Chap. 432.—An ACT to Authorize Subscriptions to the Stock of Incor-
porated Companies by the City of Portsmouth, Town of Danville, and
Counties of Norfolk, Nansemond, Isle of Wight, Sussex, Southampton,
Greenesville, Brunswick, Lunenburg, Mecklenburg, Halifax, Pittsylvania,
Henry, Patrick, Pulaski, Carroll, Grayson, Smyth, and Washington.

Approved November 5, 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: Ports-
mouth, Norfolk county, Nansemond, Isle of Wight, Sussex,
Southampton, Greenesville, Brunswick, Lunenburg, Mecklen-
burg, Halifax, Pittsylvania, town of Danville, Henry, Patrick,
Pulaski, Carroll, Grayson, Smyth, and Washington, to make an
order requiring the sheriff, or sergeant and commissioners of
election, 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 or town on the ques-
tion whether such county or town shall subscribe to the stock
of the Norfolk and Great Western railroad company, incor-
porated 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.

2. The commissioners of election who, if there. be none
otherwise legally appointed, may be designated by such court,
or council, or board or 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 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.”

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 election,
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 sub-
scription,” and shall also return to and deposit with the clerk
of such court, or council, or board of trustees, in separate pack-
ages, the ballots for and against such subscription; and it shall
be the duty of such judge, or council, or board of trustees, to
cause the ballots to be counted, to correct the polls, and to as-
certain and certify the result of such election, and to cause the
same to be entered in the proper record book of such court, or
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 sub-
scription, such judge, council, or board of trustees, shall forth-
with enter of revord an order requiring the supervisors of the
county, or the members of the council or board of trustees, to
meet at atime 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 pursuance 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 desiyna-
ted, they shall proceed to act; if not, they shall adjourn trom
time to time until a majority are present. The said supervi-
sors, 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 aforesaid, shall
be subscribed for on behalf of the county or town, and shall
enter of record the amount s0 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, or council, or board of
trustees, or as may be called for by the company. .

5. 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 subscription, 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 council, 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 corporation levy in
such county or town, such tax to pay the amount of such sub-
scription, 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 tund to
redeem the principal thereof, as said board of supervisors, or
council, or board of trustees may deem necessary 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 sub-
scription 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. The right to stock in any such incorporated company,
subscribed by either of said counties or towns, under the aa-
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 dimination of the county or town levy.

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

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