Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1832-05-15
Az AI"I
Incorporating N" Sfcckh2idcyS Of the James Ri
rcr amt hn"arha Company.

r'T ana n H"dWhg Company.
llNSED lGru MAHCu, 1852
Whereas the measures hitherto adopted Ivy
the General Assembly for tho purpose OF
connecting tho tide water of James River with
the novgahlc waters of the Ohio, have been found
inadequate TO effect that object, by such line of
transportation as the public interest requires; and
1t is now deemed cxpedicni tor that purpose To IN
corporate u joint Stock Company, TO which the in
tercst of tho Commonwealth i'll the James River
Company shall be transferred at fair value: there.
fore,
/. BE il cnactcd Jv The General Assembly, That
the President and Directors of the James River
Company SHALL without delay, cause books of sub
scriptOn to be opened in the city of Richmond
IN the towns of I.vnchburg Lcxiny,on P,,tous-
burg, Covngton, Staunton, Fincastlc, Lcwishury
Union, Chnrlcstowu upon the kanawha and such
other places as they may deem cxpcGicut, and un
der the superintendcnco of such commission. rs as
they may think proper to appoint, for the purpose
of raising capital stock Of five millions OF dol.
lars, IN shares of ono hundred dollars each. AT
least thirty days previous notice, in some pcwSpa-
per published most convenient to each place of
subscription, and in such other newspapers as NAV
be deemed proper, shall 10 given of the time and
places of opening the books. The books shall br
kept open for twenty days; and if within that time
threehilhS of the capita stock shall not have been
subscribed, by persons bodies polite corporate
other than the Commonw ealth, they shall be again
opened, and may be continued open, if necessary,
until the second Monday in December next. All
subscriptions must be for or more whole
bnarcS, none DelnS allowed tor any part al share.
:. When the books are opened, the State shall be
regarded subscriber for ten thoSa nd shares of
tho stock; TO be paid for by transfer Of her whole
interest in the works and property of tho present
James River Company; and VIXEN they are finally
closed, the, shall no returned to the Second Audi
tor verified by the signatures of the Commission
ers, or some OF them, and be laid before the Prcs-
dent and Directors of the James River COMPANY
In order that the amount of valid subscriptions may
DO asccraincd, and proper measures taken there.
apon
g. Tho Second Auditor shall forthwith give pub.
lie notice, in such newspapers he may think pro-
per, as the President and Directors of the james
River Company shall direct, of the return of the
books, and of the amount of subscriptions appear
ing upon them; and after the expiration of twenty
days from the publication of such notice, the Pre-
sidont and Directors shall proceed to ascertain the
amount Of valid subscriptions, regarding per-
son. body polite or corporate, other than the
Commonwealth, subscriber for any share, un
less he shall have paid thercupon into the Bank of
Virginia, Farmers Bank of Virginia at Rich
mond, at least five dollars to the credit of the
James River Company, and have furnished ccrti-
heate OF such payment to the Second Auditor. IL
1t be ascertaincd that three. iiths. Of the capital
stock have not been subscribed by persons bodies
polite or corporate, other than the Common
wealth, then the President and Directors of the
james Kivor Company shall direct the certificates
of payment aforesaid to be returned to the subscr
bcrs, with the Second Auditors warrant OH the
back thereof, for tho repayment of the money;
and they shall report TO the next General Assembly
the failure of the subscription, suggesting the pro
bablc causes thereof and the means, if any, of
obviating them.
a. When thrcc-Gf1hs or more of the capital
stock shall have been subscribed by persons, bo-
dies polite corporate, other than the Common
wealth, but the whole capital shall not have been
subscribed, then the Commonwealth shall be re-
gardcd as a subscriber for the residue of the five
millions; and if, including tho commemorative
subscription, more than five millions of capital
el,lt hD,r, hoo ,hy ;l,l h. n
he reduced TO five millions, by taking off the surplus
from the highest subscriptions other than that of the
Commonwealth; * when 1t shall happen, that two or
more of the highest subscriptions are equal, and
the desired reduction cannot he made by subtract
ing equally from each then it shall he decided by
lot, from which subscription descriptions, the
greater number shall he Subtraccd, and the Prcsi-
dent and Directors of tic James River Company
shall order it accordingly.
D. When three -fifths or I;orc Of the capiLai
stock shall have been subscribed by persons,
bodies polite or corporate, other than the Conf
monwcalth, having paid as aforesaid, five dollars
upon each share, then the subscribers their success
orS heirs and assigns shall be body polite x cor
porate by the name of the James River X Kanawha
Company; and by that name, shall have perpetual
succession and common seal, may sue and be
sued, plead and be implicated, purchascs2nd hold
sell and convey real and personal property: and
shall be to every intent and purpose in law, the
successors OF the present James River company:
Proridcd, h0wcrcr, That they shall hold no real
estate, except that which by this act, or some o.
Their act of the General Assembly, may be specially
vested in them, they may be expressly authorised
TO acquire Tor the purpose OF the improvements
which they are required to make; and that they
shall i'll no wise deal as bankers or merchants or
in buying and selling any produce or com oddities
whatsoever, except such as il is obviously convent.
ent and proper for them to purchase and sell in
the regular performance of the duties required OF
them by this act; and that they shall not be enga
ged III the establishment or conduct of manufac.
mr. ,ril, 10, g
sumption, and that of the persons in their service
and IN letting to farm or lease sites for mills and
other machinery, and water for their use
o. The President and Directors Of the James Ri
yer Company as soon as they shall have ascertain.
ed that thrcc-tiths ofthe capital stock have been
subscribed aforesaid that the subscribers have
become body corporate shall make publication
Of the fact In such newspapers may be best suit
cd TO give notice to the Stockholders and shall
point day not more distant than thirty days, for
Hgene!al meeting of the Stockholders at some fit
place In the city of Richmond to the end that tho
Company may be organized by the appointment of
proper officers and agents If, on the day appoint.
cd, a sufficient number of Stockholders do not at
tend 10 constitute general meeting, those present,
may adjourn from time to time, till sufficient
number shall attend. To this meeting, the Second
Auditor shall deliver the original books of subscrip
ton, together with the certificates of payment into
The banks, by the subscribers, endorsing thereon
ms warrants for their payment to the oroor of the
new Company.
I. 10 constitute general meeting, there must
be present, either in person or by proxy, number
OF Stockholders, having right to give a majority
oil all the votes which could be given at a meeting
of all the Stockholders.
{. Each Stakeholder shall be entitled TO one vote
tor cach'sharc held by him, far as ten shares,
and to one vote for every five shares above ten.
y. There shall he stated general meeting oftlc
Stockholders, at fit place, in the city of Rich
mond, on the second Monday in December in each
year, or at such other time as the byelawS of the
Company may prescribe, and there shall be extra