Chap. 292.—An ACT to Authorize Subscriptions to the Stock of Incorpo-
rated Companies by the Counties of Campbell and Pittsylvania, the City
of Lynchburg, and the Town of Danville.

° Approved July 11, 1870.

1. Be it enacted by the general assembly, That it shall be
lawful for the county court, or the council, or board of trus-
tees of any of the following counties, city, and town, to wit:
Pittsylvania, Campbell, Lynchburg, Danville, to make an order
requiring the sheriff or sergeant and commissioners of elec-
tion, at a time 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, city, or town, on the ques-
tion whether such county, city or town shall subscribe to the
stock of the Lynchburg and Danville railroad company, which
has been chartered to construct a railroad through, by, or near
such county, city, or town, and by the construction of which
such county, city, or town is likely to be benefitted. The said
order shall state the maximum amount proposed to be sub-
scribed.

2. The commissioners of election, who, if there be none
otherwise legally appointed, may be designated by such court,
council, or board of trustees, after taking an oath faithfully to
discharge the duties of their offices, shall open polls at the
various places of voting in such county, city, or town, and at
the time designated in said order, and shall conduct such elec-
tion, 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 subscrip-
tion,” 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 subscription.”

8. That immediately after the closing of the polls the com-
missioners of election, at the several places of voting in such
county, city, or town, shall count the ballots deposited at such
election, and shall make return, within two days after such
election, to the judge of such county court, or to the council, or
board of trustees of such city or 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, council, or board of trus-
tees, in separate packages, the ballots for and against such
subscription ; and it shall be the duty of such judge, 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
record book of such court, council, or board of trustees.
And if it shall appear that three-fifths of the votes cast at such
election are in favor of the subscription, such judge, council,
or board of trustees shall forthwith enter of record an order
requiring the supervisors of the county, the members of the
council, or the 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 romptly summon the
supervisors, councilmen, or members of the board of trustees
in pursuance of said order.

4. If a majority of the whole number of supervisors, gouncil-
men, or trustees, be present at the time and place go designated,
they shall proceed to act; if not, they shall adjourn from time
to time until a majority are present. The said supervisors,
councilmen, or trustees, a majority of the whole number being
present, shall have power to determine what amount of the capi-

stock, not exceeding the maximum aforesaid, shall be sub-
scribed for on behalf of the county, city or town; and shall
enter of record the amount so agreed to be subscribed, and
thereupon shall appoint an agent, or agents, to make the sub-
scription, which shall be paid in such instalments as may be
agreed upon by such board of supervisors, council, or board of
trustees, or as may be called for by the company.

5. And if in either of said counties, city, or town, an election
has already been held on the question of such subscription, in

ursuance of the laws in force at the time such election was
eld, 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 city or 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 subscription, the judge of the county court of such
county, or the council, or board ot trustees, of such city or
town, and the supervisors of such county, when elected, and
the councilmen, or trustees of such city or 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 city or 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, city, or town. Said bonds may be either
registered or with coupons attached, as said board of super-
visors, council, or board of trustees may prescribe; and at the
time at which the board of supervisors, council, or board of
trustees makes its levy for such county, city, or town, it shall
levy on all the lands and all other subjects liable to state
tax and county or corporation levy in such county, city, 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,
city, or town so issued, and to create a sinking fund to redeem
the principal thereof, as said board of supervisors, council, or
board of trustees may deem necessary or proper; and from

ear to year it shall repeat such assessments uutil the debt and
interest be fully paid. But such levy for a year shall not ex-
ceed one-twentieth of the whole amount of such subscription
and the interest thereon; and such bonds shall be irredeema-
ble for twenty years, and, at the pleasure of the board of su-
pervisors, council, board of trustees, or proper authorities of
the county, city, or town, for a period not exceeding thirty
years from the date of the same. |

‘7. The right to stock in any such incorporated company,
subscribed by either of said counties, city, or town, under the
authority of this act, shall vest in such county, city, or town;
and the board of supervisors of such county, or the council or
other proper authorities of such city or 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 divi-
dends, when collected, shall be applied, annually, in diminu-
tion of the county, city, or town levy.

8. All acts or parts of acts inconsistent with the provisions
of this act are hereby repealed.

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