Capital stock. 2. The capital stock of said company shall be not exceed ing ten thousand dollars, and be divided into shares of twentyfive dollars each, to be paid in such assessments and at such times as the board of directors may direct. Subscriptions How subecrip may be paid in labor or service, or with materials furnished paid for the construction of said bridge, under a special agreement in writing, entered into to that effect with the directors of said company, or with their representatives. Elections of directors and president. 3. The said company may hold an election on the second Tuesday of April next, and on the same day in each year thereafter, for the election of five directors of the said company, who shall within ten days thereafter choose one of their own body as president. The said president and directors shall remain in office one year, or until their successors are How stock voted. appointed. The stockholders of the said company shall be entitled at any such meeting or election, either in person or by proxy, to cast one vote for each share of the stock held by them, and each of them, in the said company. . Rates of toll. 4. The said company may erect a gate upon said bridge and collect tolls, not exceeding the following rates for each passenger, viz: three cents for each foot passenger, round trip five cents; eight cents for each horse, mare, mule, or gelding, round trip fifteen cents ; fifteen cents for each one horse carriage, round trip twenty-five cents; twenty cents for each two horse carriage, round trip thirty-five cents; twelve cents for each one horse wagon, round trip twenty cents ; fifteen cents for each two horse wagon, round trip twenty-five cents; twenty-five cents for each four horse wagon, round trip forty cents; and five cents for each additional horse; ten cents for twenty sheep or hogs; and fifteen cents for twenty cattle; and so in proportion for any greater number; provided, that all coaches, carriages, horses, or foot passengers attending funerals shall be exempt from all toll wbatever. Said tolls shall first be applied to keeping the said bridge in good repair before any dividend shall be declared to stockholders. Application of tolls. 5. The supervisors of Jefferson county are hereby empowSubscription by Jefferson county. ered to subscribe to the capital stock of said company, either in money or by issuing county bonds, to an amount not exceeding two thousand five hundred dollars. 6. The Legislature reserves the right to alter, amend, or Act may be repeal this act. amended. 1 company contract. G CHAPTER 3.-An ACT confirming and amending the charter Passed January 26, 1870. 1. That the contract, dated August thirty-first, eighteen Contract under hundred and sixty-eight, made by commissioners of Virginia was formed.com and West Virginia, with the Virginia Central Railroad Com-firmed. pany, by which the Chesapeake and Ohio Railroad Company was formed, and under which it has been organized, be and the same is hereby approved, ratified, and confirmed as follows : Contract with Commissioners for completing the Covington and Ohio Railroad. The parties to the contract are : First. The commissioners of the state of Virginia, under Parties to the the following ac's of the General Assembly, viz: 1st, "An act Virginia commisto incorporate the Covington and Ohio Railroad Company,” sioners. passed February twenty-sixth, eighteen hundred and sixty- tione Virginia legislasix. 2nd, "An act to provide for the completion of a line or lines of railroad from the waters of the Chesapeake to the Ohio river,” passed March first, eighteen hundred and sixtyeeven. Second. The commissioners of the state of West Virginia, West Virginia under the following acts of the Legislature, viz: 1st, "An act West Virginia to incorporate the Covington and Ohio Railroad Company,” legislation. passed March first, eighteen hundred and sixty-six. 2d, "An act to provide for the completion of a line or lines of railroad froin the waters of the Chesapeake to the Ohio river,” passed February twenty-sixth, eighteen hundred and sixty-seven. 3rd, “An act to amend and re-enact the fifteenth section of an act providing for the completion of a line or lines of railroad from the waters of the Chesapeake to the Ohio river, passed February twenty-sixth, eighteen hundred and sixty-seven," passed February sixth, eighteen hundred and sixty-eight. Third. The Virginia Central Railroad Company: The said commissioners of Virginia and West Virginia, by Virginia Central virtue of the authority given them by the statutes already а commissioners. R. R. Co. lations. Commencement and completion of work. dividends guaranteed. Contract for con- referred to, and in order to secure the speediest and best struction of road, construction, equipment, and operation of the said railroad from Covington to the Ohio river, according to the true intent and meaning of the said statutes, have contracted therefor with the said Virginia Central Railroad Company as the party giving the best terms and the most satisfactory assurances of having the capital, capacity and responsibility con templated and required by the said statutes, and have introAdditional stipu duced into the said contract the following additional stipulation, proposed by the stockholders of the said Virginia Central Railroad Company in general meeting on the twentyninth day of November, eighteen hundred and sixty-seven, and accepted by the said commissioners as being for the benefit of