North Carolina standard., 1851-03-01


for the of fifteen years and thereafter the Leg
isature may impose tax not exceeding twenty-five
cents per annum each share of the capital stock
held by individuals, whenever the annual profits
shall exceed eight per cent.
SEC. 9. Be IL enacted, That the said company shall
give no undue preference TO the property OF one per-
son over that of another, but as lar as practlcaoie
shall transport each in the order of time in which IL
shall be delivered or offered for transportation, the
tolls thereon being first paid or rendered Ano u
shall be lawful for them to charge for The tansPor'a
tlon OF persons, goods, produce and merchanulse'
and for the mail, any not exceeding the foilo"
ing rates On persons, not exceeding SIX Genus pei
mile for each person. unless the distance "hic" any
person may be transported should be less tlldn 'e
miles, in which case an extra charge oi my .ent
may be made for taking up and putting uo"h suIi
person for the transportation of produce, goods,
wares, merchandise and other artices' n'. eAcoenS
an averaue of eiuht per ton per mile ana lor
the TRANSFORMATION of the mail, such sum as may oe
aureed upon between the company ana the fost vi
fee Department of the United States.
Src. 10, Be 1t enacted, That in all general meet
inqs of the said company, each stockholder snail DC
entitled to give for each share not exceeding
ten shares and for every three shares above
ten shares and it shall be lawful for the Board OF
Internal Improvement to appoint some suitable per
son to represent the interest of the State in all such
meetings, who shall have right to vote on all ques
tions coming before them, except In NE eiection OF
the directors be appointed by the individual stock
holders
SEC. IL. Be further enacted, That annual
meeting of the subscribers the stock of the said
company shall be held at such time and place, In
each wear, as the stockholders, at their first general
or a! any subsequent meeting. may appoint; 10 con-
stitue which, any general meeting called by the
President and Directors, according the provisions
of this ACT, the presence of proPrleiors entitled to
majority of all the which could be given by all
the stockholders, shall be necessary either in person
or by proxy properly authorized; and II sutncieht
number do not attend that day. any day appoint
ed for general meeting called by the directors atore-
said, the propretors who do attend may adjourn from
time time until such general meeting shall be held.
Sec. I2. Be ii further cnacted, That the President
and Directors shall render distinct accounts of their
proceedings and disbursements of money to the an
nual meeting of the stockholders.
Sec. l3. Be IL further enacted. That the President
and Directors shall be printed certificates OF
the shares of the stock in the said company, and
shall deliver one such certificate, signed by the Pre-
sdent and countersigned by the treasurer, to each
person for the number of shares subscribed by him,
which certificate shall be transferable by him, subject,
however to all payments due become due there
on and such assignee having first caused the trans
fer or assignment be entered in book OF the Com
pany, be kept for the purpose, shall thence forth
become member of the company aforesaid and snail
be liable to pay all sums due or to become due upon
the stock assigned him. Provided however, that
such assignment shall in wise exempt the asslg-
his representative from their liability to the
said company for the payment OF all such sums, IT
the assignee or his representative shall be unable
| fail to pay the same.
| SEC IA. Be 1T further enacied, That when the
General Assembly
ter hereby granted shall have been violated, it may
be law full by joint resolution of the two Houses 10
direct the Attorney General with such assistant coun-
sci as the Governor Legislature may think proper
10 engage to issue writ of scire facias. returnable
before the Judges of the Supreme Court, calling upon
the said corporation to show why their charter
shall be forfeited. subject to the same proceedings
ds prescribed by law in case OF other corpor-
aons Their books shall at all times be open to the
| inspection of committee of the General Assembly
appointed for that purpose and the President OF said
company shall biennialiy made report to the Leg
isature before the third week OF their Session.
of their receipts and expenditures and OF such other
! of their proceedings as he shall deem proper.
! SEC. Is. Be it further enacted, That any Railroad
which may hereafter be constructed by the State,
| by any company incorporated by the Legislature,
shall be at liberty the road hereby allowed 10
| be constructed, upon level or otherwise. may be
advantageous provided the free passage of the Raleigh
and Castor Railroad is no, thereby obs,ructed.
Sec. l6. Be it further enacted, That whenever the
Railroad shalt be crossed approached by any
other Railroad incorporated by this State the said
| Raleigh and CASTOR Railroad Company may erect a
depot the point of intersection where they
may receive and deliver passengers and freight, and
take therefor the rates OF compensation and be
subject the regulations as at other depots-
and should they fail refuse to erect such dePots.
the State or Company owning such intersectng road,
may erect one, and the company hereby incorporated
shall receive and deliver passengers and freight at
such depots under the regulations aforesaid,
unless the shall be rendered impractlcable by
the situation Of the Railroad at that place.
| Sec. II. Be further enacted, That the profits of
said Company shall be divided annually seman-
nuay, the pleasure of the said Company. half
thereof to the State of North Carolina. 10 be paid to
the Public Treasurer of the State and the other half
among the individual stockholders.
Sec. Is. Be IL further enaced That it shall be law
full for the said President and Directors sell the iron
on the Raleigh and CASTOR Railroad, and apply the
proceeds thereof the Reconstruction of said road
SEC. 10. Be IL further enacted, That If by the first
day of October next company shall not be organized
according tho of the foregoing act it shall
be the duty of the Governor and he is hereby required
so do. to all operations said Raleigh and
CASTOR Railroad to cease, and to discharge all the per-
sons employed, except so many as In the opinion oil
the Governor may be necessary to take care of the
public property, and to advertise the said road and the
appurtenances for sale in two papers in the town oil
Raleigh, one in Petersburg, Richmond, Philadelphia,
New York and Boston. The said sale to be upon
the following terms and conditions, viz: Any compa-
f ny of individuals, who will contract with good and
sufficient security to put said road in good order with
II iron rail. or iron of other form equally good.
weighing less than fifty pounds to the linea yard
and to properly stock and equip the same with the
necessary eng ines and cars to do the transportation
r thereon, shall be incorporated as body corporate
with all the rights and privileges thereunto belonging
under the style and designation of the CASTOR and
Raleigh Rail Road Company and the Governor is
herein authorized and required to sell said company
hereby created the Raleigh and CASTOR Railroad, with
all the appuItenances, for the sum Of five hundred
thousand dollars with interest from the day of sale
payable in ten annual instalments of fifty thousand
dollars each, together with the whole accruing inter
r est the first insalment of fifty thousand dollars
with all the interest to be paid at the expiration o
the first year from the day of sale, and the remainder
0E ,1.k,.,, hOlr