The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1866-03-06

- r...s.-,orase the CovinGson and Ohio
An as. ~ rS,empany.- Parsed February So'
4 ;. n x.act,d bv the General Assembly ~ Itr'
L.. r'hat tho persons uponwhom the pene-
HHts OF this charter may be hereaItes .om
red, and who may DC orsaneIs he constituted
= cornoratsou. under the name ana style oi
q The Coyington and Ohio haliroaa So,h
pany," according to the provisions n ., ro ore
ernrnent OF Incorporated companies, and not
y The said Coyington and Ohio Railroad
Company, when fully constituted ana ss, ,ho
fed as pr0giaea ssa Of
kind in and TO the Covington ana oh,o La
road and appurtenances thereto pe.onsais'
now the property Of the State OF ,, nus s;y
upon condition that ~ ,i smai rs provided i'm
tno santh section of this act, commence, anu
within ak wears complete, equip, ana oPeGI o'
n raiifoad from some point At or near Wv
nston, Allegheny my S %;raisa Central railroad
nv' tha way of the White Sulphur springs
oy .he valleys of Greenbrier river, new
river and Kanawha river, 10 Poiht " vi
,a,r tha mouth of Scary creek, ana thence 10
n ,ha Ohio river. The railroad to be construct
odd in n style at least equal 10 that VI tne
Virginia Central railroad, and Win gTaoes
not higher than those adopted by y; ID; f,sa,
Esq. the former engineer ,h,s 81 granf is not in
sanaed To Include the unexpended amount
heretofore appropriated by the state OF VII
ginia to this work. o.,o po;,rood
Comnanv shall have the right to construct a
branch from its main line to connect Win tne
V;rginia and Tennessee railroad az such
noints as ii may deem most eApeoienI,
and the said company are hereDy elnp ,p ean
40 acouire real property necessary for the con,
,sn,;nn If the said railroad and Of the said
branch. 40 oomnany shall
not be less than 100000 OF aoilais, noi MI noi
than Il, 900, 900, in shares of one hundred aoi-
lars each, but, ii necessary to augment the ca
pacity of said road, the capital may from
time TO time, by vote OF two-thirds OF the
stockholders, be increased 10 an ao and aach
shareholder shall be entitled TO one vote loF
each share of his stock. o.s,c
shall elect directors, who majority thereoI
being necessary for a quorum, snail eject
president from their own body) ana snail
anpoint ali other officers and agents, make py-
laws and transact all business necessary W
promote the purposes OF the corporation.
g. The president and directors may create
Indebtedness in the manner prescribed by the
by-laws for the purchase of materials, the
construction and equipment OF said raliroad,
and for all other necessary purposes
7. The rates of charge by SAID company ioI
main line and branches of said railroad
shall never exceed the highest allowed by law
to other railroads in the State OF Virginia, ana
no discrimination shall be made IN sucn
charges against any connecting railroad or
canal company in which the State mas an lnte
rest, and the right is reserved 10 the state ol
yirginiaf to connect, at. any point Wlthih its
limits, with said railroad, or any OF lts
branches any canal or railroad in which the
State has an interest and the rate OF taxa.
ton upon the property of said company snail
be imposed by the State until the pronts OF the
company shall amount 70 ten per CENT Se"i
on it's capital.
s. If said company shall fail to commence
work, or to put in operation any one OF the
divisions within the times specl1ed In the
charter, then the franchise hereby grantee
shall revert to the State of Virginia, and the
commissioners hereinafter named shall take
nossession of the said road after serving due
notice, in writing, on the president OF SAID
company, that the said reversion ana repos-
session is claimed.
o John b. Baldwin, George w. Boiling,
Thomas s. Flournoy, r. H. Maury, and Will
liam J. Robertson, are hereby appointed com
missioners to act OIL the part OF the State OF
Virginia; but should like number be APP
nointed by the State of West Virginia, then,
lin that case,) to act in conjunction with the
same whose duty ii shall be TO ofer the pehe-
fits of this charter for the acceptance OF capl-
talists, so as to secure the speediest a9d best
construction, equipment, and operation OF said
railroad to this end, they are hereoy empoW-
cred to make a contract with any partles VINO
shall give the best terms and the most satls-
factory assurances of capacity and response
biiity, and to introduce into said ntract any
additional stipulations for the benefit OF the
State and in furtherance OF the purposes hereln
declared, and not inconsistent with TINS act !,
which said contract shall be, to all intents and
purposes, as much q part of this charter rs II
the same had been herein included at the time
of the passage of this act Proctded, that no
act of the said commissioners, whether actlng
nth ~ mi
sioners to be appointed by the State OF West
Virginia, shall be valid or effectual unless APP
proved and voted for by AZ least three OF the
commissioners appointed by this act.
10 The certificate of the said commissioners
of the due execution of the said contract, and
the organization Of the said company, shall
operate TO confer upon said company all the
benefits of this charter, subject only 10 the
general provisions OF the Code OF virginia LOT
the government of internal improvement
companies, so far as the same may not be IN
consistent herewith.
IL. Should the forfeiture provided for in the
eighth section occur the said commissioners
may make a new contract with any other
parties as though no former contract had been
made
II. The said commissioners may receive from
the treasury of the State their necessary
expenses incurred in the execution of the duty
herein imposed upon them; and shall not,
directly or indirectly, receive any emoiument
from, or have any interest in, any company
created by this charter.
IS. The Governor of the Commonwealth
shall upon the passage of this act, immedl-
ately communicate the same to the Governor
of West Virginia, and respectfully request that
it be submit ted to the Legislature of that State
for such action as 1t may deem necessary TO
carry out the objects and purposes OF this act.
IA. This act shall be III force from the day
of it's passage and the act passed February Is,
1862, at Wheeling, entitled an act to incorporate
the Charleston and Winchester Railroad Com
pany, shall be, and the same is hereby, re-
pealed.