Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1859-03-02
A BILL TO AMEND THE CHARTER OF THE
WESTERN NORTH,GAROLINA RAILROAD
rnMDtNV

COME IN
ISubstitute by Mr.. Will;ams.]
Sec. l. Be 1t enacted by the General assembly
Of the State Of North Carolina. and 1t as hereby
enacted By cvtaority Of tile saoae, That an act en-
titled: An act to incorporate the Western North,
Carolina Railroad Company passed at the session OF
1915, and an act amendatoIy thereof, passed at
the session of 1S56'57, entitled an act to amend an
act entitled an act to incorporate the Western North
Carolina Railroad Company, be and the same are
hereby so altered and amended as 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
Morganton to the French Broad river near Ashvlle,
which amount shall be according to the engineers
estimates therefor which estimates shall be submit
ted under oath to the President and directors of said
company.
Sec. 3 Procmed further, That when one third of
the sum necessary to complete the said road from
Morganton to the French Broad river, near Ashvll
estimated by the estimates of the engineer hereto
fore made shall be subscribed by solvent Individuals
corporations and Counties to the stock of said COM
pany and five per centum thereon paid into the
treasury of said company in cash. the board of inter
nal improvements shall, and they are hereby author
lied to subscribe the part of the State. the other
two-thirds, which shall he paid in the manner pre-
scrbed in said charter for the payment of stock for
the first section of said road. Prorided horerer,
That the State shall not be required to pay more
than fifty thousand dollars of said subscription dur
ing the year 1859, nor more than two hundred thou
sand dollars during the year 1867 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 Ashve, is gra-
ded and ready for the ircn to be laid down.
SEC 8. BE it turther eaaefet, That sal 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 be added on his estimates made
as in section LIST 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 a. BE it further enacted That in case
the subscriptions heretofore made to the stock of
SAID company by the county of Burke shall he tie
clared void by the judicial authorities of the State,
a new subscription to the same amount to take its
place shall be raised and secured and the required
installnents thereon paid before the State shall be
called on To make further subscriptions payments
on subscriptions heretofore male.
SEC. j. Be it ,turther eaactel That if there shall
be an unexpende,l balance of the amount pledged by
the State after said road is put under contract and
a sufficient amount reserved to equip the to its
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 man.
ncr herein before designated to the line of the State
of Tennessee, in the direction of chattanooga, or
down the French Broad river, in the direction OF
Paint Rock as to said boad of directors may seem
best, provided however. that greater portion of
said road shall be put to contract than can be con-
Structcd, equipped, and put in full operation with
the amount Of the uncXpended balance already pied
ged by the State, and the amount subcribcd by in
diyiduals and counties in pursuance of this act.
SEE. g. BE II further enar't|. That in estimating
the cost of grading said road from Morsanon to the
French Broad river, A>hville, and in laying the
same with iron. the engineer shall in addition there
to estimate and report the same in the 1st sec
ton of this act the cost of eqipping and putting in
full operation the sail road; and the said contracts
shall be let out in accordance with the estimates so
made so that said road shall not be let out to con
tract as provided in section Bird of this act. any
+ greater distance from Morgan,on than the amount
subscribed by Individuals counties and the State
will construct, equip and put in full operation.
SEC. T. BE f"rther enactel, That all the ccrtifi-
Gates required to be made BY the president and treas
uler that Oncthird of the estimated cost required to
complete any section has been Suscrbc, 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 have any doubt before they Subscribe to the
capital stock OF said company ascertain that the sub
scrptionS made by individuals and corporations are
| legally binding upon them that the persons and
corporations making the same are solvent and that
the cash payments have been bona u ie made, and
to enable them to do so, shall have power to sub
puna and examine witnesses oath.
SEE. 3. BE it tnrther en- mtel That the payments
of the instruments de from the State on sul,Scrip-
tons made under and by virtue of this act, shall be
made in the manner and upon the terms now pre-
scribed in the charter of said COMPANY
Sec. .. BE IL turiher enarfcd, That a general
meeting Of the stockholders Of said company may be
held to consider the foregoing amendments immcdi-
atcy after the ratification of this act, and the same
shall be in force and take effect so soon as said COM
pany shall certify to the board of internal improve
ments their acceptance of the same: ProriIed That
if, for any cause, the said company should he unable
toaval themselves of the provisions of this act thcn
and in that case, they may proceed under their char
ter as heretofore adopted and enjoy all the rights and
privileges Of the same