Chap. 214.—An ACT in relation to Subscriptions to the Stock of Incor-
porated Companies by Counties, Cities or Towns.

Approved March 25, 1875.

1. Be it enacted by the general assembly, That whenever
hereafter bonds shall be authorized to be issued by any of
the countics of Fairfax, Loudoun, Clark, or Frederick, or by
any city or town within the limits of any of said counties,
in payment of its subscription to the stock of au incorpora-
ted company, or to raise money for such payment, there shall
be levied and collected a tax to provide a sufficient sinking
fund in connection with the dividends, if any, received from
the said stock for the redemption of such bonds at or before
their maturity, in addition to the tax levied for the payment
of the interest thereon, as now provided by Jaw; which sink-
ing fund shall not bo in anywise divested from its proper
purpose, or any part thereof, but shall always be kept securely
invested to the best advantage of the fund, under the direc-
tion of the authorities of the county, city or town giving
the preference to the bonds issued as aforesaid, when the
same can be purchased at not exceeding their par value. All
taxes so levied and collected for sinking fund shall be sepa-
rately and distinctly expressed in the tax bills. Every party
paying such tax shall reecive from the treasurer of the
county, city or town a certificate of the amount paid by him,
less the commissian for collection, which certificate shall ex-
press the amount paid, and the year and the purpose for
which the tax was imposed; of which certificates tho said
treasurer shall keep an alphabetical register in a suitable
book, kept for the purpose, showing the matters aforesaid,
the date, number, and amount of each certificate, and to
whom issued. The said certificate shall be assignable, and
it shall be the duty of tho said treasurer to deliver to the
said corporation a duly certified copy of said register; and
whenever any person shall present certificates of payment
of taxes for and on account of said sinking fund equal in
amount to a share of the capital stock of said corporation.
it shall be the duty of the treasurer, or other proper officer
of the said corporation, upon the presentation thereof and
demand for the same, to cause to be issued to the party hold-
ing the same, such number of shares of stock, or if the said
shares shall have been previously issued to the county, city
or town, to transfer the same to such party in proper manner
and form, in each case canceling and filing the certificates.
and noting the issuc or transfer of stock as aforesaid upon
the said register. It shall not be lawful to issue any bond
as aforesaid unless the same shall have been registered in the
office of the secretary of the commonwealth, and marked by
him as so registered, with the date of registration. Before
making any such registration the secretary shall ascertain
that the bonds are authorized@ by law and by the lawful ac-
tion of the proper authorities of the county, city or town.
and that they are genuine andin due form. For every bond
so registered and marked, he shall receive a fee of t wenty-
five cents.
2. This act shall be in force from its passage.