Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1846-04-16

In case Of disagreement, the value tereofis to be
ascertaned by commissioners appointed in equal
number by the Executive and by the courts of
the counties in which such turnpikes are located.
This act was subsequently, amended.1
An act to incorporate the Richmond and Ohio
railroad company; subject to the provisions Of
the general act for the incorporation of railroad
companies passed March IL, 1887, except as mo.
dihed by this charter, and except that the compa-
ny may declare dividends Of all its nett profits,
and provided that the toll shall not DO under the
control OF the Board of public works.--rhe com.
Pany are authorized to construct railroad from
Richmond on the south side of James river, to
some point on the Ohio river at or below the
mouth OF the Great kanawha river; the most eli
g'bie route other than the immediate valley of
the James River below Lynchburg. The route
not TO interfere with the line which the James
rlver and kanawha company shall indicate as
their line to the Board Of public works within
three months after this railroad company are in
vested with the powers. Their company NAV
cross 10 the north side Of James river at or above
i.ynchburg, so as not to interfere with the James
river canal, or the line of the James river and
Nanawha company's improvement as aforesaid
The capital OF the company is $l2, 100000. The
road is to be commenced at that point at or above
Lynchburg, at which it shall touch or most nearly
approximate the James river, and be completed
TO It's western termination before the eastern nor
| ~ SS'"o"eous VI " way COuuUutUC6 at mat
point and at the western terminus Of the road at
'he same time. The company may expend not
exceeding two millions Of dollars in the purchase
OF property, and have the right of buying, selling
and Improving unsettled and waste lands west OF
the Blue Ridge, and of carrying on manufactures
oil iron, wool, cotton, and other articles, and OF
mining for coal, iron and lead but the western
section Of therro is to be completed before thew
can appropriate any part of their capital to min
ing or manufacturing purposes. Their privileges
are restricted to the distance of twenty miles from
the line OF the road, and they are prohibited from
investing In real property more than 5000 900.
Ahey have the power to construct lateral railroads
OF twenty miles in length in any direction, il thew
DO not Interfere with any existing line ofimproye.
ment.-Books for subscriptions to be opened
WITHIN SIX months from the passage of the act,
and when the whole or one-fourth part of the ca.
piial is subscribed, general meeting is to be
called to choose president and directors, The
act exempts the capital and dividends of the com.
pany from taxation unless the nett income shall
exceed SIX per cent, in which case the dividends
may be taxed as dividends of other companies Al
the time are'taxed. The company are to com.
mence their work within two years, and Mace
under contract not less than eighty miles of thei,
road, and complete and put in operation after the
expiration Of three years from the passage of the
act not less than fifty miles annually of the same
unoer penalty OF forteitlng any portion of the
COmTnonCo6.-
When three millions have been subscribed. and
one million actually paid into the Bank of Vir.
gInia or Farmers Bank of Virginia, to the credi,
OF the company, and the residue thereof is fully
secured to be paid in, the company are to be in.
vested with all their corporate powers, and are
authorized 10 borrow money to aid in the con.
struction of the road and to issue its bonds there.
for, and to pledge any subscribed stock Of the
company as security for such loans with the mi.
vllege OF converting the same into stock, the a.
mount to be borrowed to be limited by the amour,
OF stock actually paid in or secured as aforesaid
The State have the right. after thirty years, and
every three years thereafter, to purchase the capt.
line Of the road at par and such interest "a shall
make good to the company six per cent. upon the
STOCK from The time Of paying in the same in case
the stockholders have received less sum in divi.
dends.-Ihe maximum toll for passengers on the
road is limited TO four cents per mile.