CHAP. 128.—An ACT to authorize the James River and Kanawha
Company to make sale and transfer of all its works, property, and
franchises, and to invest the purchaser or purchasers With certain
corporate rights, powers and franchises.

Approved April 2, 1879.

Whereas the general assembly of Virginia has passed an act
approved the twenty-seventh day of Febrnary, eighteen hun-
dred and seventy-nine, entitled an act to authorize the James
river and Kanawha company to make sale and transfer of all
its works, property and franchises to the Richmond and Alle-
ghany railroad company, and to define the powers and duties
of the board of public works in respect thereto; and whereas
it is desired to provide for the contingency, that the Richmond
and Alleghany railroad company may not make the purchase
of the works, property and franchises of the James river and
Kanawha company as contemplated in said act; now, there-
fore,

1. Be it enacted by the general asseinbly, That in the event
that the Richmond and Alleghany railroad company shall not
purchase the works, property and franchises of the James river
and Kanawha company within the term prescribed by said act,
that then the James river and Kanawha company is hereby
authorized to sell and convey all of its works, property and
franchises to any other corporation, person or persons, and the
proxics of the state of Virginia, representing its stock in the
James river and Kanawha company, are hereby authorized to
vote for such sale and conveyance: provided that the con-
tract of sale and conveyance shall contain all the provisions
and conditions set forth and prescribed in the act aforesaid,
approved the twenty-seventh day of February, eighteen hun-
dred and seventy-nine, and shall not contain any provisions or
eonditions inconsistent therewith, except that any contract
made under the provisions of this act by and with the James
river and Kanawha company, or by and with the Buchanan and
Clifton Forge railway company, may be made at any time after
the failure of negotiations with the Richmond and Alleghany
railroad company under the said act, approved February twenty-
seventh, eighteen hundred and seventy-nine.

2. Any sale and conveyance made in pursuance of the pro-
visions of this act shall pass to the purchaser all the works,
property and franchises of the James river and Kanawha com-
pany as they exist at the time of the sale, except so far as the
same may be inconsistent with the contract of sale, and the
purchaser shall henceforth be a corporation by any name which
may be set forth in said conveyance, or in any writing signed
by said purchaser and recorded in the court in which the con-
veyance shall be recorded. And the corporation thus created
shall be liable to perform all the duties and obligations of the
James river and Kanawha company, except so far as the same
may be inconsistent with the contract of sale. The interest of
the purchaser in the corporation shall be personal estate, and
he or his assigns may create so many shares of stock therein
as he or they may think proper, not exceeding together the
amount of stock held in the James river and Kanawha com-
pany at the time of sale, and assign the same in a book to be
kept for that purpose. The said shares shall thenceforth be
on the footing of shares in jomt stock companies generally,
except only that the first meeting of the stockholders shall be
held on such day and at such place as shall be fixed by the
said purchaser, of which notice shall be published for two
weeks in a newspaper published in the city of Richmond.

3. In addition to such rights, powers, privileges and fran-
chises as are indicated by the preceding sections, the said pur-
chaser shall be invested with all the corporate powers and
franchises necessary for constructing, equipping, maintaining
and operating the railroad contemplated in the act aforesaid,
approved the twenty-seventh day of February, eighteen hun-
dred and seventy-nine, and by contract with the Buchanan and
Clifton Forge railway company to acquire its rights, property
and franchises.

4, I¢ shall be lawful for the corporation thus created to bor-
row money to aid in the construction and equipment of its rail-
road, and for that purpose to mortgage its works, property and
franchises.

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