Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1860-09-18

tIlal ElllH III NP"Si
water connection for the purpose Aforesaid.
6. The said Virginia Canal Company shall
issue TO the respective stockholders IN the
lanes River and kanawha Company, other
than the State, certificates Of stock at the rate
Of one share in the new company for every two
shares held BY them in the james River and
Kanawha Company, which shall he full salts
faction of all their interest i'll the last mention
ed company; and they shall pay annually to the
! holders OF such certificates, five per centum
ncr annum on the amounts thereof, from the
date of the organization Of the new company,
! until the line shall be completed to the ONO
river in the manner before mentioned, and
thereafter in lieu of the said five per cent. shall
nay them their ratablc share Of the profits OF
the company.
:. The stockholders in the Virginia Canal
Company shall enjoy equal rights, except as
provided in the next preceding section.
s. The tolls on the line shall be regulated 10y
the Board of Public Works, or such other au-
thoritv as the General Assembly may substitute
for the control and superintendent OF the
Public Works of yirginia-prusidcd that, dG-
ring the construction of the work, the tolls
shall not exceed two and Il half cents per ton
per mile, nor be less than one cent per ton per
mile on merchandise and manufactures; shall
not exceed one and 4 half cents per ton per
mile, nor be less than five mills per ton per
mile on agricultural products; shall not exceed
one cent per ton per mile, nor be less than
two and 4 half mills per ton per mile on pro-
ducts Of mines and forests; and, alter the COM
plrtiCn Of the improvement to the OHIO river,
shall not exceed two cents per ton per mile,
nor be less than five mills per ton per mile on
merchandise and manufactures; shall not ex-
coed one cent Fer ton per mile, nor be less than
two and Il half mills per ton per mile, on agrI'
cultural products; and shall not exceed five
mills per ton per mile, nor be less than
two and Il half mills per ton Per mile
on products of mines and forests; provided
that these rates shall apply To the through
rates, but the tolls on the way trade may be
increased one-thirtl; and provided further, that
the toll may be brought below the minimum
rate on any article, by the said board or other
authority, with the consent of tic Virginia
Canal Company.
9. The board for the management Of the
company shall consist Of a president ant! seven
directors, with the privilege to the company to
increase the number of directors TO twelve two
Of the directors shall be appointed b. the State
Of Virginia in such manner rs she may by law
prov uc, lIlC blilSl NlIcStpIH SiI''It W hPPO''N~'
bv the Stockholders, and the president shall
also be appointed by the stockholders, but his
appointment shall be subject to the approval
Of the State in such manner Ii she !nay by law
provide.
10. The office of the new company shall DC
at Richmond, Virginia, but II branch may be
located ut Paris the dividends and other dues
10 the American stockholders shall be- paid 1T
the Office in Richmond. But the Dividends and
dues Of the other stockholders may be paid in
Paris or elsewhere, at the pleasure OF the new
company.
II. \ minority of the directors shall always
he present to constitute Il board. The pro-
ccedings of the board shall he recorded in the
English language, at the Office at Richmond,
and bc at all times open to the Inspection Of
the stockholders, and the State, by such officer
rs she may appoint.
-. The said Virginia Canal Company shall
be organized within six months from the pas
sage of the act Of the legislature Incorporating
it, and within the same time shall commence
bona tide the work of construction ut Buchanan
ana on the kanawha river, and shall also with
in the same time b"hH .Hfe the re-
pairs of the line between Richmond and Buch-
anan and shall complete the construction Of
the line to C~ovington, and the repairs of the
line from Richmond TO Buchanan, within three
years from the time Of commencement aiorc-
| said, and complete the kanawha improvement
from Loup Creek Shoals to the mouth OF the
river within four years from the time Of com.
mcncelncnt aforesaid and shall complete the
entire line from Richmond to the mouth of the
Kanawha river. in al RESPECTS, except the en-
largelnent Of the capacity Of the canal from
Richmond to buchanan, within eight years
from the time Of commencement aforesaid anu
shall complete the enlargement OF the CAPACITY
Of the Richmond dock and tidr.watrr connrc-
ton, as we'll rs the enlargement Of the capacity
of the canal from Richmond to Buchanan, by
deepening the canal, as herein above provided,
within ten years from the said time OF con-
mcnccment.
10. The said company shall not have the
power by mortgage, deed Of trust, or other
contract, to create Il lien upon its works and
property. except that herein after created in
favor of the Commonwealth Of Virginia, and
shall not be competent to sell the same without
the assent of the General Assembly Of Virgil
mia.
ii. The said company shall, in considcra-
ton Of the transfer aforesaid by the State OF
Virginia of all her rights rs stakeholder in the
James River and kanawha Company, pay into
the Treasury Of the State, scnl.annualiy Tor
ever, the sum Of Sixty.Scven thousand i've nun
drcd dollars; and rs a guarantee for the faithful
compliance with the slipulatlons OF this agree
ment, they shall deposit with the Treasurer OF
VIRGINIA the sum OF one million Of dollars in
the six pcr cent registered stock Of the Com.
monwcalth of Virginia, tn be held by him upon
the following terms and conditions, that Is ["
saw: The interest upon the said stock, while
on deposit, shall bc paid 10 the said company.
When the canal shall have been completed to
| the town of Covington, and the hanawhn I'M
movement completed from LOup Creek shoals
to the mouth of the river, il within the times
prescribed, onc.half of the said sum shall be
! returned to the said company; and when the
entire line shall have been completed in the
manner before mentioned, to the ONO river,
| if within the time prescribed, the other hall
shall be returned to the said company, pro-
vidcd the annuity to the State Of Virginia, and
the live per centuln interest to the private stock
holders, herein before provided for, shall have
been punctually paid; and if the same shall not
have been punctually paid, then so much o!
the said sum Of one million Of dollars rs may
be necessary shall be appropriated TO the pay
mcnt of the same, and the residue returned to
| the said NJ. tic Bcllot DIES Minicrcs and his as.
~soc:atcs, or to the Virginia Canal Company, rs
may be proper; but if the said company shall
fail to complete the construction of the line to
Covington, and the repairs of the line from
Richmond to Buchanan, within three years
from the time Of the commencement herein
prescribed, or shall fail to complete the Kama
wha Improvement from l.oup Greek shoals to
the mouth of the river, within four years
from the time Of commencement herein pre-
srribc,l, or shall fail to complete the en-
tire line from Richmond TO the mouth
of the kanawha river, in all respects,
except the enlargement of the capacity OF the
canal from Richmond TO Buchanan, within
eight years from the time Of commencement
herein prescribed, or shall fail to complete the
enlargement Of the Richmond dock and tide.
water connection, as we'll as the deepening Of
,he canal TO Buchanan. within ten wears from the