The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1857-02-17

fnliy made known to the justices holding
the first county court thereafter, and be
i made matter of record; the result being
/ favorable to the subscription. the same shall
be ample AMI full authority for the chair
4 man of the court, and it shall be his duty
to make the subscription as proposed in the
name of the county. To enable the justices
of said county to meet the instruments that
may be required upon such subscription,
or otherwise pay for the same, they are
hereby invested with authority to issue the
bonds of the county, redeemable in any
period not exceeding twenty years from the
dates thereof; to bear interest payable
/ semi annually, at a rate not exceeding seven
per cent. per annum: and it shall be the
duty of che justices of the county regular
Ily to provide the means for meeting the in
terest on the county bonds as the same
shall become due, by laying such taxes an
nually on the persons, lands and other pro-
perty within the county as shall and may
be sufficient for that purpose. And the
] said justices shall likewise annually appoint
county agent, to negotiate any loan or
loans that may be necessary, to sell and
| dispose of the bonds, to receive the tax I'M
posed to meet the interest, and regularly
and faithfully apply the same to its pay
ments, to represent the said county IN all
meetings of the stockholders of the railroad
company, and to receive the dividends that
NAV become due upon the county stock,
| and apply the same either to the interest,
or to a sinking fund for the extinguishment
of the principal as the justices of the coun-
ty court may direct. And it shall likewise
be the duty of the justices of the county,
in due season, to make ample provision by
taxation or otherwise, for liquidating the
principal of said bonds as they shall come
TO maturity.
SEC Z. Be it further enacted, That all
incorporated towns, banks and other bodies
polite and corporate, within this State,
shall have power and authority to subscribe
for any number of shares of the capital
stock of said company, the sense of a ma
jority of the corporators being first duly
taken, and assertained to favor the same;
and such corporations shall have power
and authority to issue all necessary bonds,
and make all necessary assessments and
levies of taxes, that may be necessary to
meet the obligations thereby incurred
And the boards of commissioners, directors,
or other boards appointed for administering
: the affairs of any such corporation. shall
have power to appoint an agent or agents
to make such subscription, and attend to
the payments required on the same. to re-
ceive the dividends, and represent such
corporation in all meetings of the stockhold-
ers and to do and perform all other matters
and things necessary to the full enjoyment
of the right herein conferred upon such
bodies polite and corporate.
Sec s. Be it further enacted, That the
stockholders in general meeting shall from
time to time, have power to increase or d.
minsh tho number of directors, and that
the same shall never exceed twenty nor be
less than seven.
Sec 8. Be it further enacted, That it shall
be competent for the said company, at all
times, to own as many slaves and other
chattel property as the successful prosecu-
ton of its operations may require; and to
invest its profits and means as sinking
IuuO Al tuO JULIUS uuu SbOChS VI LtliS OIdlcs
or in any other bonds, stocks or securities
as the president and directors may select
as suitable, safe and proper modes of in
vestment.
/ SEC 10. Be it further enacted, That in
case the road bed shall be in such state
of preparation on either or both of said di-
visions of the road as may make it desira-
bic to commence laying the superstructure
at more points than those already specified
it shall be lawful for the president and di-
rectors of the company, at any time, to
commence and prosecute the laying of the
track and completing the road, according
to the foregoing provisions, as well from
the western as from the eastern termini of
said divisions: and in that case, the sec
tons referred TO in this act, as the last sec
tons of said divisions, shall be those which
shall last be completed and finished.
Sec II. Be it further enacted. That this
act shall be in force from and after its rati-
ication; and upon its acceptance by the
stockholders of the company, it shall be
held, taken and construed in the place and
stead of so much and such part of the origi-
nal charter, as are incompatible with its
provisions.
SEC. Be it further enacted That up
on the completion of each and every section
of said road, as provided by the charter of
said company, the treasurer of the State,
instead of endorsing the bonds of the com
pany as now provided, shall issue the bonds
of the State, with coupons attached, con-
forming in character, as near as practical
BILE, to those issued for the construction of
the Western North Carolina Railroad, and
deliver the same to the president and di-
rectors of said company for an amount not
exceeding -- thousand dollars per mile
for the construction of the eastern division,
and -- thousand dollars per mile for
the construction of the western division of
said road Provided howerer, That the said