Chap. 304.—An ACT to amend and re-enact section 16 of an act ap-
proved April 28, 1887, amending an act entitled an act to incor
porate the town of Martinsville in the county of Henry, approved
January 16, 1878, amended by an act approved March 1, 1884, and
as further amended by an act approved March 3, 1886.

Approved May 20, 1887.

1. Beit enacted by the general assembly of Virginia, That
section sixteen of an act approved April the twenty-cight,
eighteen hundred and cighty-seven, amending an act entitled
an act to incorporate the town of Martinsville in the county
of Henry, approved January sixteen, eighteen hundred and
seventy-three, as amended by an act approved March the first,
eighteen hundred and eighty-four, and as further amended
by an act approved March the first, eighteen hundred and
eighty-six, be amended and re-enacted so as to read as fol-
lows:

§16. The town council shall have power by a two-thirds
vote, to subscribe on the part and in the name of said town,
an amount not exceeding fifty thousand dollars to the capital
stock of any railroad company which may hereafter be con-
structed within the limits of said town, and may issue the town
certificates or bonds of said town, bearing not more than four
per centum interest per annum, and not irredecemable for a
period greater than thirty years, and may negotiate and de-
liver the same to such railroad company at a price not less
than the face value of said certificates or bonds in payment
of such subscription: provided the said council shall not
make said subscription or issue such certificates of debt or
bonds without being first authorized to do so by the voters
of the said town at an election to be held therein for this pur-
pose, and as authorized by law; at which election the said
vote in favor of such subscriptions shall meet all the require-
ments provided by the general laws of the State to enable
counties and citics to make subscriptions to railroads, and so
forth, before the said council shall make said subscriptions or
issue such certificates of debt or bonds: and provided fur-
ther, that no such certificates of debt or bonds shall be
issued, nor any liability exist against said town until the rail-
road company to which subscription is made, shall have com-
pleted its road from one of its termini within the corporate
limits of said town, and shall have the same in operation
within the corporate limits of said town.

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