A BILL Authorizing a Loan by the Winchester and Potomac Railroad Company, and for other purposes. December 18, 1846-Read first, to be read second time. Whereas the Winchester and Potomac railroad company are indebted in various amounts, paya2 ble on demand or at short notice, which it is desirable to fund, and wish also to improve the super3 structure of their road and provide additional machinery on the same; for which purposes it is de4 sirable that the said company should effect a loan or loans, and to convert the same, should it be 5 found hereafter practicable, into capital stock of the company: 1. Be it therefore enacted by the general assembly, That the president and directors of the Win2 chester and Potomac railroad company be, and they are hereby authorized to make a loan or loans, 3 not exceeding in all the sum of one hundred and twenty thousand dollars, at a rate of interest not 4 exceeding seven per cent. per annum, the interest and principal of said loan or loans to be paya5 ble at such times and places, either in or out of Virginia, as the said company may deem most ad6 visable; and for the security of said loan or loans, to execute a deed of trust or mortgage, as may 7 be preferred, on the railroad, locomotives and other machinery, and any or all the other property of 8 the company. 2. Be it further enacted, That in the event of a sale under a deed of trust or mortgage as above 2 authorized, conveying the railroad and other property of the company, the title to said road, with 3 all the timber and iron laid down on the road at the time of such sale, and all the property con4 veyed in the deed of trust or mortgage, with the franchises of the company, shall pass to the pur5 chaser or purchasers, and be vested in them: Provided, That nothing contained in this act, autho6 rizing a deed of trust or mortgage and sale of the works and other property of the company, shall 7 be construed to release the annuity of five thousand dollars, payable to the state, under the act of 8 twenty-fourth February eighteen hundred and forty-six, entitled "an act to amend an act, entitled 9 an act to incorporate the Winchester and Potomac railroad company,'" or to impair the rights 10 and liens reserved to the commonwealth under that and other acts concerning said company: And 11 further, That all individual rights and claims on said company shall be saved and unimpaired, not12 withstanding such deed of trust or mortgage and sale of the works or other property of said com 13 pany. 3. Any purchaser or purchasers at a sale, under such deed of trust or mortgage, shall ipso facto 2 by the purchase, become a body politic and corporate, by the name of "The Winchester and Po3 tomac Railroad Company," and shall hold, use, enjoy and employ the road and all the other pro4 perty and effects of every nature and kind whatsoever of the present company, with all the fran5 chises, rights, privileges and immunities granted to and conferred upon it at any time heretofore by 6 this state, in as ample a manner as this state can confer them; subject in all respects and in every 7 thing to all the duties, regulations and penalties required, prescribed and enjoined by any law or 8 laws now in force respecting the present company. 4. That the president and directors of the said company be, and they are hereby authorized to 2 agree to allow the conversion of any loan or loans, which they may make under this act, into capi3 tal stock of the company, on such terms as they may deem for the interest of the company, and 4 to increase the capital stock of the company to such extent as may be necessary for this object, 5 and to any further extent not to exceed the further sum of one hundred thousand dollars, at such 6 times and on such terms as to them may seem for the interest of the company, and to secure the 7 loan or loans converted into capital stock under the provisions of this act, by deed or deeds of 8 trust or mortgage, as provided in the first and second sections of this act. 5. This act shall be in force from and after its passage. A BILL To increase the Capital Stock of the Staunton and James River Turnpike Company, for the pur pose of M'Adamizing their Road. December 18, 1846-Read first, to be read second time. 1. Be it enacted by the general assembly, That the. Staunton and James river turnpike company, 2 for the purpose of M'Adamizing their road, be and they are hereby authorized to increase their 3 capital stock by the additional sum of one hundred and seventy-five thousand dollars; and for that 4 purpose it shall be lawful for said company to open books for receiving subscriptions to that amount, 5 to be divided into shares of twenty-five dollars each. The said books shall be opened at Staunton, 6 in Augusta, under the direction of William Kinney, James Points, John B. Breckenridge, Thomas 7 J. Michie, William M. Tate, James Bell and William W. King, or any three of them; at Scotts8 ville, in Albemarle, under the direction of John Tyler, Matthew Blair, John S. Martin, Edward 9 Moon, Nathaniel Garland and colonel John Coles, or any three of them; and in Richmond City, 10 under the direction of Fleming James, Bernard Peyton, N. H. Ragland, John A. Lancaster, Wil11 liam H. Macfarland and Joshua J. Fry, or any three of them; and at such other places as the first 12 named commissioners or a majority of them shall deem expedient. 