Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1858-07-17
AN ACT


OF such Companies guaranteed by the State
Passed March II, 1888
l. b, II enacted by The General -4.ssDiJ'y Tia:
whenever the Commonwealth OF Virginia has
made loan or created preferred stock or
may hereafter make loan or create preferred
stock to or in any internal improvement CON.
pany. and shall hold any such preferred stock,
or has guaranteed the bonds OF any such CON.
pany, the President aud Directors OF every suca
company shall report 10 the auditor OF pubic
accounts, within the first htteen days OF eaca
month, the gross amount derived from tolls
freight. fares and other sources received dU,iug
the preceding month by such company which
report shall be verified by the oath OF the tTea.
surer thereof
2 Whenever any such company fails 10 pay
for sixty days after II becomes due, any install
ment OF money due the Commonwealth Tor IL.
terest and sinking fund on the loan made TO said
company, or ANY dividend declared aud due on
such preferred stock, or any lnstallment OF III
terest due en- the said guaranteed bonds, then the
President and Directors OF such company shall
cause one-thIrd part OF lis gross revenue TepoE'
ted as aforesaid 10 be paid monthly, al the date
OF said reports, into the treasury OF the Iom-
monwealth, until an amount shall have ottu
paid equal 70 the interest, or 10 the interest aud
sinking fund so due and unpaid on such guaran-
teed bonds or loans, or dividends declared ant
due and unpaid on such preferred stock AMI
the auditor OF public accounts shall pay 10 tie
parties entitled thereto the interest so due AMI
unpaid on such guaranteed bonds out OF Tue
money so received from the company which
made default therein but so much OF the FeSe-
nue. OF any company as may have been pledge,
with the express assent OF the General Assem-
bly,, 10 the payment OF any other debt, M pre-
ference 10 Ia. debt 10 the state, shall not be IN
cluded in the gross revenue herein before men.
toned
8 If any company fails TO make the reports
required in the first section, or 10 make pay.
ments into the treasury as required IN the second
section OF this act, the Board OF Pubic Works
NAV remove the state directors IN such compa'
nv. if they shall deem II eXpedient, AMI appoint
others who will see that the law Is executed.
T. If the failure OF any company 10 make
payments into the treasury, IN the cases and
manner named IN the second section OF tins act
continues for three months then the auditor 0.
public account. shall notify the Attorney ten
eral thereof, who shall immedIa ely proceed on
thirty DAYS notice 10 the President, Treasure.
or any Director OF the said company, 10 move
in the Circuit Court which may ne first tncIea-
ter held, for any county through which the road
or canal OF such company passes, for lu Ism~nt
against such company Such motion shall
have precedence over all other cases. and upon
satisfactory proof that the said company has
not paid the interest and sinking fund due on
such loans, or interest on such guaranteed bonds,
or any dividends declared and due en- such PIE.
terred stock, the said court shall give judgment
against such company, and sequsster us ru'.ir
revenues and property; and the Board OF fnb.Ic
Works shall appoint receiver. lhe san u.
c,iver shall, with the appreciation oil the boaA
OF Public Works appoint all necessary agents
to aid him, and shall pay into the treasury one
third part OF the gross receipts OF such CON
pany. until an amount equal TO the sad lnttI's.
and sinking fund on the loans aforesaid or TIE
said interest on such guaranteed bonds, OF 10
| the said dividend declared and due on the PIE.
| :erred stock, shall have been so paid INTO he
treasury of the Commonwealth; whereupon the
sequestration shall wholly cease and determine,
and out OF the moneys so received the auditor
OF public accounts shall pay 10 the parties en'I.
tied thereto the interest due and unpaid on he
guaranteed bonds aforesaid; but during SurA -r-
| uIestration the said receiver and MS aSen's
shall. under the direction OF the Board OF fuO'
| lie Works, be paid for their services QUITO 'l'
receipts of such company and The pay aNf Sal
aries OF the president, treasurer, and secretary
| thereof shall be III the mean time susPrndra-
The remaining two.thIds OF the gross receipts
shall be applied 10 the current expenses oI lEr
said company.
s. Ii any company making default as aiore.
said refuses 10 abide by the provisions OF ms
act or denies the night OF the Com mon"raiia 10
subject il thereto, then the Attorney "rrr4.
shall forthwith proceed, III the proper court or
courts, 10 toreclOse the mortgages OF thr Ton.
mouwealth on the property OF sucn company
and to enforce all It's legal liens upon AMI RENE.
dies against the same, and such case OF cases
shall nave precedence over all others
q. This act shall apply TO the interest "mra
| NAV hereafter accrue on the dividend bond, oI
.crp OF any company held by the Common
wealth, and 10 the tolls which may accrue here
after from the Virginia Central Railroad Com.
pany for the use OF the Blue Ridge RaIlToai. or
| any part thereof, Ia the same manner as /! ,u'I
| interest or tolls were interest due on loans AZ
| aforesaid: and the companies owing such tI'l.
deud bonds or scrip 10 the Common"edi'A,
shall make monthly reports as Aforesaid. BH'
this law shall not apply TO any loan made or
preferred stock created at this session until TIE
close OF the next session OF the General Assem-
bly, nor shall Il take effect as 10 the James River
and Kanawha Canal Company until after the
first day OF January, eighteen hundred and MY
| nIne.
7. The rates for freight and transportation on
any railroad, canal, or other work OF iH'rih"
| improvement in which the Commonwealth O., lr'
terested whether as creditor or stOckhoidrI az
owner should be 30 arranged as 10 yield 'a'
maximum amount OF net revenue, AMI TO secure
! the payment of interest OH the debt OF such m
proyement aud the earliest and largest divIderd'
on It's stock; and all state proxies and directors
and other agents are hereby Instructed 10 a'r
| their powers and influence TO this END, aua me
Board Of Public Works shall take care that ihri
| obey this instruction, and that tins section
complied with provided, that nothing III 'hn
act contained shall be so construed as 10 Apply
| TO any interest or tolls due ior the use OF 'AT
Blue Ridge Railroad, OF dividend wnicn o."
accrued prior to January first, eighteen hUhiiT'
and tyeight.
s. This act shall BE- in force from IT, passage
| ~ MEXICAN MUSTANG LlNlMENI
From rich and poor, bond and free; all co.o'
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NEED OF praise awarded this wonderful afhor
Sores are healed, pains relieved, lives ave-
valuable animals made useful, and sGtod ~
assauged by this great medicine, which are ''l.
prising TO the judgment OF man "ha' i@n!
does not require a standard LlNIMENI hh'
| a. rgAN b