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A Bill
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Releasing a lien to the Richmond & Petersburg
Railroad Company |
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Passed March 27th, 1862 |
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| 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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