Chap. 397.—An ACT to permit the transfer of the Valley Turnpike to the
Commonwealth of Virginia, to fix the terms and conditions of such trans.
fer and to provide for the maintenance of said turnpike. [S B 164]

Approved March 20, 1918.

Whereas the Valley turnpike is indebted to the State of Vir-
ginia in the sum of twenty-five thousand dollars with accrued in-
terest from February, eighteen hundred and forty-one, which to
date amounts to the sum of one hundred and fifteen thousand dol-
ars, amount of which is secured by mortgage on the property there-
of; and

Whereas, the capital stock of the Valley Turnpike company, a
corporation created and organized under the laws of Virginia, 1s
four hundred and twenty-five thousand dollars, which has been paid
in cash, three-fifths being owned by the State and two-fifths by pri-
vate stockholders; and whereas, the said company owns the fol-
lowing property:

(1) Ninety-two miles of limestone macadam road, all of
which has been treated with dustless bituminous road
binder. The foundation of said road is solid and the
surface smooth and uniform. At a conservative esti-
mate of $5,000.00 per mile, the roadbed is valued at. .$460,000
_ Exclusive of culverts approximately one hundred steel
and concrete bridges, most of which have been re-
cently constructed at a cost approximately.......... 100,000
Every wooden bridge has been replaced with steel and
concrete structures of most permanent character.

| Thirteen toll houses, valued at..............00ceeees 20,000
| Road machinery, valued at ........... 0... cece eee eee 8,000

| Cash deposited in various banks bearing interest, ap-
proximately .......... ccc cece cece e eee ee cece eeee 45,000
Total assets ........ 0.0 c ccc eee ee cece ences $588,000

Whereas, heretofore the Valley turnpike owned by said corpora-
n has been maintained by tolls paid by travelers thereon, and this
ng a trunk route between the north and the south, it is desirable
the State of Virginia to relieve said turnpike of such tolls;

1. Be it enacted by the general assembly of Virginia. That should
stockholders of the Valley turnpike company within sixty days
July 1, 1918, authorize by proper and Jegal resolution the con-
rance of, and such legal conveyance be made of all the assets and
yperty, real, personal and mixed, of the said turnpike company
the Commonwealth of Virginia, then the directors of the said
poration representing the interests of this Commonwealth are au-
rized and directed to pay each private stockholders his pro-rate
re of the net surplus in the treasury of the said Valley turnpike
npany not exceeding a total sum of forty-five thousand dollars.
the event the net surplus of the Valley turnpike company on Sep-
iber first, nineteen hundred and eighteen, does not exceed forty-
> thousand dollars, no part shall be paid to the Commonwealth.
y amount in excess of forty-five thousand dollars on September
t, nineteen hundred and eighteen, shall within ninety days from
t date be paid into the treasury of the Commonwealth and ex-
ded by the State highway commissioner for the benefit of the
lley turnpike. The conveyance of the assets and property of the
d company shall take effect September first, nineteen hundred and
hteen. For the year ending September first, nineteen hundred
1 eighteen, the Valley turnpike company shall expend for main-
ance at least the same sum that was spent for the year ending
otember first, nineteen hundred and seventeen, to the end that the
dbed, bridges, culverts, etc., shall not deteriorate before posses-
n is obtained by the State. If any of the stockholders, or their
al representatives, cannot be found by September first, nineteen
ndred and nineteen, the treasurer of the Valley turnpike com-
ry shall give notice by publication for thirty days in the news-
pers along the route of the Valley turnpike, giving a list of such
ckholders who have not claimed their pro-rate share. If on
1uary first, nineteen hundred and twenty, any of the stockholders,
or their legal representatives, cannot be found, then their pro-rate
share shall be paid into the treasury of the Commonwealth and ex-
pended for the benefit of the Valley turnuike by the State high-
way commissioner.

Sec. 2. When the conveyance hereinbefore provided for is made,
the Valley turnpike shall become a State road, and it shall become
the duty of the State highway commissioner to take charge of the
same and constantly maintain it in good order, and that adequate
facilities shall be provided for the traffic thereon. In the perform-
ance of such duty, he is authorized to employ such assistants and
purchase such material as may be necessary, for which purpose he
shall draw warrants against such funds as may be, from time to
time, appropriated by the general assembly for the purpose of the
maintenance of the State highway system. In each warrant there
shall be a statement in brief of the purpose for which the warrant
was issued.

(3) An acceptance of the conveyance hereinbefore provided for
when the requirements of this act in relation thereto shall have
been complied with shall be made in writing by the State highway
commissioner and filed in the office of the secretary of the Com-
mon wealth.

(4) ‘From and after said conveyance the stock held by private
persons shall be cancelled and the Commonwealth of Virginia shall
become the sole owner of all the assets and property, real, personal
and mixed, of the said Valley turnpike company, excepting that
the net surplus in the treasury of the Valley turnpike company,
as of September first, nineteen hundred and eighteen, not exceedin
the sum of forty-five thousand dollars, shall be paid to the indi-
vidual stockholders, as hereinbefore provided, this being considered
payment in full of the stock owned by them.

(5) The attorney general shall pass upon the legal effect of the
resolutions, and the conveyance of the Valley turnpike company,
as hereinbefore provided, and no conveyance as hereinbefore pro-
vided shall be accepted by the State highway commissioner except
and until the attorney general shall in writing give his opinion that
the same is valid.

(6) All acts or parts of acts inconsistent with this act are hereby
repealed.