their respective states and in furtherance of the purposes declared by the legislature aforesaid, viz: I. The work to be commenced and completed in the time and manner provided in the charter. Certain stock II. The company to guarantee four per cent semi-annual preferred and dividends upon any stock which may be subscribed for the construction of said road, after the completion of the road to the Ohio river, and in the meantime said stock shall be preferred in any dividends which shall be declared by the com pany, to an extent not exceeding four per cent semi-annually. Authority to bor. III. The company to borrow such sums of money at a rate of interest not exceeding eight per cent per annum, as may be necessary, in addition to the funds arising from stock subscriptions for the completion of said road, and to execute a lien on its property and resources to secure the payment of the principal and interest of such loans : Provided, that subscriptions may be received to be applied to the construction of the work continuously from either end of the line. Authority to IV. The company may guarantee the payment of princiand couuty pal and interest of bonds of cities and counties, receivable in payment of subscription to stock. Authority to re V. That bonds of cities and counties at ninety cents on the in payment for dollar, and bearing eight per cent per annum interest, con vertible into preferred stock, be received in payment of subscription to stock. VI. Nothing contained in any contract made by this comto be protected, pany shall have the effect to deprive the present creditors of the company of their claims for satisfaction out of the present row money and secure its payment. guarantee city bonds. stock. Creditors of Va. pany, property of the company, and it shall be the duty of the and to be secur ed by mortgage. president and directors, before executing any further lien on the present property of the company, to secure by mortgage any portion of the funded or floating debt, not heretofore so received, that cannot be promptly paid off in the ordinary administration of the affairs of the company. And the said Virginia Central Railroad Company having undertaken and contracted to construct the said railroad, on the terms and conditions aforesaid, it is hereby declared and certified that the said company shall hereafter be known as "The Chesapeake and Ohio Railroad Company,” and is en- Style of comtitled to all the benefits of the charter of the Covington and Ohio Railroad, and to all the rights, interests, and privileges Its rights and privileges. which, by the statutes aforesaid, are conferred upon the Chesapeake and Ohio Railroad Company, when organized. In testimony whereof, the commissioners of Virginia and West Virginia have set their hands and seals; and the said Virginia Central Railroad Company has caused the corporate seal of the company to be affixed, with the signature of Edward Fontaine, president of said company, this thirty-first day of August, eighteen hundred and sixty-eight. John B. BALDWIN, [L. s.] Commissioners of Virginia. Commissioners of West Virginia. E. FONTAINE, ileges of company. 2. That the Chesapeake and Ohio Railroad Company, Rights and privformed and organized under said contract, shall have all the rights, benefits and privileges, and be subject to all the duties and responsibilities provided and declared in the said contract, and in the legislation of the states of Virginia and West Virginia, therein referred to; except only that the said company shall be allowed for the completion of the road from time allowed for completion of Charleston, in the county of Kanawba, to the mouth of San-work. dy, in the county of Wayne, the same time that is given by the charter for completing the other portions of the work within this state. Meetings. 3. That the general meetings of the said company may be held at any station upon the line of the road, and meetings of the directory at such places as the by-laws may prescribe. Principal office. 4. That upon the completion of the road, if the said com pany shall not deem it expedient to establish its principal office within this state, its place of business at or nearest Charleston, in the county of Kanawha, shall, for all purposes required by law, be deemed to be such principal office within this state. Avd, until such completion, all notices and legal Service of pro- process shall be sufficiently served upon the company if de livered in person to the president, vice president, or any director of the company, whether in this state or elsewhere. cess. CHAPTER 4.-An ACT changing the time of holding the courts in the Third Judicial Circuit. Passed February 1, 1870. Terms of courts in Monongalia. Be it enacted by the Legislature of West Virginia: 1. The terms of the circuit courts of the several counties composing the third judicial circuit shall hereafter commence as follows: For the county of Monongalia, on the first Tuesday of March, September, and December; For the county of Taylor, on the fourth Tuesday of March and September, and third Tuesday of December; For the county of Tucker, on the second Tuesday of April, August, and November; For the county of Preston, on the third Tuesday of April, August, and November. Taylor. Tuckor. Proston. Commencement 2. This act shall not take effect, as to the county of Taylor, of act 18 to Tayo until the first day of April, eighteen hundred and seventy.... |
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