Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1862-06-04

Resolped, That five hundred copies OF the vIui,
nances and Resolutions Of the Convention De Pr.s,s
and distributed In same manner as the Journals
thereof H. 10Th
Passed and ratified in open Convention the lS ~
0 l!s - - nay = : - t0O1' W. N. EDWARDS,
Teste: Pres' VI oo"
WALTER L. STEELE, Sec ~
L. G. EDWARDS, Asst Sec
mo. ss.]
4. o--., :. charter the Florence and Fayette-
vile Railroad Company. .n.
S,cr,os Rs It ordained By the detegates g, hs
..o,,1s ot North Carolina IN Convention assensossa
nL ;t;s hereby etdained By the Guthorssy 9, ..s0
same That for the purpose of establishing - e"in
munication by railroaa between FayetteVine, y. -,
and Florence S. c., the formation OF corpoIa. G
company with q capital of one million five hundred
Thousand dollars, to be called the Fayetteville and
Florence Railroad Company, and @heii formed IN
complance with the conditions hereinafter prescIi-
bed to have Corporate existence as oooy po'l''o
SEC Q. Be it further ordained, That tue sara
company be, and the same is hereby autnUiiIru "
construct railroad from Fayetteville, n. W"
Florence, S. c., upon such route as may oe aIse
mined upon by sald company Ai'ef tne e"n'e $500
hare been formed.
SEC g.. Be it further ordained That for the pur-
nose of raising the capital stock Of said company, II
Shall be lawful to open books in the town of tayette
Vile, under the direction of the following comIhs
sioners, wit: Augustus W. Steele, David Ray
A. A. McKethan, WIN. Mel Mckay and j. NJ. kose,
and at such other places and under the direction Of
such other persons majoGty of the above naihca
commissioners may deem proper for the purpose Of
receiving subscriptions to an amount not exceeding
one million five hundred thousand dollars IN shares
of one hundred dollars each.
Sec 4. Be it further ordained, That the COM
missioners above named, and all others who may
be hereafter authorized aforesaid to open books
for subscription, shall open the same at any time
after the ratification of this ordinance first giving
twenty days notice thereof of the time and place,
| in one OF more of the newspapers in the town OF
Fayetteville, and the said books, when opened shall
be kept open for the space Of sixty days, at least
and the SAID first named commissioners shall have
power to call and require all persons authorized
to receive subscriptions Of stock from time to time
| as a majority of them my see proper, to make
returns of the subscriptions OF stock, by them re-
| spectively received
Sec. 5. Be it. urtherord.tined, That whenever the
sum of one hundred thousand dollars shall be suo-
scr,bed by solvent men, in manner and form afore-
SAID, the subscribers, their executors, admnistra.
tors, or assigns shall be, and are hereby declared
| Incorporated into a company by the name and style
shall be capable in law ard equity, of purchasing,
! holding, selling leasing, and conveying estates,
both real and personal and OF acquiring the same by
gift or devise, so far shall be necessary for the
purposes embraced within the intent of their charter
and no further and may by their corporate NAME sue
and be sued plead and be implicated in any court OF
law and equity in this State; and may have and use
a common seal. which they may alter and renew al
pleasure and shall have and enjoy all other rights
and mmunities which other corporate bodies may
and of right do exercise and make all su"h bylaws
rules and regulations are necessary for the gov
eminent of the corporation, eectng the object fol
which it was created not inconsistent with the con
stituton and laws of this State.
Sec g. Be it further ordained, That it shall be thu
duty of the commissioners named in this ordinance
in Fayetteville or majority of them. as soon as
the sum of one hundred su d, rs shall have
been subscribed in the manner aforesaid, to give
public notice thereof and ct the same time call gen
cral meeting of the giving at least thirty
days notice Of the time and place of meeting. al
which meeting majority of the stockholders being
represented in person or by proxy, shall proceed to
elect President and Treasurer, and nine Directors
out of the number of stockholders, and the SAID
Directors shall have power to perform all the duties
necessary for the government of the corporation and
. the transaction Of the business. And the persons
so elected aforesaid shall serve such perloa ho'
exceeding one Year, as the stockholders may airect
and at that meeting the stockholders shall FIX the ua
and place or places, where the subsequent eiec''o'
Of President Treasurer and Directors, shall be heid
and such elections shall thenceforth he annually MADE
but if the day of the annual election of officers shat
under any circumstances, pass without an election
the corporation shall not thereby be dissolved, 6"
the officers formerly elected shall continue lii Office
until a new election takes place.
Src 7 Re IL further ordained, That the election
of officers aforesaid shall be by ballot each stock
holder having as many votes as he has shares IN tn'
stock of the Company, and the person having tht
greatest number of votes poed shall be considered
dnv elected to the Office fer which he is nominated
and at all elections and upon all votes TAKEN at any
meeting of the stockholders upon any law, Of
anv of The officers of the Company, each share o
stock shall BIZ entitled to VOTE to be represented
in person or by proxy, and proxies may be verified
in such manner as the bylaws OF the Company ma!
SEC. 8. Belt further ordained, That the Board o
Directors may fill any vacancies that may occur il
it during the period tor which they have been elect
ed and in the absence of the President may appoin
President, pro tempore, to fill his place.
SEC. 8. Be 1t further ordained That the Boardo
Directors may call for the subscribed stool
in the said company, in such instalments as the in
teress of said company may, in their opinion, re
quire The call for each payment shall be publishe
in one or more newspapers of the State, for on
month before the day of payment, and on failure c
any stakeholder to pay each nstalment as thus re
quired, the Directors may SELL at public auction, o
previous notice of ten days, for cash. all the stoc
subscribed for in said company by such stockholders
and convey the same to the purchaser at said sale
and if the said sale Of stock do not produce sur
sufficient to pay off the incidental expenses of tn
sale, and the entire amount owing by such stock
holder to the company for such subscriptions {
Stock then and in that case, the whole of such ba
!. ance shall be held as due at once to the company
and may be recovered of such stakeholder or hi
executors, administrators assigns, at the suit
3 said company, either by summary motion, in an
court of superior jurisdiction in the county wheI
the delinquent resides previous notice of ten day
to said subscriber, or by action of assumpsit;
any court Of competent jurisdiction, or by warrar
before any Justice of the Peace, when the sum dot
not exceed the sum of one hundred dollars and
all cases of assignment Of stock, before the who
amount has been paid to the company, then for a
sums due on such Stock both the original subscr
bers and the first and all subsequent assgnees sha
| ho 1ishl IN no md fho ho rocovorn