A BILL To Provide for the Completion of the James River and Kanawha Canal, from Tidewater at Rich mond to the Town of Buchanan, and for other purposes. December 18, 1846-Read first, to be read second time. 1. Be it enacted by the general assembly, That the time limited by the twenty-seventh section 2 of the act of assembly, entitled "an act incorporating the stockholders of the James river and 3 Kanawha company," passed March sixteenth, eighteen hundred and thirty-two, for the completion 4 of the works of the said company, shall be extended until the twenty-fifth day of May in the 5 year eighteen hundred and fifty-three; and the said act, and all acts since passed by the general 6 assembly, in amendment or alteration thereof, shall be in all respects construed as if the said twen7 ty-fifth day of May eighteen hundred and fifty-three had been originally inserted in the said act as 8 the time limited for the completion of the said works. 2. Be it further enacted, That the Board of public works shall subscribe, and they are hereby di2 rected, as soon as required by the said company, to subscribe to the capital stock of the said com3 pany, on the part of the state, the sum of which sub4 scription shall be paid by the surrender to the said company, of the sum of five hundred and se5 venty-six thousand dollars of debt owing by the said company to the state, and the assumption by 6 the state of one million four hundred thousand dollars of bonds of the company, heretofore gua7 ranteed by the state. As soon as the subscription aforesaid is made, it shall be the duty of the 8 Board of public works to cause to be issued to the holders of the guaranteed bonds of the said 9 company, in lieu thereof, certificates of debt of the state, payable as the said guaranteed bonds are 10 now payable. Each certificate so issued, shall be signed by the treasurer and countersigned by the 11 second auditor, and shall be registered and transferred, and the rights of the holders regulated ac12 cording to the provisions of the act of assembly passed April ninth, eighteen hundred and thirty 13 eight, entitled "an act providing for the negotiation of loans for the purpose of internal improve14 ments." And it shall also be the duty of the Board of public works, at the same time, to execute 15 to the said company a release of the mortgage now held by the said board on behalf of the com16 monwealth on the works and property of the said company: Provided however, That if any of 17 the said guaranteed bonds should not be surrendered by the holders in exchange for the said certi18 ficates of debt of the state, the payment of the interest and the final redemption of the principal 19 sum of said bonds, according to the stipulations thereof, shall be deemed a public debt of this com20 monwealth, and the payment thereof shall be provided for by law. 3 3. Be it further enacted, That it shall be the duty of the said company to apply its nett income 2 to the completion of the works required by its charter; and it shall not be lawful for the said company to declare any dividends out of its profits until the works required by the next ensuing sec4 tion of this act shall be completed, and not then, unless specially authorized by the legislature so to 5 do. The nett income of the company shall be ascertained by deducting from its current or annual 6 receipts from all sources except loans, the annual charges for the maintenance, repair and renewal 7 of the company's works, the expenses of the general administration of the company, and the an8 nuity to the stockholders of the old James river company. The balance remaining shall be held 9 to be the nett income or surplus revenue of the company for all the purposes of this act. 4. Be it further enacted, That the said company shall be required, as speedily as its means will 2 permit, to construct a dam and lock across the Kanawha river at Tyler's shoals, or as near thereto 3 as a suitable foundation for the same can be obtained; to extend and complete the canal from 4 Lynchburg to Buchanan; to construct the Southside and Rivanna connections, and to extend the 5 Richmond dock and connect it with the upper navigation of James river. 5. Be it further enacted, That in order to enable the said company more promptly to execute the 2 works above required, it shall be lawful for the said company to borrow on its credit the sum of 3 one million eight hundred and five thousand dollars, and for the payment of the interest and the 4 redemption of the principal of such loan, to pledge in such form as it may be advised will be the 5 most effectual, its property and works already completed, and the works required by the fourth 6 section of this act to be executed, as well as the nett income of the company: Provided however, 7 That the said company may contract to pay for the whole or any portion of the said work in cer8 tificates of debt of the company issued under authority of this act, instead of borrowing or raising 9 the money on the same for said purpose, if the contractors for said work shall agree to receive said 10 certificates of debt in payment therefor; in which case the said company is authorized to pledge 11 its works and income to such contractors in like manner as if the money had been borrowed 12 from them. 6. Be it further enacted, That for the purpose of negotiating the loan or any portion thereof 2 authorized by the fifth section of this act, or of paying contractors for the works required by the 3 fourth section of this act, as the case may be, the said company is hereby authorized to issue certi4 ficates of debt bearing six per cent. interest, payable semi-annually, in specie or its equivalent, at 5 such place as it may designate, in this country or in Europe. The said certificates of debt shall 6 be signed by the president and countersigned by the secretary of the company, and shall be regis7 tered on the books of the company in the manner required by its regulations. 