Chap. 77.—An ACT to authorize the county of Powhatan to exchange the condi-
tional bonds of said county subscribed to the Farmville and Powhatan Rail-
road Company for value received coupon bonds.

Approved January 16, 1902.

1. Be it enacted by the general assembly of Virginia, That it shall be
lawful for the board of supervisors of the county of Powhatan, in their
discretion, to issue value received coupon bonds, payable in lawful money
of the United States, aggregating any sum not exceeding the amount of
forty thousand dollars, in denominations of one hundred dollars cach, or
multiples thereof; the rate of interest not to exceed six per centum per

annum, payable semi-annually at some bank or trust company in the
city of Richmond, Virginia, and the time of payment of the said principal
of the said bonds may ‘be at such time as may be agreed upon between the
board of supervisors and the bondholders.

2. The bonds hereby authorized to be issued shall be used exclusively
for the purpose of exchanging the same for any or all of the conditional
bonds heretofore issued by the county of Powhatan in subscription to the
capital stock of the Farmville and Powhatan Railroad Company under
act of the general assembly approved February fifth, eighteen hundred
and eighty-six, which said conditional bonds aggregate the amount of
forty thousand dollars, and are dated fourteenth October, eighteen hun-
dred and eighty-seven.

3. Upon the execution and delivery of the coupon bonds hereunder
authorized, in exchange for the said conditional bonds, the said condi-
tional bonds so exchanged shall be cancelled by the clerk of the board of
supervisors of the county, and in the presence of the said board.

4. All acts inconsistent with this act are hereby repealed.

>. This act shall be in force from its passage.