Semi-weekly North-Carolina standard. [volume] (Raleigh, N.C.) 1852-1853, 1853-03-23


CHAPTER CXLVH.
AN ACT TO incorporate Company to construct a
Railroad from some point on the Cape Fear River
at Fayetteville, to some point in the Coal
regions, hereafter TO be determined.
SEC. l. Be !; enGcied BIZ the General .Assenblysof
Tie SAFE Of North Carolina, end IL is hereby enacted
by the authority of THE same, That for the purpose of
establishing communication by railroad, between
the town OF Fayetteville. and the coal region in the
counties of Moore and Chatham, some point to be
hereafter determined, the formation of a corporate
company, with capital of FIVE hundred thousand
dollars, is hereby authorized, to be called .The
Western Railroad Company" and when formed, in
compliance with the conditions hereinafter prescribed,
to have corporate existence body polite in per-
pe,uity.
SEC. Q. Be IL further enacted That the said COM
Pany be, and the is hereby authorized TO con-
struct railroad from the town of Fayetteville
point in the coal region in the county of Moore, or
In the county Of Chatham, 10 be determined by sal
! company after the same shall have been formed.
SEC. 3. Be further enacted, That for the purpose
OF raising the capital stock of said company. it shall
be lawful to open books in the town of Fayetteville
under the direction of the following commissioners,
TO wit: Duncan G. McRae. Jesse 6. Shepperd, Jas.
Kyle, William H. Haigh, John Eccles, George Nc
| NeiII, Thomas s. Luterloh, John H. Cook, Edward
| ]. Hale, Benjamin w Robinson, Robert R. Bryan,
Robert Strange and David A. Ray; in the town of
Wilmington under the direction of P. K. Dickson,
Thomas H. Wright John A. Taylor, Gilbert Potter,
John McRae, Sem, o. G. Parsley, A. ]. DeRosset,
Jun, Robert W. Brown and D. K. McRae, and at
such other places and under the direction of such
SOFAS majority of the commissioners, first above
named, may deem proper for the purpose of receiving
subscriptions to amount not exceeding five hum
dred thousand dollars, in shares of hundred dol
| lars each.
SEC. 4. Be IL further enncted, That the commits
soners above named, and all other persons who may
hereafter be authorized aforesaid open books for
subscriptions, shall open The same at any time after
the ratification of this act, first giving twenty day
notice thereof. of The time and place, in more
O Fayetteville H.
mington. and the said books when opened, shall be
kept open for the space of sixty days least and
long thereafter the commissioners first abovs
ed shalt direct and the said first named commission
snail have power TO call and require all persons
empowered 10 receive subscriptions of stock, at any
time and from time to time, majority OF them may
think proper, make return of the subscriptions of
! stock by them respectively received.
Sec. 5. Be further enacted, That Whenever the
sum of hundred thousand dollars shall be sub
scrbed in and form aforesaid, the subscri5-
ers, their executors, administrators, or assigns shall
be and they hereby declared incorporated into a
company by the name and style of the " Western
Railroad Company and by that shall be cap
able in law and equity of purchasing, holding, sell
ing, leasing, and conveying estates, real personal,
and mixed, and of acquiring the by gift or de-
wise, far shall be necessary for the purposes
embraced within the scope object, and interest in
tent of their charter, and further, and shall have
perpetual succession; and by their corporate name
may and be sued, plead and be implicated, any
court OF law and equity in this Stale, and may have
and use a common seal, which they may alter and
at pleasure, and shall have and enjoy all other
rights AID iumnnites which other corporate bodies
may and of right exercise, and make ali such by
laws, rules, and regulations necessary for the
government of the corPoration eecting the object
for which il created, not Inconsistent with the
constitution and laws of the State.
Sec. g. Be IL further enacted, That it shall be the
duty of the commissioners named in this for
ceiving subscriptions in Fayetteville, ajority
of them, the of one hundred thousand
dollars shall have been subscribed afore-
said give public notice thereof, and at the same
time call general meeting OF the stockholders, Civ
ing least iry days notice of the time and place
of meeting, which meeting, majority of the stock
holders being represented in person or by proxy, shall
proceed to elect president and treasurer and nine
directors out Of the number of stockholders; and the
said directors shall have power to perform all the
duties necessary for the government of the corpora
ton and the transaction of its business aud the per.
sons elected as aforesaid shall serve such period,
exceeding year, the stockholders direct
and that meeting the stockholders shall fix on the
day and place or places where the subsequent cleo
ton of president, and directors shall be held
and such election shall henceforth be annually made
but if the day of the annual election OF officers should,
under any circumstances, pass without election,
the corporation shall not thereby be dissolved, but
the officers formerly elected shall continue in Office
until a election takes place.
Sec 7. Be ii further erl0cLed, That the election of
officers aforesaid shall be by ballot each stakeholder
having many he has shares in the stock
Of the company, and the person having the greatest
number of poed shall be considered duly cleo
ed to the Office for which he is nominated, and all
elections, and upon all voles taken any meeting Of
the stockholders upon any bylaw any of the affairs
Of the company, each share of stock shall entitled
one vote be represented either in person or by
proxy, and proxies may be verified in such manner
as the bylaws of the company prescribe.
Sec. 8. Be IL further enacted, that the board of d.
rectors may i'll any vacancies which may occur in it
during the period for which they have been elected
and in the absence of the president may appoint a
president pro :empore to fill his place. 81
SEC. 9. Be IL further enacted, That the beard of
directors may call for the subscribed as stock
in said company in such inslalmens the interests
of said company may. in their opinion, require the
call for each payment shall be published in or
more newspapers of the State for month before
the day Of payment, and failure OF any stockhold-
pay each iDsalinent thus required, the dIrec
tors may sell al public auction, previous notice
days. for cash, all the stock subscribed for in
said company by such stakeholder. and convey the
same the purchaser at Said sale, and if the said
sale of stock do not produce sufficient pay
off the incidental expenses Of the sale, and the entire
amount owing by such stakeholder TO the company
for such subscI pton of stock, then and in that case
the whole Of such balance shall be held as due at
once TO The company, aud may be recovered of such
stakeholder or his executor, administrator or as
signs at the suit of said company either by summary
motion in any court of superior jurisdiction in the
county where the delinquent resides, on previous
oil days said subscriber by the action
of assumpset in any Of competent jurisdiction or
by before justice of the peace, where the
SUN does not exceed one hundred dollars, and in all
OF Of stock before the whole amount
has been paid TO the company, then for all due