Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1859-03-16
CAPE FEAR AND DEEP RIVER.

CAPE FEAR AND DEEP RIVER
AN ACT TO PROTECT THE INTEREST OF
THE STATE OF NORTH-CAROLINA IN THE
TON COMPANY.
SEC. l. Be 1t enacted By the General Assembly Of
the State Of North Carolina and 1T Is hereby enact
ed By the authority of the same, That if 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 his duly
authorized agent is hereby authorized and empow-
cred to bid at his discretion not exceeding the sum
of ($45O OOO) four hundred and fifty thousand doi.
lars, and should he become the purchaser, he shall
take conveyance therefor, to himself and success
sors in office, which shall vest absolutely IN the
State of North Carolina all the property, corporate
powers, privileges and franchises of said Company.
Sec O. In the event of a sale and purchase as
aforesaid, the Governor and Board of Internal I'M
provements shall annually appoint four persons,
properly qualified and the Governor shall be the
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 appoint all necessary officers and fix their saaa
ries and employ all necessary aborers and servants
for prosecuting said work, and shall establish and
collect such reasonable tolls as they may think prop
err: Prorided, The said Board shall have no author
ity to mortgage said works. any part thereof nor
to execute bonds except for the hire OF servants and
laborers in pursuance of this act.
Sec. 8. The Board of Managers shall be authori-
zed 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, ana
for like purpose shall have authority to use the
tolls and the said Board shall draw also for sum
not exceeding sixty-fve thousand dollars for the
purpose of paying debts of prior lien to those on
which the State is liable and to meet these demands
on the treasurer he shall have authority to issue the
six per centum coupon bonds of the State, payable
at such time and place the Governor may direct
Sec 4. The State shall not pay to said Company
any portion of the sum bid, but after the payment
of debts of prior len shall reserve the balance for
the payment of bonds endorsed by the State and in
terest paid thereon for said Company.
Sec 5. 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, including Stock to the LIST day OF january,
1860 so as to ascertain all COSTS expenditures and
liability of the State which sum so 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 the preferred stock
as aforesaid, it shall remain charge with interest
Sec. G. Any person may subscribe for stock with
the consent of the Board of Managers and when the
same shall be paid for it shall be on terms OF equail-
ty with the preferred stock of the State.
Sec T. 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. H. Morell shall
receive stock for labor done to be done on said
fo fIn FL the
day of SALE and each bona fde creditor shall he en-
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 s. The expenditures authorized under this
act as we'll for work done by way of improving the
property of the Company as for the payment OF
debts of prior lien shall constitute part OF the pre-
ferred stock of the State.
Sec o. Should the creditors holding debts that
have prior lien to those of the State refuse to SELL
the Governor hereby authorized at his discretion,
and with the consent of the Company, to advance
sum sufficient to pay them, so much of them as
may be necessary to enforce sale and shall take an
assignment thereof to himself for the benefit of the
State after which he shall cause the work to bc
sold and shall bid for the same as herein before d.
rectcd, which said sum shall be preferred stock. BY
consent of the stockholders sale may be made at
| thirty days.
Read three times and ratified in General Assem-
bly,, this the 10th day of February, 1859.
| TIIOS. SETTLE, Dr., S. H. c.
HENRY T. CLARK, S. S.
STATE OF NORTH CAROLINA
Office Of Secy Of State.
|, RuFus II. PAGE, Secretary of State in and for
the State of North Carolina, do hereby certify that
the foregoing is true copy of the original file in
| this Office.
| Given under nv hand this Dist day of February
1862
RUFUS Ii. PAGE
Secretary Of State.