Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1832-05-15

Is. Minutes OF the proceedings Of the Stock
"""'tS AT all general meetings, verified by the sig
nature OF the Charm other presiding Ohccr,
shall be regularly kept and carefully preserved, iii
wei bound books and the names Of all the stock
! holders present. whether in person or by proxy,
shall bc always entered the minutes.
ii. The President and Directors of the Compa-
ny, subject to the control of the hyclawS, shall DC
charged with the immediate care and supcrintcnd-
| cncc OF the affairs Of the Company; with making
and executing thc:r contracts, either by themselves
/ or by their lawful agents; with constructing and
preserving their works; with the custody and pre-
scrvaton of all the property OF the Company; and
with the control and direction of all their agents.
y quorum for the transaction of business, shall
consist OF the President and majority OF the Di-
! rcctorS; or when the President is absent, of the
! Directors, amy Eve of them, one of whom shall
! be appointed President pro tcmporc.
ID. They shall keep regular journal of their
proceedings, verified bv the signature of the Prcsi-
dent, and preserved III well bound books, where
IN the names OF tEc members present shall lc al
ways entered and the vote of each member re-
| corded They shall cause regular books of account
to he kept OF all the receipts and disbursements
and of all the dealings OF the Company; and shall
cause their books to he regularly balanced. semi
annually, such days as the Stockholders in
their byc-lIwS shall appoint
| IT, They shall keep regular roll of their Stock
holders and shall furnish to each or more GER
thcatcs OF his stock may he required verified
! by the seal of The corporation, and the signature
of the President. The stock shall be deemed per-
sonal estate and as SUCH shall pass to purchasers
executors or administrators. Before the dividend
on such stock shall DO paid to any purchaser, exc
cutor or administrator, regular evidence Of title
shall bc exhibited to the President and Directors
and the original certificate of stock or satisfactory
/ proof of its loss, shall no produced. Whcroupon
the stock shall he transferred upon the books, and
new ccrtihcato or certificates granted Until
such evidence of title shall he produced to the
President and Directors, they Shall he restrain
eddy legal process, they shall he justified in paw
ing the dividends to the persons in whose name
The stock stands upon their books; and the Com
pany shall not be chargcabe therefor TO any other
claimant.
| IL. Within thirty days after the adjournment of
the first general meeting of the Stockholders, of
which public 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 one of the banks aforc
said, or into Of their offices ofdiscount and de-
post, such az the President and Directors may de
Sighatc, the further sum of five dollars each
share OF their stock and they shall pay the residue
OF their subscriptions i'll such sums, at such times,
and such manner, as the cXigcnccS of the Com
pany may demand and the President and Di-
rcctorS may from time to time require.
Is. 1t any stakeholder shall fail To pay the sum
required of him by this act, within thirty days az
ter the adjournment of the first general meeting
public notice having been given thereof in
Inc 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 rcquiSton shall have
| been advertised four weeks in some public news
paper printed in the city of Richmond, il shall bo
lawful for the president and directors, after advcr
Using the time and place of sale for four weeks
IN some newspaper published, to sell at public
auction for cash. the share or shares of the t!cn
Iucnl stakeholder, and To convey and transfer the
same to the purchaser. And the said president and
directors, alter retaining from tho purchase money
the costs and charges of the SALE and the amount
III arrcar, and due To the company shall pay over
the surplus, if any, to the said Stockholders or his
,cg'! representative. ii the purchase money shall
DC insufficient TO pay the cost and charges of the
sale, and the sum in and due to the comma
NY then the delinquent Stockholders as well as the
original subscriber for tho stock and the heirs *
ccutorS ana administrators of each of them shall
DC H1"Ic Tor the payment of the balance; and such
balance may be recovered fthe original subscriber
ana delinquent stockhodcr Jointly or scvcralIv |
or from the heirs, executors or administrators of
cthcr, upon motion on ten days previous notice in
inc interior or superior court of the county or cor
poraton in which tho defendants, or either of then,
may Dc found, or by warrant before Il Justice of
the peace, where the to be recovered IS within
'he jurisdiction OF single magistrate, or by any
other proper action before any court having copui
zancc thereof. The purchasar at such sale shall
he regarded as an original subscriber and as such
he, his heirs, executors and administrato S
shall he liable for all subsequent dclinqrencics
~. when the other stOckho 'dcrs shall have paid
such proportion Of their subscriptions as will hc
eqnal To The proportion OF the states Subscription
paid 10y the transfer Oft their property as aforesaid
then the residue Of the states subscription shall be
pad from time To time, as nearly as NAV he in the
! proportions in which the other stockh iders stall
I be required to pay the residue of their subscrip
tons. 'f
| ~. AT the expiration of thirty DAYS from
the adjournment of the first general meeting ofthe
Stockholders as aforesaid, the whole interest of tho
commonwealth in the works and property of the
/ present James river company, shall be- & the Same
is hereby transferred to the James river and KIN,
VIVA company, hereby incorporated, to be held bv
far tlp solo
| stockholders and from thcnccgorward, the comma
ny hereby incorporated shall be entitled TO all inc
Tolls, rents, and other cmoluments, rights pri
yAs5cs and mmunltiCs, which are now enioved
| ny the James river company, subject however to
the membranes, limitations and restrictions II,
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 posscs
sion oi the property and works hereby transferred
and enter upon the receipt of the tolls rents and
other emoluments thereof for the benefit of the
stockholders; but until the expiration of the said
thirty days, the said property and works the tolls
rents, and other emouncnts thereof, shall be and
remain Tor the use OF the commonwealth, i'm the
same manner as if this act had never passed
II. The james river and Kanawha compnnv
shall take the property hereby transferred TO them
subject to the payment of the dividend of fifteen
per centum per annum forever, to the stockhol
ders OF the old company, and subject moreover TO
The pledge of the surplus tolls of the company made
by former laws, for the security of those public Gre
dtors, who on the faith Of that pledge have lent |
money to the James river company, for the use
OF the commonwealth; but the general assembly
hereby pledges the faith OF tho commonwealth to
Tie new company, that they shall he uroiectcd
from the payment Of any part Of the principaI mr.
interest of the debt contracted by the loans aCore
Saldi ana to TINS end, the profits Of the common
WcaIhS stock in the new company, and so much
OF the revenue Of the fund for Internal Improve
mcn, as now stands pledged for that purpose shall
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