Chap. 221.—An ACT to Amend and Re-enact Sections 46, 47, 48, 49, 50 and
51 of Chapter 61 of the Code of Virginia, (Edition of 1860,) to Authorize
Subscriptions to Incorporated Companies by Counties, Cities, Towns, and
Townships.

Approved March 29, 1871.

1. Be it enacted by the general assembly of Virginia, That
sections forty-six, forty-seven, forty-eight, forty-nine, fifty and
fifty-one of chapter sixty-one, Code of Virginia, (edition of
eighteen hundred and sixty), be amended and re-enacted so as
to read as follows:

Ҥ 46. The county court of any county, or the common
council or board of trustees of any city or town, or township
board of any township, in this commonwealth, may make an
order requiring the sheriff or sergeant and commissioners of
election, at the next general election for state, city, town or
county, or township officers, or at any other time, not less than
thirty days’ from the date of said order, which shall be desig-
nated therein, to open a poll and take the sense of the quali-
fied voters on the question whether the board of supervisors,
council, or board of trustees, or township board shall subscribe
to the stock of any internal improvement company, named in
the order, which has been incorporated by the general assem-
bly. The said order shall state the maximum amount pro-
posed to be subscribed, which shall in no case exceed one-fifth
of the total capital stock of said company or an amount, the
interest upon which at the rate authorized by the council or
board of trustees of any city or town, or board of supervisors
of any county, or township board of any township, shall not
require the imposition of an annual tax in excess of twenty
cents on the one hundred dollars: provided, that the bonds
issued by any county, city or town, or township subscribed to
any internal improvement company, shall be received by such
company at their par value.

Ҥ 47. The commissioners of election who, if there be none
otherwise legally appointed, shall be designated in the order
authorizing the vote, after taking an oath faithfully to discharge
the duty assigned to them, shall open polls at the various places
of voting in the said county, city or town or township desig-
nated in the order, and at the time therein designated, and
shall conduct such election and close the polls in such manner
as is provided by law in other elections; and at said election
each qualitied voter who shall approve such subscription shall
deposit a ticket or ballot on which shall be written or printed
the words “ For subscription,” and each voter who shall oppose
said subscription shall deposit a ticket or ballot whereon shall
be written or printed “Against subscription.” And each ballot
shall be endorsed with the name of the voter, which shall be
inspected by the officer or officers conducting the elections at
the respective voting places. The commissioners of election
at the several places of voting, shall, immediately after the
closing of the polls at each said place, count the ballots de-
posited, and shall, within two days after said election, make
return to the judge of the county court or to the president or
other presiding officer of the council or board of trustees of
the city or town, of the number of votes cast for and the num-
ber of votes cast against subscription, and shall return to and
deposit with the clerk of said court, council or board of trus-
tees, in separate sealed packages, the ballots for and against
subscription. And the said judge, president or presiding offi-
cer shall appoint four citizens of the county, city or town or
township who, with the clerk aforesaid, shall constitute a board
of commissioners whose duty it shall be, within two days
thereafter, to meet at the office of said clerk, and, having taken
an oath before said clerk faithfully'to discharge their duty, open
the said packages of ballots, count the same, correct the re-
turn if needed, and ascertain and report how many of the said
ballots were cast by freeholders and how many by non-free-
holders for and against subscription respectively, which said
report, signed by a majority of said board shall be entered on
the order book or other proper record book of the said court,
council or board of trustees.

Ҥ 48. If it shall appear by the report of the board of com-
missioners that three-fifths of the qualified voters of the county,
city, or town, or township, voting upon the question, are in
favor of subscription, and that said three-fifths includes a ma-
jority of the votes cast by freeholders at such election, and a
majority of the registered voters of the courty, city, or town,
or township, the county court, council, or board of trustees
shall,at its next session, enter of record an order requiring
the supervisors of the county, or the members of the council,
or board of trustees, or of the township board, to attend, on
a day and at a place named in the order, to carry out the wishes
of the voters as expressed at said election.

Ҥ 49. If a majority of the whole.number of supervisors, or
councilmen, or trustees, or township board, be not present at
the time and place so designated, they shall adjourn from time
to time until a majority shall be present, when they shall de-
termine what amount of the capital stock, not exceeding the
maximum aforesaid, shall be subscribed for on behalf of the
county, city, or town, or township, and shall enter of record
the amount so agreed upon, and thereupon shall appoint an
agent or agents to make the subscription; which subscription
shall be paid in such instalments as may be agreed upon by
said board, council, or trustees, or township board, or as may
be called for by the company.

Ҥ 50. For the purpose of paying the quotas on said stock,
or the said instalments, as they may be called for, as fall due,
the board of supervisors, or the council, or board of trustees,
or township board, shall have power to appoint an agent or
agents to negotiate a loan or loans, and to issue bonds to se-
cure the payment of the same, for and in the name of said
county, city, or town, or township, which may be either regis-
tered or coupon, as may be prescribed; and when the levy is
made, or city or town tax imposed in said county, city, or
town, or township, a tax shall be levied on all property liable
to state tax in such county, city, or town, or township, to pay
the amount of such subscription or of such loan, and interest
thereon, or to pay the interest on the bonds so issued, and to
create a sinking fund to redeem the principal thereof, as the
authority ordering the levy or tax may deem necessary or pro-
per; and from year to year, said levy or assessment shall be
made until the debt and interest are paid. But such levy or
assessment for a year shall not exceed one-tenth of the whole
amount of such subscription, with the interest thereon.

“$51. The right to stock in any company subscribed as pro-
vided in this chapter, shall vest in the county, city, or town, or
townsbip making the subscription; and the board of supervisors,
council, or board of trustees, or township board, as the case may
be, shall have power to appoint proxies, from time to time, to
represent the county, city, or town, or township, in the meetings
ot the stockholders, and also an agent to collect the dividends
on the stock of the company; which dividends shall be applied
to the redemption of the debt of the county, city, or town, or
township, on account of its subscription, until the same be fully
discharged.”

2. This act shall be in force from its passage; but nothing
in this act shall be so construed as to repeal, alter, or modify
any special act now in force authorizing any county, city, or
town to subscribe to works of internal improvement.