Chap. 155.—An ACT to Authorize Subscriptions to the Stock of Incorpo-
rated Companies by the counties of Rockingham, Augusta, Rockbridge,
Botetourt, Craig, and Roanoke, and the towns of Harrisonburg, Staun-
ton, Lexington, and Salem.

Approved June 27, 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 of the following counties and towns, to wit: Rocking-
ham, Augusta, Rockbridge, Botetourt, Craig, Roanoke, Har-
risonburg, Staunton, Lexington, and Salem, to make an order
requiring the sheriff or sergeant and commissioners of election,
at atime to be designated 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 or town on the question
whether such county or town shall subscribe to the stock of
any joint-stock company incorporated to construct a railroad
or turnpike through, by, or near such county or town, and by
the construction of which such county or town is likely to be
benefited. The said order shall state the maximum amount
proposed to be subscribed; and in case such order be made by
the county court of Rockingham, Augusta, or Rockbridge, or
Roanoke, the legal voters residing in the towns of Harrison-
burg, Staunton, Lexington, or Salem, as the case may be, shall
be entitled to vote upon the question, and the taxable subjects
in such town shall be assessed ratably with those of the county,
as 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”.
3. That immediately after the closing of the polls, the com-
missioners of election at the several places of voting in such
county or town, shall count the ballots deposited at such elec-
tion, and shall make return, within two days after such elec-
tion, to the judge of such county court, or to the council or
board of trustees of such 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 cor-
rect the polls and to ascertain and certify the result of such
election, and to cause the same to be entered in the proper re-
cord book of such court, or council, or board of trustees; and
if it shall appear that three-fifths of the votes cast at such elec-
tion are in favor of the subscription, such judge, or council, or
board of trustees, shall forthwith enter of record an order re-
quiring 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 councilmen, or members of the board of trustees, in pursu-
ance of said order.

4. Ifa majority of the whole number of supervisors, or coun-
cilmen, or trustees be present at the time and place so desig:
nated, they shall proceed to act; if not, they shall adjourn
from time to time until a majority are present. The said sy-
pervisors, or councilmen, or trustees, a majority of the whole
number being present, shall have power to determine what
amount of the capital stock, not exceeding the maximum afore-
said, shall be subscribed for on behalf of the county or town,
and shall enter of record the amount so-agreed to be sub-
scribed; and thereupon shall appoint an agent or agents to
make the subscription, which shall be paid in such instalments
as may be agreed upon by such board of supervisors, or coun-
cil, or board of trustees, or as may be called for by the com-

ny.
ar 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 provisions of this act;
and in such case it shall be the duty of the county judge 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 trustees 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. For the purpose of paying the quotas on said stock as
they may be called for, or the instalments of such subscription
as they may fall due, the board of supervisors of the county,
or the council or board of trustees of the town, shall have
power to appoint an agent or agents to negotiate a loan or
loans, and to issue bonds to secure the same for and in the
name of said county; said bonds may be either registered or
with coupons attached, as said board of supervisors, or coun-
cil, or board of trustees may prescribe; and at the time at
which the board of supervisors, or council, or board of trustees
makes its levy for such county or town, it shall levy on all the
lands and other subjects liable to state tax and county or cor-
poration 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, so 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 ne-
cessary 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;
and such bonds shall be irredeemable for twenty years, and at
the pleasure of the board of supervisors, or council, or proper
authorities of the county or town, for a period not exceeding
thirty years from the date of the same.

7. That in case a subscription be made by either of the coun-
ties of Rockingham, Augusta, or Rockbridge, or Roanoke,
the board of supervisors of the county shall levy the neces-
Bary tax on the lands and other subjects aforesaid in the town
of Harrisonburg, or Staunton, or Lexington, or Salem, as the
case may be, as well as on those outside of such 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 or towns under the au-
thority of this act, shall vest in such county or town; and the
board of supervisors of such county, or the council, or other
authorities of such town, shall have 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.