Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1862-03-12

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under the direction Of A. 7. Stokes, Lewis E. Har.
vey and Thomas N. Brockenbrough, or any one Of
them; and said commissioners shall have power to I
appoint Chairman of their body, Treasurer, and
all other officers their organization may require, and
sue for and recover all sums of money that ought,
under this ordinance, to be recovered by them in
the name Of said corporation. @7 - \
g.. Be ~ further ordained, That all persons who |
are, by this ordinance authorized OF who may be
hereafter by the general commissioners authorized
to open books of subscription, may do SO at any (
time alter the passage Of this ordinance, upon CIV
ing twenty days notice Of the time and place when
SAID books shall opened and said books shall be
kept open for the space of thirty days, at least and
long thereafter the general commissioners shall
direct; and that all subscriptions of stock shall be
in shares Of one hundred dollars, the subscriber
paying, at the time he makes his subscription, five
dollars on each share by him subscribed, to the per
son or persons authorized to recei"e such sbscrp-
tons and npon closing the bouks, all such sums as
shall have thus been received Of subscribers. the
first cash lnstament, shall be paid over to the gen
eral commissioners by the persons receiving the
same and in of failure to pay, aforesaid,
such person or persons, receiving said money, shall
he personally liable to said general commissioners
before the organization of said company, and to the
company ITSELF after the organization. to be recover
cd within the Superior Courts of Law within this
State, in the county where such delinquent resides,
or if he reside in another State. thcn IN any court
in such State having competent Jurisdiction The
general commissioners shall have power to call on
and require all persons empowered to receive sub
scriptious Of stock, at any time, and from time to
time, a majority of them may think proper, to
make return Of the, stock by them respectively re-
celyed, and to make payment of all sums of money
paid by subscribers that all persons receiving sub
scriptions OF stock Shall pass receipt to the sub
scriber subscribers for the payment Of the first
instalment, as heretofore required to be paid, and
upon their settlement with the general commits
Soncrs 'aforesad, it shall be the duty of said
general commissioners in like manner, TO pass their
receipts for all thus received TO the persons
from whom received and such receipts shall be taken
and held to be good and sufficient vouchers to per-
sons holding them; that subscriptions of stock may
be received as aforesaid hereafter provided tor,
to the of fifteen hundred thousand dollars.
4. BE it FURTHER ordained, That it shall be the
duty Of said general commissioners to direct and au
thorze said books Of subscription to DC kept open
| until the sum Of one hundred thousand dollars at
least, Shall be subscribed in the manner aforesaid
and as soon as the said sum of one hundred thou
sand dollars, orupwards, shall be subscribed in man
ner aforesaid, and the sum of i've dollars on each
share paid aforesaid the subscribers to said stock
| shall be, and they are hereby declared to he body
polite. and corporate in fact and in law, by the
| name and style of the piedmont Railroad Compa-
| ny, with all the corporate powers and authority
! thereby created and granted, be held and exer
cSed by said company ana their successors and as
signs, in perpciuity, and by that shall he Ca
pable IN law and IN equity, to purchase hold lease,
rent, sell or convey estates real and personal and
to acquire the by gilt, devise otherwise. so
far as shall be necessary for the purposes embraced
within the scope. object and inten: of this charter
and shall have perpetual succession ard a common
SEAL which may USE alter renew at pleasure, and
10y their corporate name, may sue and be sued plead
and be Implicated, IN any Court OF law Ill this State
| nr any n mar Sr:p nnIS hallh ov and on
joy all rights, privileges and m;nunles which rail-
road corporate bodies may and oi right do exercise,
auu may make such bylaws, rules and regulations
are necessary for the government of the corpora
ton, or for etttctlng the obcc, 70: which it Great
ed, not inconsistent with the laws Of this State or
Of the Confederate States of America.
g. lie it further ordained, That rs soon as the
sum OF one hundred thousand dollars or upwards
shall be subscribed, aforesaid, Ii shall bc the du
~ OF the General Commissioners TO appoint time
for the stockholders to meet the town of Green's
boro, in the county OF Guiiford, which they shall
cause to be previously Published for the space Of
! thirty days, III one or more newspapers; at which
time and place. the said stockholders shall, per-
or by proxy proceed to elect by ballot nine dl
rectOrS OF the company, and to enact all such resu-
litions aud by laws NAV be necessary for the
government OF said corporation, and the transaction
Of Its business The persons elected directors at
this meeting shall serve such period not exceeding
this meeting the stockholders shall fix on the day
and place or places when and where the subsequent
election Of directors shall be held and such elections
shall thencc!orth he annually made but if the day
of annual elections should pass without any election
! of directors the corporation shall not thereby be
Dissolved; but the directors in Office shall remain
until others appointed and it shall! be lawful
I any other day to make and hold such elections in
such manner may be prescribed by a by law Of
: / the corporation.
. g. Bet further ordained, That the affairs OF said
!. company shall be managed 10y general board te
consist of nine directors, TO be elected by the stock
: holders from among themselves, at their first ant
d subsequent general annu'l meetings, and no stock
holder shall elected director Dor serve as such
unless he be at the time OF his election the owner
five shares of stock and shall continue to hold tn,
g same during the term of his service as director.
d 7. Be it further ordained, That the President o
+ said company shall be chosen by balo, by majori
J., ty of the directors from among themselves with
: salary to be fixed by the stockholders in genera
/. meeting.
+ g. Be it further ordainea That all stockholders
C not bcg aliens, shall be entitled vote either il
If person Or by proxy the proxy being stakeholder
!. at all general meetings and the vote to which eacl
Il stakeholder shall he entitled shall be according
t. the number of shares he may hold hercinafte
n provided.
o. BE it further ordained, That at the first gen
]; eral meeting of the stockholders, under this ord
Of nance majority Of all the shares subscribed shall
he represented before proceeding to business and
:; sufficient number do not appear on the day az
u. pointed those who do attend shall have power t
10 adjourn from time to time until regular meeting
of be thus formed and at such meeting the stockhod
r. crs may provide by bylaw as to the number G
r. stockholders, and the amount of stock to be he'll
,r by them, which shall constitute quorum for tn
in transaction Of business at all subsequent meetings
IN 10. Be it further ordained, That the genera
e, commissioners shall make their return of shares
stock subscribed for. at the first general meeting
ell the stockholders and pay over to the director
er elected at that meeting or their authorized agent
e all sums of money received from subscribers; an
er on failure to do so, they shall be personally abl
ID to said company, to be recovered in like manner
h other debts duo the company.
r. II. Be it further ordained. That the Board
of Directors may till all vacancies which may occur
DC II during the perod for which thew have been cleo