The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1845-01-24

aud redeem the principal Thereof, tho Go
vernon 10 cause the mortgages to be loIo
closed IN the Superior Court OF Wake ; ant
on decree OF foreclosure being made, the
whole estate, real and personal, Of sale
( Company, to be sold and The proceeds o
such sale applied TO tie redemption Of The
principal and interest which may be due OF
SAID bonds, and all other liabilities Of TIC
State for and on account Of said company
nothing 10 this act contained 10 destroy
or impair any security or securities which
The State now has for indemnity against heI
suretyshp for said Company. On failure
Of said President and Directors 10 apply the
proceeds Of SAID road 10 the provisions oi
this act, the Governor to compel their con
plIance tie act to be 10 force from aud
after lis 6cotion
10. An &C, TO autho,iz. the foreclosure
Of The Mortgage Of the Raleigh and CASTOR
Roll Rond. The Preamble refers 10 The
acts Of ls3s.'39 and | $40 Al, and to The
Resolution Of The Legislature at lis present
session, declaring said Road iasoloem =
The dsd section directs the Governor 10
cause the Mortgages executed by the Pres
ljept aud Directors to be furcclosed IN the
Superior Court for Wake az is ner, term
IN April, lsI5. II, on the hearing, the
Couu shall decree a sale Of The mortsnged
property, the Court shall adj urn the cause
10 some future day, for the purpose Of re.
ceiving the Report Of the Commissioner ap.
pointed 10 make salc--and if the sane be
confirmed, eIiher then or aftefcatds, the
residue Of tho causo shall stand adjourned
Ia the next Court. And If the sale be not
confirmed, the Coui, shall take such order
in the pfemsesinr affecting the sale as may
be agreeable to the rules of Equity. The
Court IS 10 appoint the Treasurer Of the
State the Commissioner TO sell tho Road
and he shall proceed TO sell, after having
advertised for sixty days in papers publish
ed in kaleish, Boston, New York, Phila-
dclFhiai BiItImo'e, Richmond, Charleston,
Mobile and New Orleans. The act fur
Their directs tho Governor to bid for said
Road and other property a sum not exceed.
Jag three hundred Thousand doliars and the
inlercs, unpaid by The Company on the
bonds executed and endorsed under the act
Of l-4O.Al and il is ,provi4sf rhatH the
Governor should become the purchaser, it
shall then be ihsfFGty OF the Board Of Com
ms~ionefs hereinafter named 10 appoint
President and olhcr officers to conduct aud
manage the Road for the State, until such
time ns the SHE can make some other dis
pFliton Of the siine-which disposition is
10 DC made at tho eatiiest day consistent
With proper regard for the safety and in.
denn'ly Of The State; aud said Board shall
fix the salaries Of Tho officers. It - next
provld That the Governor the Treasurer.
and the Comptroller shaI, constitute the
Board above mentioned, md shall receive
each three dollars per day, hen nc'u.
ally emphysd about the same. If the
Road should be purchased BY the State, the
Governor shaft have power, by and with
tue advice anu consent OF his Council. 10 soil
aud convey the same for the most that can
be obtained for it, giving specified credits,
and taking securities to be Judged of by the
Board Of Commissioners II IL further pru.
vIded lhat the Governor If he and hi.
Council shall deem il advisable, nav npen
books ipr subscription u stock, md shen
four hundred thousabl dollars shall DO sub
scrIbed aud paid INTO the Treasury, or be
well secured, tho subscribers shall be DO.
dy corporate; and the purchaser or nur
chascrs from either the Governor or unde,
tho decree Of the Court, shall be body
corporate, and shall have the same rights.
privileges and Immunitlcs for the unerpired
term Of the charter, and shall bo subject to
the snme duties, regulations and pGnaIties-
and no title shall pass until the payment of
the whole nmount Of the purchase money
and sad Road shall be deemed common
highway Damages md inquiries to the
Road hereafter shall be Punishable az they
now are. The Commissioner who mikes
the sale under the decree shall do SO on the
following terms twenty five thousand dol.
lars 10 be paid al six months, and the resi-
due IN four equal instruments at intervals Of
ten mouths-the frs, Of said instalmeuts to
be paid IN sixteen months after the day
OF sale, and the whole 10 bear interest
from the day Of sale. Il is further provi-
ded that the proceeds Of the sale shah be
paid into the Treasury, ard applied first 10
discharge the liabilities Of the State under
the ACT Of si0.'il, and the surplus If any
shall be retained to secure the State against,
the liabilities under tho net Of ls3S.'39;
and should the Rold not sell for sum SUE
fcient 10 discharge all the liabilities incur.
red by the State BY the net Of January, Is
Al, or should the Governor purchase the
same, it shall be his duty to take such mcn
aure1 under the act Of ls35-'30, and 1910
Al as may best secure the other liabilities
Of tho State. 1t is finally provided that
when the proceeds shall be insufficient TO
keep said Road in repair. and pay oil ex.
penses of running the same, il shall be the
duty OF the Governor TO stop all operations
on the same.
IA. An act to extend the time for regis
tering grants, mesne conveynnces, powers,
Of attorney, bills Of sale, and deeds of gift.
IS. An act TO amend the 23d chapter Of
tho act Of the revised Statutes entitled an
act concerning Wrecks and wrecked prop
eFty.
lG An act moro eflactulllg 10 prevent
tho Imprisonment, of honesl debtors. Re-
qnlrcs plaintiff before he Sues. out ca. sa.,
n Ia. 4 ,,t,t ,l.nf Il has mr.