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

may issue execution therefor: Provided That any
party dissatisfied with such Judgment shall be al
lowed an appeal to the next Court Of Pleas and
Quarter Sessions for the county, upon entering into
with sufficient security for his appear
ance to said court and also for the penalty and
costs. ~
SEC. 8. Be 1t further ordained, That this ord-,
nance may be altered, modified or repealed by the
General Assembly.
Passed and ratified in open Convention, May 9th,
A. D., 1852. 2
w. EDWARDS,
Teste: Pres of Convention
WALTER L. STEELE, Secretary.
L. G. EDWARDS, Assistant Secretary.
No. 81.
An Ordinance to Incorporate the Sapona Iron Com
pany.
SECTION l. Be 1t ordained by the delegates Of the
people Of North Carolina in Convention assembled
and 1t ~ hereby ordained By the authority Of the
same, That John G. Washington, James E. Hoyt
George Washington, and William Murdoch, their
associates, successors and assigns, be- and they
hereby created and constituted body polite and
corporate, by the name and style of "The Sapona
Iron Company" and as such, shall have perpetual
succession, and may have and use common sea-,
and change the same at pleasure; may sue and be
sued, plead and be implicated in any Court of Law
and Equity; shall have power to make all such BY
laws and regulations mot inconsistent with the ex-
listing laws and Constitution of this State as may
be deemed necessary for the government of said
Company, which shall be binding thereon, and shall
have, exercise and enjoy all the rights and priv
leges OF body corporate necessary or requisite to
carry on the business of exploring and mining Goals.
iron ores, and other minerals, and smelling mann.
featuring, transporting and vending the same; and
shall also have power to purchase lease hold con-
vey, and dispose OF any estate real or personal:
fro''ded, That said corporation SHALL at no one
time, hold more than twenty thousand acres of land
Said company shall have, also, the right, power and
authority to build and construct roads and ways.
whether tram, plank or turnpike, and to charge the
same as to them may seem advisable, for the trans
portaton to, from, or between their mines and fur.
naces OF iron, and also to construct such canal or
canals apd drains as may be required or ncedul for
the supply of water to their furnaces the transpor-
taton of COAL ores, and materials as aforesaid and
the drainage of their mines and that any or all of
such roads, canals and drains shall be opened to the
use OF the public, upon the payment of such rea-
sonable tolls and compensation, and subject to such
rules and regulations as said corporation may, by
their by laws establish.
Sec. g Be it further ordained, That when any
lands or rights of way may be required by said COM
pany for constructing said road, canals or drains,
and for the want o agreement to the value there
Of or for any other cause the same cannot be pur-
chased of the owner or owners the same NAV be
taken and the value thereof ascerta;ned as follows
viz: On application BY the company to any Justice
OF the peace for the county where said land or right
of way may be situate, it shall be his duty to issue
his warrant to the Sheriff of said county to sum-
mon jury of at least five freeholders, to meet on
the land, on day expressed in such warrant, not
less than five more than twenty days thereafter,
and the Sheriff. on the receipt of said warrant, shall
summon the jury. and when met, shall administer
an oath o. affirmation to them if three or more ap-
pear, that they will impartialy value the land in
question: Or right of way. The proceedings of such
jurors accompanied by description of the land or
right of way, shall be returned under their hands
and SEALS or majority of them, by the Sheriff, to
the Clerk of the County Court there to remain as
matter of record; and on the payment of said
valuation the lands or right OF way so valued shall
vest in said company so long as the same shall be
used for the purpose of said road, canal or drain:
Propided, That the location of said road, canal or
drain, shall not interfere with any graveyard, or
with any house, house-lot or garden, without the
consent of the owners thereof: Provided further,
That no more land shall be condemned for the pur-
poses aforesaid than twenty feet in width on either
side from the centre of said road canal or drain:
And prorided further, That if any person or per-
sons whose lands said roads, canals or drains
may PISS, said company shall be dissatisfied with
the valuation of said jurors either party may have
an appeal to the Superior Court of the county in
which the land lies; but such appeal shall not de-
lay or interrupt the or enjoyment of said right
of way by said company.
SEC. 3. Be 1T further ordained, That the capital
stock Of SAID company may be divided into such
number of shares and of such amount for each share
as the stockholders thereof may in general meeting
direct: Provided, That the capital stock of said
company shall not exceed one million of dollars;
that SAID shares shall be personal property, and
certificates thereof may be issued and the same may
be made transferable and assignable, and liable to
assessment forfeiture and sale by the board of d.
rectors in such manner the bylaws of said cor
poratlon may prescribe.
of said companr shall be managed by Board of
Directors all of whom shall be Stockholders of said
Company, and citizens Of the Confederate States
Said Board Of Directors shall be composed of such
number and shall be elected by the Stockholders in
such manner as the bylaws shall direct and who
shall choose one of their number to be President of
the Board and Of the Company: three of SAID
Board shall constitute quorum to transact business
of whom the President or one appointed by him to
fill his place. shall always be one; they shall have
power to fill vacancies which NAV happen in their
body and until the first election of Directors by the
Stockholders the said John c. Washington, James
E. Hoyt, George Washington, and William Murdoch
shall constitute the Board of Directors of said Com
pany, with full power and authority to exercise all
the corporate powers thereof
Sec. 5. Be itturther ordained, That general meet.
ings of the Stockholders may be called and held
the bylaws may prescribe that to constitute meet
ing there must be present in person or by proxy,
(the proxy being Stockholder) number holding
majority of the stock, each share of which shall
entitle the holder to one VOTE and every act shall
quire the sanction of majority of the votes present
Sec. 6. Be 1t further ordained, That this ordi
nance shall take effect and be in force from and at
ter its passage and shall continue in force for the
period of ninety mine years.
Passed and ratified in open Convention on tn,
9th day Of May, A. D., 1862
W. n EDWARDS,
Teste: Pres. of Con.
WALTER L. STEELE Secy.
l.. c. EDWARDS, Asst Scc'y.
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