The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1872-01-15

a proper deed OF trust upon all lis proper.
ty, including this charter, Said bonds
may, by resolution Of the Board Of Djrec.
tors ofsaid company Do made Convertible
into tile stock Of the company W. :
ID. The Council Of the city Of Wheel.
ing may subscribe In the name and on be-.
hall OF the said city to the capital Of said
company, to an amount not exceeding
live hundred thousand dollars, and may
pay for Its subscription In the bonds of
said city, or otherwise. Provided; that
before any such subscription shall be
made, the maximum amount thereof shall
be proposed, and the question whether
such subscription shall be made or not
shall be submitted under suitable regula.
lions 70 be prescribed by the Council OF
said city, TO a vote Of the persons au.
thorlzed 10 vote for members II the Coun.
ell OF said city, and unless at least ma.
jority oftho votes cast shall be In favor of
making such subscription, the same shall
not be made. - - y al
ID. The county of Ohio IS hereby au.
thOrized to subscribe 10 the capital stock
Of said company 10 an amount not exceed.
ing three hundred thousand dollars, and
to pay for its subscription In It's bonds or
otherwise, Provided, that no such sub.
scription shall be made for or on behalf
Of said company until the maximum
amount thereof shall DO proposed and
tho question whether such subscription
shall be made or not, shall be submitted
under suitable regulations TO be pre-.
scrlbed by tho Board Of Supervisors of
said county, Tor such officers or board Of
officers as shall then have the manage.
mcnt Of the affairs Of said county, to a
vote Of the persons qualified TO vote In
said county for members Of the Legisla.
turc Of this State; and unless majority
OF the votes cast shall be In favor Of q
subscription, the same shall not be made,
10. 1.-THE said city OF Wheeling and the
said county Of Ohio or either Of them.
shall make any such subscription, the said
city and county are hereby severally au.
thorized and empowered to issue coupon
bonds to an amount sufficient to pay for It's
subscription, payable at such time and
place, and at such rate Of interest not OK.
ceeding seven per cent, as the Council of
said city or the proper officers Of said
county shall direct; and to secure the pay.
ment Of the principal and interest of the
bonds issued, the said city or county may
cause to be executed in It's name and on
its behalf proper deed OF trust on its re-
lspective stock in said company.
lG. Any and oil persons and corpora.
tons may subscribe for, own, hold and
convey stock in said company, which
shall be held as personal estate, transrera.
BILE on the books OF the company ct its
general office OF business, hereby estab.
lished in the city Of Wheeling.
The properly Of the said company shall
be exempt from taxation until It's net
earnings exceed ten per cent.
The Legislature reserves the right TO
alter or amend this act, but such altera.
ton or amendment shall not effect or i'm.
pair the righs Of the creditors to have the
property and assets thereof applied in the
discharge Of their respective claims, or of
the stockholders to have the surplus which
may remain alter providing for the debts
and liabilities Of the corporation distribu-
ted among the stockholders according to
thier respective interests.