Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1859-03-12
CAPE FEAR AND DEEP RIVER

AN ACT TO PROTECT THE INTEREST VI
TIE STATE OF NORTH-CAROLlNA IN THE
CAPE FEAR AND DEEP RIVER NAVlGA'
TON COMPANY.
SEC. /. Be It enacted by the General Asemoty q
the State Of North Carolina and 't % hereoy esHe
ed 6v the authority Of the same, That IT . sale Of
the property and effects of the Cape Fear and Deep
River Navigation Company shall take place at any
time before the year 1861 the Governor or nus duly
authorized agent is hereby authorized and empow-
cred to bid At his discretion not exceeding the sum
of $3.50 OOO) four hundred and ffty thousand oo..
lars, and should he become the purchaser, ne snal
take conveyance therefor, to himself and success
sors in office, which shall vest absolutely in the
State Of North Carolina an the property, corporate
powers. privileges and franchises Of said Company.
SEC. g. In the event of . sale and purchase ss
aforesaid the Governor and Board OF Internal I'M
provements shall annually appoint four persons,
properly qualified and the Governor shaii % tne
fifth: which five persons shall constitute board OF
managers, who shall have the contro! and manage
ment Of the said Company, and have the authority
To .nno;nt all necessary officers and fix their sala
RES and employ all necessary aborers and servants
for prosecuting said work, and shall establish and
collect such reasonable tolls they may think prop
er: Prorided, The said Board shall have no author
ity to mortgage said works. or any part thereof nor
to execute bonds except for the hire Of servants ana
laborcrs in pursuance Of this act
SEC. 8. The Board Of Managers shall be authori-
ze to draw on the Treasurer Of the State for sum
not exceeding fifty thousand dollars per annum for
the next two years, and no longer for the purpose
of improving and keeping in repair said work, and
for a like purpose shall have authority to use the
tolls and the said Board shall draw also Tor sum
not exceeding sixty-ive thousand dollars, for the
purpose Of paying debts Of prior lien to those on
which the State is liable and to meet these demands
hos hall hsv ap,th0rItv tho
six per centum coupon bonds of the State, payable
at such time and place As the Governor may direct
Sec T. The State shall not pay to said Company
anv portion of the sum bid, but after the payment
of debts of prior len shall reserve the balance Tor
the payment of bonds endorsed by the State and in
terest paid thereon for said Company.
Sec 8. The Governor shall cause an estimate to
be made of all expenditures payments and liability
of the State for said Company, with interest on each
item, inducing Stock to the LIST dry Of January.
1860 so as to ascertain all costs, expenditures and
liability of the State which estimated shall
constitute preferred stock for the State entitled to
draw three per centum semi-annually before other
stock shall take any dividend, and after other stock
takes an equal dividend, the remaining profit shall
be equally divided with all stock and If the Compa-
ny shall fail to pay dividends on the preferred stock
as aforesaid, it shall remain charge with interest
and priority of lien until the same is paid.
Sec. 6. Any person may subscribe for stock with
the consent OF the Board OF Managers anu wncn the
same shall be paid for, it shall be terms Of equali
ty with the preferred stock Of the State.
Sec Z. Each stakeholder in the Cape Fear and
Deep River Navigation Company, shall be entitled
to receive from the Governor certificate for the
same number of shares of stock as he or she now
owns, in said Company; also, W. II. Morell shall
receive stock for labor done or to be done said
work, according to the present contract up to the
day of sale, and each bona ide creditor shall he
titled to receive preferred stock for his debt and
each share shall be for one hundred dollars, and
there shall be no fractions Of shares
Sec. 8. The expenditures authorized under this
act as well for work done by way Of improving the
property of the Company rs for the payment Of
debts of prior en shall constitute part Of the pre-
ferred stock of the State.
Sec. 0. Should the creditors holding debts that
have prior lien to those Of the State refuse to SELL
the Governor is hereby authorized at his discretion
and with the consent Of the Company. to advance .
sum sufficient to pay them, much of them rs
G1 to r,fUrcc sale asra shall tskc an
assignment thereof to himself for the benefit Of the
State; after which he shall cause the work to be
sold and shall bid for the same a. herein before d.
rected which said sum shall be preferred stock. BY
consent of the stockholders q sale may be made at
thirty days.
Read three times and ratified in General Assem-
bly,, this the 18th day Of February, 1859.
THOS SETTLE Jr, s H. G.
HENRY T. CLARK, S s.
STATE OF Month"; ARoLNA,l
Office Of Seey Of State