
ter the adjournment of the first general meeting,
public notice having been given thereof IN
the manner above required, shall fail
To pay any other part of the subscrip-
ton lawfully required of him by the pres
dcnt and directors, after such rcqusition shall have
been advertised four weeks i'll some public news.
paper printed in the city OF Richmond, it shall be
lawful for the president and directors after pdycr
Using the timo and place of sale for four weeks
In some newspaper SO published, to sell at public
auction for cash the share shares of the ,lelin
quent stakeholder, and to convey and transfer the
Same to the purchaser. Aud the said president and
directors, after retaining from tho purchase money
tho costs and charges of the sale, and the amour,
i'll arrear, and due 10 the company, shall pay over
the surplus, II any, TO the said stock holder, his
legal representative. If the purchase money shall
be insufficient To pay the cost and charges of the
sale, and the sum arrcar and due to the compa-
ny, then the delinquent stakeholder, we'll the
original subscriber for the sock and the heirs,
ccutors and administrators of each of them shall
be liable for the payment of the balance; and such
balance may be recovered Of the original subsc rber
, and delinquent stockhodor, jointly scvcrally,
"r from TIE heirs, executors or administrators of
either, upon motion on ten days previous notice IN
the inferior superior court of the county cor.
poration in which the defendants, either of them
S may be found, or by warrant before Justice OF
ihe peace, whore the sum to be recovered is within
the jurisdiction of single magistrate, or by any
other proper action before any court having cogni
zance thereof. The purchaser at such sale shall
he regarded as an original su5sc rbcr and such,
he, his heirs, executors and administrato $
shall be liable for all subsequent dclnqrcnces.
. 49, When the other stockholders shall have paid
such proportion of their subscriptions will be
equal to the proportion OF tho sate's subscription
paid by the transfer of their property aforesaid
then the residue of the states subsc rption shall be
paid from time to time, nearly be, in the
proportions in which the other Stockholders shal
V be required TO pay the residue of their Eu5scrip
r tons.
s 20. At the expiration of thirty days from
the adjournment of the first general meeting of tn
stockholders aforesaid, the whole interest Of TIT
# commonwealth i'll the works and property Of the
/ present James river company, shall be, & the sam
is hereby transferred to the James river and Kama
i villa company, hereby Incorporated, to be held b
:, them forever, for the sole and benefit Of tn
d stockholders; and from thcnccforward, the conpa
ny hereby Incorporated shall! be entitled to a.! tn
i tolls, rents and other cmolu:ncn;s, rights, pri
l. vilegcs and immunitcs, which arc enjoyed
II by the James river company, subject however L
C tho lncumbranccs limitations and restrictions il
II this act declared. Tie president and directors O
the new company, their officers and agents, at thu
expiration of the said thirty days shall take
SION oil the property and works hereby nscrrcd
ii and enter upon the receipt OF the tolls rents an,
c other cmolumcnts thereof for the benefit of tn
If stockholders; hut until the expiration of the SAT-
l. thirty days, the said property and works, the tolls
l. rents, ana other cmolumcntS thereof, shall be
/, remain for the use of the commonwealth in tn,
It same manner as If this act had never passed.
d u. The James river and kanawha company
shall take the property hereby transferred to them
o subject 10 the payment of the dividend of fifteen
II per ccntum per annum forever to the stockho
e dcTG OF the old company and subject moreover &c
the pledge Of the surplus tolls of the company mad,
by former laws for the security of those public
n dItors, who on the faith OF that pledge have len
v money to the james river company, for the us,
G OF the commonwealth; but the general asscmbl
hereby pledges the faith OF the commonwealth l.
tc the new company, mat they shall be protectc
:, troIE the payment of any part of the principal O
interest of the debt contracted by the loans aforo
lc said; and to this end, the profits of the common
h. weaths stock IN the lew company, and muc
IN ofthc revenue of the fund for Internal Imprey,
re ncnt, now stands pledged for that purpose sha
"a be faithfully applied to the payment of the inte
ID rest on the said loans; and If this should provo il
III Adequate other sufficient sums shall be provided
n -. The James river and Kanawha cOmpan
II arc charged with the duty of connecting tn
, tide water of james river with the naviuab
waters of the Onio by one Of three plans of i'm
II Proyemcnt at their election; that is say either b.
a continuation Of the lower james river canal t.
II some suitable point the river not lower thar
ID Lynchburg continued railroad from the western
n termination OF that ca3hlt 10 convenient poin
on the Great hanawha river below the great fall
y, thereof, and an improvement of the kanawha ri
O. yer from thence to the Ohio, as to make it suit
I'd able Tor steamboat navi saIion: or secondly BY
continuation of the James river canal as aforesaid
RS and continued railroad from its western termi
nation to the Ohio river: thirdly, by Il continu
III cd railroad from Richmond to the Ohio river
RS And whether they elect one or another of thes
of plans oil inProy"msnt, that which they elect sha
le be executed in substantial, durable and work
De manke manner; their improvements shall b
k kept permanently in good repair; free and fit fo
f. public uso accordingto the provisions of this act
~ and the works which they shall construct and tn
IN property which they snail acquire by purchase O
condemnation, under the authority Of this law
is shall be vested in them and their successors 70
ir ever, tor their own use and benefit exempt from
Of all public taxes, burdens charges other thar
e. those which may be imposed authorized by thi
&c act.
n. %. Ifthe company elect to continue the lowe
t, James river canal to Lynchburg, or beyond it, a
20 part of their improvement, then that canal i'm
liz parts from Richmond to it's western toruin;
K ton, shall be at least forty feet wide at top an
~ twenty EIGHT feet wide bottom. with los