CHAP. 377.—An ACT to amend and re-enact section 1234, code
of Virginia, 1887, in regard to rights and liabilities of purchasers.

Approved February 25, 1892.

1. Be it enacted by the general assembly of Virginia,
That section twelve hundred and thirty-four of the code
of Virginia, eighteen hundred and eighty-seven, be amend-
ed and re-enacted so as to read as follows:

§ 1234. The corporation created by or in consequence of
such sale and conveyance shall succeed to all such fran-
chises, rights, and privileges, and perform all such duties
as would have been had, or should have been performed,
by the first company, but for such sale and conveyance,
including the duty of maintaining and operating any
branch or lateral road which may have been constructed
and operated before the sale, and of transporting freight
and passengers therein, save only that the corporation so
created shall not be entitled to the debts due to the first
company, and shal! not be liable for any debts of, or claims
against, the said first company which may not be express-
ly assumed in the contract of purchase, and the whole
profits of the business done by such corporation shall be-
long to the said purchaser and his assigns. His interest
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 in the first company at the time of the
sale, and assign the same in the book to be kept for that
purpose. The said shares shall thereupon be on the foot-
ing of shares in joint 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 successive weeks in a newspaper.
2. This act shall be in force from its passage.