Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1860-09-18

shall not be competent 10 sell Tue ane without the as
| sent Cf the General Assembly OF Virginia.
| IA The said company shall, in consideration Of the
transfer aforesaid by the State of Virginia Of all her
rights as stoekhoder in the James River and Kauawba
Company pay into the Treasury OF the State semian-
nualy forever, the sum Of sixF-seven thousand five
hut red dollars and a guarantee for the faithful
compliance with the stipulatians OF this agree
ment, they shall deposit with the Treasurer OF
Virginia the sum Of one million OF dollars in the six per
cent registered stock Of the Commonwealth Of Virginia,
TO be held by him upon the follow terms Bnd conditions,
that 10 saw The interest upon tie said stock while
on deposite shall be paid to the sad company. When
Il canal shall have been completed the town Of Gov
il gton and the Kanawha improvement completed from
Loup Creek shoals to the mouth Of the river il within
the times prescribed ehat OF the said sum shall be
returned the said company and when the entire line
shall shall have been completed in tie manner before
mentioned TO the Ohio river if within the lime prescrlb-
cd the other half snail be returned tothe said company
provided the annuity TO the State OF Virginia and the
FIVE per centum Interest the private stockholders here
in before provided for, shall have been punctualy
paid; and if the same shall have been punctually
paid then much of the said sun Of one million
of dollars may be necessary shall be ap-
propriated 20 the payment Of tbs satnV, aud
the residue returned 10 the said ~ de Belot
des Mniercs and bis associates or TO the Virginia Canal
Company may be proper but If the said company shall
fail 10 complete the construction Of the line to Covngton
and the repairs Of the line from Richmond to Buchanan
within three years from the time OF the commencement
herein prescribed shall fail to complete the KanaN ha
improvement from Loup Creek shoals 10 the mouth OF the
rven within four years from the time OF the commence
ment herein prescribed shall fail to complete the entire
line from Richmond to the moth Of 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
tidswaier connecor well the deepening of the ca
nal to Buchanan within years from the time Of COM
mencemeut herein prescribed the said sum Of one million
Of dollars shall be retained aud paid to the Commonwealth
OF Virginia stipulated damages in money for such failure
and all the work which may have been done in repair and
construction well ell the rights which the said Virgin
Ia Canal Company shall have acquired in the property and
franchises Of the James River and KanaWha Company,
shall be forfeited and to the latter company at
present organized which company shall be thereupon
ins,ated in all its rgh If this arrangement bad never
been made and shall have full right and authority to re-
enter upon and resume the control OF the whole ne OF
Improvement and for hat purpose the present organzs
ton OF the James River and Kanawha Company shall be
continued Provided however, that if the said Virginia
Canal Company snail be unable TO complete the said
water-line improvement from Richmond TO the Ohio
river within eight years as aforesaid, or to com
pete the enlargement OF the Richmond dock and tide
connection, and deepening OF the canal from Rich
mond TO Buchanan, within ten years 6s Aforesaid, they
may have two years extension Of time IN each case by
paying into the treasury OF the Commonwealth OF Vfg-
MIA for the said Commonwealth before the expiration of
the OF wears, nall lnlOn OF
they require the extension of time for the completion
the waterne well for the said enlargement or by
so paying hundred thousand dollars before the expi-
ration Of years il they require the extension Of time
only as to the enlargement aforesaid which said sums
are agreed upon Quidated damages 10 be paid to the
said ommonweal,h in the contingencies aforesaid, for
the loss sustained by such delay delys in the compile
ton of the said works herein required Provided how
ever that the said Virginia Canal Company sh have
proceeded in good faith TO execute the ad works then
the general assembly may suspend tue said forfeit ure,
aud allow the said company such further time as to
may seem just and proper, to complete tho said works
IS The said Belot des Minieres, Brothers and Com
pany shall p1y TO the Commonwealth OF Virginia so
much Of the three hundred dollars Of State bonds APP
proprated by the Of the General Assembly of Vir
ginia passed March 2Srd 1862 for the Improvement Of
the Kanswha river shall have been issued and sold
and expended bona fde the improvement when they
shall become entitled to the property aud Of
the James River and Kanawha Company; and upon
payment thereof the said Commonwealth shall release
the mortgage given by the said James River and Kama
wha Company the said Kanawha Improvement to Sc
cure The payment OF the said bonds.
