The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-02-08

any four of whom may act, are hereby ap-
pointed commissioners on the part OF the
State OF Virginia, with full power and au-
thority to sell the stock which the State Of
Virginia owns in the james River and Ka-
nawha Company, amounting to "A, 200 shares
OF preferred stock and 10000 shares Of COM
mon stock, and in the manner and on the
terms hereinafter set forth.
9. Said commissioners shall advertise for
sixty days in a newspaper published in
each OF the cities of Richmond, Lynchburg,
Baltimore, and New York, notice of the
time and place Of sale selected by the COM
missioners, and shall, at said time and place,
sell said stock as whole, by public auction
or privately, at their discretion.
10. The purchase-money OF said stock
shall be payable in the bonds OF the State
OF Virginia known as consols. or those
known as peelers, issued under the act
passed in 1871 and known as the "fundlng
BILL" said bonds to be rated at par. The
terms Of the sale shall be for one fourth of
the purchase-monev, payable as aforesaid
within sixty days from the day OF sale, and
for the balance on q credit OF one, two. and
three years and all the stock so to be sold
shall be retained as security for the payment
OF said purchase-money until the whole OF
SalQ puTcllaSc-luOuey ID paul
II. Nothing in this act contained shall in
any way be construed rs affecting or i'm
pairing the rights Of the creditors OF said
company, or OF the private stockholders
therein, or rs interfering with any OF the
franchises of the Buchanan and Clifton.
Forge Railway Company, between Bu'
chanan and Clifton Forge.
u. The commissioners aforesaid are au-
thoriZed to exercise their discretion IN
accepting or rejecting any bid which may DC
made.
IS. when the purchasers shall have made
the first payment the Board OF PUBIC
| Works shall revoke the then existing
proxies, and shall appoint proxies nominated
| by the purchasers, to represent the stock Of
the State in sold company; but with the
proviso that such proxies are revokable a
the pleasure OF the Board Of Public Works
! but such power of revocation shall not b'
1 exercised, except on default made by TIL.
purchasers in any of the terms OF their pur
chase, or unless the purchasers shall fail t.
commence the work, as provided in section
4 OF this act, or unless they shall, in th
opinion OF the Board of Public Works, TAI
to prosecute in good faith the construction
/ of the work, after the commencement
thereof, rs provided in said section.
IA. When the purchase-money OF tn
stock aforesaid has been fully paid, ant
when continuous line from Richmond
and tide-water in its vicinity, to Buchanan
and Lexington of all canal, all rail, or par
canal and part rail, has boon completed
then, and not before, Shall the stock afore
said be transferred to the purchasers by tn
Board OF Public Works, and the purchas
4 NJ soid stncl, shall not be deemed valid an
j effectual until the aforesaid continuous lin
shall have been so completed.
is. In case of failure-to comply with an
4 OF the requirements OF this act the commits
4 lsioners shall advertise the stock for resal
under she provisions of this act, and a
payments which may have been made b