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

.-ir bond, PAYABLE 10 the Public Treasurer Of The
6tate of North Carolina for The sum of Two Hmm
dred Thousand Dollars, and no more which saIi
Bonds are 10 bs signed BY the President and under
the seal OF the corporation, and made for any
sums not under Five Hundred Dollars each, and
10 bring interest at the rate Of SIX per cent. per
annum which interest is be paid semi annually,
to-wit on the first Monday in January and the
first Monday in July in each ahd every year, and
the principal OF said Bonds and all other Bonds
by this act authorized 10 be made, TO he made
payable on iEe first day of January, eighteen han-
drfd and eighty, at such place as the President
and directors of said company may agree upon;
and that when the second section Cf said road
shall be completed and in operation the President
and Directors Of SAID company may make other
Bonds of like character to the amount Of Two
Hundred Thousand Dollars to lie endorsed hv the
Public treasurer in like manner tn first B'nd~
authorized 10 be mGGe and endorsed as aforesaid,
and so on IN like amounts, and under the same
PROVISIONS, often each section shall BE- com
pieiad Pf0UiIcd Tint when the section before
the last sha! be- completed the President and D.
rectors OF saId company may make their Bonds
payable to The Public Treasurer, 10 b" endorsed
by him MS IS herein provided for the of Fur
Hundred Thousand Dollars, unless the last
lion shall be less than twenty FIVE miles and Then
"A DEDUCTION shall be made. IN The amount of llr
said las! mentioned Bonds, in the proportion of
Two Hundred Thousand noIars TO twenty five
miles of rond.
Sec. sc. Th.t The Public Treasurer shall not
endorse my of the Bonds provided for gin The
35h s. ciIon Of THIS act until ait"r he completion
of each section Of the road, il shall be made to
appear TO him BY certificate under the seal of
the company. tllat The has Gccu completed
and is in operation, which said certificate shall be
flied with the Public Treasurer; but Whenever
upon the complexion Of any section of said road
such certificate shall b. flied, then il shall he the
duty of the Public Treasurer 10 endorse the Bonds
OF SAID company as provided in the 35lh S. cliOn
of this act, as f1llOws, to-wit: Pay 10 or
order -- and this endorsement pledges the
Stale Of North Carolina as security Tor the sum
named in The Bond, according to the provisions
in this act which endorsement is to be signed by
the Public Treasurer in his official capacity, and
counersigned by the Comptroller. The Public
Treasurer, after endorsing the Bonds as before
mentioned, shall duly number and register them
ut large in book prepared and Kept for that pur
pose.
SEC. 81. Be ii f,ythcr enacted, That it shall
be the duty OF the Public Treasurer, on the en-
dorsement being made Lelorc directed, and The
Bonds being numbered and registered, and the
mortgage, rs hereinafter directed, being made and
delivered TO the Governor, to deliver the same to
the President and Directors of said company from
time to time as theysmay call for the SAM, and
are at liberty to fill up the blanks in said en-.
dorscment with The name or names of the per.
son or persons, or company corporations to
whom the same may be sold or nslerrcd, and
when so filled up shall be binding on the State OF
North Carolina, If the same had bee done by
the Public Treasurer at The time Of making the
endorsement aforesaid.
SEC. SO. BE ii further enacted, That tho Pre-
sldent and Directors, from time tol time as they
shall sell or transfer the said Bonds, and fill up
tie blanks with The name names of the person,
company or corporation to whom they arc sold or
transferred, shall cause statement to BE- filed with
the Public Treasurer setting forth The time OF the
transfer or sale. The person, company or cor
Poratlon TO whom payable, 10 be by him registered
IN the book kept for the registration of the bonds
aforesaid.
SEC. 80. That for the payment of the interest
semiannuaIly, al the rate of six per ccntum pcr
nnnum, on the principal debts due on the Bonds
hereby authorized 10 be made, the credit and faith
OF the State is pledged to The holders Of said Bonds
and on Failure OF the President and Directors 10 !
pay the principal and interest as il accrucs the /
Public Treasurer is authorized to pay the same
out of any money in the Treasury at the time !
FOR the iu!l and entire payment and redemption !
OF said principal, the General Assembly doth here
by guarantee the prlnCpa due on the Bond. /
hereby authorized to be created
SEC. 10. That whenever after the first section
vi SdIu Iodui SHdiI De competed and IN operation.
and the same shall be duly certified to ,hr Public
Treasurer is herein required the President
and Directors Of said company shall make, exc !
cute and deliver 10 the Governor of the State, Il
Deed Of Mortgage under The seal O: said company !
wherein and whereby shall be conveyed TO The !
said Governor and his successors in office for the
pse and benefit Of the State, all the estate, both
real and personal, belonging to said company, o.
In manner pertaining 10 the same conditioned for
IndemniyIng and saving harmless the State Of
North Carolina from the payment of the whole or !
part oil the Bonds of Two Hundred thousand Dol |
lars authorized to be first endorsed BY the Public
treasurer; and also from the payment oC the /
whole, or any part OF the other Bonds authorized .
by this act to be made by the company and en- !
dOrsed by the Public Treasurer; also make execute
and deliver, with the seal of SAID Company. the
Governor, for the and benefit of the State,
pledge OF so much OF the Profit Of said company,
as shall be sufficient to pay semi annually the IN
terest which may accrue said Bonds. until the .
final payment and redemption of the principal Of /
said Bonds, which said Deed Of Mortgage and .
pledge shall be approved by the Attorney General .
OF the State then 1t shall be the duty Of the Public
Treasurer, and he is hereby required, 10 deliver
TO the President and Directors of said railroad
company the whole OF said bonus OF Two Hundred
Thousand Dollars; and again, when the second .
section OF said road shall be completed and in op-
Grafton, and the same shall be certified as is herein
provided, 10 deliver 10 the President and Direc.
tors OF said road, The other bonus the amount OF
Two Hundred Thousand Dollars provided for i'm |