AR, R&P 3/27/1862

A Bill

Releasing a lien to the Richmond & Petersburg Railroad Company

Passed March 27th, 1862

 
   Whereas, by an act passed on the 30th of March, 1838, entitled an act concerning the Richmond & Petersburg railroad, the board of public works was authorized to loan, on behalf of the commonwealth, to said company the sum of one hundred and fifty thousand dollars, and the company was required to execute a mortgage upon its property and toll to secure the payment of the principal and interest of said loan: And whereas, by an act passed on the 25th of March, 1843, entitled an act converting into stock the State's loan to sundry railroad companies, and for other purposes, the said company was authorized to increase its capital to the amount of the loan aforesaid, and the board of public works was authorized to subscribe on the part of the State for the said increased capital, and to take, in exchange therefore, stock of the company to an amount equal to the principal of the debt, thus liquidating the principal, and leaving only the interest and the dividend which was then due to be paid, but the mortgage was retained to secure the payment of said interest and dividend: And whereas, by an act passed on the 28th of February, 1846, entitled an act for the relief of the Richmond & Petersburg railroad company, the said company was authorized to issue bonds bearing interest in lieu of dividends in money, which bonds were issued: And whereas, by an act passed on the 9th of March, 1850, entitled an act in relation to the Richmond & Petersburg railroad, the said company was exonerated from the payment of dividends to the State until dividends were declared alike to the State and other stockholders, and the collection of the dividend bonds then due was suspended during the pleasure of the legislature, but the mortgage which has been given by the company was retained to secure the payment of the whole of the said debt and interest: And whereas the company, as now appears by the books of the second auditor, has paid the full amount due for said dividend bonds, principal and interest, and thus the original loan has been re-paid, the interest thereon has been satisfied, and the dividend bonds have also been paid, and there is no reason for the continuance of the lien upon the property of the company herein before mentioned, and it is therefore proper that the same be released: Therefore,
   Be it enacted by the General Assembly, that the fourth section of the act entitled an act in relation to the Richmond & Petersburg railroad, passed March 9th, 1850, requiring said lien to be retained, shall be and the same is hereby repealed, and the lien of the commonwealth upon said railroad, for the debt and interest therein mentioned, shall be and is hereby released, and the said company exonerated from all claim of the commonwealth therefor.
   This act shall be in force from its passage.

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