Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1832-04-10

''' ''' 'iiiI ccrlICltC oil stock, or
'opi g. It's loss shall Ire produced. Whcrcupon,
the S'ocE shall bc transferred upou the books, and
new rcT'ihc1tc ar certificates grantcd. Until
,,'c' evidence of title shall be- produced to the
lTyS"%nt and Directors, they shall he restrain
rdiiy legal process, they shall be- justified i'll pay
ing th" dividends 10 the persons in whose name
"f stock stands uncu their books; and the Com
Pany shall not be clarScablc therefor to any other
alIimtut.
II. Within thirty DAYS az ,r The adjournment Of
the first general meeting % the Stockholders, of
which pub. notice shall be given in such news
papers as the President and Directors may think
proper, the Stockholders other than the Common
wealth, shall pay into of the banks aiorc-
said, iulo oac Of their offices of discount and de-
post such "a the President ard Directors may de
sl@uatc, the further sum of five dollars on each
shHr, o!thcr stock a2d they shall pay the residue
of their ubscrip,ionS in such SIMS. at sch t:n"S
and III such manner, the cXi ."ncicS OF the Com
pauy may demand aud the President and Di-
rectors may fro time to tin2 require
Is. Ifany s,orkrol,rr shall fail To pay the sum
required Of him By this net, within thirty days at
ter the aG oUrn,n,n, of the first general meeting,
public notice having been givcn thereof in
the manner above required, shall fail
To pay any othct part of the su5scrip-
iion lawfully required of him by the presi-
dent and directors, after such rGqnsi'ion 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 advcr.
tSiug the time and Place of sale for four weeks,
IN some newspaper puOIlSicu, To sell at public
auction for cash. the share or shares of the dclin.
qucnt Stockholders aud TO convey and transfer the
same to the purchaser. And the said president and
directors, after retaining from tho purchase money
the costs and charges Of the sale, and the amount
. III arTcar ana due to the company, shall pny over
Tia" surplus, il any, to .hc said Stockholders or his
legal representative. If the purchase money shall
DC insufficient 40 pay the cost and charges of the
sale, and the sum III nrrcar and due to the compa-
NY, then the delinquent stakeholder, as well as the
orr lStI',S Ytl,Cri ~
ccutorS aHd administrators of each of them shall
be liable For the payment of the balance; and such
balance may he recovered The original subscriber
and delinquent stakeholder, jointly or sovcrally
or from the heirs, executors udminiS ra,ors of
either, uron motion on ten days previous notice in
the inferior superior Of the county or cor
pora:ion in which the Defendants or either of them
may he found, or by warrant before ins,icc of
( the peace, where the sum TO he recovered IS within
! the jurisdiction OF single magistrate, or by any
other proper action before anv court having couni
zance thereof. The purchaser AT such sale shall
he regarded rs an original subscriber, and as SUCH
/ ne, his heirs, executors and administrato S,
shall be liable inr all subsequent dclinGucncies
| 10. When the other stakeholder shall have paid
such proportion of their subscriptions as will be
equal 10 the proportion OF the states subscr ipion
paid 10y the transfer of their property as aforesaid
then the residue of the states suscription shall he
paid from time tn time, nearly as may be, in the
proportions in which the other Stockholders shall
he required TO pay the residue of their subscrip.
tlOus
20. At the expiration of thirty days from
the adjournment Of the first general meeting ofthe
stockholders aforesaid, the W holc interest of the
/ commonwealth in the works and property of the
present James river company, shall he, Il the sam !.
is hereby transferred to the j ,nes river and Kama
wha company, hereby Incorporated, to be held by
them forever, for the sole AMI benefit of the
i stockholders; and from thcncciorward the compa-
ny hereby Incorporated shall be entitled To- all the
/ tolls, rents, and other cmolumcn;s, rights pr.
NlcgcS and mmunitics, which now cnioycd
/ ny the James river company, subject however TO
tho imcumhranccs, Limitations and restrictions in
this act declared The president and directors of
the new company, their officers and agents at the
expiration of the said thirty days shall take posses.
sion OF the properly and works hereby transferred
and enter upon the receipt of the tolls, rents and
| other cmolumcnts thereof for the benefit of the
stockholders; bat until the expiration of the said
thirty days, the said property and works. the tolls
rents, and other cmOiumcnts thereof, shall be and
remain for the use of the commonwealth, in the
same manner as if this act had never passed.
| u. The james river and kanawha company
Sha!i lake thc property hereby transferred them
subject to- the payment of the dividend of fifteen
per ccninm per annum forever to the stockbol-
dcra OF The old company, and subject moreover &c
me pledge OF the surplus tolls of the company made
By former laws, for the security those public Gre
Giors, who on the faith of that pled~e have lent
money TO the james river company, for the use
OF the commonwealth; but the general assembly
hereby pledges the faith of the commonwealth to
the new company, that they shall be protected
lroi' inc payment OF any part of the principal or
interest "t the debt contracted by the loans anre
SAID ana TO Tins end, the profits of the common.
! wcaihs stock IN the new company, and so mnch
/ ot the revenue of the fund for Internal Improve
mcnt, a. now stands pledged for that purpose shall
he faithfully applied TO the payment of the inte-
rest on the said oans and if this should prove in
adequate, other sufficient sums shall be provided
-. lie James river and Kanaw!a company
are charged with the duty of CONNECTING the
tde water OF James river with the nayioable
waters Of the Ohio by one of three plIns of i'm
proVcnent, at their election; that say either bv
a continuation of the lower James river canal to
some suitable point on the river not lower than
hynchburG, a continued railroad from the western
termination "t that canal 10 some convenient point
on the Great kanawha river below the great falls
thereof, and an Improvement of the kanawha RI
yer from thence to the Ohio, to make il suit
able Tor steamboat navigation: or secondly bv =
continuation OF the James river canal as aforesaid
and a continued rail road from its western ter,ni
ha''on 10 the ONO river: or thirdly, by a contnu.
cd railroad from Richmond To- the OH, r;y.r
Ana whether they elect one or ano' her of thcs q
plans OF Improvement, that which thew elect shall
"c executed III substantial, durable and work
inanhke manner; their improvements shall be
Kept permanently in good repair; free and fiji for
public use, according to- the provisions of th;s net,
and the works when they shall construct and 1.-Two
property which they snail acquire by purchase or
condemnation, under the authority Of this law
shall be vested in them and their Successors for
ever, Tor tEcir own use and benefit, exempt from
all public taxes, burdens or charges other than
those which may be imposed or authorized by this
act
%. If the company elect to continue the lower
James river canal to Lynchburg, or beyond it, as
part OF thcif Improvement, then that canal i'm III
IT'S parts from Richmond TO its western lcrmina.
ton, shall be at least forty feet wide at ton md
twenty eight feet wide AT bottom rvitI, moi lac.