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

corporate name may sue and be sued, plead and be
impeaded in any Of law and equity in the STATE
of North Carolina and may have and use com
mon seal, which they may alter and renew at pleas
ure; and shall have and enjoy all other rights and
immunities which other corporate bodies may, and
of right do exercise; and may make all such by
laws rules and regulations as are necessary Tor the
government of the corporation eecting the objec
for which it is created, not inconsistent with the
Constitution and laws of the United States and OF
the State of North Carolina.
/ SEC. T. That notice of process upon the principal
agents of said Company, or the President any OF
the Directors thereof shall be deemed and taken to
be due and lawful notice of service of process upon
the Company, so as to bring 1t before any Cour'
within the State of North Carolina.
/ Sec. 8. That as soon the sum of one million
of dollars shall have been subscribed in manner afore
said, it shall be the duty of the General Commls-
sioners appointed under the Sd section of this Act
appoint time for the stockholders to meet at Sal
isbury in Rowan county. which they shall cause to
be previously published for the space OF thirty days.
in or more newspapers, as they may deem proper
at which time and place the said stockholders, In
person proxy shall proceed to elect the directors
of the Company, and to enact all such regulations
and bylaws may be necessary for the govern
ment of the Corporation and the Transaction OF Its
business: The persons elected Directors at this meet
ing, shall serve such PERIOD not exceeding year,
the stockholders may direct; and at this meeting.
the stockholders shall fix on the day and place or
places where the subsequent election of Directors
shall be held and Sucn elecuOnS snail
be annually made but if the day of the annual cleo
ton should pass without any election of Directors,
the corporation shall not be thereby dissolved but 1t
shall be lawful on any other day to hold and make
such election in such manner as may be prescribed
| by bylaw of the corporation.
! Sec. Q. That the affairs of the Company shall be
managed and directed by general board, to consist OF
twelve Directors be elected by the stockholders,
from among their NUMBER at their first and subse-
quent general annual meetings, prescribed In Sec
ton 9Th of this act.
Sec. TO- That the election of Directors shall be by
ballot, each stockholder having many votes as he
has shares in the stock OF the said company and the
person having Orlty OF all the votes poed snail
be considered as duly elected.
SEC. IL. That the President of the Company shall
be elected by the Directors from among their num-
Der, in such manner as the regulations OF the Com
pany shall prescribe.
SEC. IL. That at the first general meeting of the
stockholders, directed to be called under section
9th OF this act, majority OF all the shares sub
scrbed shall be represented before proceeding to bu-
siness, and if sufficient number do not appear on
the day appointed those who do attend shall have
power to adjourn from time to time, until a regular
meeting shall be thus formed and at such meeting
the stockholders may provide by bylaw, as to the
number of stockholders and the amount of stock to
be held by them, which shall constitute quorum
for transacting business at all subsequent regular
occasional meetings of stockholders and Directors.
SEC. I3. That all elections, and upon all votes
taken in any general meeting of the stockholders,
pany, each share of the stock shall be entitled TO
vote, and that any stockholder in said Company may
vote by proxy; and proxies may be verified In such
manner the stockholders by bylaws may prescribe
Sec. IA. That the general Commissioners shall
make their return of the shares of stock subscribed
for, the first general meeting of the stockholders,
and pay to the Directors elected at said meeting,
their authorized agent, all sums Of money receiy-
ed from the subscribers and for failure therefor, shall
be personally liable to said Company, to be recover
ed at the suit of said Company, in the Superior
Courts of law in this State, within the County where
such delinquent or dellnquents may reside, and In
like manner from said delinquent or delnquens' ex-
ecutors administrators, of his their DEATH
Sec. Is. That the board of Directors may fill all
vacancies which may occur In 1t during the period
for which they have been elected, and in the absence
of the President may fill his place by electing Pre-
sident pro feDtpOre, from among their number.
Sec. l6 That all contracts or agreements, authen-
tcated by the President and Secretary of the board
of Directors, shall be binding the Company with
out a seal such mode of authorization may be
used, the Company, by their bylaws, may adopt
SEC. II. That the Company shall have power,
and may proceed to construct as speedily possi-
BILE, Rail Road, with tracks, to be used
with steam power, which shall extend from the Will
mington and Raleigh Rail Road, where the same
passes over Neuse River, in the County of Wayne,
ria Raleigh and Salisbury, to the town of Charlotte
In Mecklenbufg County said Company may use
any section of the Rail Road constructed by them
before the whole of said Road shall be completed
SEC. l9. That said Company shall have the ex-
elusive right of conveyance transportation Of per-
sons, goods, merchandise and produce over the said
Rail Road, to be by them constructed at such char
ges may be fixed by majority of the Directors
Sec. 10. That the said Company may, when they
t farm out their right of transportation over said
Rail Road, subject to the rules above mentioned and
said Company and every person who may have re-
ceived from them the right of transportation of goods
wares and produce the said Rail Road, shall be
deemed and taken te be common carrier as respects
all goods, wares, produce and merchandise, entruSt
ed to them for transportation.
SEC. 20. That the board of Directors NAV call for
the payment of the subscribed as stock in
said Company, in such instaments as the interest of
said Company may, in their opinion, require the
call for each payment shall be published in one or
more newspapers in this State for the space of one
month before the day of payment; and on failure of
any stockholder to pay each instalment thus re-
qulred, the Directors may sell at public auction,
previous notice of ten days, for cash. all the stock
for in said Company, by such stockhold
er and convey the the purchaser said sale
and if said sale of stock do not produce s1f-
cent to pay off the incidental expenses of the sale,
and the entire amount owing by such stockholder to
the Company, for such subscription of stock, then,
and in that case, the whole of such balance shall be
held and taken due at once to the Company, and
may be recovered of such stoekhoder or his execu-
tors, administrators assigns at the suit of said
Company, either by summary motion in any court of
superior jurisdiction in the County where the delin
quent resdes previous notice of ten days to said
by the action of assumpst in any Court
of competent jurisdiction, or by warrant before
Justice of the peace, where the does exceed
hundred dollars; and in all of assignment
of stock, before the whole amount has been paid to
the Company, then for all sums due such stock,
both the original subscribers, and the first and all
assgnees shall be liable the Company,