Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1857-02-06
AN ACT

oite and Rutherford Railroad co on q: esad csor
he State Of North Carolina and sers5y saetss q
he authority of the That the acts of the last Gen
rutherford Railroad Company be- and the same are
Uttered and amended in the particulars hereinafter reced
ene epsn sad be in
company to commence the construction and completion 81
ald road At eligible point the west bank the north
west branch OF the Cape Fear river and from that point
temporary terminus to continue the work weswardlv
i said point had been mentioned in the original chatter
with the other points named therein and that it sha %
wise be competent for said company at future dav k
tend their road eastwardy into the Of VII
the town and the said temporary terminus shall be COMMIT
ed by such extension the said company shall bv
power and authority to purchase lease and to erect have
and to hold all necessary wharves warehouses or otbs %
within said town. and to connect the same with
temporary terminus by of steam other boot
vessels to be used said river for that purpose or
SEC BE 1t further enacted That in case the roi,ooa
temporary terminus and the town Of WmnstHon0 between
years from and after the passage of this act that @
thereof or both combined shall have power and
build said portion of the road for the costs of the SAM
the railroad company shall issue certificates of stock to &
parties entitled thereto contributors to said work VIC
SEC 3. BE further enacted That the said road shall
consist of great divisions: the eastern commencn
the temporary other eastern terminus and teminan,
Charlotte and TIE western commencing that to he
that each of said divisions shall be built in sections O
yve miles eaca save the last section of each division
of Wilmington to the aforesaid temporary terminus S
shall constitute separate and distinct section wkatsT
may be its length and whenever the same may be built
and the original charter shall be construed as to
the said from putting under contract the whole or
OF their road at time to the road
bed bridges and treste for the reception of the
ture, at the earliest practicable day shall likewise be
competent for the company commence and comp eith
division of the road by to commence and
the work on both divisions at the same time and
completion of the first section Of either division as ss.d
shall be drawn aela and taken as applying to each of the
and if said divisions included separate and distinct
mortgages and pledges subecng either division to forfeit
and requiring foreclosure and forfeiture that division
only which shall fail to comply with the conditions thereof
construed until the two divisions shall be completed and
thenceforth the ulment cf the conditions as to the entire
and subject the whole work aforesaid, to forfeiture upon
the performance of the conditions and provisions re-
quired Of the two divisions separately as aforesaid
SEC. 5. Be 1T further enacted, That the said company
shall have and authority to books for subsc
ton for the capital stock of the company from time
means they may have command. They shall have au
thorty to construct branch from some suitable point
the line of their road to the town of Fayetteville also
to locate and construct branches from their
main stem in the counties of Richmond and Anson to the
coaeds in the counties of Moore and Montgomery and
likewise construct branch from their main stem, in the
county of Richmond to the town of Gold HILL and that
said branches and each Of them shall be built agrseab
of the eastern division Of said road and shall be in
Guided in the mortgage and pledge required to be made
SEC g. Be further enacted That each and every
powered to subscribe for number of shares of the capital
stock of said company not exceeding four thousand under
the provisions following majority Of the justices of each
at time Of the county court shall determine the
number of shares for which they propose the county shall
and appoint day for holding election in ra
minutes of the court and shall be the duty of the sheriff
Of the county in at least four public places advertise the
prior therete and said day to open and keep
POLLS agreeable to the regulating the elections for
oP oil iGoAu
members of the House of Commons in said county favor
ing the subscription may vote and all opposing
made known to the justices holding the first county
thereafter and be made matter Of record the result be-
ing favorable to the subscription the shall be ample
and full authority for the chairman of the COURT and
shall be his duty to make the subscription propoedn the
to meet the nsalmens that may be required upon such
subscription otherwise for the they are hereby
deemabe any period exceeding twenty years from the
dates thereof bear interest payable semannuay,
Of The county
vide the for meeting the the county bonds
the shall become DUE by laying such taxes
ally the persons lands and other property within the
county shall and sufficient for that purpose And
to negotiate loan loans that may be necessary
to sell and dispose of the bonds to receive the tax imposed
to meet the interest," and regularly and faithfully apply the
to its payment. to represent the said county in all
meetings the stockholders of the railroad company
stock, and apply the either to the interest,"
sinking fund for the extngushmen of the principal the
be the duty of the justices the county, in due season.
to make ample provision by taxation otherwise qu
dating the principal of said bonds they shall
turity
Sec. 7. Be 1t further enacted, That all incorporated
towns banks and other bodies polite and corporate within
number of shares of the capital stock of said company
the of majority of che corporators being first duly
taken and ascertaned to favor the and such corpora
tons shall have and authority to issue all necessary
bonds and make all necessary assessments and eves Of
taxes that may be necessary to the obligations thereby
incurred And the boards of commissioners directors
other boards appointed for administering the affairs of any
such RscG tn se
ments required the to receive the dividends and
es to do and perform matters and things
cessary the full enjoyment of the right herein conferred
upon such bodies polite and corporate
general meeting, shall from time to time have power
diminish the number of directors and that the
shall never exceed twenty nor be less than seven.
SEC g. Be 1t further enacted, That it shall be competent
for the said company, at all times many slaves and
other chael property the successful prosecution offs
operations require and to invest its profits and
sinking fund in the bonds and stocks of this State n
other bonds stocks securities the president and d.
select suitable safe and proper modes fin
vestment.
SEC. 10. Be further enacted That in case the road
bed shall be in such state of preparation either both
of said divisions the road may make Undesirable
laying the superstrucure more points than those
already specified it shall be lawful for the president and d.
rectors of the company at me to commence and po
cute the laying of the track and completing the road accord
ing to the foregoing provisions we'll from the western
from the eastern termni of said divisions and in that case
divisions shall be those which shall last be completed ana
finished.
SEC IL. BE 1t further enacted That this act shall be IN
force from and after its ratification and its
by the stockholders of the company shall be held taken
and construed in the place and stead OF so much ana |
pats of the original charter, as are ncompa1Oe WIN "
provisions.
SEC -. Be 1t further enacted That upon the completion
of each and section Of said road as PROVIDED oy M
charter of said company the treasurer ofthe State
endorsing the bonds of the company as now provided %
issue the bonds of the State with coupons attached co
ming in character practicable to those issued
the construction of the Western North Carolina Raros
deliver the the president and directors OF san
company for an amount not to exceed - thousand doF