North Carolina standard., 1851-03-01
Ralefgh and CASTOR Rail Road.

AN ACT to incorporate the Raleigh ana CASIO"
Rail Road CompGny. ~
SEC. l. Be it enacted By the General assembly, Of the
State of North Carolina. and 1t as hereby enacted 6y
the aufhOrity Of the same, That Duncan Cameron,
Richard Smith, William Boylan George w. Morde-
cal, E. P. Guion. c. L. Hinton, W. W. Holden,
w ]. Clarke, of Raleigh John d. Hawkins, W.
F. Hillierd, j. D. Hawkins, P jI.: tssaac H. pavIs
Herndon, R. B. Gillian, r. Kingshury, Il. B. Ven
able. of Oxford; John S. Eaton of Henderson, G. D.
Baskerville, H. l.. Plummer, John Somerve, H. G.
Goodsoe. Thos. Paschal, B. E. Cooke, Samuel Phil
Inns. Thomas E. Wilson. w. ]. Hawkins, John D.
Fain. N. #. Green, of Warren County; Cad. Jones,
Sr.. Edmund Strudwick ]. w. Norwood, o. Long,
Josiah Turner Sr, ]. u Kirkland, of Orange County.
and such other persons as may associate with them,
their heirs and assigns shall be, and they hereb
INCORPORATED into Company by the name and style
, of the Raleigh and CASTOR Rail Road Company, Sc.
parate and distinct, and wholly nnconnected with the
Company lately existing by the same name-and by
that name shall be capable in law of purchasing
holding, selling and conveying estates, real, perso
nal and ixed, far shall be necessary, for the
purpose hereinafter mentioned, and further
and shall have perpetual succession, and by said
corporate name may sue and be sued, may have and
ommon seal and shall have and enjoy and
exercise all the rights, powers and privileges when
other orporate bodies may lawfully do, for the Pur-
poses mentioned in this acts and may, from time 10
time, make all such bylaws rules and regulations
not inconsistent with the constitution and laws OF thlS
State, shall be necessary for the well orderng
conducting the affairs of the Company upon the io'-
lowing fundamental terms and condltlons' he'er'He
less, viz: o
SEC g That the capital stock Of the said Compa-
nv shall be eight hundred thousand dollars the mo-
ney part of which shall be used for the purpose OF
rebuilding the Road. now the property OF the State.
and known as the Raleigh and Castor Rail Road.
with T iron rail- iron of other form equally good,
weighing not less than fifty pounds to the llneaI
yard, and other suitable materials, and to properly
stock and equip the with necessary engines ana
Il Nl,o fhof fhp
Railroad, known the Raleigh and Castor Railroad
with all its machine shops, implements, warehouses;
depots water stations, engines and cars, and every
other description of property appertainlng TO tne
same shall form part of the capital stock OF the SAID
company, to the amount of four hundred thousand
dollars, which amount shall be owned by the state
of North Carolina in the said company that solvent
individuals shall subscribe for the remaining tour
hundred thousand dollars of the capital stock OF the
said company, and after having so subscribed ana
paid the sum of four hundred thousand dollars, to-
wards the reconstruction of said Road and IN rent
ting the for public then the said subscro'
ers and their shall be entitled to receive
and hold half of the interest in the Raleigh and
CASTOR Rail Road Company, as is by this act ncor-
porated.
Sec g. Be ii enacted That it shall be lawful for
the persons mentioned in the first section of this act
or any three OF them, to open books under their own
management, the direction of such other persons
they may select, and at such times and places as
they may think proper for the purpose Of receiving
subscriptions to the capital stock OF the said copd-
n.y. the amount Of four hundred thousand dollars,
in shares of one hundred dollars each. The times
and places for receiving subscriptions shall be adVer-
tised in more newspapers in the State, and
the books shall be kept open for ninety days. At
the expiration of that time all the books nf snbscrip
tions shall be returned to the individuals first named
at Raleigh and if it eha appear that four hundred
thousand dollars shall have been subscribed to the
capital stock of said company, by solvent subscribers,
then the books shall be closed and if than four
hundred thousand dollars shall have been subscribed.
the shall be reduced to that sum in fair and
equal proportions to the number of shares subsc bed
for by each stockholder Preference shall be given
to the stockholders and obligors of the late Raleigh
and CASTOR Railroad Company during the first ninety
days in which books to be kept open subscribe
all any part of the said capital stock of the said
company and if upon the return of the said books.
the said of four hundred thousand dollars shall
not have been subscribed, then said books shall be
re-opened for ninety days at such time and places.
and under the direction of such commissioners any
three of the persons named in the first section of this
act shall designae and it the capital stock aforesaid
shall not have been subscribed the expiration OF :he
said ninety days, it shall be lawful to reopen said
books, and keep them open until the first of October
next.
SEC. 4. Be it further en1cted, That as an induce
ment to the Stockholders, and all such persons as
may have become bound to indemnify the State against
loss by of the loans made to the Raleigh and
CASTOR Railroad Company and guaranteed by the
State according the provisions of the several Acts
subscribe for stock in the Company hereby ncorpo-
rated that whenever the of four hundred thousand
dollars shall have been thus subscribed and shall have
been paid and expended by said COMPANY in putting
the Raleigh and CASTOR Railroad in full and complete
ORDER then the said Stockholders and ohligors shall
be forever discharged from their liability to the State
by of the loans and guarantees aforesaid and
the Governor is hereby authorized to the suits
now pending in Wake Superior Court against said
persons to be suspended until such time as he NAV
be fully satisfied that the of four hundred thou
sand dollars has been subscribed and paid to said
Company; whereupon the said suits are to be dis
missed at the cost Of defendants: Provided That the
work be commenced within one year and completed
within three years from and after the ratification
this act.
Sec. 5. Be it further enacted That it shall be law
fu for the executor administrator of any deceased
person, who became bound in their life time to indem
nifty the State of North Carolina against loss bv rea
son of loans made to the Raleigh and CASTOR Railroad
Company, and guaranteed by the State according t.
the provisions of the several Acts of Assembly
ed In 1883 and lS4O, to subscribe for any amount
stock In the Company hereby incorporated not ex
ceedlng the amount of said deceased PERSONS liability
to the State; and such subscriptions shall bind tn
estate OF the testator ntestae and the heirs
sees, legatees next of kin the case NAV he shaI
not charge the personal representative aforesaid as o
deUasfaUit or otherwise; and in case the said heirs
devlsees, egatees. next of kin, shall ATTEMPT so
do then no part of the provisions of this act for re
leasing the sureties the State as aforesaid eba
enure to the benefit relief discharge of the testao
or lntestae or his property and estate, whose he'll
devlsee, legatee, or next of kin shall object To tn
subscription tor stock by such executor or admins
traitors but the said testaor ntestate and his nror
erty and estate shall remain liable as now thew are
may BE- In all respects, as if this act had not bee
passed. " WV
SEC. 6. Be ii further en1cfed Tb.t ,,,L.-. a..