CHAP. 230.—An ACT to enable the city of Petersburg, for the
protection of its interests growing out of its dealings with the
irginia and Carolina railroad company, to sell and dispose of
its claims against the said company, or to bid in, at any sale
made at its iuetance or for its own protection, the property and
works liable to sale under the deed of trust of said company
securing bounds of the company held by said city, and the same,
if purchased by it, to resell ; and defining the powers and rights
that shall grow out of said purchase by said city, as well as the
powers and rights of any purchaser from it under a resale by it,
and to repeal the act approved March 6, 1886, entitled an act to
provide the manner in which the common council of the city
of Petersburg may purchase the Virginia and Carolina railroad
to the extent of the claim of said city against said road, or sell
or dispose of the claim of said city against said road.

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Approved February 17, 1890.

1. Be it enacted by the general assembly of Virginia,
That the city of Petersburg, for the protection of its inter-
ests growing out of its dealings with the Virginia and
Carolina railroad company, is hereby authorized and em-
powered by its common council, the said council having
first in lawful meeting authorized the same by the con-
curring votes of at least two-thirds of all its members,
through such agent or agents as the council may appoint,
to purchase, at public or private sale, all the property and
works that may be sold for the benefit of said city, and
under the deed of trust of said company which are held
by said city; and the baid city, by its common council,
may, the same being authorized in like manner by the
votes of two-thirds of all the members thereof, after it
shall have made any such purchase, resell the property
and works which may have been purchased hereunder on
such terms as it may deem advantageous, and by such
resale it may pass and is fully empowered to pass to the
purchaser from it all its rights acquired as a purchaser
hereunder, including the right to be a corporation by any
name which may be set forth in the conveyance from said
city to such purchaser, or in any writing signed by such
purchaser and recorded in the court in which the convey-
ance shall be recorded, and including all the rights con-
ferred by section one thousand two hundred and thirty-
four of the code of Virginia upon such a corporation as is
herein referred to, but subject to all the duties by said
section one thousand two hundred and thirty-four imposed.
upon such a corporation as is herein referred to; or the
said city itself, which shall, upon its purchasing hereun-
der, become a corporation by any name which may be set
forth in the conveyance to it, or in any writing signed by
any agent of said council by its authority, and recorded
in the court in which the conveyance shall be recorded,
may, upon making such purchase as is authorized here-
under, proceed to exercise the rights and to perform the
duties referred to in said section one thousand two hun-
dred and thirty-four in manner as in said section is pre-
scribed; or the said city, by its common council, the same
being in like manner authorized by the votes of two-thirds
of all the members thereof, may, before any such pur-
chase is made as is hereunder authorized to be made by it,
dispose of all its entire claim or any part thereof against
said railroad company or its property at such price and
upon such terms and conditions as it may see fit to
impose: provided, however, that in making the purchase
hereby authorized to be made, the said city shall be con-
fined in the price to be paid by it to such sum of money,
as nearly as can be conveniently reckoned, as that the net
proceeds of sale applicable to the claims of said city,
after all prior costs and charges are first paid, shall not
exceed the principal and interest of all money due to it
upon the bonds of the said railroad company: and pro-
vided, further, that nothing in this act shall be construed
as giving to said city the power either to use her munici-
pal funds or to pledge her municipal credit in any of her
dealings with the Virginia and Carolina raiJroad further
than she has already done, or than she may do in exer-
cising the power to purchase which is by this act granted
to her. The act approved March six, eighteen hundred
and eighty-six, entitled an act to provide the manner in
which the common council of the city of Petersburg may.
purchase the Virginia and Carolina railroad to the extent
of the claim of said city against said road, or sell or dis-
pose of the claim of said city against said road, is hereby
repealed.
2. This act shall be in force from its passage.