The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1851-05-21
Law Of North. Carolina.
AN ACT


AN ACT
To incorporate the Western Plank Road Company.
Sec. !. Be II enacted by the General As.
sembly of the State OF Norlh Carolina, aud Il
Is hereby enacted. by the authority of the
same, That ii shall be lawful TO opeD book 5
IN the town of Newton, IN the County Of Ca.
&wba, under. ibe direction of nsG Bust,
,, andrew Il. Shuford and Locke McCoIkIe
IN the town Of Lincon,on under the direc,
tion of c. c. Henderson, Jacob A. Ramsour,
William Slade, Ha, wood w. Guion and Leo.
nard T.. Thompson and in the town of Char
lolte, uoder the direction Of " lIliam, X. My.
ers, William Johnston. Henry B. Williams,
Bfaly Oats, Charles T. Alexander, Sr., aud
Benjamin Morrow /; at such other places, and
under the direction Of such other persons, as
any three Of the commissioners herenbefore
named shall appoint, for the purpose of re.
ceising subscriptions, 10 an amount not sx.
ceeding two hundred thousand dollars, shares
ot fifty dollars each, for the purpose Of con
siIuct'nga plank road from the town Of Char.
lols to the town Of Lncnln'on, and thence
to the town Of Newton, and such branches
thereof asa majority Of the stockholders shall
determine.
Sec. 2. Be i, further enacted, That the
'imes and places for receiving subscriptions
shall be advertised in Lincoln, Mecklenburg,
and other places, and The books for receiving
the me shalt not be closed in less than thir.
ty days: And the said commissioners shall
have power to open the books from lime to
time, as they may think proper, un,il the
whole number Of shares be subscribed.
Sec. 3. Be it further enacted, That the
charter shall be secured when tho sum of
twenty five thousand dollars is subscrib ibsd for,
in manner aforesaid; aud the subscri ibcr.,
their executors, administrators or assigns
shall be, and they are hereby declared to be,
incorporated into company, by the name
and style Of " The Western Plank Road Com.
pany y and by tha, name shall be capable,
in law, Of purchasing, holding, selling, leas.
ing ard conveying estates, real, personal and
mixed, 40 far as shall be necessary for the
purposes Of said company; and shall have
perpetual succession; and by said corporate
me may sue and be sued and may have a
common seal, which ihev shall have power
TO alter and renew at pleasure; !; and shall have
and enjoy, ard may exercise all the powers
rights, and privileges which other corporate
bodies may lawfully do, for the purposes men.
toned IN this act and may make all such by.
laws, rules and regulations not Inconsistent
with the laws Of thus Stale or of The United
States, as shall be necessary for the we'll or.
derng and coodueting the affairs Of said com.
psny.
Sec. 4. Be i, further enacted That upon
my subscriptions of stock as aforesaid, there
shall be paid, at the time Of subscribing, to
he SAID commissioners. or their agents ap.
pointed TO receive such subsc, p,ions, the sum
If one dollar ON every share subscribed ; and
he residue thereof shall be paid in such n.
and at such times, as may be re.
,uired by the Presiden, aud Directors Of said
company.
Sec. s. Be il further enacted, Tha, the
aid commissioners, nr their agents, shall fur.
her, after the first election of President and
directors Of the company. pay over 10 the
aid President and Directors all monies re.
sived BY ihem; aud on failure thereof, The
AID President and Directors NAV recover the
mouni due from Them or from any one or !
,ore Of them by legal process in tie courts
pleas and quarter sessions, or in the supe
or court Of law, in any county wherein such =
nm mmis.ioners, their executors or admins "
a'ors may reside, or by warrant before a =
slice Of the peace for said county.
Sec. 6. Be II further enacted, That when
geuty five thousand dollars shall have been 7
described, public notice of that event shall =
, given BY the said commissioners al Char.
tie, who shall have power, at the same time,
call general meeting of the stockholders g
such convenient place and time as they o
lall name IN said notice. o.
Sec. 7. Be it further enacted, That 10 con. q
itue any such meeting a number Of persons 81
Titled to a majar',, Of all the votes which o.
uld be given upon all the shares subscribed, j.
all be present, either in person or by PROXY; Ia
ID # sufficient number TO constitute meet. tt
& do no; attend on that dav, those who do st
tend shall have power to adjourn from time v
,lms, until meeting shall be formed "a
Sec. s. Be i, further enacted, That the d
bscrlbers. at their genera! meeting before 10
Tected, and the proprietors of stock a, every &C
nual meeting thereafter, shall elect Pres. n
,n and nine Directors, who shall continue IA
office, unless sooner removed until the 10
xt annual meeting after their election, and on
I'll their successors shall be elected but the h
id President and Directors, or any Of them cl
~ at any lime be removed, and the vacsn. 4
thereby occasioned bs filled BY majority to
the votes given at any general meeting. sh
70 President, with any three or more dlrec "
e, or in the event of the sickness and ab. 'h
nee or disability ofihr President, any five or al
IRE Of the directors may appoint one ci their to-
n body President pro tempore, and shall TO
institute board for the transaction Of husi. M
ss. In cases Of vacancy the office of Pre-. Sc
len, or any Director. happening from death, "
,;,n.ticn or otherwise such vacancy may Ow