Chap. 273.—An ACT to authorize the James River and Kanawha Com-
pany to Borrow Money.

Passed March 1, 1867.

1. Be it enacted by the general assembly of Virginia, That
the president and directors of the James river and Kanawha
company be and they are hereby authorized to borrow the
sum of seven hundred and fifty thousand dollars, to be ap-
plied to paying off the floating debt of the company, putting
and keeping its present works in repair; to give a mortgage on
the property, franchises and net revenues of the company, for
the purpose of securing such loan: provided, also, that nothing
contained in this act, shall be construed to create any liability
by the state for any part of the money borrowed: provided,
that no bonds to be issued by virtue of the loan aforesaid,
shall be issued until a meeting of the stockholders of said
company is held and the same approved by them: and pro-
vided further, that the company shall recognize the one hun-
dred and eighty thousand dollars of state bonds received by
it under the act of the eighteenth March, eighteen hundred
and sixt¥-two, as a part of its floating debt, and may dis-
charge the same by paying it or delivering to the holders of
said bonds an equal amount of the: registered stock of the
commonwealth, issued prior to the seventeenth April, eigh-
teen hundred and sixty-one, for the full amount of the prin-
cipal and interest. | .

2." Be it further enacted, in the meeting of stockholders
provided for as aforesaid, the Board of public works shall ap-
point and instruct the proxies representing the state’s interest
in said company, to vote for an investigation into the affairs
of said company, and to consider whether some plan can be
adopted in the management of the canal to make it self-sus-
taining and prevent any further increase of indebtedness.

3. ‘The bonds of the said company, given for the loan or
loans hereby authorized, may be in such form and at such
rate of interest, not exceeding eight per centum per annum,
and may be disposed of on such terms as the said president
and directors may deem expedient; and every bond issued
under this act, shall describe upon its face that it is so issued,
and there shall be no priority or preference among them un-
der the said mortgage. ,

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