Kanawha Valley star. [volume] (Charleston, Va. [W. Va.]) 1856-1861, 1860-03-12
James RiIef aua EAiawha Company,

\ Il s
i sIIL 10 AMEND THE cHARrEa or rms
yAnRs RIVER AID KAHAwHA coMPAkr.
4 Be ii enacted by the General As.
sembiy Of Virginia, That the capital stock
Of the James Rixer and Kanawha Com,
Hpaag BE- and she same u hereby increased
10 4i2. 4o0. 900, in shares Of one hun.
dred dollars each.
2 Fhat ID addition u the shares now
owned BY The State ia said Company. ,hs
Board of.Public Works be and Is hereby
directed 70 sabscribel'on behalf OF The
Commonwealth for $4,000 shares BIZ said
capital stock. .whereef72 600 shares shall
be taken 10 full satisfaction Of the debt
now due from the said con1paDyl to The
State, and for the assumption by The State
Of the.debt for which the Statessis bound
as the surety for said company. and the
annuity Of die old James River Compa,
nv; and for the residue Of the two thou
sand shares. The bsnas Of The State for
die aggregate amount ofStwo hpndIed
thousand dollars are to .berdelivereds3 70
the conpany.sto be applied 70 The extin-
enlistment Of the floating debt ohthe
company provided that anfan,onnt9 d
said debt equal lozthe amount Of said
bonds. shall be 'extinguisled thereby.
81. Upon the receipt Of The certificates
for the said y2.oeo shares of stock, The
Board Of Public Works shall give to. the
James River and Kanawha Company q
receipt IN full fofethe said several debts
due to rhe State, and for any claims
against the company ON account Of the
debts for whirh tho State is responsible
as security Of the Company, or on az
count Of the annuity of the old James
River Company /; and shall. BY proper
deeds. release to said Company all liens.
s@het,er byfdeedsi oflrust, mortgages or
Otherwise. held BY the State upon the
works and propertyicf the Company, 70
secure any debt due 70 the State. o.
which may be guaranteed BY the State
4. Uponithe receipt ofglhc certificates
for the said .shares of stock. The Board o.
Public Works is hereby directed. upon
the surrender by the holders thereof, 81
anvsof the bonds Of the James River, ahd
Kanauha Company. for the payment VI
which the State is responsible. 10 issue
to- said holders q corresponding amour,
of the bonds of the State. made in tfit
manner prescribed By Law. payable thirty
-four years after their date. and bearing
interest at The rate of six per centum pei
antium. payable semiahnually. AND
the board shall thereapon cancel aid fiji
The bonds so surrendered, and deliver L
the James River and Kanswha Gompan,
4. statement thereof with the number
amount and date OF each Fond.
5. Andgapon. the reeeiR Of the certif
Gates for the residue of two thousant
shares Of said stock, the Board IF Publ,
WorkSis directed To- issue and deliyeri.
The Company the bonds of the State fot
the aggregate amount Of two ,huddret
thousand dollars. to 10 applied to IN,
extinguishmeut ofthe fosting debt Of Til
Company .
6. ! The James River and Kanawh,
Company shall have authority 10 borrow
money. at rate Of interest not exceeding
seven perNcentum per annum, payable
semi annually. and not. exceeding two
million FIVE hundred thousand dollars
for the purpose Of completing The cana
to Covingtpn, carrying Con their othe
works and paying the residue 1of lhei
foa.ifa, debit aid 10 execute bonds fol
E,tlle amount borrowed, and deeds of trls
| or mortgages, pledging their|works. prop
ety and net revenues forythe payment Q
the same p royided, that they shall no
borrow in any one year "a greater amaun
than Eve hundred Thousand. dollars. TIL
said interest shall be paid semi annual,
into the treasury Of the commonwealth
for the benefit OF the holders Of said bonds
ofihter before the first day of January AM
July in each year ! and the. same shall b
paid to the holders thereof. upon tie war
EIsfrant Of the Second Auditor. out of sail
funds SO paid into the treasury BY sai'
company ts
4, The said company, after they ma,
Aha4e-issued such bonds, shah set apart
on the lstday Of january and July in eacl
year, asfund not less than the rate Of ON
| per eenlum per annum for sinking fun
for The payment Of the principal of sucl
bonds. or such lat ger rate as max be nee
essary to provide fund sufficient 70
such redemption. as the maturity Of sue
bonds. Ard the amount to be set apar
annually as a sinking fund, shall be PAL
| By the company, one-half thereof on %
before The FIRST day 81 January or July i
each year.. 10 the commissioners OF III
sinking fund, and invested by them j
Estocks, as, required BIZ the general lal
Regulating the action of said commits
.sioners and the said commissioners sha
Keep an account Of. .and$ hold aud appf
1.-THE same 10 the redemption Of said bonds
in pursuance Of this act and shall max
report to The General Assembly, Az eacl
session, Of their proceedings under lhi
act. ~ H.
8. Nothing inIthis act >contained shallIb
so construed as to renderthe State liahle
| IN any manner whatever, otherwise Tia
As siockholder Of the company, 10 IN
holders of any bonds executed for none
borrowed UNDER ibis act. .sI
20. Be il further enacted. That ther
4 shall be issued to, and placed under u
Eexclusiye control of the Kanawba Boar
'Eof Directors OF said company or thei
successors, as constituted under the AZ
Isof the General Assembly, enlitled an AZ
mo, mora affanttial means fs,r ri,