Chap. 343.—An ACT to Authorize the Fredericksburg, Orange and Char-
lottesville Railroad Company to Create a New and First Morigage on
its Property and Franchises.

Approved April 1, 1873.

1. Be it enacted by the general assembly of Virginia, That Bon
the Fredericksburg, Orange and Charlottesville railroad com- 2°
pany may, when and after it shall have completed the railroad and
to Orange Courthouse, with the consent of the holders of the
mortgage bonds of said company, issued under the authority .
of the act entitled an act to extend the charter of the Frede-
ricksburg, Orange and Charlottesville railroad company, and to
authorize said company to borrow money and create a mort-
gage upon its property and franchises, approved February
twenty-one, eighteen hundred and seventy-two, accept a sur-
render of all said bonds, and may cancel the same and said
mortgage, and may thereupon execute a new mortgage, which new
shall be a first mortgage upon its entire railroad property ex- be
isting at the time, or which may be thereafter acquired, and and
its franchises, and may issue bonds thereunder, bearing inter- Sone
est at a rate not exceeding eight per centum per annum, and _
for an amount not exceeding twenty-five thousand dollars per to b
mile of track constructed by the said company; and the said
company and the holders of said bonds issued under the act
of February twenty-one, eighteen hundred and seventy-two,
may agree as to the terms of such surrender and cancellation, yay
by an exchange of said bonds for those issued under the new ar
mortgage herein above authorized, or any other mode of ad-
justment; and said company may sell or otherwise dispose of Bon
its bonds at less than par. =

2. In the event of the forfeitures prescribed by former acts wh
of the general assembly being incurred and suffered by said 4%
company, then and in such event the Fredericksburg and railt
Gordonsville railroad company shall have and may exercise the pow
rights, powers and privileges conferred and granted by the righ
foregoing section.

3. Inasmuch as a doubt might arise as to whether the pro- For
visions of the act of assembly, passed at the present session, et
extending the time for the completion of said railroad, might bili
be construed to make the Fredericksburg and Gordonsville P
railroad company liable (in case of the happening and enforce-
ment of the forfeitures mentioned in said act) to pay the
mortgage bonds issued in the name of said company, prior to
the twenty first day of February, eighteen hundred andseventy-
two, it is hereby further enacted that it was not the intent, nor
shall it be the effect, of said act to create or impose any such
liability. Nor shall said company, nor the stockholders thereof,

be liable to pay said mortgage bonds in the event of said for-
feiture. But it is hereby expressly provided that, in the event
of the happening of the said forfeiture, then the said Frede-
ricksburg and Gordonsville railroad company shall be and it is
hereby declared liable for the payment of all judgments which
have been recovered against said company by citizens of Vir-
ginia.

4, In case the Fredericksburg, Orange and Charlottesville
railroad company elect to accept the provisions of this act, it
is hereby made a condition precedent to the enjoyment of the
privileges herein granted that they file with the board of public
works a writing declaring their acceptance thereof within sixty
days after the passage of this act. .

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