Chap. 577.—An ACT to empower and instruct the board of sinking fund com-
missioners to sell the state’s interest in the Richmond, Fredericksburg and
Potomac railroad company and to invest the proceeds of sale in century
bonds, and to repeal the act approved March 19, 1873 entitled an act di-
recting the board of public works to sell the state’s interest in the Richmond,
Fredericksburg and Potomac railroad company.

Approved March 8, 1894.

1. Be it enacted by the general assembly of Virginia, That the
yoard of sinking fund commissioners be, and is hereby, empowered
ind instructed to sell the twenty-seven hundred and fifty-two shares
yf the common stock, and the nineteen hundred and twenty-five divi-
lend obligations of the Richmond, Fredericksburg and Potomac rail-
oad company, now held and owned by the state of Virginia: provided,
10wever, it shall not sell the same for a less sum than one hundred
znd thirty-five dollars per share of stock, and one hundred and
thirty-two dollars for dividend obligations, with interest thereon at
even and one-half per centum per annum from the date of the last
lividend.

2. The said board shall advertise the said stock in the financial
centres, asking for sealed bids for the purchase of the said stock, and
shall sell the said stock to the highest bidder or bidders: provided
no bid shall be entertained at a lower price for the said stock than
one hundred and thirty-five dollars per share for the common stock
and one hundred and thirty-two dollars for dividend obligations.

8. The board of sinking fund commissioners shal] receive in pay-
ment for the said stock and dividend obligations lawful money of
the United States, and not coupons; but it may make the time of pay-
ment not exceeding one year from the date of sale: provided, how-
ever, that the purchaser deposits collateral security before the deliv-
ery of said stock and dividend obligations, consisting of century
bonds at such valuation as said board may determine as adequate to
cover the principal and interest of the purchase money.

4. The board of sinking fund commissioners shall invest the pro-
ceeds of sale of said stock and dividend obligations in the bonds of
the state of Virginia, commonly known ascentury bonds, accord-
ing tothe provisions of an act of the general assembly of Virginia
entitled an act to amend and re-enact sections four hundred and
twenty and four hundred and twenty-one of the code of Virginia,
in relation to use by the commissioners of the sinking fund of any sur-
plus money in the treasury in the purchase of bonds of the state issued
under the acts of February fourteenth, eighteen hundred and eighty-
two, and February twentieth, eighteen hundred and ninety-two,
approved February twelfth, eighteen hundred and ninety-four, and
the act approved March nineteenth, eighteen hundred and seventy-
three, entitled “an act directing the board of public works to sell the
state’s interest in the Richmond, Fredericksburg and Potomac rail-
road company,” is hereby repealed.

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