The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-03-17
AN Act directing the Board or puhlis.
Works TO sell the States intero,s 4,
various Internal Tmpruyern er1t
companies OF tho CommOmwenIIs

An Act directing the Board or puh,,a
| Works 70 seII tine Ssasa,s i,,tasa.s 4.
/ the various Internal TmnrnVers,cn ,
Vnpanfes OF the Commonwealth.
Be ~ enacted By the General Assemble
mat the Board of Public Works no o,;j
inc same IL hereby, authorized and dirsc,n nd !
TO sell to each railroad and insarnoi ;,,,.
proyement company in this state the inta,.ast
OF thc state IN che same, including ali bonds
STOCKS, loans. and claims. (for the snle nj
wh,ch provision mas not already been made
by law for m equal amount of State bonlss'
except tho stock held by the State in Nh !.
Richmond and Petersburg Railroad Com
|pany, which stock tho Board of pnbl;c
Works is hereby authorized and 1irectaJ
to sell to Henry X. Ellyson, joseph r. An.
derson, Isaac Davenport, Jr.. Fred q
Scott, Franklin Stearns, John B.. Davis
JAS. II. Cox. A. F. Harvey, aud Reuben
Racland, at the rate Of $50 for each
share of said stock, payable in registered or
coupon bonds of the State OF Virginia at
par, within six monthS-after the passage of
this act, according to the provisions of o
nroposal to purchase said stock signed and
scaled by the parties aforesaid, dated on the
| 9th day Of March, 1871, which proposal is
hereby accepted and made a binding con-
tract between the State and the said par
ties; and the Clerk Of the House of Dele
gates. with whom the said contract is now
filed. is instructed, on the passage Of this
net. to deliver it to the Board of Public
Works: Prouidcd, That before this sale
shall be made the Board Of Public Works
shall obtain from the Richmond and Pc
! tcrshurg Railroad Company a valid con-
tract binding said company to allow
cilities in and for the formation of physi-
cal junction with the railway track of the
same, and that it shall make no higher rates
of charge on freights and passengers coming
: from the line oteany such connecting work,
and destined for the line of any such con-
. meeting work, than is made by said COM
pany on the like class Of treights and pas
sengcrS for transportation on it's own line
for the same distance: Provided such con-
,, meeting work shall observe the same rule in
its charges for tho transportation Of such
= freights and passengers, and to permit the
: Atlantic, Mississippi and Ohio Railroad
Company to build and construct q road
track upon its road-bed and across its
bridges for its own use; and if they fail to
agree, then upon such terms rs may be
fixed by the Board of Public Works. AS
an arbiter between them. Ind provided,
!. further, That if the sale provided for
t in this section shall for any cause
l not he completed within six months
5 from the passage Of this act, then the Board
of Public Works is hereby empowered and
expressly directed to sell the States in
telest in the Richmond and Petersburg
| railroad TO the Atlantic, Mississippi and
:, Ohio railroad for $3.50 in State bonds for
every share of said stock.
SEC. .. Any company desiring to avail it.
self Of the provisions of this act shall sig
1 nitv to the Board Of Public Works its ac-
ceptance Of the same within six months
J. from its passage, and thereupon it shall be-
come binding and obligatory upon it.
SEC. 3. Any company accepting the pro-
E visions of this act shall, within twelve
months from the passage of the same, de-
: post with the Treasurer Of the Common
= wealth State bonds to an amount equal to
, one-SiXth Of the whole interest of the State
6 in said company, whether the same
, consist Of stocks, bonds, or claims /;
,, and the fact of such deposit shall
he certified by the Treasurer to the
Board Of Public Works, who shall there
: upon surrender to the said company an
equal amount of the States interest in said
company. Aud said company shall every
twelve months thereafter make like de-
post, and the Board of Public Works shall
: surrender like interest until the whole in
: terest of the State shall have been paid for
: and surrendered it being the intent and
, meaning of this act that the interest OF
p. the State shall be sold and the same
purchased by the company in six equal in
I stalmcnts, the first to be made within
twelve months from the passage of this
t act, and one instalment every twelve
f months thereafter until the whole purchase
t shall have been completed. But such COM
pany may anticipate all or any of said in.
+ stalmentS. and receive such interest as it
, may pay foc from time to time.
= 1 In bpS tro, for,
, der the provisions of this act, that interest
which is the least valuable shall be first
purchased and surrendered, and the claims
/ AMI securities held by the State shall con-
tnue to draw interest, and the same shall
be paid, as now provided by law, so long
/ as the same are held by the State And upon
the transfer by the Board Of Public Works
. to any company Of any stock under the pro-
visions of this act every stakeholder shall
be entitled to cast one vote for each share
of stock held III the company at all meet
ings of the stockholders thereafter. And
. tue stockholders shall determine what dis
position shall be made of the stock SO
transferred and acquired, with power to
eXtinguish, reissue, sell, Oh hypothecate
the same, after the whole interest of the
State in such company shall have been paid
for; but whist said stock is held 10y the
company it shall not be voted on in any
meeting Of the stockholders of said com.
lpany.
SEC. ). If any company, after accept
ing this act, shall make default in
the payment of any of the install
ments herein provided the Board of
Public Works are authorized and directed,
after sixty days notice to said company,
to take such steps rs it may deem for the
best interest of the State to enforce the con-
ditions of the same, and for that purpose
may institute suit or suits for the recovery
Of the amount due or, if the State prefer,
then the defaulting company shall, after Il
f lapse Of three months from and after such
: default, return TO the State all stocks,
! bonds, loans, and claims acquired by it I'M
der this act, and the State shall be as fully
rcinyested with all its rights over and to the
} same Us if this act had not been passed !;
, and thereupon the State bonds delivered to
, boretHrned TO said company, but without
= interest, while remaining in the State
Treasury. And further, upon the happen-
, ing of such default by said company the
State shall have one vote for each share Of
stock owned or held by it in the company
so defaulting.
SEC. 6. The privilege Of purchasing the in
terest of the State in any work OF internal
Improvement under the provisions Of this
; act shall remain in such company unimpair-
ed for six months after the passage of this
act, within which time the stockholders Of
such company, in general meeting assem-
blcd, may waive any exemption from taxa
ton now enjoyed by them, whether such eX-
emption Is allowed by its charter or by law.
If the company shall so waive the en-
emption, this net shall for the future
be taken to be q part Of such char
fer as fully as if specially reenactGd