Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1862-02-05
WHOLE NUMBER 14Ol.
Chatham r abroad Ordinance.

we give below IN full the ordinance adopted by |
the convention on Tuesday last for. constructing
tue Coaihelds Railroad. This is an important mea-
sure especially in the present crisis. The govern
ment and the Railroads must have iron and coal,
ana ths TOAD will no doubt lead to active measures
in producing them -
An ordinance in addition to- and amendment of
an Act OF the General assembly, ratified the l5M
day Of february, 1851, entitled "nn Act to in
, corporate the Chatham Railroad Company," ind !
to repeal an Act supplemental thereto, ratified the
23rd day Of February 1861.
l. BE At ordained by the delegates Of the people |
81 North Carolina, an Convention assembled, and
1t Is hereby ordained By the authority Of the same
That section first of an act of the General Assem-
bly, ratified the fifteenth day of February, thou
sard, eight hundred and sixty one entitled ian act
Incorporating the Chatham Railroad COMPANY" be
amended by inserting after the words from the
Coaltie!ds in the county Of Chatham, through said
county" the words "connect with the North.Caro
lima railroad at as to make the section read ITO
connect with the North Carolina railroad at Raleigh
or some point west Of Raleigh, not exceeding twelve
miles"
2. Be it further ordained, That the proviso in
section four Of said of the General Assembly, be
stricken out.
g. Be it further ordained That an act of the
General Assembly, ratified on the twenty third day
of February, one thousand, eight hundred and sixty
one entitled ian act supplemental to an act passed
at the present session of the General Assembly
titled, an act to incorporate the Chatham Railroad
Company" be and the same is hereby repealed and
abrogated.
Be it further ordained, That all such solvent
corporations as may or shall subscribe to the capi.
tai stock OF the said Chatham Railroad Con pany,
may make their bonds payable to the public Treas
of the State of North Carolina for the amount
of their subscriptions to said capital stock and no
more; which said bonds are to he signed by the
Presidents and under the seals respectively of said
corporations. and made for any not under five
hundred dollars eacb to bear interest at the rate of
six per cent per annun which interest is to be paid
semi-annually, towit: the first Monday in January
and July, in each and every year, and the principal
Of said bonds to be made payable twenty years after
date; and these bonds authorized to be made
may be deposited with the Pubic Treasurer of the
State, who shall then issue and deliver to the sever.
al corporations subscribing and depositing their
bonds, aforesaid, the coupon bonds of the State
of North Carolina, to the amount Of their subscrip-
tons respectively, and made for the sums of five
hundred, and thousand dollars to bear interest
at the rate of six per cent. per annun, which inter-
est is to be paid sei-annually, on the first Monday
| in January and July, in each and every year, and
! the principal of said bonds to be made payable
twenty years after date; Prorided, That said bonds
Shall not exceed in the aggregate the sum of eight
hundred thousand dollars, and Proridsd also, That
said Chatham Railroad Company shall execute and
deliver to the Governor of the State Of North Caro-
| lima, mortgage under the seal of said company,
wherein and whereby, shall be conveyed to the Gov
ernor and his successors in office, for the and
benefit of the State all the estate both real and per-
sona belonging to said company, or in any manner
pertaining to the same conditioned for the indemnify.
ing and saving harmless the State of North Carolina
from the payment of the whole or any part Of the
bonds OF the State authorized by this ordinance to be
| made by the Public Treasurer and delivered to the
several corporations subscribing aforesaid 20 the
capital stock of said Chatham Railroad Company.
In addition to the deed of mortgage hereinbeore
guired to be executed and delivered by the Chatham
Railroad Company, the State of North Carolina SHALL
by this ordinance, have lien upon the estate both
real and personal of said Company, which they may
now have, may hereafter acquire, to prin-
cpal and interest of the bonds of this State author
! lied to be issued as aforesaid.
! 5. BE it further ordains1 That said bonds of the
State so made by the Public Treasurer, shall be re-
ceivcd by the said Chatham Railroad Company, in
payment of subscriptions made aforesaid by such
I corporations to the capital stock of said Chatham
R1ilroad Company.
| g. Be ii further ordained That said corporations
so subscribing and depositng their bonds as aore-
said with the Treasurer of the State, shall be allow
ty in the currency of the State. giving thirty days
notice to the Treasurer of this State of their nten-
ton so to do.
T. Be it further orauinea, That the said Railroad
may be constructed with tsrn,ini at any point or
points in the said Coalheds region, that the Stock.
holders in said Company may agree upon, with the
appreciation of the Board of Internal improvements.
8. Be it further ordained, That the corpor-
ate authorities of incorporated towns, subscribing
to the capital stock of said Chatham Railroad Com
pany, in order to provide for the payment of their
subscriptions and of the principal and interest Of
bonds for that purpose by them issued, shall have
authority to lay and collect taxes from all subjects
which under the charter of said towns are taxable.
9. Be it further ordained, That the solvency Of
such corporations as may desire to subscribe to the
capital stock of said Chatham Railroad Company,
shall be Judged of by the Board Of Internal I'm.
provements
TO- BE it further ordained, That all laws and
parts of laws all acts parts of acts inconsistent
with the provisions of this ordinance, are hereby
] repealed and abrogated.
Passed and ratified in open Convention, the day
of -, A. D. 1862.