Chap. 433.—An ACT to Authorize Subscriptions to the Stock of Incorpo-
rated Companies by the Counties, Cities, and Towns through, by, or near
to which the Shenandoah Valley Railroad Company shall have been In-
corporated to Construct a Railroad Branch.

Approved November 5, 1870.

1. Be it enacted by the general assembly, That it shall be
lawful for the county court, or the council or board of trustees
of any county, city, or town through, by, or near to which the
Shenandoah Valley railroad company shall have been incorpo-
rated to construct a railroad and branches, and likely to be
benefited thereby, to make an order requiring the sheriff or
sergeant and commissioners of election, at a time to be desig-
nated in such order, not less than one month from the date
thereof, to open polls and take the sense of the legal voters of
such county, city, or town on the question whether such coun-
ty, city, or town shall subscribe to the stock of said company
incorporated to construct a railroad through, by, or near such
county, city, or town, and by the construction of which, such
county, city, or town is likely to be benefited. The said order
shall state the amount proposed to be subscribed; and in case
such order be made by the county court of any such county,
or the council or board of trustees of any such city or town,
the legal voters residing in any city or town located in any
of such counties, as the case may be, shall be entitled to vote
upon the question, and the taxable subjects in suph town shall
be assessed ratably with those of the county, # hereinafter
provided. -

2. The commissioners of election, who, if there be none
otherwise legally appointed, may be designated by such court,
or council, or board of trustees, after taking an oath faithfully
to discharge the duties of their office, shall open polls at the
various places of voting in such county or town, and at the
time designated in said order, and shall conduct such election
and close the polls as is provided by law in respect to other
elections; and at such election, each of said voters who shall
approve such subscription, shall deposit a ticket or ballot, on
which shall be written or printed the words, “For the sub-
scription ;” and each of said voters who shall be opposed to
such subscription, shall deposit a ticket or ballot, on which
shall be written or printed the words, “ Against the subscrip-
tion.” ,

38. That immédiately after the closing of the polls, the com-
missioners of election at the several places of voting in such
county, city, or town, shall count the ballots deposited at such
election, and shall make return, within two days after such
election, to the judge of such county court, or to the council
or board of trustees of such city or town, of the number of
votes cast for the subscription and the number of votes cast
against the subscription, and shall also return to and deposit
with the clerk of such court, or council, or board of trustees, in
separate packages, the ballots for and against such subscrip-
tion; and it shall be the duty of such judge, or council, or board
of trustees, to cause the ballots to be counted, to correct the
polls, and to ascertain and certify the result of such election,
and to cause the same to be entered in the proper record book
of such court, or council, or board of trustees; and if it shall
appear that three-fifths of the vates cast at such election are in
favor of the subscription, such judge, or council, or board of
trustees, shall forthwith enter of record an order requiring the
supervisors of the county, or the members of the council or
board of trustees, to meet at a time and place, to be named in
the order, to carry out the wishes of said voters. The sheriff
or sergeant shall promptly summon the supervisors, or council-
men, or members of the board of trustees, in pursuance of said
order.

4. If a majority of the whole number of supervisors, or
councilmen, or trustees be present at the time and place so
designated, they skall proceed to act; if not, they shall ad-
journ from time to time until a majority are present. The said
supervisors, or councilmen, or trustees, a majority of the whole
number being present, shall appoint an agent or agents to
make the subscription in behalf of such county, city, or town,
to the capital stock of the said company, to the amount speci-
fied in the order under authority of which the said election
was held; and the said subscription shall be paid in cash, or
in the coupon bonds of such county, city, or town, at par; the
said bonds to be redeemed in not less than five nor more than
twenty years, as such supervisors, councilmen, or trustees may
elect, and shall bear interest at the rate of six per centum per
annum, and the matured coupons shall be received by the au-
thorities of such county, city, or town at par, in payment of
all taxes, fines, and other like obligations.

>. And if in either of said counties or towns an election has
already been held on the question of such subscription, in pur-
suance of the laws in force at the time such election was held,
the same shall in all respects be deemed and held to be as
valid as if the same had been held under the provisionis of this
act; and in such case, it shall be the duty of the county jadge
of the county, or of the council, or board of trustees of the
town, promptly to ascertain the result of such election, and to
certify and enter the same in the proper record book of the
county court or council; and if it appear that the majority of
the votes cast at such election, required by the laws in force at
the time such election was held, were in favor of such sub-
scription, the judge of the county court of such county, or the
council or board of trastees of such town, and the supervisors
of such county, when elected, or the councilmen or trustees of
such town, as the case may be, shall in all respects proceed to
act as provided for in the next preceding section, and as if
such election had been held under the provisions of this act.

6. At the time at which the board of supervisors, or coun-
cil, or board of trustees makes its levy for such county or town,
it shall levy on all the landseand other subjects liable to state
tax and county or corporation levy in such county or town,
such tax to pay the amount of such subscription, or of such
loan or loans as may be authorized, and the interest thereon ;
or to pay the interest on the bonds of the county or town 80
issued, and to create a sinking fund to redeem the principal
thereof, as said board of supervisors, or council, or board of
trustees may deem necessary or proper; and from year to year
it shall repeat such assessments until the debt and interest be
fully paid. But such levy for a year shall not exceed one-
twentieth of the whole amount of such subscription and the
interest thereon.

7. That in case a subscription be. made by any such coun-
ties, the board of supervisors of the county shall levy the ne-
cessary tax on the lands and other subjects aforesaid, in such
city or town, as the case may be, as well as on those outside
of such city or town; and the collector of corporation levies
shall collect and account for the levies for this purpose in like
manner as the collectors of the levies in the counties are by
law required to collect and account for such county levies.

8. The right to stock in any such incorporated company,
subscribed by either of said counties, cities, or towns, under
the authority of this act, shall vest in such county, city, or
town; and the board of supervisors of such county, or the
council or other authorities of such town, shall bave power, from
time to time, to appoint proxies to represent the stock in the
meetings of the stockholders of the company, and also an
agent to collect the dividends on its stock; which dividends,
when collected, shall be applied annually in diminution of the
county or town levy. ,

9. All acts inconsistent with the provisions of this act are
hereby repealed.

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