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

d
ny, 10 the amour, Of two millions Of dollars
to the capital stock of said company and
the subscription shall be pAid IN the fol.
lowing manner, to wit JThe one.fourih
paid as soon assibs- Ssaid company shall
commence work, and one fourth thereof
every six months thereafter, until the
whole subscription, in behalf Of the State
shall be paid: Prorfdsd, the Treasurer
and Presiden. Of said company shall, be-
fore they receive the aforesaid lnsialmenls,
satisfactorily assure The Board of Internal
Improvements by the certificates, under
the seal Of said company, that an amount
Of the prDate subscription has been paid
IN equal prokefiion 10 The stock subscribed
by the State.
|, Sec. 81. That if in case the present
Legislature snail no, provide the necessa.
~ and ample means 10 pay the aforesaid
instruments on the stock subscribed for On
behalf of the State, as provided for in the
Both section Of this act, and in that event,
The Board of Internal Improvement afore.
said, shall, and they are hereby authorized
i and empowered to borrow, on the credit of
the State, not exceeding two millions OF
! dollars. as the same may be needed by the
requirements Of this act.
, Sec. 80. That if in case it shall become
T nece ssary TO borrow the money, by this act
d authorized, the Public Treasurer shall is.
$ sue the necessary certificates, signed by
h himself and coun,ersigned by the Comp.
{ troler, in sums not less .hau one thousand
i. dollars each, pledging the STATE for the
II payment OF the sum therein mentioned,
Il with interest thereon at the rate Of inter.
II est not exceeding six per cent. per annum,
Is payable semi.annually, al such times and
i'd places as the Treasurer may sppoint-,he
Or principal Of which certificates shall be re
ne deemabie at the end OF thirty years from
Do the time the same are issued but no great
u. er amount Of such certificates shall be is
or sued at any one time than may be sut1i
as Gent 10 meet the ,nstalment required 10 bt
rs paid by the State Al that time.
Oh Sec. 80. Be i. further enacted, Tha
nd the Comptroller shall register the said Ger
sc titica,es al large in q book 10 be by hin
ol KEEP, Tor that purpose, a, the time he cOun
I'D iersigns the same; and when he deliver
be the same 10 the Public Treasurer, he sEal
or charge him 10 his books with the amour
on thereof, and also with all such sums,
IN aDy, as the Public Treasurer may Obtain
or by the way Of premium on the sale of tn
val said certificates, an sccoun, Of which III
Public Treasurer shall render TO the Comp
pre- troller, So soon as negotiations from tim
BY to time, for the sale of said certificate!
ln- are closed.
oh Sec. 40. Be IL further enacted, Tha,
~, II shall become necessary 10 issue the Gel
be tificaies aforesaid, the Public Treasure
Oh shall advertise in one or more newspaper,
Ter as he may think best, and invite scale
proposals for such amour, Of the aforesai
,ns sum Of two millions Of dollars as may
.ny wanted al any ore lime, and it shall be h
MS duty TO accept those terms which may
out most advantageous 10 the State: Prorids
Of That 10 no event shall any of the said &c
be tlficates be sold for less than their par va
on ue and any premium which may be o
urI famed on the sale Of said rer''6c.les sh-
be placed in the public treasury, and use
vii. as other public funds in The pay ment Of il
INV teres, on The debt hereby created.
OF Sec. Al. BE it further enacted, Tha,
or security for the redemption Of said GER
'er fca,es OF debt, the public faith Of The Sta
1rt, Of North Carolina is hereby pledged
the the holders thereof, and in addition Their
lcle TO all the stock held by the State in " 4
,on, North Carolina Rail Road Company
her hereby created, shall be, and the same
or hereby, pledged for that purpose, and a
be dividends Of profit which may, from III
hall to time, be declared on the stock held
less The Stale as aforesaid, shall be applied
sed. the payment Of the interest accruing
zen said certificates; but until such diyIden
be Of profit NAV be declared, it shall be /
ace; duly of the Treasurer, and he is here
ex authorized and directed to pay all such
hall erest as the same may accrue out Of a
end. moneys IN the Treasury no, otherwise 1
e to pTopriated.
2 10 Sec. AZ. BE il further enacted, II
OF the certificates Of debt hereby authorz
here 10 be issued, shall be transfe rable by |
{, or holders thereof, their agents or anorne
ane properly constituted, in book 10 be kt
BY The Public Treasurer for that purpos
the and 10 every instance, where a transfer
the made the outstanding certificate shall
med surrendered and gwen up to the Pub
as Treasurer, and by him cancelled, and
II OF new one, for the same amount issued
s.n- It's place TO the person to whom the sa
pun is iran-lcffed.
Sec. 43. That the Slate shall Apo
hal The number OF directors in said cnmpar
uses IN proportion 10 he stock subscribed, "
heir shall be appointed by the Governor,
all and with the advice and consent VI
10. council, TO be removed in like manner.
the Sec. Al. That the following Office
GIVE and servants and persons 10 the actual e
for pIoyment Of the said company be, and til
'iish are hereby exempted from the perfoi
} or ance Of jury and ordinary militia dui
The The President and Treasurer Of the boa
the Of directors, aud chief and assistant
the glneefs, the secretaries and accountants
eve the company keepers of the deposItori
3 or guard stationed on The road TO protect