The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1837-03-17


u Re n further enacted That the State OF
North Carolina shall be enti;lcd TO, and have pre-
ference to Subscribe for two-fiihs OF the capital
STOCK berria before authorized 10 be created aid
owned bV said corporation, and IN Ike manner
shall be entitled to two-fflhs OF the increased a.
,nount of capitsI stock hereinafter authorized by
tins act: and that the interest witch the State
saqr or NAV own in said corporation, shall, at the
yenera meeting OF said stockholders, be represent.
I'd by an Authorized agent appointed IN such man
uer as the Legislature shall from time TO time d.
rect and such agent shall be entitled IN the geu-
eral meeting aforesaid 10 two-fiiths of the whole
number OF votes and no more.
lS. Be II further enacted, Tha, the persons IN
corporatod by this act, or majority OF thea are
hereby authorized and directed TO call the hrst
meeting Of said corporation, and to give no'iet
,hereofin the newspapers published IN fayetieNiile
Salisbury, Greensborough, Raleigh and " lining
ton OF the time, place and purpose OF such meet
inss at least ten DAYS before the time mentioned IN
such notice at which meeting the persons moor
porated as aforesaid 4 majority thereof being pre-
sent) shall elect seven directors which directors
shall organize board, as Is herein before direct
ed for the purpose Of opening books ior suosctlp'
ton for the reception OF subscribers to the capital
stock of said corporation, aud ior such olher pur-
poses as NAV and shall be necessary Tor the regu-
lar organization of the affairs OF the corporation,
and OF giving iu and efficient effect 10 TINS ae'
proeIded h0rereT that the directors elected al said
first meeting shall not be in office as directors foF
a longer period than the annual general meeting
10 be held as required by this act on the hrst Mon
day of November next; at which time a new cleo
lion shall take place BY the stockholders, as Is
herein before directed by this act
"a II - eaurfe1 That addition 10
the capital stock herein before authorised by this
act the sid corporalion for the purpose OF extend
ing said rail road aud lis lateral branches, are here
by authorised 10 increase and add TO the capital
STOCK aforesaid. a sum not exceeding hve hundred
thousand dollars in shares OF fifty dollars each; aud
the ockbolders OF said corporation, IN general
meeting, shall have power 10 direct books Of sub
scpinn to be opened for receiving subscriptions 10
such increase ofs capital stock al such time, place
or places as the directors of said corporation shall!
or may deem proper; or. II deemed most adEiSa-
bic, such directory mas sell such increased shares
Of the capital stock as NAV be required To extend
said road OF roads, as hereinafter directed, or ae-
uuire said CAPITAL, any par; thereof, by loan,
and NAV pledge the scrip Of the stock OF the cor
paralon as collateral security for such loan or any
other loan which the directory may deem necessd-
~ II make, TO effect the objects of thus act
Is. b il further enacted, That said corporation
lis hereby authorised 10 extend said rail road, and
anv Of lis ,atere ways, 10 such point OF points ~
the counties OF VI .cAlenbatgs Lincoln, as shall
and NAV be found advisable; also to any point q
points within the direction Salisbury, Statewide
aud Wlik, sborough, and bs any other lateral roads,
30 as 70 embrace aad penetrate Randolph Gull
ford, Rockingham and Stokes counties.
Is BE- funbr enacted, That the president and
directors Aforesaid shall prescribe the form OF the
certificate or evidence 81 stock IN SAID eorporailon
which shall 5c signed : the president and eoun-
iersigncd by the treasurer thereof and shall pre-
scribe the manner Of transferring said certificate
o; stock, aud ii making the same assigEAole
H. Be ii further enacted, Tha, said directory
mas put road, any part thereof 10 operation
as soon as tbs same shall bc completed, and semi
Annually shall declare dividends out OF any me-.
profits or any other portion thereof, as may be deem
ed advisable, and the same paw over to each stock
holder IN Proportion u bis, her or their share Of
shares.
Is b. il further snGctsd, That where il shall be-
come necessar to erect bridges Tor the use OF said
road or roads any river, said directory shall
have AUTHORITY 80 to construct said bridge Of 5fidg
g a slal admit0' bia- used " travellers and Tor
nei zlb.,rbood use, aud may ash demand and re-
rate OF toll shall not exceed the prices charged b.
Tie ferries 90 such rivers, nor shall toll De chafg
&c f1r persons o. passengers the rail read cars
70. Be n further s0gcted, That II shall be law
fal Tor said directory TO receive donanons borrow
money and secure psymeGl Of the same BY pledge
Of IL. property OF the corporation, and make aud
issue eyitt noes for such loans, aud other assuf-
ances for the payment thereof
- Be a fgdafT eRlcfsd That the stockholders
IN said corporation shall, from time to time, al
their general meeting, regulate and fix the sala-
lies Of the Directory, and other Officers Of the
poration; 5ut that the Directory shall fix the com.
pens4tiou 10 be pald 10 the agent or supetlnlen.
dtnt Of The corpora IJn.
81 b It further endcte3, That the Directory
shall have power TO call general meeting OF the
stoc kbOlders thai any number Of stockholders own
ing one thousand shares in said corporation, shall
also have power 20 call general meeting; which
meeting the Directory shall convene within forty
DAYS Immediately after such request Of The stock.
holders as aforesaid, giving thereof not less than
thfty dsgs notice Ia The public newspaper printed
il Fayetteville, and 10 such other newspapers a.
the Directory may deem advisable.
%. Be il further ennctsd, That unless the said
company shall complete l@enty miles Of said road
wthia four years from the passage Of this act aud
unless thcy snail complete the said road to the Mar
rove Of the Yadkin within ten years from this
d4e, then this act shall be void and Of 40 effect
Preceded. That SUCH forfeiture shall not take away
the rights Of TIE company 10 any part Of said road
which NAY have been completed al the end OF Ell
tber Of the periods aforesaid.
% Be il further enacted, That il shall be law
ful lor the General Assembly al any time hereafter,
10 aathorlze the construction Of any other road to
intersect with this road which may lead 10 any
marke, within the limits Of this State.
Read three times and ratified ~ General Assem-.
Lly, this I'm day OF January, 1884.
W J. ALEXANDER, s. ii. c.
W ID. MOSELEY, 5. 5.