Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1832-04-17

tue STOCK snail be transferred upon the books,
new certificate or certificates granted. Unit
| such evidence of title shall be produced TO tn,
Fresident and Directors, or they shall be restrain
edhy legal process they shall DC justified III pay
| ing the dividends to the persons iii whose nam,
| HE stock stands upon their books; and the Com
pany shall not be chargoable therefor to any Other
| clanant.
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 rs the President and Directors may think
proper, the Stockholders other than the Common
wealth. shall pay into one OF the banks aiorc.
SAID, or into of their Offices OF discount and de-
post, such as the President and Directors may de-
| sisnate, the further of five dollnrs each
share ofthcii stock and they shall pay the residue
OF their subscriptions in such sums, at such times,
and III such manner the cXigcncies of the Com.
| Pany may demand, and as the President and Di.
rcciors may from time to time require.
Is. IL any stakeholder shall fail To pay the sum
required of him by this ACT within thirty days at
ter the Adjournment of the first general meeting,
! public notice having been gwen thereof IN
| the manner above required, shall fail
TO pay any other part of the subscrip-
ton lawfully required of him by the presi-
dent and directors, after such rcQuis,ion shall have
! been advertised four weeks in some publie news
paper printed in the city of Richmond, it shall be
full for tho president and directors, after advcr
Using the time and place of sale for four weeks
| In some newspaper SO published, to sell at public
auction for cash, the share shares of the delin.
quent stuckholder and TO convey and transfer the
same TO the purchaser. And the said president and
directors after retaining from the purchase money
the costs and charges of the sale, and the amount
| Ill arrcar and due to the company, shall pay over
the surplus If any, tp the said stockhodcr, or his
! legal representative. Ii the purchase money shall
be insufficient to pay the cost and charges of the
sale, and the sum III arrcar and due To the compa-
ny, then tie delinquent stakeholder, as well as the
original subscriber for the stock and the heirs ex.
ccutorS and administrators of each OF them shall
be liable for tie payment OF the balance; and such
balance may be recovered of the original subscriber
and delinquent stakeholder, Jointly or scvcrallv
or from the hers executors OF administ rators OF
either, upon motion OH ten days previous notice IN
The inferior or superior court of the county
poration i'll which the defendants either of them
may be found or by warrant before Il Justice of
the peace where the sum TO be recovered IS within
the jurisdiction of Il single magistrate, or by any
other proper action before court having couni-
zance thereof. The purchaser at such sale snail
be regarded All original subscriber, aud as such,
he, his heirs, executor. and adniinstra,o $
shall he liable for all subsequent dclinurencics.
-. When the other stockholders shall have paid
such proportion of their subscriptions as will be
equal to the proportion OF the states subscription
paid by the transfer of their property as aforesaid
then the residue of the states subscrip shall he
pad from time To time, nearly NAV be, in the
proportions III which the other stockholders sIa
he required 10 pay the residue OF their subscrp.
tions.
~. AZ the expiration OF thirty days from
the adjournment of the first general mcctiur othe
stockholders rs aforesaid, the whole interest of the
! commonwealth in the works and property of the
present james river company, shall be, II the sam
is hereby transferred to the james river ami Kama
VIVA company, hereby Incorporated, to be Held by
them forever, for the sole and benefit OF the
stockholders; and from thenceforward, the compa-
ny hereby Incorporated shall be entitled To all the
''l's, rents, and other cnolumen:s, rights, pri.
VHeSes and NnmuEiteS, which are now enjoyed
| by the James river company, subject however To
the membranes, limitations and restrictions i'm
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 property and works hereby transferred
ana 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
'Irty days, the said property and works. the tolls
rents, and other emoluments thereof, slsll be and
remain Tor the use Of the commonwealth, in the
same manner as If this act had never passed.
| u. The James river and Kanawha company
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.
dcrs OF The old company, and subject moreover &c
The pledge OF the surplus tolls of the company made
by former laws TO. the security of those putr Gre
dItors, 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
|
frorr the payment of any part of the PRINCIPAL or
interest of the debt contracted by the loans fore-
said; and to this end, the profits of The common.
wealths stock in the new company, and SO much
OF the revenue of the fund for Internal Improve
ment as now stands pledged for that purpose shall
be faithfully applied TO the payment of the inte-
rest on the said loans; and If this should prove in
adequate, other sufficient sums shall be provided
%. The James river and kanaw!a company
are charged with the duty of connecting the
n 10 IT.
waters of the Ohio by one of three ms of i'm
Provcment, at their election; that is TO say either by
a continuation of the lower james river canal TO
some suitable point on the river not lower tina
Lynchburg, a continued railroad from the western
termination oil that canal 10 some convenient point
on the Great kanawha river below the great f,l Is
thereof, and an improvement Of the kdnawha RI
yer from thence to the Ohio, to make it suit
able tor steamboat navigation: secondly bv a
continuation of the James river canal as aforesaid
and continued railroad from its western tcrmi-
nation to the Ohio river: or thirdly, by a continu
ed railroad from Richmond to the Ohio river
And whether they elect one or another of these
plans OF improvement, that which they elect shall
be executed IN substantial, Durable and work
manIIke manner; their improvements shall be
kept permanently in good repair; free and fit for
public use, according TO the provisions of this act:
and the works which they shall construct and the
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, for their own use and benefit, exempt from
all public taxes; burdens charges, other than
those which may be imposed authorized by this
act
90 1.-THE company elect TO continue the lower
James river canal to Lynchburg, or beyond it, as
part of their Improvement, then that canal in all
IFS parts from Richmond 10 its western termina.
ton, shall be at least forty feet wide at top and
twenty eight feet wide al bottom, with not less
than four feet depth Of water at all seasons of the
year, shall be provided with convenient tow path,