The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1855-03-21
AN ACT
For the Completion Of the North Ca
rolina Rail Road.


rolina Rail Road.
SIC. /. Benenactedbyfhe General is
semJly Of The State Of North Carolina,
dan tits hereby enactedby The authority Of
the same, That the Public Treasurer is
authorized and instructed to subscribe
In behalf of the State, for ten thousand
additional shares Of capital Stock in
the North Carolina Railroad Company
and that he make payment for said
stock BY issuing and making sale Of
the bonds OF the State, under the same
provisions. regulations and restrictions
prescribed for the sale Of the bonds
heretofore issued and sold to pay the
States original subscription in the
stock Of said company, and the same
pledges and securities are hereby given
for the faithful payment and redemp-
ton of the certificates Of debt now au-
thorizcd, that were given for those is
sued under the direction of said act:
Pror,ied nevertheless, That the whole
amount Of principal money Of such
bonds or certificates of debt shall not
exceed the sum Of one million Of dol.
lars.
SEc. 9. BE II further enacfed, That
the stock thus directed to be subscrib-
ed and paid for, in behalf Of the State.
shall be preferred stock in the North
Carolina Railroad company, and the
State shall be entitled TO six per
cent. per annum, payable semi.annually
thereon out of any dividends Of profits
made by said Company, before any d.
yidends shall be paid on any other stock
in the same, and that the stockholders
Of said company. IN general meeting
assembled, shall give heir assent TO the
provisions Of this act. aud that the Pre-,
sident Of said company shall make a
certificate of said assent, under the
seal Of the said company, 10 be approx
ell BY the Governor Of the State and
filed in the Office Of the Public Treas
urer before the subscription shall be
made as directed IN the first section Of
this act Prouidei. That said stock Of
one million shall continue to be pre-
ferred stock, entitled as aforesaid only
so long as and during the time, that IT
is held by the State, but upon being
sold and transferred BY the State shall
thenceforth cease to be entitled TO di.
,idenhs Of preference as aforesaid !:
Prorilsd further. That said stock may
be transferred to any other work Of In
tcrnal Improvements BY future Lee
gislature.
SIC. 5. BE IL further enacted. That
the affairs of the said Company shall be
managed and directed By general
board, 10 consist Of twelve directors,
eight on the part of the State. and four
on the part II the individual stockhold-
crs, to be elected aud appointed. as
heretofore provided in the original act
Of Incorporation Of said Company, At
the General annual meetings d stock.
holders of said Company, and that no
person shall be competent 10 act as a
director in said company who is not a
stakeholder TO the amount Of five shares
Of stock.
SEc. 4. BE il further enacted, That
al all general meetings Of the stockhold-
ers the State shall be represented by
an agent or proxy appointed By the
Governor. and such agent or proxy
shall not be entitled IN the general
meeting aforesaid, to vote in the cleo
ton 81 the directors to be elected on
the part of individuals.
SIC. 5. BE IL further enacted. That
al real estate held by said company
for right Of way. for station places Of
whatever kind, and Tor work shop To-
cation, shall be exempt from taxation
until the dividends Of profits Of said
company shall exceed SIX per centum
per annnm.
SIC. 6. be IL further enacted, That
The sum of fifteen thousand dollars Ia
be raised By the Stale, IN the same
manner as other moneys are raised by
the provisions Of this act, be, and the
same is hereby appropriated for the
purpose o. cleaning out, and impre, IN
The navigation of Tar river between
the ibtn Of Washington and the fall
of said river; aud that his Excelleac,
The Goyernor Is hereby empowered and
required to appoint suitable cnmmIs
siuncrs to- carry into effect the require
Inents Of this section.
SIC. 5. be Il further enacted, Tia
this act shall take effect aud be IN force
from it, ratification.
Read three times aud ratified IN &c
neral Assembly this i4th day Of Feb
ruary, 1855.
SAMUEL P. ilILL, $. II. G.