2. Be it further enacted, That when two fifths of the whole number of shares shall have been 2 subscribed, the Board of public works are hereby required, on behalf of the state, to subscribe the 3 remaining three fifths; one fifth of such subscription payable when it shall be shewn to the satis4 faction of the said board that one fifth of the private subscription has been paid in; and the re5 maining four fifths of the state's subscription payable in the like proportion with the subsequent 6 payments of the private subscriptions: Provided, That the said subscription of the Board of public 7 works shall be made on the terms and conditions prescribed by the act, entitled "an act prescribing 8 certain general conditions on which future subscriptions to the capital of joint stock companies 9 shall be made on behalf of the commonwealth," passed February the eleventh, eighteen hundred 10 and thirty-two; and that the subscriptions aforesaid may be demanded, if the stockholders in ge11 neral meeting so determine, in one, two and three years. 3. Be it further enacted, That the Board of public works be and they are hereby empowered, as 2 soon as may be necessary for the purposes herein declared, to borrow on the credit of the state, 3 from time to time as it shall be necessary, a sum or sums of money not exceeding thirty-five thou4 sand dollars per annum, and not exceeding in all one hundred and five thousand dollars, and at a 5 rate of interest not exceeding six per centum per annum; which moneys so borrowed shall be paid 6 into the treasury, and the interest thereon provided for, according to the provisions of the act 7 passed April the ninth, eighteen hundred and thirty-eight, entitled "an act providing for the nego8 tiation of loans for purposes of internal improvement;" which act, as far as its terms and provi9 sions may be consistent with those of this act, is hereby made a part of the same. 4. Be it further enacted, That the president and directors of said company shall have authority 2 to alter and change the location of their present road at such points along the same as to them may 3 seem expedient; and in case of such change and alteration, where an agreement cannot be made 4 with the owner or owners of the lands over which it is proposed to make said road, the said presi5 dent and directors shall proceed to condemn the same in the mode prescribed by the act, entitled 6 "an act prescribing certain general regulations for the incorporation of turnpike companies," 7 passed the seventh day of February eighteen hundred and seventeen: Provided, That the com8 pany shall be at liberty to dispense with a summer or side road to their turnpike wherever they may 9 deem it expedient so to do; nor shall they be compelled to make the said road more than twenty-two 10 feet wide, seventeen feet whereof shall be paved or M'Adamized not less than nine inches thick, 11 and that the grade of said road shall no where exceed three and a half degrees. 5. Be it further enacted, That the present stockholders of said company, in general meeting, 2 shall appoint three persons, and the subscribers to the new stock, so soon as one fifth of the 3 whole shall be duly made, including the state, shall appoint three other persons; and the said six per4 sons appointing a seventh, the whole number of seven shall constitute a board, whose duty it shall 5 be to estimate, fairly and impartially, the market cash value of the old stock of said company: 6 and thereafter, in all dividends to be declared by the company, and in all votes and other represen7 tation of the stock in the meetings of the company, the said old stock shall be deemed and taken as 8 worth the valuation of said board. The said board shall make out and sign duplicates of their said 9 valuation, one of which shall be enclosed to the Board of public works, and the other to the presi - 10 dent and directors of said company, to be preserved by them respectively. 6. This act shall be in force from its passage. |