Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1832-05-04


s'ncateS OF his stock may be required, verified
y tns seal of tho corporation, and the signature
Vi tne PRESIDENT. The stock shall he dccnicd per-
Vi'l estate, and as such, shall pass to purchasers,
executors or administrators. Before tho dlViucnd
on such stock shall be paid to amy purchaser, exc
co'nr DR. administrator, regular evidence oil title
Shan be exhibited to the President and Directors,
and tho original certificate OF stock, or satisfactory
proof oi It's loss, shall be produced. Nhcrcupon,
the stock shall be transferred upon the books, and
now certificate or certificates granted. Until
such evidence of tito shall he produced to the
President and Directors, thoy shall be restrain
eddy legal process they shall bc justified IN pay
! iny the divd lds to the persons i'll whose name
/ lhc stock stands upon their books; and tho Com
pany shall not DC cktrgcaLlc therefor 10 any other
claimant.
IL. Within thirty days after the adjournment of
the first gcuccal mocing OF tho Stockholders, of
which puS!ic notice shall be given IN such news
papers Is the Pres drnt and Directors may think
proper tho Stockholders other than the Common
wealth, shall pay into one oil Sne banks atorc-
said, or into one OF their offices ofdiscount and de-
post such ~ the President ana Directors de
slgn@to, the further sum of five dollars on each
share otthoir stock; and they shall pay tho residue
OF their subscriptions in such sums, at such times,
ana in such manner, tn. cXiycnciCs of tho Com
pany may demand and tho President and hi.
rcctors may from time to time require.
Is. IL any stakeholder shall fail to pay the sum
required of him 10y this act, within thirty days at
ter the Adjournment Of tho 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 prcsi-
dent and directors after such requisiion shall have
been advertised four weeks in public news.
paper printed in the city of Richmond, it shall he
law iul Tor the president and directors, after udver
Using the timo and place Of sale for four weeks
IN some newspaper so published, To sell at public
auction Tor cash. tho share shares OF the ,lclin.
Tuemt stakeholder, and to convey al transfer the
same TO the purchaser. And the said president and
directors after retaining from tho purchase money
the costs and charges OF tho sale, aud the amount
/ IN arrear and due to the company, shall pay over
the surplus if any, TO the said stockhollcr, or his
lcga! repre- sentative Ii the purchase money shall
be insufficient TO pay the cost and charges of the
sale, and the sum IN arrcar and due to the compa-
NY, then tie delinquent Stockholders as well as the
original subscriber Tor tho sock, and the heirs ex-
ccutorS and administrators of each of them shall
be liable tor the payment of the balance and such
balance may be recovered ofihe original subscriber
and delinquent stakeholder, Jointly or scvcru!!y
/ or from the hclrS, executors adnlliS;ra of
either, upnn motion zen days previous notice IN
The inferior or superior court of the county or cor
poration in which tic defendants, or either thcn
may be found, or by warrant before Il Justice of
the peace, where the sum to bc recovered IS within
the jurisdiction of single ma giSiratc, or by any
other proper action before any court having CORN.
Zancc thereof. The purchaser at such sale shall
be regarded as an original subscriber and y SUCH
| he, his heirs, executors and admini.truto s
]
10. When the other stockho' dcrs shall have paid
I such proportion of their subscriptions as will be
equal To the proportion ot the states substitution
paid by the transfer of their property as aforesaid
then the residue of tine states subscription shall he
paid from time To time, nearly as NAV be in tIc
| proportions III which the other stockholders SHALL
! he required 10 pay tho residue of their su5scrip.
tons
20. At the expiration of thirty days from
The adjournment "f the first general meeting oflhc
] 81 h,lH nf,r Ia, /, 1,
commonwealth in the works and property of the
| present James river company, shall be, * the same
! is hereby transferred TO the james river and Kama
wha company, horcby incorporated, to be held by
them forever, for tho sole use and benefit of ;hc
stockholders; and from thcnccforward, the comma
ny hereby Incorporated shall be entitled to all the
tolls rents, and other cmolumon;S rights pri
vIteGcS and lmmunltics, which now cnioycd
10y the James river company, subject however to
thc membranes, limitations and restrictions i'm
this act declared. The president and directors of
tho new company, their officers and agents, at the
expiration OF the said thirty days. shall take posses
sion OF the property and works hereby transferred
and enter mpon the receipt Of the tolls rents and
other cnoumcn,s thereof for the benefit of the
stockholders; but until the expiration of the said
thlrty days, the said property and works. the tolls
rents, and other cmolumcntS thereof, shall he and
! remain for the use of the commonwealth, in the
Same manner as If this act had never passed
! 81. The James river and krnawha company
snail take the property hereby transferred 10 them
subject to the payment of the dividend of fifteen
! per cen'um per annnm forever, to the stockhol-
| der1 OF the old company, and subject moreover tc
The pledge ofthe surplus tolls of the comralv m c
by former laws, for the security of thosc public ere
dtoTs who on the faith OF that plcd"c have lent
money 10 The James river company, for the use
OF tho commonwealth but the general assembly
hereby pledges the faith OF tho commonwealth to
Inc new company, that they hall be protected
from the payment Of any part of the principal or
interest of the debt contracted by the loans a.orc.
saIG and to this end, the profits of the common
"calths STOCK In the row company, and much
ct the revenue of the fund for Internal Imurevc
ment as now stands pledged for that purpose shall
| be faithfully applied to tho payment of the into
resi- on the SAID loans; and II this should prove in
/ adequate, other sufficient sums shall be provided
- The James river and Kanawha company
are charged with the duty Of connecting the
! tide water OF james river with the naviauble
watcrS OF the OIIo by one OF three plans Of i'm.
Provcment, at their election; that 10 say either bv
continuation OF the lower james river canal to
some suitable point on the river not lower than
Lynchburr, continued raj. road from the western
termination ol that canal to convenient poiut
| on the Great kanawha river below the great falls
/ thereof, and an Improvement ofthc kunawha RI
yer from thcncc to the Ohio, to make it suit
able Tor steamboat navigation: secondly, bv 4
continuation of the James river canal as aforesaid
ana continue railroad from its western tcrmi-
nation to the Ohio river: or thirdly, by n confirm
/ cd railroad from Richmond to the Ohio river
And whether they elect one or another Of these
plans OF improvement, that which they elect shall
10 executed Min substantial, durable, and work
manllkc manner; taeir improvements shall be
Kept permanently in good repair; free md fit for
pbuc use, according to the provisions Of this act;
and the works when they shall construct, and the
property which they snail acquire by purchase or
confirmation, under the authority OF this law
shall be vested in them and their Successors for
ever, Tor their own use and benefit, exempt from
an pubic taxes, Burdens Or charges, other than
those which may be imposed or authorized by this
mi