Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1870-06-17
BRISTOL, VIRGINIA TENNESSEE FRIDAY, JUVgIz 1870

SAID companies, become nbsorhpd 1,
that Of the said Atlantic, Mississipn
aun Ohio railroad company, and III,
said company shall be authorized /,
appoint such number of directors IN
thesald Nortolkand Petersburg. South
side, Virginia and Tennessee. and Vir.
ginlaand kentucy railroad companies
so long az there shall remain any sucI
distinctive organ izations as the Sfot.
Z now appolntsi and upon all such stocl,
SO soiu ana transferred by the state
tle salI Atlantic, Mississippi and Ohio
railroad company, by such npent oI
agents as it's president and board of di.
rectors may appoint, shall be ontitled
TO vote at all meetings of the stock
holders of the said Norfolk and Peters
burg, Southside, Virginia and Tennes-
see, and Virginia and Kentucky rail-
road companies which may be there
after hold, casting the same number of
votes as the State OF Virginia would
be entitled to cast by law, IL such sal,,
and transfer had not been made. and
\ the Board of Public Works ara fur-
ther empowered and directed TO sell
ana assign or convey unto the president
and board oil directors of the said At-
lantic, Mississippi and Ohio railroad
company, all and whatever claims the
state may hold or have against tho
said Norfolk and Petersburg. South
side, Virginia and Tonnessee, and Vir-
rginia and Kentucky railroad comma
MES, aud in and with the said ATTAIN
tic, Mississippi and Ohio railroad com
pany, every claim, right and privilege
shaii as firmly vest as TO all such
claims as We're vested In and with the
Commonwealth ON account of the
same.
10. That in consideration of the aoles
aud transfers of claims and stock here
in authorized and directed TO be
| made the Commonwealth of Virginia
shall thereafter be aosolved from all
and whatever liability for and by rea-
| son OF her unsatisiied subscriptions to
/ the Virginia and Kentucky railroad
! company, which il is conditioned shall
be completed within six years after the
| organization of the said Atlantic, Mis-
sissippi ard Ohio railroad company.
and. in addition, the Commonwealth
of Virginia shall be entitled to receive
| four millions of Virginia bonds. or. ot
| The option of the said company. of
money, payable by annual instalInents
of five hundred thousand dollars each
the first payment TO be made during
! the 1850, such payment of the four
millions of bonds a. aforesaid to be se-
cured by second mortgage upon the
property of the said Atlantic, Missis-
| sippi and Ohio railroad company. to
! be duly executed to the board of pub
| lie works of the State immediately
upon the surrender of all the aforesaid
claims and stocks authorized TO be
sold. The said mortgage to be. i'm all
respects, subordinate to such first NOR
gage or deed as the said Atlantic. Mis-
sissippi and Ohio railroad company
may have made or thereafter execute
| provided, the amount of such first
| mOrgage or deed shall not exceed the
sum OF fifteen millions of dollars pro-
| Vlded, that part of such sum, euunl
in amount TO all existing liens upon
the roads to be consolidated, shall be
set aside for and employed in the dis
! charge OF the same, AMI the remainder
employed in the construction of the
road to Cumberland Gap, and the re-
| pairs and improvement of the whole
line, so that at no time shall the obli-
cations of the line, prior in dignity to
such second mortgage to the State, eX-
ceed the said amount of fifteen millions
of dollars and provided, that the said
four millions of State bonds shall hear
interest at six per cent from the first
| day OF July, 1880, the interest accruing
| thereon to be In lawful money of the
United States, or at the option of the
Atlantic, Mississippi and Ohio rail-
road company, in State bonds, dollar
| for dollar; aud provided further, that
The said Atlantic, Mississippi ann Ohio
railroad company may, at their option,
| begin the annua, payments in liquida-
! tion of said millionsof State Dor de
in the said year 1880; in which event lhe
| deferred payments shall bear interest
from first July 1880.
II. That IL shall be lawful for the
| said Atlantic, Mississippi and Ohio
railroad company to take subscriptions
for amy unsubscried portion of their
| copital stock, and to receive in paw
mont, at such rate OF valuation as may
he agreed, lands materials, city or rail-
road bonds and stocks; and il shall be
lawful for the cities Of Norfolk, Pc
tersburg and Lynchburg, and for the
counties of Lee Scott and Wise TO sub
scribe to the capital stock of the said
Atlantic, Mississippi and Ohio railroad
company in such sums as may be au-
| thori2ed by the qualified voters Of such
cities and counties voting upon the
same; and to this end It shall be the
duty of the councils of such cities and
| the county courts of such counties In
! their discretion to cause vote TO be
taken, in the manner prescribed by
law, at such time as the president and
board of directors of the said Atlantic,
Mississippi and Ohio railroad company
may ask.
II. That the said Atlantic, Mississip-
pi and Ohio railroad company shall
hold all lands acquired under this net
in fee simple, with the right to convey
the same.
l3. That IL shall he lawful for the
said Atlantic, Mississippi and Ohio
railroad company TO issue bonds or
| other evidences OF debt, AT II rate of in
terest not exceeding the maximum
| prescribed by law, and to secure the
payment OF principal and interest by
mortgage or otherwise; and IL shall be
lawful for the cities Of Norfolk, Peters
burg and Lynohburg, and for the coun-
ties OF scott, Lee and Wise, TO guaran-
tee such payment of amy of the bonds
or other evidences of debt 50 issued
Whenever the qualified voters of such
cons tituencics shall Ia the manner
provided in the eleventh stc'i IL of ths
| act so authorize. .
II. That as tho stock Of the said
Norfolk and Petersburg, Sonthside,
Virginia and Tennessee, and Virginia
and Kentucky railroad companies, re-
spectively, shall be absorbed by the
said Atlantic, Mississippi and Ohio
railroad company, as contemplated in
the terms OF this act, the said compa-
ny shall become absolutely vested with
all the rights Of franchise and of prop
erty which belong TO the same; pro-
vided, that n separate account of the
property, receipts and expenses, as to
each of the aforesaid railroad compa-
nies intended 10 be absorbed by the
operations of this act, shall be kept,
i'm so far as TO protect the claims and
preserve the rights of such creditors
and stockholders as TO each of the said
roads rs may remain unsatislied by the
Atlantic, Mississippi and Ohio railroad
company.