The North-Carolina standard., 1849-03-21

SEc. IS. That the proftssof the Company, or so
much thereof as the general board may deem adysa,
ble shall, when the affairs OF the Company VIII
permit, be semi-annnaly divided among tho Stock
holders in PROPORTION to the stock eachsmay own.
Sro. &c. That whenever it shall appear to the
Board of Internal Improvements OF this State. py
certificate under the seal of said Company, signed
by their Treasurer and countersgned by their
dent that one third have been subscribed Tor ana
taken and that least five hundred thousand dollars
of said stock has been actually paid INTO the nands
of said Treasurer of said Company, the said Board
of Internal Improvements shall be, and they are here
by authorized and required to subscribe on behalf OF
the State for stock in said Company, to the amount
Of two millions of delars to the capital stock OF said
Company; and the subscription shall be PAID IN the
following manner, to-wit: The one fourth part as
soon as the said Company shall commence work.
and one fourth thereof every six months thereafter
until the whole subscription in behalf OF the State
shall be paid Provided the Treasurer and PRESIDENT
of said Company SHALL before they receive the afore-
said nstalments satisfactorily assure the Board OF
Internal improvements, by the certificates, under the
seal Of said Company, that amount OF the private
subscription has been paid in equal proportion to the
stock subscribed by the State.
SEC. 81. That if in case the present Legislature
shall not provide the necessary and ample means to
paw the aforesaid instalmens the stock subscribed
for behalf of the State, provided for in the 36th
section of this act and IN that event, the Board OF
Internal Improvements aforesaid, shall, and they are
hereby authorized and empowered to borrow, on the
credit of the State, not exceeding two millions OF
dollars, as the same may be needed by the require
ments of this act. sd Isl. tf--iF-i
Sec. SO. That if in case it shall become necessary
borrow the money! by this act authorized, the Pub
lie Treasurer shall issue the necessary certificates,
signed by himself and countersigned by the Comp
troller, in not less than one thousand dollars
each, pedgng the State for the payment of the sum
therein mentoned with interest thereon at the rate
of interest not exceeding six per cent per annum,
payable seni-annualy, at such times and places as
the Treasurer may appoint-the principal OF which
ol.ll Tho Aaff pfvT
years from the time the are issued but great
amount of such certificates shall be issued at any
time than may be sufficient to meet the instalnent
required to be paid by the State at that time. }
Sec. 80. Be IL further enacted, Thatthe Comptroller
shall register the said certificates at large in book
to be by him kept for that purpose, at the time ne
countersigns the same; and when he delivers the
same to the Public Treasurer, he shall charge him
in his books with the amount thereof, and also with
all such sums if any, as the Public treasurer may
obtain by way of premium on the sale of the said
certificates an account of which the Public Treasurer
shall render to the Comptroller, soon as negotia-
tons from time to tme for the sale OF said certificates
are closed. g ...'F
Sec 40. Be IL further enacted, That If it shall be-
necessary to issue the certificates aforesaid, the
Public Treasurer shall advertise in one or more news
papers, he may think BEST and invite sealed pro-
posals for such amount of the aforesaid sum of two
millions of dollars as may be wanted at any time,
and it shall be his duty to accept those terms which
may be most advantageous to the State: Provided,
that in event shall any of the said certificates be
sold for less than their par value; and any premium
which may be obtained the sale of said certificates
shall be placed in the public treasury and used as
other public funds in payment of interest on the debt
hereby created.
Sec Al Be IL further enacted, That as security for
the redemption Of said certificates of debt the public
faith of the State Of North Carolina is hereby pedg
ed to the holders thereof and in addition thereto all
the stock held by the State in The North Carolina
Rail Road Company" hereby created, shall be, and
fho io ho.o ,loAr haf and
any dividends of profit which may, from time to time,
be declared the stock held by the State afore-
said, shall be applied to the payment of the interest
accruing said certificates but until such dividends
of profit may be declared, il shall be the duty of the
Treasurer and he is hereby authorized and directed
to pay all such interest the same may accrue out
of any moneys in the Treasury not otherwise aPpro-
priated.
Sec A. Be IL further enaefed That the certificates
of debt hereby authorized be issued shall be trans
ferabe by the holders thereof, their agents or attor
neys, properly constituted, in book to be kept by
the Public Treasurer for that purposes and in every
where transfer is made, the outstanding
certificate shall be surrendered and given up to the
Public Treasurer, and by him cancelled, and new
one, for the amount issued in its place to the
person to whom the same is transferred.
Sec. 43. That the State shall appoint the number
of Directors in said Company, in proportion to the
stock subscribed, who shall be appointed by the Gov
ernor, by and with the advice and consent of his
Council, and removed in like manner.
and persons in the actual employment of the said
Company be, and they are hereby exempted from the
performance of jury and ordinary militia duty: The
President and Treasurer of the board of Directors and
chief and assistant engineers, the secretaries and ac
of the Company, keepers OF the dePostO-
ries guard stationed on the road to protect it from
injury, and such may be working the loco
motive engines and travelling with the cars for the
purpose of attending to the transportation OF produce
goods>and passengers on the road.
Sec. As. Be II enacted That for the purpose of put
ting the Raleigh and Castor Rail Road in good and
complete order for the profitable transportation of
persons and produce and for the further purpose of
reviving the late Raleigh and CASTOR Rail Road Com
pany, Rhodes N. Herndon, Thomas Miller, John s.
Eaton, of Granville county; William j. Hawkins,
w eldon N. Edwards, George ID. baskerville, OF
Warren county; Geo. w. Mordecai, Richard Smith, |
w. w. Holden, of Wake county; John ID. Haw- !
xns, ST., Allen G. Perry John d. Hawkins, Jr., of
Franklin county and the late Stockholders of, and
obligors for the Raleigh and Castor Rail Road Com
paHy, any part of them, and such other persons
and corporations may associate with them, are
hereby created body polite and corporate, by the
Company, and by that name shall be- able to sue and
be sued, and shall have, possess and enjoy all the
rights, franchises, powers and privileges vested in
and granted to the Raleigh and CASTOR Rail Road |
Company, by entitled 6 An Act to incorporate
the Raleigh and CASTOR Rail Road Company pass
dby the General Assembly of this State on the =
day Of, and shall be subject to all the restraints,
restrictions and liabilities imposed by the
said act and all the other provisions of the said act,
so far as the same remain be executed, hereby
declared to be in full force and effect, upon the fol-
lowing terms and conditions nevertheless.
SEC. 46. Be tt enacted, That whenever the said
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