Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1859-03-04
AN ACT
To project the interest of the State Of North Carolina IN the
Gnno Eona.n Dam Eiro. NGrinn

To protect the interest of the Slate of North Carolina IN the
Cape Fear and Deep RiUer Navigation Company
SEC Be enacted by the General Assembly Of the Slate
of North Carolid and 1t is hereby enacted by the authority
Of the same That if sale of the property and effects of the
place any time before the year 1861 the Governor or his
duly authorized agent hereby authorized and empowered
bid his discretion exceeding the Of $3.50 0C0)
four hundred and fifty thousand dollars and should he be-
the purchaser, he shall take conveyance therefor
himself and in office, which shall vest abso
utely in the State of orh Carolina all the property
porae powers, prvtg and franchises of said Company
SEC q In the event of sale and purchase aforesaid
the Governor and Board OF Internal improvements shall
nuay appoint four persons properly qualified and the Gov
board of managers whoha have the control and manage
ment of the said Company and have the authority to appoint
all Necessary officers and fix their salaries, and employ all
necessary aborer and servants for prosecuting said work.
and shall establish and collect such reasonable tolls they
may think proper PrOuded The said Board shall have
authority mortgage said works. any part thereof
execute bonds except for the hire of servants and labor
| ers in pursuance of this act.
Sec. g. The Board of Managers shall be authorized to
draw the Treasurer of the State for of
longer for the purpose of improving and keeping n repair
said work. and for like purpose shall have authority to
exceeding sixyfve thousand dollars for the purpose of
paying debts of prior lien those which the State is
liable and these demands the treasurer he shall
have authority to issue the six per coupon bonds of
the State payable at such time and place the Governor
may direct
SEC f. The State shall not pay said Company any por
ton of the sum bid but after the payment of debts of prior
en shall the balance for the payment of bonds
dorsed by the State and interest paid thereon for said Com
pany.
SEC Governor shall an estimate TO De aQe OF
all expenditures and liability of the State for said
Company with interest each item including Stock to the
lst day of January 1860 ascertain all eXpen
dtures and liability of the State, Which estimated
shall constitute preferred stock for the State entitled to
draw three per centum annually before other stock
shall take any dividend and after other stock takes equal
dividend the remaining profit shall be equally divided with
al stock and II the Company shall fail to pay dividends
the preferred stock aforesaid it shall remain charge
with interest and priority of lien until the same paid
SEC g. Any person subscribe for stock with the
sent OF the Board OF Managers and when the shall be
PAID for shall be on term OF equality with the preferred
stock of the State.
SEC Each stool holder in the Cape Fear and Deep Rv
Navigation Company shall be entitled to receive from the
Governor certificate for the number OF shares OF
stock as he she in said Company; slso w. H.
More shall receive stock for labor done to be done
said work. according the present contract the day
sale, and each bona tide creditor shall be entitled to
ceve preferred stock for his debt and each share shall be
for one hundred dollars and there shall be no fractions OF
shares.
s. The expenditures authorized under this act,
well for work done by way Of improving the property
the Company for the payment Of debts of prior en
shall constitute part of the preferred stock of the State
SEC g. Should the creditors holding debts that have
lien those of the State refuse SELL the Governor is
hereby authorized at his discretion and with the consent Of
the Company, 10 advance sucen to pay them or so
much OF them be to enforce sale, and
shall take assignment thereof himself for the benefit Of
the State after which he shall the work to be Sold
and shall bid for the herein before directed, which
said shall be preferred stock By consent of the stock
holders sale may be made at thirty days.
Read three times and ratified IN General Assembly, this
! the 10th day CT February, 1859.
THOMAS SETTLE, Jr., S. H. C.
HENRY T. CLAK, S. S.
STATE OF NORTH CAROLINA.
OFFICE OF SECRETARY OF STATE {
RUFUS H. PAGE Secretary of State in and for the State
of North Carolina do hereby certify that the foregoing
true copy Of the original file in this office.
Given under my hand, this 2lst day of February 1852
RUFUS H. PAGE,
Secretary Of State.