Chap. 209.—An ACT to Authorize the Board of Public Works to Sell the
State’s Interest in the Upper Appomattox Company.

Approved March 20, 1873.

Whereas, the commonwealth is the owner of five hundred
and sixty-five shares of the capital stock of the Upper Appo-
mattox Company, one hundred and twenty-five of which said
shares are known as old stock, and four hundred and forty
shares as new stock, the former being at this time a dividend-
paying stock, and the latter being unproductive; and whereas,
it is deemed advisable to dispose of the whole of said stock :

1. Be it enacted by the general assembly of Virginin, That
the board of public works be and they are hereby authorized
and directed to sell the said five hundred and sixty-five shares
of stock to the board of superintendents of the said Upper
Appomattox Company, for the private stockholders thereof
(after a majority of such private stockholders shall have autho-
rized such purchase), for such sum—not less than twelve
thousand five hundred dollars, in current funds—as can be ob-
tained therefor: provided, that such sale shall be upon condition
that the said stock shall be ratably divided among all the pri-
vate stockholders in said company, or cancelled, as a majority
of said private stockholders may elect; and provided further,
that the said board of superintendents shall have the right to
avail themselves of the privilege of purchase herein accorded
at any time within thirty days after the passage of this act;
and in case of their failure or refusal so to do, then the board
of public works are hereby authorized and directed to sell the
said five hundred and sixty-five shares of stock to any other
person or persons at a price not less than the amount herein-
before named, and upon the conditions hereinafter required,
either by private sale or at auction.

2. To the end that the wishes of all the stockholders in the
said Upper Appomattox Company may be ascertained as to
whether they will cancel the said stock or ratably distribute
the same among themselves, in the event of its purchase by the
board of superintendents of said company, as provided in the
foregoing section, it shall be the duty of the secretary of said
company to call a meeting of said stockholders, giving at least
sixty days’ notice thereof by advertisement for ten days, in at
least one daily paper published in the city of Petersburg, and
he shall also send to each of said stockholders, in advance of
said meeting, a copy of this act, as far as the same may be
practicable. In case of the purchase of said stock by the
board of superintendents of said company, and the determina-
tion of said stockholders not to cancel the same, it shall be
ratably distributed among all the stockholders of said com-

pany. |

3. Before the delivery of said stock to the purchaser or pur-
chasers thereof, the board of public works shall procure and
file in their office such form of obligation as to them may appear
sufficient to secure and enforce the maintenance, in good order
and for transportation purposes, of the canal and works of the
said Upper Appomattox Company as far as Clementown, in the
county of Amelia; and such obligation shall be so conditioned
as to work a forfeiture to the state of such penalty as may be
prescribed by the board of public works, and also a forfeiture
of the said stock hereinbefore authorized to be sold, in case the
purchaser or purchasers fail in their performance of the said
obligation.
4. This act shall be in force from its passage.