Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1836-05-23

A.. rdinanee. proriaing 70 The raising ofa sum Of
money on loan, to pay the subscription 81 me Mayor
and Conmonaity Of the tora Of Lynchdurg, Jor
Stock in the James Rirer and kdndwha Coa'pany'
PASSED FEBRUARY I, 1861
Section J.. BIZ it ordained by The Board Of Com
mon Council for the Corporation OF Lynchbure, IN
Common Hall assembled, That 1t shall be lawful Tor
David q. Mnrrell, Maurice II. Garland, John ifol-
Inns, John NJ. Otey, Smlthson IL. Davis, john u.
Mecm, John NJ. Warwick, lohn Early and Fortuna
tus Syduor, who are hereby appointed COMMISSION
ers for that purpose, to raise, by way OF loan, lor the
use OF the Corporation, a sum oi MONEY not eAceea-
ing one hundred thousand dollars.
Seq BE ii further ordained, That tor the pur-
pose ofeficcting such loan, ii shall be the duty OF
said Commissioners to advertise IN the newspapers
of this town, and such other newspapers as they may
think proper, for ut least six weeks, that they Will AT
such time and place, as they may appoint, receive
called proposals for the whole or any part such
loan upon the following conditions, VIZ: The loan
to bear all interest OF SIX per cent. per anum, payable
seui-anuually, at the office OF Discount and Deposit
Of the Farmers Bank of Virginia, at l.ynchburg, the
principal in cdcemable until the first day OF January,
1860, and afterwards at the pleasure ofthe Corpora
tion-rhat no proposal will be received for a less
sum than one hundred dollars, the proposer stating
the amount for which lie offers, and the greatest
sum he Will pay for each one hund ed dollars OF
stock. Subscriptions to be paid to the treasurer of
the Corporation for the time being, by instruments,
10 follows ten per cent. at the time OF subscribing,
aud the balance III such acquisitions as the Common
Council may call for, a~greeably to the contract be
tween the parties.
Sec. 3. BE it further ordained, That any person
or persons, bodies polite or corporate, subscribing
lur stock, aud failing 10 pay the instruments as they
become due aud payable, shall forfeit to the Corpo-
ration the sum they may ave paid,
Sec. 4. BE it further obtained, That the Commits
sioners aforesaid shall open the whole OF the propo-
sails that may have been received AT the time and
place appointed, and shouldthcy determine 10 accept
any one or more OF them, they shall Immediately no
tty the person or persons, bodies polite or corporate,
whose proposals shall have been accs pied, of the
fact, and require them To come forward and comply
with the terms OF the loan provided, however, that
should the said Commissioners not receive satistac-
tory proposals for the whole amount hereby re-
CURED to be raised, OF SO much thereof as willan
s"cr the purpose herein contemplated. they may. at
their discretion, proceed to advertise, as before di-
rcctcd, from time to time, until such sum shall be
raised.
Sec. 5. Be ii further ordained, That upon pay
incnt Of any instalment OF the stock so subscribed
Tor, the treasurer shall grant a receipt for the same,
in the following form
" Corporation Of LynehIurg, day of Is ,
Received OF \. - dollars, being the - in
stalnlent OF his subscription OF - dollars. TO the
loan Tor The benefit OF the Corporation of Lynchburg.
G.. ID. treasurer Which receipt shall bear an III
terest OF SIN per cent. per annnln- payable wren all
the instruments shall have been pad III, but shall not
be transferable.
Sec. Il. BE it further ordained, That on payment,
by any subscriber for stock, oi the last instailncnt on
his, her or their subsc iption, the whole of the le-
celpts previously gwen to bun, her OF them shall be
cancelled, the interest due upon them paid, and the
leaturcr shall grant TO such subscriber printed scrip,
Ton the amount OF his subscription, III tue following
form
d" Corporation Of Lyachbmg, sir per cent. Stock Of
1860, No.-- BE il remembered, That the
Mayor aud Conmonalty OF the town Of lynchourg,
are indebted to a. b. and executors or ad-
minl>trdtors, IN the sum oil - dollars, bearing an
interest of SIN per cent. per annuin, pay able seminar
nually, at the office OF Discount aud Opposite of the
Farmers Bank OF Virginia, at l.ynchburs, the prin-
cipal lrredccmable until the LIST of January 1860,
aud afterwards at the pleasure of the Corporation,
according TO the provisions OF an Ordinance OF the
Common Council, passed the 9Th day OF February,
1896. CD. treasurer And there shall be legibly
printed, on the margin Of said scrip the following
words: transferable only at the office of the trea-
surrr for the Corporation OF Lynchburg.'
Sec. BE ltturther ordained, That the treasur
er shall enter ON a book, TO be provi led and kept by
HIM lorthat purpose, an account Of all the scrip is
sued By him as aforesaid. and of all transfers of the
same, aud that all transfers of the stock created BY
virtue OF this ordinance, shall be made either per
sonally l., the holder of the scrip, or by power of
attorney, in the following form 3" Know all men by
these presents, that |, A. b. Off,, do make,
constitute aud appoint T.. +. my true and lawful at
torney, for me, and III my name, aud behalf, to trans
fer to any person or persons, - dollars OF six per
cent. stock OF the Corporation OF lynchburg. now
standing in my name on the books OF the treasurer
Of said Corporation. Witness my hand and seal,
this, - day fl Is Signed 4. b. SEAL.
1ckno,cle 'ged in the presence Of III. l. s X. L.
Which power of attorney it shall be the duty OF the
treasurer to file away and carefully preserve. 1t
shall moreover be his duty to cancel the old scrip for
the stock SO transferred, by endorsing on its face
lSTransierred to -, the - day Of -,
&" &C. ID. treasurer" Which scrip, SO ca celled,
he shall also file awsy and preserve.
Sec. 8. BE itfurther ordained, That the faith
Of this Corporation is hereby irrevocably pledged for
the regular payment of the interest and final redemp-
ton OF the principal otthe debt hereby authorised to
be created.
Sec. 9. Be it further ordain ID, that the money
obtained as aforesaid, shall be applied, under the di-
rection of the Common Council, to the payment of
the subscription of the Mayor and Comlnonalty of
the town OF Lynchburg, in the stock of the James
River and kanawha Company.
Sec. 10. BE ii further ordained, That this ordi-
nance shall commence and be in force from and al
ter the passage thereof.
A Copy-Teste,
d.. ROBES, C. C. c.
q The Richmond Vhig, INetc York Journal o.
Commerce, philadelphia National Gazette and Baitf-
more american e'H publish the foregoing lcltc, and
Jor.rdrd accounts to this Office.