Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1862-03-12
ORDINAN Els,
PASSED By THE STATE GoNvENIlua -
-" IT'S ADJOURNED SESSION.


An Ordinance TO incorporate INC !" as'es~
and TaTbero' Railroad Compahr
l Rsit orHainea Sv the Delegates Of tne Pe0p.o
a, NH Coral;na in Convention assembled, d1ld 10
q hereby ordaiRsd BY the dntho't.y s'e $50
That for the purpose of eftecting ia'iroAu
nicatien between the town OF ash'neuoh a.u Wy
,nTn or Tarbero,. the formation of corporate com
80, ..;,h tbe capital of four hundred thousand dol
= ba,ebv authorized to be called the Washing
80 .nS Tarboro' Railroad Company, and when
sor,sS in compliance with the conditions hereinafter
nresoribed to have corporate existence as ooay
polite in perpetuity.
hBs e further ordained, That the said CON-
cany be, and the same is hereby authorized 10 con
s,ruct a railroad from the town OF washington ~
tine county of Beaufort, through the counties oil
Pitt and Edgcombe, to the town OF Iarooro.
g. Be it further ordained. That for the purpose
of raising the capital stock OF said company shsI
be lawful to open books under the direction OF the
following named Commissioners TO VII AT !" Aeu
inpton, under the direction Of John Myers, Joseph
Potts, BENJAMIN F. Havens B. NJ. Selby, and George
n, Brown: at Pactolus, under the direction oil
Churchill Perkins, Peyten A. Atkinson, D. ": ID.
Grimes. Rippon Ward and Henry Stancil; at Tar
boro', under the direction Of John 5. Dancy, y d;
Fender, Rob't R. Br6gers, William ): Battle ana
James T. Thig2en and at such other places anu UNI
der the direction OF such other persons rs o''ty
of the commissioners first named may deem proper
for the purpose of receiving subscriptions 10 the
amount of four hundred thousand dollars IN shares
of fifty dollars each.
4 Be 10 further ordained, That the commission
ers above named, and all other persons who may
hereafter be authorized as aforesaid to open DOCKS
for subscriptions, shall open the same al any 'We
after the ratification of this ordinance, first giving
ten DAYS notice thereof of the time and place, IN one
or more of the newspapers published IN washington
and Tarboro and the sad books, when opened,
shall be kept open for the space OF thirty Gays, at
least and as long thereafter as the commissioners
first above named shall direct and the SAID hrSt
commissioners shall have power to call on and re-
ourre all persons empowered to receive SubscrIp-
tons of stock, at any time, and from time to time,
as a majority of them may think proper. to make
return of subscriptions of stock by them respective
ly received.
5. Be it further ordained, That whenever the
sum OF ten thousand dollars shall be subscribed IN
the manner ard form aforesaid, the subscribers,
their executors administrators or assigns shall be,
and they are hereby declared Incorporated into a
company by the name and style of the Washington
and Tarboro' Railroad Company, and by that name
shall be capable in law and equity Of purchasing,
holding selling, leasing. and conveying estates real,
personal and mixed, and acquiring the same by
gift or devise far shall be necessary Tor the pur-
poses embraced within the scope object and intent
of their charter and further and shall have Per
petual succession and by their corporate name may
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 'wh;ch they may alter and
renew at pleasure, and shall have and enjoy all 9th
er rights and immunities which other railroad cor
porate bodies may, and Of right do exercise, and
make all bylaws, rules, and regulations that are
necessary for the government Of the corporation, or
effectng the object for which it created, not IN
consistent with the Constitution and laws Of the
State.
g. Be il further ordained, That it shall be the
duty of the commissioners named in this ordinance
for receiving subscriptions in Washington, or ma.
ority of them, as soon as the sum OF ten thousand
dollars shall have been subscribed in manner afore
said to give public notice thereof and at the same
time to call general meeting Of the stockholders,
giving at least fifteen days notice Of the time and
place of meeting majority of the stockholders be-
ing represented in person. or by proxy, shall pro-
coed to elect President and Treasurer, and six Dr.
rectors out of the number of stockholders; and the
said Directors shall have power to perform all the
duties necessary in the government OF the corpora
tion and the transaction Of its business; and the
persons elected aforesaid shall serve such period
not exceeding one year, as the stockholders may d.
rect; and, at that meeting, the stockholders shall
fix on the day and place or places where the subse
quent election OF President Treasurer and Directors
shall be held, and such election SHALL thencefOrth
be annually made, but If the day Of the annual cleo
ton Of officers should, under any circumstances
pass without election, the corporation shall not
thereby be dissolved; but the officers formerly cleo
ted shall continue IN office until election takes
place.
Z. Be IL further ordained That the election Of
officers aforesaid shall he by ballot, each stockho-
der having as many votes as he has shares in the
stock of the company, and the person having the
greatest number of votes poed, shall be considered
duly elected to the Office for which he is nominated
and at all elections and upon all taken at any
nj tba hv- l,t
of the affairs of the company, each share of the stock
shall be entitled to VOTE to be represented eth
er in person or by proxy and proxies may be ver-
tied in such manner as the bylaws Of the company
may prescribe
:. BE IL further ordained, That the Board of Dr.
rectors may ill any vacancies that may occur in it
during the period for which they have elected
and IN the absence Of the President may appoint
President pro tenpore, TO fill his place.
Q. BE IL further ordained, That the Board Of Di-
rectors may call for the subscribed stock in
said company in such instruments the interest Of
SAID company may, in their opinion, require. The
call for each payment shall be published in one
more newspapers of the State, for month before
the day OF payment, and on failure of any stock
holder to pay each instament as thus required the
Directors may sell, at public auction, previous
notice of ten days. for cash, all the stock subscribed
for IN said company by such stakeholder, and con-
Yey the same to the purchaser at the said sale, and
if the said sale Of stock does not produce sum suf
hcent to pay of the incidental expenses of the SALE
and the entire amount owing by such stakeholder,
to the company for such subscription of stock then
and III that case the whole Of such balance shall be
held as due at once to the company, and may be re-
covered Of such stakeholder, or his executors ad-
minstraors or assigns at the SUIT of said company
either by summary motion in any court of superior
Jurisdiction in the county where the delinquent
sides, on previous notice of ten days to said sub
scriber, or by action of assumpsit in any court Of
competent jurisdiction, or by warrant before JUS
tlce OF the Peace when the does not exceed one
hundred dollars; and in all cases Of assignment of
stock before the whole amount has been paid to the
company, then, for all sums such stocks. both
the original subscriber and the first and all subse-
quent aSSgnees, shall be liable to the company and
the same may be recovered as above described
10. Be IL further ordained, That the debt OF the
stockholders due to the company for stock therein,
either as original proprietor or first subsequent