CHAP. 228.—An ACT amending and re-enacting section one of an act
to extend a credit of twelve and twenty-four months from the ratifi-
cation of the sale of the state’s interest in the Upper Appomattox
company to the board of superintendents of said company, and to

- ratify and confirm all acts done in pursuance of the provisions of the
act approved March 20, 1873, approved February 11, 1874; also, the
act to confirm the action of the stockholders of the Upper Appo-
mattox company in regard to the issue of certain bonds, approved
March 29, 1875.

Approved March 29, 1877.

1. Be it enacted by the general assembly, That the act to
amend and re-enact section one of an act entitled an act to
extend a credit of twelve and twenty-four months from the
ratification of the sale of the state’s interest in the Upper
Appomattox company to the board of superintendents of said
company, and to ratify and confirm all acts done in pursu-
ance of the provisions of the act approved March twenty,
eighteen hundred and seventy-three, approved February
eleventh, eighteen hundred and seventy-four, be amended
and re-enacted so as to read as follows:

§ 1. The board of superintendents of the Upper Appo-
mattox company shall be allowed a credit of five years from
the date of the passage of this act, upon one moiety of the
sum of nine thousand five hundred dollars, the balance due
by the said company on the purchase of the state’s interest
in the said Upper Appomattox company, with interest at the
rate of six per cent. per annum, to be paid annually, from
the passage of this act, and the further credit of ten years
upon the other moiety thereof, bearing like interest, to be
paid annually: pees that no portion of the shares in the
capital stock of the said company, sold by the state to the
said company, shall be transferred until the whole purchase
money shall have been fully paid: and provided, further, that
the said company shall not have and enjoy the benefita of
this section unless the said company shall, within thirty days’
after the passage of this act, deposit with the treasurer of
the commonwealth the company’s first mortgage bonds,
amounting to nine thousand five hundred dollars, authorized
as hereinafter set forth, to be held by said treasurer, in addi-
tion to the stock now witbheld as collateral security for the
payment and discharge of such deferred credits as they shall
severally mature.

2. Beit further enacted, That the act to confirm the action
of the stockholders of the Upper Appomattox company in
regard to the issue of certain bonds, approved March twenty-
nine, eighteen hundred and seventy-five, be amended and re-
enacted so as to read as follows:

§ 1. The action of the stockholders of the Upper Appo-
mattox company, at their meeting in Petersburg, on the
eighteenth day of December, eighteen bundred and seventy-
two, and at subsequent meetings, empowering and directing
the superintendents of said company to issue the bonds of
the said company, secured by a mortgage on the company’s
property, for an amount not exceeding thirty thousand dol-

ars, bearing a rate of interest not exceeding ten per centum

per annum, and payable at such term of years as said super-
intendents may deem best, and to sell the said bonds, is hereby
confirmed, and the action of said superintendents in issuing
the said bonds under and by virtue of the resolutions afore-
said, is hereby expressly confirmed and rendered legal and
binding upon said company; and also full force and effect is
hereby given to any murtyage which may have been hereto-
fore, or may hereafter be executed by said company, acting
through said superintendents or other duly authorized officers,
to secure said bonds.

§ 2. Upon the payment by the said Upper Appomattox
company of the full sum of nine thousand five hundred dol-
lars, with the interest thereon, at the rate of six per centum
per annum, the balance of the purchase money of the state’s
interest in the capital stock of said company, it shall be the
duty of the treasurer of the commonwealth to return to the
said company its first mortgage bonds, pledged as collateral
as hereinbefore provided, and the board of public works shall
by deed convey to the board of superintendents of said com-
pany, for the said company, at the expense of the company,
all right, title and interest the state may have had, or may
have, directly or indirectly, in said Upper Appomattox com-

apy.
3. All acts and parts of. acts inconsistent with this act shall
be and the same are hereby repealed.

4, This act shall be in force from its passage.

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