Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-03-26
The ,Jam,s Rirer and konnrha BIZ

Among the important bills, which were passed ycster
day. after struggle between the two Houses, which
was adjusted by Committee of Conference is the one
"A authorizing loan 10 the James River and kanawha
Company" The additional loan TO the Company has
been reduced from $2o0000 10 Sl00,0O0 8ut we
think it best to publish the whole bi which is the
law of the land
IN let authorizing Lam 10 The Jamcs Rrer and IA
nawha Company.
Whereas the President and Directors Of the James
River and Kanawha Company have presented 10 the
General Assembly memorial representing the means
Of the Company he inadequate to meet its present
exigences and have applied to the General Assembly
for relief, and means OF relief, have asked loan OF
State stock the amount OF two hundred and fifty
thousand dollars TO pay off their temporary loans, and
TO redeem their pledged bonds, and to relieve the IN
come OF the Company from the burden OF post notes.
and for the ultimate redemption OF the said loan, and
the REGULAR payment of lis interest have rendered
pledge of all the resources of the Company; and has
been deemed expeden, TO grant the said Company the
relief asked for:
/ BeuAereforc enactedbyte General assembly, That
it shall be lawful for the Treasurer Of the Common
wealth and he is hereby directed the reqnlston of
the Board of Public Works. to issue to the james River
and kanawha Company, certificates of stock to the
amount of S250,0o0, pnrportlng that the Common
wealth Of Virginia Will pay the holder o such cerllh-
cate his executor, administrator assigns the prn
ci,aI srn mentioned in such certificate, with SIX
per centum interest thereon, payable annually,
in spece or lis equivalent, at the Treasury OF the Com
monwealth; aud that such certificates have been issued
under the authority of this act Each certificate shall
he srned by the Treasurer, countersgned by the Sc
cond Auditor and shall be registered aud transferred,
and the rights of the holders regulated according to the
provisions Of the act of Assembly, passed April oth,
lS3S entitled "au act for providing for the negotiation
of loans for the purposes oi INTERNAL improvements
Such certificates shall be irretecmabc for twenty years,
and thereafter be redeenable al the pleasure of the Ge-
neral Assembly.
Beu further enactcd That The James River and Ka-
nawha Company shall pay into The Treasury, out OF ITS
revenue, a,er deaying the necessary charges Tor Tue
repair support and management OF the canal, ana the
administration of the Company the semi-annua inter-
est the certificates of stock issued under TINS act, IN
specie or its equivalent at least thirty days before said
interest shall be due And the said company shall also
pay of lis aforesaid, INTO the treasury the
annuity to the Old James River Company
3. he ii FURTHER eaaccd That the SAID cerhcatcs OF
stock TO be issued under thus act, or such portion
thereof may be necessary, sha'i oe applied oy Tue
Company, in redemption OF It's BONDS, sua'ahteeo oy
the State and pedr to the House OF MORRISON, sons
< Co, of London and any other OF SAID Bonds winch
NAV be hypo,hecaicd in Holland, and for the redemp
ton of which the Company is bound to provide ana
when said guaranteed bonds, to the amount OF one
hundred thousand dollars shall be redeemed tney shai
forthwith be delivered to the Treasurer OF lne o"i-
monwealth, in lieu of equal amount oil the saa
certificates of stock, and shall by INN be canceiiea'
And the remainder of the said guaranteed bonus'
when redeemed such portion tnereo' as may Or
necessary, shall be applied by me saiu oohpa-
nv, in redeeming their outstanding scrip or post
notes not and to the Completion of the Canal now under
contract above Lynchburg And the SAID Company is
hereby prohibited from making any new issues or
reissues of scrip or post notes
BE further enacted, That the said certificates oil
stock herein authorized to be issued shall not be
pledged, hypoheca,ed or otherwise disposed Of esc
cept by bona de sales or in payment of the debts of
the company; shall the said certificates OF stock
be at any time disposed of at less than 'ef par
&c pnhl n
5 BE il further enacted, That the Company, until
authorized by the Legislature, shall enter into 20 new
contract or engagement for work to be done on the line
of its Improvement: And the State shall not IN any
manner be bound shall its stock IN The company Dc
bound, for the fufmen, of any contract which
may be made if any should be made Tor the cohtnua'