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

one newspapers in The State, for the space
of one month before the time OF payment +; and on
failure of any stakeholder to pay each inslalmenI
"s required the Directors may sell at public anc.
ton, previous notice OF ten days for cash, all
the stock subscribed for in SAID company by such
Stockholders, and convey The same to ne purchaser
at said sale and ii The sale Of stock do not pro.
dGce sum sufficient TO pay of the incidental rx'
penses OF The same together with the Intlre amount
owing by such stock khnlders 10 the company for
stock subs crihed then, and in that case, the whole
of such balance shall be held and taken as due
at once TO said company, and may De recov.
cred of such stockholders or his executor, admin
end assigns, al The suit of sal! company
either by summary notice IN any court OF superior
jurisdiction in the county whore the delinquent
resides, on a previous notice Of ten days 10 SAID
subscriber, by the action Of assumpsit in any
court Of competent jurisdiction, or by warrant be-
! fore Justice Of he Peace, when the sum does not
exceed one hundred dollars, and in all cases Of
assessment of stock before the whole amount has
been paid to the company then for all sums due
on said stock both the original subscriber and
the first or subsequent assgnees shall be liable 20
the company, and the same may be recovered as
above described
SEC. 10. That the debt Of s'ockholders due the
company far stock therein, either original pro
prietor as first subsequent assignee, sholl be
considered as OF equal dignity with judgments in
the Distribution Of assets OF deceased stakeholder
by his legal representatives.
Sec. 20. That said company shall issue certif-
Gates of stock to lis members and said stock may
be transferred in such manner and form may
be directed by the bylaws of the company.
SEC. II. That The said company may at any
time increase It's capital TO a sufficient TO com
pl"e said road not exceeding three million OF
dollars, either by opening books for new stock, or
by selling such new stock, or by borrowing mo.
ney on the credit oi the company, and on the
mortgage Of It's charter and works; and the man.
ner in which the same shall be done in either case
shall be prescribed by the stockholders at general
meeting.
SEC. %. That the Board of Directors shall at
least once in every year. make full report the
state Of the company and its affairs to general
meeting Of the stockholders, and ofener il re-
CURED by the bylaws and shall have power 10
call general mfetirg of the stockholders when
the Board may deem it expo dient; and the COM
Pany may provide in their bylaws for occasional
meetings being called, and prescribe The mode
thereof.
SEC %. That the said company may purchase,
have and hold in fee or for term OF years. any
land, tencments or hereditaments which may be
necessary for said road Inc appurenances there
Of for the erection of repositories stOre!houses
houses for the officers, servants or agents OF the
company, or for workshops foundrys to be
used for sand company, or Tor procuring stone or
other narcrials necessary to the construction Of
said road, for efccting transportation thereon,
and for other purposes whatever.
SEC. "a. That The company shall have the right
when necessary, to conduct the said road across
or along any public road wafer course; Pro.
Utled, IhBt the said company shall not Obstrnct
any public road, without constructing another
'quaIIy good and convenient, nor without making
draw in any bridge of said road which may
cross navgable stream sufficient for the passage
Of such vessels navigate such stream, which
draw shall be opened by the company for the free
passage of such vessels as navigate such stream.
SEC. 25. That when any lands or right OF way
may be demanded by said company for The pur-
pose Of constructing their road and for tbe want
o! agreement TO the value thereof, or from any
other cause, the same cannot be purchased from
the owner or owners, the same may be taken at a
yaluation to be made by five commissioners, or
me- ejOry oi them, TO be appointed By any court OF
record having common law jurisdiction in the
county whore some part Of lhe"IaDd or right Of
way is extended. 10 making the SAID valuation,
The said mmi>sioners shall take into cons;dera.
Ton TIE loss damage which may accrue to the
owner or owners ia consequence Of the land or
right Of way icing surrendered, and the benefit
and advantage he, she or they may receive from
the erection or establishment of the railroad or
work, and shall state particularly the amount and
value of eaci ard The excess OF loss and damage
over the benefit and advantage, shall form the
measure Of valuation Of said land right OF way:
PfOUi0cd, nevertheless, that if any person per-
whose land sud road may pass, should
be dissatisfied with the valuation Of said com
missioners, them and 10 that case, the person or
persons dissatisfied may have appeal TO the
Superior Court IN the county where the said val
ua1ion has been made, or III either county III which
the land lies when it may lie in more than one
county, under the same rules, regulations and re.
srictions, as in appeals from Judgments OF Justices
OF the Peace.
The proceedings of the saia commissioners, ac- |
companied with a full description of said land or
right of way, shall be returned under the hands |
which he commission issued there to remain
matter of record. And the lands right of way, !
valued by the sand commissioners, shall vest III |!
the said company SO long the shall be- |
used for the purposed of said railroad, so soon as
the valuation may be paid, when refused, may |
have been tcnderrd: Pr0Ut4ed That applica- !
ton for the appointment Of commissioners under
faction of the court, that at least DAYS previous
notice has been given By the applicant to the
owner owners OF land so proposed TO be con-
demned or if the owner owners be Inlants, or .
non compos mentis, then to the guardian of such !
owner owners, il such guardian be found
"ifhi1 the county, or If he cannot be 50 found, /
then such appointment shall not BE made, unless ,
nori III Il. h,ya cd I