Chap. 87.—An ACT to anthorize the extension of the Richroond and
Danville Railroad from Danville to some point on the line of the Vir-
einia and Tennessee Railroad,

Passed April 24, 1807,

1. Be it enacted by the general assembly, That the Nich-
mond and Danville railroad company is hereby authorized to
extend its road from the town of Danville, through the coun-
ties of Ienry, Patrick and Carroll, by such route as by pro-
per surveys shall be ascertained to be the most cligible. to
some point on the present line of the Virginia and Tennessee

railroad, And for this purpose the said company 18 hereby
authorized to increase its capital stock to the sum of eight
millions of dollars, inclusive of its present capital stock, to
be issued and held in shares of one hundred dollars each.

2. Be it further enacted, That if the private stockhold-
ers of said company in ceneral or special meeting, to be held
within ninety days after the passage of this act, shall, by reso-
lution, agree amd undertake to construct the extension of
their road as provided in the foregoing section, it shall there
upon be lawful for said company, within one year thereafter,
to purchase the entire interest of the state in the capital
stock of said company, by delivering to the Board of public
works, in payment therefor, the bonds of the state to the
amount in par value of eleven hundred and eighty-eight
thousand five hundred and ninety-eight dollars and fifty
cents; and to buy in the debt of said company then existing
and due to the state, by delivering to the Board of public
works, in payment therefor, the bonds of the state equal in
par value to the amount of debt then due the state from the
said company; the purchase of such stock and debt as afore-
said, to be made from time to time within said period as shall
be found practicable by said company, transfers and assign-
ments thereof to be made when and as demanded by said
company pari passu, upon payment as aforesaid; the bonds
of the state so delivered in payment as aforesaid to be can-
celled {n liquidation of the public debt.

3. For the purpose of constructing and equipping said
extension, the said company may from time to time, at its
discretion, sell any part of the increased stock autborized by
the first section, remaining unsubscribed, and of the stock
transferred from the state to the.company under the second
section; and may sell its bonds, in such form and on such
terms as the company may deem most judicious, and execute
liens on the property of the company, or any part thereof, to
secure the payment of the principal and interest of such
bonds. .

4. The state reserves the right to connect with the works
of this company any other work of internal improvement,
and no discrimination shall be made in the charges of said
company against the trade and travel of any connecting work.

». It shall be lawful for said company to acquire not ex-
ceeding ten millions of acres of land, in payment for sub-
scriptions of stock ors by purchase: provided, however, it
shall not be lawful for said company, at the expiration of
twenty years after the completion of their road, to hold more
land than shall be necessary for the use of the road. And
any county, city or town interested in said extension, upon a
vote of a majority of its qualitied voters, may subscribe to
such increased capital stock, and provide for the payment
thereof, as now or hereafter authorized by law. And said
company may, with the assent of the proper authorities of
such county, city or town so subscribing. provide for issuing
stock scrip to the holders of receipts for taxes levied and
paid on account of such corporate subscription.

6. After the acquisition by said company of the state’s in-
terest in the stock thereof, the state shall have no represen-
tation in the board of directors or in the meetings of the
stockholders of said company; and each stockholder shall
have one vote in mectings of stockholders for each share of
stock held by him.

7. Be it further enacted, That all property hereafter ac-
quired, in the construction of the road of the company from
Danville, together with the tonnage and revenues of said ad-
ditional road, shall be hable to such taxation as the general
assembly may impose upon the property, tonnage or reve-
nues of other railroad companies, chartered by this common-
wealth. ;

8. If the said company shall be unable. or for any cause
fail or nevlect, for the period of one year trom and after the
-acgquisition of the stock and debt as aforesaid. to commence
the construction of the extension of their road as aforesaid,
or at any time after such commencement, fil or neglect daly
and reasonably to continue the same until completion, then
and in either event the state shall be at liberty to reclaim the
interest in said company so disposed of as aforesaid, upon re-
payment to said company of the amount so expended -by it
in their purchase.

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