The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1849-05-25

ard as long thereafter as the commission
efs above named shall direct I; that sill sol
scrptions Of stock shall be in shares Of OF
! hundred dollars, the subsc he /. psy ing q
!. lkA time o. making such subscription fiy
f dollars on each share thus subscribed, /
. the person or persons authorized 10 receiv
g such subscription aud in CAGE of !ailuf
e To pny said sun all such subscriptions sha
\ be void and of 10 effect; and upon closiD,
f Tho books, all such sums az sboll have bee
, tJug received OF subscribers on the frs
+ cash instalmeni, shall be paid over TO tn
general commissioners named IN the 3,
section Of this act, by the pcTsoEe receiylD!
them; and for failure Of such person o
+ persons shall be personally liable TO SAT-
general corr nissioners before the organl
cation Of said company and TO The company
rself after its Organization, 10 be TecoV
cred in the Superior court Of law 0lIhC
MS Stale, in The county where such deIin
Jqueu, resides, or if he reside in any other
State, then IN any court 10 such State hav'
ing competent Jarlsdic,ion: The said
\ general commissioners shall have power
/ 10 call on and require all persons empower.
ed 10 receive subscriptions Of stock at any
/ tine and from time TO time, as majority
Of them may think proper, TO make re
turn of the stock by lhrm respectively re-
ceived, and 10 make payment Of all sums Of
money made by the subscribers, that all
persons receiving The subscriptions o! stock
shall pass receipt TO The subscriber or
subscribers for the payment of the first,
lnstalment, as heretofore required 10 be
paid and upon their settlement with the
general commissioners, az aforesaid, il
shall be the duty Of the said general com.
mssloners, in like manner to pass their
receipt for all sums thus received, 10 the
persons from whom received ; aud such re-
ceipls shall be laken and held to be good
ind Sufficient vouchers to The persons hold
Jog them; That subscriptions Of stock be
thus received 10 an amount not exceeding
Sec. 5. II shall be The duty Of said
general Commissioners 10 direct and au-
lhorise the keeping open OF books for the
subscription Of stock in the manner above
described, until the SUN of one million Of
dollars shall have been subscribed, and
the first INSTRUMENT Of five dollars per
share on said SUN shall have been received
by the general commissioners, SAID compa'
ny shall be regarded as formed, and the
said commissioners, or ejlrily Of them,
shah sign and seal a duplicate declaration
10 that @, Ct, wth The names Of the sub
scIibers appended, and cause oue Of the
sad duplicates TO be deposited in the Office
Of tie Secretary Of Safe, end .heAcoforlh.
from the closing Of the books Of subscrip
ton as aforesaid, The said subscribers to
the stock shall form one body polite and
corporate, in deed and IN law, for the pur.
pose aforesaid, by the name of ".he North
Carolina Rail Road Company"
Sec. 6. That whenever the sum ofone
million Of dollars shall be subscribed in the
manner and form aforesaid, the subscribers,
their executors, administrators and assigns,
shall be, and they are hereby declared to
be incorporated into company by the
name aud style of "The North Carolina
Railroad Company !" and by that name
shall be capable IN law and equity, Of Pur
chasing, holding, selling, leasing, and con
veying estates, real, personal and mixed,
and acquiring the same by gift or devise,
so far as shall be necessary for the purpos
es embraced within the scope, object and
interest Of their charter and no further;
aud shall have perpetual succession, and
By their corporate name may sue and be
sued, Plead aud be implicated in any court
Of law and equity III the State Of North
Carolina ind may have uni use a com.
mon seal, which they may alter and re
new at pleasure ; 6nd shall have and en-.
Joy all other rights ard mmunIilcs which
other corporate bodies may, and OF right
do exercise and may make all such bye
laws, rules and regulations, as are necessa
~ cor the government OF the corporation,
for elfac,ing the object for which il is cres-
ts ID, not inconsistent with the Constitution
and laws of The United States and Of the
State OF North Carolina.
Sec. 7. That notice OF process upon
the principal agents of said Company, or
the Plesideu, or any of the Directors there
Of, shall be deemed aud taken TO be due
and lawful notice of service Of process
upon the Company, so as to bring il before
any Court within the State Of North Caro-.
lima.
Sec. s. That as soon as the sum Of
one million OF dollats shall have been sub.
scrlbed IN the manner aforesaid, I, shall
be the duty of the General Commissioners,
appointed under the 3td section Of this Act,
to appoin, time for the stockholders TO
meet at Salisbury, in Rowan County
which they shall cause to be previously
published, for the space of thirty days, in
one or more newspapers, as they may
deem proper, at which time and place the
said stockholders, in person or proxy, shall
proceed to elect the Directors of the Com.
psuy, and to enact all such regulations,
| aud bye.laws as may be necessary for the
government, of the Corporation and the
transaction OF its business: The persons
elected directors OF this meeting, shall
serve such period, not exceeding one year,
as the stockholders may direct aud at this
meeting, the Stockholders shall fix on the
day and place or places where the subse
. ouept election of directors shall be held