Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1859-02-26
A RIL1 TO AMEND ME CHARTER OF THE
WESTERN Nokfh.CAROLINA RAILROAD
CxlMDANV

A BILL TO AMEND ME CHARTER OF THE |
WESTERN NokSH-cARoLlNA RAILROAD
49, TsdAsiisute BY Mr. wi'lsmsl
SEC T. Be 1t enacted BY tie General As.emb!y |
Of tke State Of NORTH Carolina. AVID It . Aereby
enacted 1y authority Of the sase, That IN act en-
titled: An act to incorporate the Western North |
Carolina Railroad Company, passed at the session Of
1915, and an act amendatory thereof passed ut
the session Of 1856 57 entitled an act to amend an
act entitled act to incorporate the North
Carolina Railroad Company, be and the same are
hereby so altered and amended Is to authorize and
empower the board Of directors Of said company to
open books for subscription OF stock by individuals
and counties to the capital stock Of said company,
for an amount sufficient to complete the road from
Morrauton to the French Broad river near Ashvillc
which amount shall he according to the engineers
estimates therefor which estimates shall be submit
ted under oath to the President and directors Of said
company.
the sum necessary to complete the said road from
Morganton to the French Broad river near Ashvill
estimated BY the estimates Of the engineer hereto
fore made shall be subscribed by solvent individuals
CORPORATIONS and counties to the stock Of said CON-
pany and five per centum thereon paid into the
treasury Of said company in cash. the board Of inter
nal improvements SHALL and they hereby author
10 SuDSCT1Oc on inc VI ttc osttSt
two-thrds, which shall be paid in the manner pre-
scribed in said charter for the payment Of stock for
the first section Of said road Prorideri howsrer,
That the State shall not be required to pay more
than ty thousand dollars Of said subscription dur
ing the year 1853, nor more than two hundred thou
sand dollars during the year 1856 and for each year
thereafter sum not exceeding three hundred thou
sand dollars until the bed Of said road from Morgan
ton to the French Broad river, near Ashvc Is era
ded and ready for the ircn to he laid down.
SEC B. Be 1t further enacted, That sail Railroad
shall be let to contract in continuous sections-com
mencing at Morganton-at prices not exceeding ten
per cent over and above the estimated cost made
by the engineer, to Ike added on his estimates made
as in section 1st Of this act and part Of the same
shall be let unless the whole can be put under con-
tract in continuous sections at the same time.
Sec. H. Be it further enacted, That in case
the subscriptions heretofore made to the stock Of
said company by the county OF Burke shall he tic
clared void BY the judicial authorities Of the State
new subscription to the same amount to take its
place shall be raised and secured and the required
instalments thereon paid before the State shall he
called 10 make further subscriptions or payments
on subscriptions heretofore made.
Sec. 5. Be it further enacted That IL there shall
be an unexpended balance of the amount pledged by
the State after said road il put under contract and
a sufficient amount reserved to equip the same to It's
present terminus on the French Broad river; then
it shall be lawful for the board Of directors OF said
company, upon further subscriptions being made by
individuals counties, herein before prescribed,
to again let out contracts on said road in the
herein before designated to the line 81 the State
Of Tennessee. in the direction Of Chattanooga. or
down the French Broad river. in the direction Of
Paint Rock as to said board Of directors may seem
best provided however. that no greater portion Of
said road shall be put to contract than can he con-
structed, equipped and put in full operation with
the amount Of the unexpendcd balance already plci
ged by the State. and the amount subcribed by in.
dividuals and counties in pursuance Of this act.
Sec. 6. Be IL FURTHER e,n-t.d. That in estimating
the cost Of grading said road from Mcranton to the
French Broad river .Ashvi!lc aud in laying the
same with iron, the engineer shall in addition there
to estimate and report the same as in the l>t Sec
ton Of this act, the cost Of cquppins and putting in
full operation the said road; and the said contracts
shall be let ont in accordance with the estimates
made, that said road shall not DC let out to con.
tract provided in section 3rd Of this act. any
greater distance from Mor:antcn than the amount
subscribed by individuals. counties and the State
will construct, equip and put in full operation.
Sec. z. BE Il further sH"ctsd That all the ccrtif-
Gates required to be made by the president aud treas.
urer that onethrd Of the estimated required tn
complete any section has been subscribed by solvent
individuals and corporations and five per cent paid
! thereon in cash. shall be made under OATH and the
board of internal improvements may, and shall. IL
they nave any doubt, before they subscribe tn the
capital stock Of said company ascertain that the SUBJ
scriptions made by individuals and corporations arc
legally binding upon them; that the persons and
corporations making the same arc solvent, and that
the cash payments have been bona .fIe made, and
to enable them to do so, shall have power to sub
prna and examine witnesses on oath.
! Sec. s. Be it farther en1cted That the payments
of the instruments due from the State on subscrip.
tons made under and by virtue Of this act, shall be
made in the manner and upon the terms now pre-.
scrbed in the charter Of said company.
| Sec. 9. Be it further enacted. That general
meeting Of the stockholders Of said company may be
held to consider the foregoing amendments immcdi
atey after the ratification Of this act, and the same
shall be in force and take effect soon as said com
pany shall certify to the board Of internal improve
ments their acceptance Of the same PrUrided, That
if for any cause, the said company should he unable
t)ava themselves Of the provisions Of tins act then
and in that case they may proceed under their char
ter as heretofore adopted and enjoy all the rights ant
privileges of the same.
PROPOSED AMENDMENTS.
introduced BY Mr.. Thomas
Strike out all after the cnactng clause and insert
That the Western North Carolina Railroad Compa
ny be, and the said company is hereby authorized
under the provisions Of the acts Of 1876, an,
the amendatory act of lS56-57. to extend the sec