The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1855-05-11
.-~ SSs>>

railroad company, shall have power TO order such
$. questralon, and appoint Receiver or Receivers
accordingly; and in case of such sequestraiion
and the appointment OF Receiver or Receivers
of the Profits for transportation on said road, II
shall be the duly of such Receiver Receivers tc
apply much thereof shall be sufficient to pay
the interest on said Bonds semi.annuaIly, and 10
pay the excess to The President and Directors 81
SAID railroad company.
SEC AZ. That from and after the first day ol
January, one thousand eight hundred and egh
iy, it shall be The duty of the President aud Dlrec-
tors OF said company to pay and redeem the Prin.
ciPal of the Bonds hereby authorized to be issued
by the President and directors Of said company
and endorsed by the Public Treasurer, and DE-.
Iivered by him 10 said company at such time, and
in such amounts annually, may be prescribed
and directed by act of the General Assembly OF
this State and in case of a failure OF the Presi-
dent and Directors OF said company TO pay off and
redeem the principal of said Bonds al such times
and in such amounts shall be prescribed by The
General Assembly then ii shall be the duty OF
the Governor Of This Safe 10 cause The Mortgage
made and executed by the President and Directors
Of said company, 10 be lorccosed in the Superior
Court OF Equity for Wake county, which conrt is
hereby authorized and empowered 10 take juris-
d,ctlon OF the same, and the decree OF foreclosure
being made by the said court, it shall be the duty
of iIt Governor OF said State to cause the whole
estate, real and personal, SO conveyed by Mort
gage, 10 be sold at such time and in such ways as
shall most efftc'uaI!y protect and save harmless
'hc State against any loss or damage by reason Of
It's liability for The payment OF said Bonds or any
part thereof and out of the proceeds Of such sale
sales, TO pay off and redeem the " hole amount
Of The principal Of said Bonds and 10 pay the ex-
cess OF the President and Directors Of said COM
rdny.
SEC. 43. That the Mortgage hereby authorized
and directed to he made and executed, shall create
IIcD on behalf Of the State upon all the personal
and real property of said company, as well that
which they may own at the time Of the execution
Of SAID Mortgage as that which they may acquire
IN the progress of the construction OF said road
TIL It's final completion, and that said lirn shall
have preference to all others Of whatsoever nature.
SEC. A. That the President and Directors Of
said company shall not dispose of any of the
Bonds by This act authoriz d t. be made by The
company and endorsed hy the Public Treasurer,
for less sum than their par value.
SEC. 45. That for the purpose Of continuing
said road TO "A point at or near Rutherordton,
the said capita! stock Of said company shall be in
creased OF" million Of dollars.
SEC. 46. That subscriptions to raise said cap
tai stock shall be open in the town of Charlotte,
by w. w. Ems William Johnston, G. J. Fox,
Gen john A. Young ard William r. Myers, or Il
majority Of lhem at LmcoInfon, by Henry Cans
Ter, Jnn. F. IIoke, l.. >. Chids. J. F. Alexander
and Benz amin Johnson, or a majority OF them al
Dallas by James H. White, Alexander IIoyc,
Dana Jenkins, Jasper Stove and William Sloan,
or majority Of them at Shelby, by DR.. w. I.
J. Mcr, DR.. Thomas Williams, Charles Banton,
William Roberts and c. c. Durham. a majority
Of them; at Rulherlordton, BY w. Miller, Samuel
Wilkins, Robert G. Twitty, III. b. Justice and a.
G. Logan, or maturity Of them and at such
other place, and by such other persons ma or.
ity of the Commissioners in the town Of Charlotte
may direct, which said subscription shall be made
under the same conditions and restrictions IS are
prescribed in the preceding Sections OF this Il.
SEC. Al. That as soon rs the amount Of one
third Of said increased capital stick shall be paid
IN and expended in the construction of said road
fromS Charlotte to RulherlOrdton. and when the
company shall have complied with the terms and
conditions Of every particular described in the
35th. 36;h, 37th, Ssh, 39th, doth, 4lst 42nd and
43rd Srct"ns of this act, then the Public Treas.
urCr shall endorse the Bonds Of the company for
the remaining two.thirds Of the increased capital
under the same restrictions, liabilities and condi.
lions prescribed in the said before enacted Sec
lions Of This act.
SEC. As. That the subscriptions authorized in
the 46;h Section of this act shall be solely for the
construction of the road from Charlotte to poin.
at or near Ruther!ordton, and shall be expended
for no other purpose whatever; and if the SAID
one third amount OF the capital stock is raised
Then the said Wilmington and Charlotte Railroad
company shall be under no obligations 10 continue
said road beyond the town of Charlotte
SEC. 40. BE 1t furthey cmncted That any other
railroad company Incorporated by the General
ASS" mbly OF this Safe, shall have leave TO make
= connection with said Wilmington and Charlotte
railroad, and at the poin! or points of connection
shall have leave to erect the necessary buildings
for receiving and forwarding produce, mcrchan-
die and passengers, 10 be transported on such
road or roads.