7. Be it further enacted, That the person or persons, body or bodies politic or corporate, in whose 2 names any of the certificates of debt of the company shall be issued under authority of this act, 3 shall be deemed, as to the said company, the owner of the said certificate, until a transfer thereof 4 shall be duly made on the books of the company to some other person, or body politic or corpo5 rate. And if the person, or body politic or corporate, in whose name the said certificate shall 6 stand, shall for valuable consideration, and bona fide, sell and deliver the said certificate to any other 7 person, body politic or corporate, accompanied by a power of attorney duly executed and authen8 ticated, such sale and delivery shall vest in the transferree all the title of the transferrer, either in 9 law or equity, to the said certificate: and upon the application of the attorney, and delivery of the 10 certificate of debt therein assigned, to the secretary of the company, it shall be his duty to transfer 11 the same, and issue a new certificate or certificates therefor in the name of the transferree: Pro12 vided however, That all payments made by the said company prior to such transfer, on account of 13 the interest on such certificate, shall discharge the said company from all claim on account of the 14 interest so paid. 8. Be it further enacted, That if any person in whose name any certificate of debt of the said 2 company issued under authority of this act, shall stand on the books of the company, shall die 3 without having made a sale or transfer thereof, and his executor or administrator shall produce to 4 the secretary of the company the original certificate, and duly authenticated evidence that he is, 5 by the laws of the country in which such holder may have died, the lawful executor or adminis6 trator of such holder, the said secretary shall, on his application in person, or by power of attorney 7 duly authenticated, transfer the said certificate to the said executor or administrator, or to such 8 person as he may direct. 9. Be it further enacted, That whenever any certificate of debt of the said company, issued under 2 authority of this act, shall have been lost by the holder or holders thereof, it shall and may be lawful 3 for the president and secretary of the company to renew the same by issuing a duplicate of such 4 certificate: Provided however, That such certificate shall not be renewed until the party applying 5 for the same shall produce satisfactory proof of his having advertised the same for at least three 6 months previously to his application, in some newspaper printed in the City of Richmond, and 7 shall execute a bond with sufficient security to the said company, conditioned to indemnify it against 8 any loss in consequence of the renewal of such certificate, and shall moreover file an affidavit set9 ting forth the time, place and circumstances of the loss aforesaid. 10. Be it further enacted, That if the forfeiture provided for by the charter of the said company, 2 and postponed by the first section of this act, shall be hereafter enforced, such forfeiture shall in no 3 wise impair the lien on the said company's works and nett income herein created for the security of 4 holders of the certificates of debt of said company which may have been issued under authority of 5 this act; but the commonwealth, or the person or persons, body politic or corporate, who may suc6 ceed the said company in the possession of said works, shall take the same subject to all the rights 7 and charges created by the said company under authority of this act. 11. Be it further enacted, That the said company shall not sell or dispose of the certificates of 2 debt authorized to be issued under this act, at less than their par value, either to purchasers for 3 money, or to contractors for the execution of the works required by this act; and such sale or dis4 position of said certificates for less than their par value shall be void. 12. This act shall be in force from the passing thereof. AMENDMENT PROPOSED BY MR. DORMAN, To the Bill, entitled "a Bill to provide for the completion of the James River and Kanawha Can al from tidewater at Richmond to the town of Buchanan, and for other purposes." Strike out the second section, and insert the following in lieu thereof: 2. Be it further enacted, That the Board of public works shall subscribe, and they are hereby 2 directed, as soon as required by the said company, to subscribe to the capital stock of the company, 3 on the part of the state, twenty thousand shares, to be paid for by the release of a debt of the said 4 company to the state of five hundred and seventy-six thousand two hundred and four dollars and 5 sixty-nine cents, and the assumption by the state of one million four hundred thousand dollars of 6 bonds of the company heretofore guaranteed by the state; and in consideration of said subscrip7 tion the state shall be entitled to receive from said company, interest at the rate of six per centum 8 per annum on two millions of dollars, to be computed from the first of January eighteen hundred 9 and forty-seven, to be payable only when the said company shall have funds fairly applicable to the 10 payment of dividends on its stock sufficient to pay said interest, or some part thereof; and when 11 the arrears of said interest shall be extinguished, then in case the legislature shall permit the com12 pany to declare and pay dividends on its stock, the state shall be at liberty thereafter to elect either to 13 receive dividends on the additional stock hereby authorized to be subscribed, as the company may 14 make a declaration thereof, or interest as aforesaid. As soon as the subscription aforesaid is made, 15 it shall be the duty of the Board of public works, when required by the holders of the guaranteed 16 bonds of the said company, to cause to be issued to said holders, in lieu of said bonds, certificates 17 of debt of the state payable as the said guaranteed bonds are now payable. Each certificate so 18 issued, shall be signed by the treasurer and countersigned by the second auditor, and shall be regis |