Chap. 595.—An ACT to empower and instruct the board of sinking fund
commissioners to sell the state’s interest in the Richmond, Fredericksburg
and Potomac railroad, and to repeal an act entitled ‘‘an act to empower
and instruct the board of sinking fund commissioners to sell the state's
interest in the Richmond, Fredericksburg and Potomac railroad company.
and to invest the proceeds of sale in century bonds,” approved March 8, 1894.

Approved March 3, 1900.

1. Be it enacted by the general assembly of Virginia, That the
board of sinking fund commissioners be, and is hereby, empowered and
instructed to sell the twenty-seven hundred and fifty-two shares of the
common stock and the nineteen hundred and twenty-seven dividend
obligations of the Richmond, Fredericksburg and Potomac railroad
company now held and owned by the state of Virginia: provided, how-
ever, it shall not sell the same for a less sum than two hundred dollars
per share of the common stock and two hundred dollars for each of the
said dividend obligations, ex-dividends.

2. That said board of sinking fund commissioners shall advertise the
said stock and dividend obligations for sale for two weeks in one or
more daily papers of the cities of Richmond, Virginia, and New York.
New York, asking for sealed bids for the purchase of the said stock and
dividend obligations, and shall sell said stock and dividend obligations
to the highest bidder or bidders, but shall not accept a bid for a less
sum than two hundred dollars per share for each of said shares and each
of said dividend oblizations, ex-dividends. But in event of no bid for
or in excess of two hundred dollars per share as aforesaid for each and
every share of stock and dividend obligations being made by other

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persons, then and in that event the board of sinking fund commis-
sioners shall sell the said shares of stock and dividend obligations to
the corporators of the Richmond and Washington air-line railway com-
pany, or any number of them, at not less than two hundred dollars for
each and every share of said stock and each dividend obligation, ex-
dividend, the par value of each share of said stock and the face amount
of each of said dividend obligations herein referred to being one hun-
dred dollars.

3. The board of sinking fund commissioners shall receive in payment
for said stock and dividend obligations lawful money of the United
States and not coupons. The said stock and dividend obligations shall,
upon the request of the corporators of the Richmond and Washington
air-line railway company, or a majority of them, be offered for sale
within twelve months from the passage of this act by the board of sink-
ing fund commissioners, as hereinbefore provided, but in the absence of
any such request the board of sinking fund commissioners shall four
weeks. before the expiration of said twelve months from the passage
of this act proceed to advertise said stock and dividend obligations
by publication in one or more daily newspapers in Richmond and New
York, and offer the same for sale before the expiration of such twelve
months, but in no event shall sale be made of the same at less than the
price as fixed in the first section of this act. Said sale shall be for cash,
or, at the option of the purchaser or purchasers, for one-third of the
purchase price in cash, and the remainder at three and six months from
the day of sale, to be evidenced by proper negotiable notes. The said
purchasers may withdraw one-third of the said stock and dividend obli-
gations when two-thirds of the purchase money shall have been paid,
and the remaining two-thirds shall be delivered to them when all of the
purchase money is paid: provided, that any persons bidding on any of
said stock at such offering shall be required to take along with said stock
so bid for dividend obligations to the amount of at least seventy per
centum of said stock so bid for at the same price he bids upon such
stock, and all bids, except that of the corporators of the Richmond and
Washington air-line railway company, shall be accompanied bv a certi-
fied check upon some solvent bank to the amount of at least ten per
centum of such bid.

4. The act entitled “an act to empower and instruct the board of
sinking fund commissioners to sell the state’s interest in the Richmond,
Fredericksburg and Potomac railroad company and invest the pro-
ceeds of sale in century bonds, and to repeal the act approved March
19, 1873, entitled an act directing the board of public works to sell
the state’s interest in the Richmond, Fredericksburg and Potomac rail-
road company,” approved March 3, 1894, is hereby repealed.

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