Chap. 228.—An ACT to legalize a certain election held by the qualified voters of
Prince Edward county, Virginia, for the purpose of subscribing to the stock of
the Charlotte, Farmville and James River Valley Railway Company; to empower
and direct the supervisors of said county to subscribe to the capital stock of
said railway company to an amount not exceeding $57,000 -in the said county’s
bonds, or $3,000 per mile in the said county’s bonds, par value, upon the terms
and conditions prescribed in the order of court under which said election was
held.

Approved May 14, 1903.

Whereas, the county court of Prince Edward county, Virginia, on the
fifteenth day of September, nineteen hundred and two, did make an order
requiring the sheriff of said county to open the polls on the twenty-eighth
day of October, nineteen hundred and two, and take the sense of the quali-
fied voters of said county on the question of subscribing to the stock of the
Charlotte, Farmville and James River Valley Railway Company to an
amount not exceeding fifty-seven thousand dollars in the said county’s
bonds, or three thousand dollars per mile in the said county’s bonds, par
value, upon the condition that the said subscription is to be made only
after the said railway has been completed from Rosney, in Buckingham
county—a connection with the Chesapeake and Ohio system—through the
town of Farmville to Charlotte courthouse, said subscription to be paid
in bonds of the said company carrying not exceeding five per centum in-
terest per year and having not more than fifty years to run, the said com-
pany agreeing to accept said bonds at not less than par, and in accordance
with the law to issue to the county on such subscription being made, its
capital stock, at par, to an amount equal to the amount of such subscrip-
tion, on which said company will guarantee to pay after two years to the
county, at the end of every year from the date of its issue, a dividend of
four per centum, if there shall be income sufficient after the payment of
interest on its first mortgage bonds, to the amount of eighteen thousand
dollars per mile of roadway; and it having been further agreed that the
said stock is at any time exchangeable, at market value, for the first mort-
gage bonds of said company at market value, and that the said first mort-
gage bonds shall be interest bearing, and the said interest shall be pay-
able to the said county of Prince Edward; and,

Whereas, at an election held under said order a majority both of the
voters and of the freeholders of said county voted in favor of subscribing
to the aforesaid amount of capital stock of said company at par, under
the conditions and upon the terms named in said order of the county
court; and,

Whereas, the name of said company has, by an order of the circuit court
of the city of Richmond, been duly changed from the Charlotte, Farm-
ville and James River Valley Railway Company to Virginia Railroad
Company, as authorized by the charter of said company ; therefore,
1. Be it enacted by the general assembly of Virginia as follows: The
election held by the citizens of the county of Prince Edward on the twen-
ty-eighth day of October, nineteen hundred and two, under an order of
the county court of said county entered on the fifteenth day of September,
nineteen hundred and two, for the purpose of ascertaining the sense of a
majority of the qualified voters and freeholders of said county as to the
subscription to the capital stock of the Charlotte, Farmville and James
River Valley Railway Company to an amount not exceeding fifty-seven
thousand dollars in the said county’s bonds, or three thousand dollars
per mile in the said county’s bonds, at par, upon the terms and condi-
tions named in said order, is hereby legalized; and the general assembly
of Virginia hereby validates the subscription voted by said voters and
freeholders as aforesaid under the terms and conditions named in said
order of the county court of Prince Edward, as described in this act; and
the board of supervisors for said county shall, through two agents, to be
appointed by it, for that purpose, as provided in the act of assembly in-
corporating said corporation, make formal subscription in accordance with
the report of the county suveyor, as provided for in said act of incorpora-
tion, to the capital stock of said company now named Virginia Railroad
Company, at par, to an amount not exceeding fifty-seven thousand dol-
lars, to be paid in the said county’s bonds, or three thousand dollars per
mile; to be paid in the said county’s bonds, there being nineteen miles
or less of the said company’s roadway in said county; said subscription
to be paid in the negotiable coupon bonds of the said county of Prince
Edward to the amount as above prescribed, par value, bearing interest
at the rate of five per centum per annum from the time of delivery, pay-
able semi-annually, and the principal of said bonds payable fifty years
from the date of delivery. The said bonds shall not commence to bear
interest until the delivery thereof; and the said subscription shall be con-
ditional upon the said railway company’s completing its line of standard
gauge railroad from Rosney, in Buckingham county—a connection with
the Chesapeake and Ohio system—through the town of Farmville to Char-
lotte courthouse; and the said board of supervisors of the said county
of Prince Edward are hereby authorized and directed to appoint two
officers or agents to receive from said company such certificates of stock
in exchange for said bonds, as provided in said act of incorporation. And
the board of supervisors for Prince Edward county are vested with full
power to, and shall, execute said bonds in the name of said county of
Prince Edward, when said roadway has been completed to Charlotte
courthouse, through the town of Farmville, and are directed and em-
powered to lay such a levy upon the real and personal property of the
said county as may be necessary to provide for the payment of the interest
and a sinking fund for the payment of the principal of the bonds of said
county, the limitations of the amount of taxation as prescribed under
section twelve hundred and forty-three, chapter fifty-one, of the Code
of eighteen hundred and eighty-seven, to the contrary notwithstanding.

2. All acts or parts of acts inconsistent or at variance with this act
are hereby repealed.

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