Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1858-12-17

thousand dollars and u all other respects as is provided
in reference to the bonds in this section before author
lied to be made by said Company; and upon the pay
ment by said Wilmington & Weldon Railroad Compa-
nv of the bonds endorsed by the Public Treasurer refer
red to in the preamble hereto which payable the
first day of January, 1862, amounting to the sum OF
fifty thousand dollars together with the interest due on
the same, it shall be lawful for said Wilmington Wei
don Railroad Company to make other bonds payable
to the Public Treasurer of the State of North Car
oina, in the aggregate not exceeding fifty thou
sand dollars and in all other respects is provided
in this section in reference to the bonds first authorized
to be made by said Company. Andlupon the payment
by said Wilmington and Weldon Railroad Company of
the bonds endorsed by the Public Treasurer referred to
in the preamble hereto which payable on the first
day of January, 1863 amounting in the aggregate to
the of fifty thousand dollars together with the in
terest due the same, it shall be lawful for said Will
mington and Weldon Railroad Company to make other
North Carolina, in the aggregate not exceeding fifty
thousand dollars and in all other respects is provided
in this section in reference to the bonds first authorized
to be made by said Company.
SEC. 2. BE further enacted, That the Public Treas
of the State be- and he is hereby authorized and
directed to endorse said bonds follows: Pay to
- or bearer and this endorsement shall pledge
the State of North Carolina for the payment of the
of each bond which endorsement shall be signed by the
Public Treasurer in his official capacity, and counter
signed by the Comptroller The Public Treasurer after
endorsing the bonds as before mentioned shall duly
Der and register them at large in book prepared for
that purpose, which book shall be safely kept in his
office.
SEC. 3. Be 1t further enacted, That for the redemp-
ton of the bonds hereby authorized to be made and the
payment semannuay of the interest the at the
rate OF per cent per annum the faith and credit
of the State is pledged to the holders of said bonds
and on failure of said Company to pay the said prnci
pal and interest any part thereof becomes DUE
thn OIjo IN tho ont
of any money in the treasury at the time
SEC 4. Be 1t further enacted That whenever the
said Wilmington and Weldon Railroad Company shall
make execute and deliver to the Governor of the State
for and in behalf of the State deed of mortgage, under
the seal of said company, wherein and whereby shall be
conveyed to the said Governor and his successors in Of
ce for the and benefit of the State all the estate
real and personal belonging to the said Wilmington and
Weldon Railroad Company, or in any manner pertain
ing to the same, conditioned for ndemnying and saving
harmless the State of North Carolina from the payment
Of the whole Of any part of the bonds hereby author
lied to be made by the said Wilmington and Weldon
Railroad Company and endorsed by the Public Treas
urer and also shall make execute and deliver to the
Governor and his in Office. for the and
benefit of the State pledge of much of the profits
of said company shall be sufficient to pay semiannu-
ally the interest which may said bonds until
the final payment and redemption of the principal of said
bonds which said dee deeds of mortgage and pledge
shall be approved by the Governor and Attorney Gen
|
lie Treasurer and he is hereby required to deliver the
bonds which, by this act he is authorized and directed
to endorse in the and to such amounts set
| forth in the foregoing sections of this act.
SEC. s. Be atJTther enacted That in case of failure
by the said Wilmington Weldon Railroad Company
to pay and discharge semiannuay the interest which
may accrue the bonds hereby authorized to be made
and executed, and which may be delivered to the com
pany, it shall be lawful for the Governor for the time
being, to app in behalf of the State to the superior
IoI1, Of &c
raon of the receipts for transportation on said road
and for tie appointment OF receiver receivers
said receipts; which court the proof of the failure
by the president and directors of said company pay
said interest shall have power to order such sequesta
ton, and appoint receiver receivers accordingly
And In of such sequestration, and the appointment
of receiver receivers Of the profits for transportation
said road it shall be the duty of such receiver or re
cevers to apply so much thereof shall be sufficient tC
pay the interest said bonds semannualy and to pay
the excess to the president and directors of said
Ipany.
SEC. 6. BE At further enacted, That in case of the
failure of said Wilmington and Weldon Railroad Com
pany to pay the interest the said bonds and redeem
the principal thereof the said interest and principal
any part thereof may become DUE then it shall be the du
ty of the Governor, for the time being to cause thu
mortgage made and executed by the said Wilmington
d W eldon Railroad Company, to be foreclosed in tht
superior court of equity for the county of Wake which
court is hereby authorized and empowered to take urs
being made by said court the whole estate real and per
sona shall be sold at such time and in such ways as h
court may direct and out of the proce IDS of such salt
sales shall be paid to the whole amount of the princi
pal and interest which may be due said bonds and al
the liabilities whatsoever of the State for and on account
of said company.
Sec I. Be at further enacted That in case the presi
dent and directors Of said company shall fail to apply
the proceeds and incomes of said road according to h
provlsions Of this act then and in that case it shall o
tho l,fra aF 4IO(I 4LoC ~
to compel their compliance according to the manner pre-
scribed in the foregoing sections of this act.
Sec s. Be at further enacted That it shall be Lawful
for said Wilmington & Weldon Railroad Company tt
purchase and to hold any such shares of the capita
stock of any other corporation company existing il
this State elsewhere and any such bonds for the pay
ment of money the president and directors of sale
company may consider beneficial to the interests
said company.
SEC 9. Be 1t further enacted, That the said Whining
ton Weldon Railroad Company shall pay to the Pub
lie Treasurer the sum of two hundred dollars, as com
pensaon for the services required of him by this act