49, As soon as the said NJ dc Bellot des Mineres and
his associates shall have been regularly incorporated
cordng 20 the laws OF France and Virginia aud saisfac
tory Authorization Of that fact communicated to the pres
dent of the James River and Kanawha Company and the
Board Of Public Works and shall have deposited with
the Treasurer of Virginia million Of dollars in the
per cent registered stock OF the Commonwealth, and
shall have deposited in or more OF the banks Of the
city OF Richmond 10 the credit OF the President and d.
rectors of the James River and KanaWha Company, for
the purpose of paying the floating debt Of the company,
the sum of four hundred thousand dollars to be applied
10 the payment Of the said floating debt far nCces
sary and the balance if any, 10 be returned TO them
and shall also pay into the Treasury Of Virginia the
amount agreed TO be paid by them under the next prece
ding sectOn-then the James River and Kanawha Compa-
ny shall by proper deeds convey its entire property oeye
nv kind to the said Virginia Canal Company subject TO
the charges before mentioned in favor OF the present
private Stockholders and the Commonwealth of Virginia,
and subject to any present subsstng contracts Tor the
use Of the water Of the canal and suffice. to all the pro-
visions of this agreement And until this conveyance
shall be made the James River and Kanawha Company
shall manage the said property effects and revenues I'M
der the existing laws the said NJ de Beot des Mineres
and his associates furnishing all the means and money
that may be necessary TO carry on the business of the
company complete Boshers DAM the Joshua Falls dam,
the dam at Lynchburg, and the North River improve
ment and keeping the canal in proper repar-they re-
ceivng credit for all the Of the company But
the President and Directors Of the present company
shall have no power OF authority charge the property
of the company with any debt except for the purpose
of keeping the line in proper repair and working condi
ton and completing the dams and North River improve
ment as herein before mentioned
H. The said Virginia Canal Company may at any
time discharge itself from the annuity to the State Of
Virginia BY the payment into the treasury OF Virginia.
sand dollars in specie but until the same shall be paid,
the annuity Of one hundred and thirtyve thousand dol
lars to the Commonwealth shall be forever charge upon
the whole property OF the company, and the Legislature
may provide by law in what manner the payment OF the
said annuity shall be enforced.
49, The European parties and stockholders may, as
between themselves determine what their relative rights
and obligations shall be.
10. The Stockholders in the Virginia Canal Company
shall be required by their charter to bold at least one
sV,N Ia QfNu nj Rfahn md
20. When this agreement shall be approved by the
General Assembly and charter shall be granted as pro-
yided in the first and second sections thereof the said
agreement shall be binding upon all the parties thereto
without any further action on the part OF the sockhod
ers or directors of the James River and Kanawha Com
pauv; and the said James River and Kanawha Company
binds itself to use its best efforts to obtain at the earliest
day possible the approval of this agreement aud of the
charter as provided for by the General Assembly; and
in the mean time the said agreement shall be obligatory
upon the said James River and kanawha Company, to
the full extent that the said compny has the legal au-
thory to act without the approval Of the General As
sembly.
And to prevent delay in the commencement of the
works herein before contracted to be executed, the
said parties of the first part shall be authorized to pro-
coed forthwith in their said undertakings and il the
General Assembly shall fail approve the said agree
ment and to grant said charter, then the James River
and Kanawha Company binds itself to issue bonds un-
der the act Of the 23d day Of March, 1860 TO the said
parties of the first part for amount equal to the prn-
cpa which may have been expended upon its works
as contemplated in this agreement and the interest
thereon from the time when the same shall have been
expended until the repaymentin bonds aforesaid and
the said James River and Kanawha Company shall there
upon be restored to all the rights conferred by its char
ter IA If this contract had not be made and the said
contract shall therefore be null and void
In testimony whereof, &c.
The report and amended agreement having been read
the question approving the same was decided in the
affirmative by vivd UOee vote. IL having been sug-