Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1862-06-04
mo. 381
NO. SSl
An Ordinance to charter the Florence and Fayette-
vile Railroad Company

mo. 3d.
An Ordinance to charter the Florence and Fayette-
vile Railroad Company.
SECTION 1. BE 1T ordained By the delegates Of the
peopLe Of North Carolina in Contention assembled
and IL as hereby ordained By the authority Of the
same, That for the purpose OF establishing COM
muncation by railroad, between Fayetteville N. c.,
and Florence, g. c., the formation of corporate
company, with capital Of one million five hundred
thousand dollars to be called the Fayetteville and
Florence Railroad Company, and when formed in
compliance with the conditions hereinafter prescri
bed, to have Corporate existence as body polite
SIC g. Be 90 further ordained, That the said
company be- and the same is hereby authorized to
construct q railroad from Fayetteville, N. c., to
Florence, s. c., upon such route as may be deter
mined upon by said company after the same shall
have been formed.
SEC. g. Be it further ordained That for the pur-
pose of raising the capital stock Of said company, it
shall be lawful to open books in the town of Fayette
VILE under the direction of the following commits
sioners, towit: Augustus w. Steele, David Ray,
\. A Mcclellan, VIM Mel. Mckay and j. NJ. Rose,
and at such other places ard under the direction of
such other persons majority of the above named
commissioners may deem proper, for the purpose OF
receiving subscriptions to amount not exceeding
million five hundred thousand dollars, in shares
Of one hundred dollars each.
SEC. 4. BE 10 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 or 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 tme
as a majority of them may see proper, to make
IF tha uhSpri n e re-.
spectively received.
SEC. s. Be ii further ordained That whenever the
sum of one hundred thousand dollars shall be suo-
scrIGed by solvent men, in manner and form afore-
said, the subscribers their executors adminiStra-
tors, assigns, shall be, and are hereby declared
Incorporated into company by the name aud style
ofthe Florence Railroad Company, and by thatnam
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 devise far as shall he necessary for the
purposes embraced within the intent of their charter,
and further and may by their corporate name,
and be sued plead and be implicated in any court of
law and equity in this State; and may have and use
common seal, which they may alter and renew at
pleasure, and shall have and enjoy all other rights
and immuHities which other corporate bodies may
and of right do exercise, and make all such bylaws
rules and regulations necessary for the gov
eminent of the corporation, eccng the object for
which 1t created not inconsistent with the con-
sttution and laws of this State
SEC G.. Be nTtrtRer ordained That it shall be the
duty of the commissioners named in this ordinance,
in Fayetteville, maj rity of them, as soon as
the sum Of one hundred SAL d j, ] IS shall have
been subscribed, in the manner aforesaid, to give
public notice thereof and 81 the same time call gen.
eral meeting the stockholders giving al least thirty
days notice of the time and place of meeting, at
which meeting majority of the stockholders being
represented in person or by proxy, shall proceed to
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 as aforesaid shall serve such period not
exceeding one year, the stockholders may direct
and at that meeting the stockholders shall fix the day
and place or places, where the subsequent election
of President, Treasurer. and Directors shall be held,
and such elections shall thencefOrh be annually made;
bnt if the day Of the annual election Of officers shall
under any circumstances, pass without an election,
the corporation shall not thereby be dissolved, but
the officers formerly elected shall continue in office
until a new election takes place.
SEC. Z. BE 1t further Ordliaed That the election
Of officers aforesaid shall be by ballot each stock
holder having many votes 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 votes TAKEN at any
any of the officers of the Company, each share of
stock shall be 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 may
prescribe.
Sec s. Belt further ordained, That the Board Of
Directors may fill any vacancies that may occur in
it during the period for which they have been elect
ed, and in the absence of the President may appoint
President, pro tempOre, to fill his place.
Sec. 9. Be it further ordained, That the Board of
Directors may cas for the sums subscribed stock
in the said company, in such instruments the in
tereStS of said company may, in their opinion,
quire The call for each payment shall be published
in one or more newspapers of the State for one
month before the day of payment and on failure of
any stakeholder to pay each instalnent thus re-
qulred, the Directors may sell, at public auction
previous notice of ten days, for cash. all the stock
subscribed for in said company 10y such stockholders,
and convey the same to the purchaser at said sale
and if the said sale OF stock do not produce sum
sufficient to pay off the incidental expenses of the
sale, and the entire amount owing by such stock
holder TO the company for such subscriptions of
Stock then and in that case, the whole of such bal
ance shall be held as due at once to the company
and may be recovered Of such stakeholder, or his
executors, administrators assigns at the suit of
said company, either by summary motion in any
court of superior jurisdiction in the county where
the delinquent resides previous notice of ten days
to said subscriber, or by action Of asSumpsit in
any court of competent jurisdiction, or by warrant
before any Justice of the Peace, when the does
not exceed the sum of 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 due on such stock both the original subscr
bers and the first and all subsequent assgnees shall
be liable to the company and the same be recovered
as above described
SEC, 10. Be IL further ordained, That the debt
of the Stockholders due to the Company for stock
therein, either original proprletors, first
subsequent assgnees shall be considered of equal
dignity, with judgments in the distributions of
sets of deceased stakeholder by his legal represen
tatives.
Sec. IL. Be IL further ordained, That said Com
pany shall issue certificates of stock to its members
and said stock may be transferred in such manner
and form as NAV he directed hu the hv-laWS of the