Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1862-03-12
ORDINANCES. -
PASSED BY TIE STATE CONVENTION AT
= ITS ADJOURNED SESSION,

[No. 81
An Ordinance to incorporate the Washins.e"
and Tarboro' haiiroad Company
I. Bel ordniaed ky the Delegates Of tne peop::@
or North Ctrolind in Conreataon dsse"c.sa' 80 -.
i hereby ordaiaed BY tho authority ~ .ae s"".'
That for the purpose Of effecting raroaa md the
nication between the town OF "as'"s ,or,
town Of Tarhoro'. the formation OF corporate con,
,,.,v w;,h the capta of four hundred Thousand aot
i,rs ~ he-rby authorized to be called the ash,hs
,on and Tarboro' Railroad Company, ana wnen
tr,red in compliance with the conditions hereinafter
prescri,,ed to have corporate existence Is ooay
polite in perpetuity. ~, -.
9. Be it Jurther ordained, mat tue sa'o con'-
,.nv he and .he same is hereby authorized to con
s,r,., = railroad from the town Of Washington, in
Tho county of Beaufort, through the counties OF
pit and Edgcombe to the town OF Tarboro.
3 Be it further ordained, That for the purpose
Of raising the capital stock of said company 1t shall
be lawful to open books under the direction OF the
following named Commiss oners to wit: AT wash
ington under the direction OF John Myers, Joseph
Potts, Benjamin +. Havens, D. ". Seioy, ana george
" ROW. at Pactolus under the direction Of
Churchill Perkins, Peyten A. Atkinson. j. &. B.
Grimes R,ppon Ward, and Henry Stancill; at Tar.
bn,o' under the direction Of John s. Dancy, <. II.
p.ndsr Robt r. BriGgerS. William S. Battle, and
umes Il. Thig2en, end at such other places and un.
der the direction of such other persons majority
of the commissioners first named may deem proper
for the purpose of Pee living subscriptions to the
amount of four hundred Thousand dollars, in shares
of fifty dollars each.
4. BE it further ordained. That the commission
ers above named, and all other persons who may
hereafter he authorized as aforesaid to open books
for subscriptions shall open the same at any time
after the ratification Of this ordinance, first giving
ten DAYS notice thereof of the time and place. in
or more Of the newspapers published in Washington
and Tarboro'; and the SAID books, when opened,
shall be kept open for the space Of thirty days, at
least; and us long thereafter as the commissioners
first above named shall direct, and the said first
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 10 make
return of subscriptions of stock by them respective
ly received.
S. 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,
aud they are hereby declared incorporated into
company by the name and style OF the Washington
and rarboro' Railroad Company. and ny that name
shall lie capable in law and equity OF purchasing.
holding selling, leasing. and conveying estates real,
personal and mixed, and acquiring the same by
gift OF devise far shall Ge necessary for the p.
poses embraced within the scope object, and intent
Of their ctar;eI and further; and shall have FER
petua succession. and by their corporate name may
sue and be sued, plead and he implicated in any
court of Law and equity in this State, and may have
and Use common seal, VIII ch they may alter and
renew at pleasure, and shall have and enjoy all 9TH
er rights and mnunities which other railroad cor
porate bodies may. aud Of right d. exercise, and
make all bylaws rules, and regulations that are
necessary for the government OF the corporation,
etfecting the object for which it created not IN
consistent with the Constitution and laws Of the
State.
6. Be it farther ordained, That it shall be the
duty Of the commissioners named in this ordinance
for receiving subscriptions in Washington, or ma
jorIty of them, soon as the sum OF ten thousand
dollars shall have been subscribed, in manner atorc
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; orty of the stockholders be-
ing represented 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 tue
duties necessary III 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, the stockholders may d.
rect and. at that meeting, the stockholders shall
fix the day and place or places where the subse
quent election OF President Treasurer and Directors
shall be held, and SUCH election shall, thenCefOrth
lie annually made, but If the day Of the annual cleo
ton Of officers. should, under any circumstances
pass without an election, the corporation shall moi
thereby he dissolved but the officers formerly cleo
ted shall continue IN office until election take:
! place.
! 7. 3; it further ordained, That the election o
officers aforesaid, shall be by ballot each stockhol
! der having rs many votes as he has shares III TIT
| cfoct of tho the pprSOn having TIT
greatest number Of votes polled, shall 6e considered
duly elected to the office for which he is nominated
and all elections and upon all votes taken at an
meeting OF the stock holders, upon any bylaw or an
of the affairs Of the company, each share OF The stoc
shall be entitled vote, to be represented eth
er i'll person or by proxy; and proxies may oe Ver'
fled in such manner as the by laws OF the colnpan
may prescribe
:. BE it FURTHER ordained, That the Board of D
rectors may ill any vacancies that may occur IN
during the period tor which they have been electet
aud in the absence Of the President, may appoint
President pro tempore, to fill his place.
.. Be it further ordained, That the Board of D
rectors mag call for the SUMS subscribed as stock
said company in such instruments the interest {
said company may, in their opinion require Tf
call for each payment shall be published in one
more newspapers Of the State for one month bcfol
the day of payment, and OH failure OF any stool
holder to pay each inStalment thus required, tt
Directors may sell, at public auction. OIL previo,
notice of ten days, for cash. all the stock subscribe
for IN said company by such stakeholder, and col
vey the same to the purchaser at the said sale, an
If the said sale of stock does not produce su
tcent to pay off the incidental expenses of the sal
and the entire amount owing by such stockhodc
to the company for such subscription Of stock, the
and in that case, the whole Of such balance shall
held as due at once to the company, and may be r
covered of such stakeholder, or his executors, a
minstraors or assigns, at the suit of said compan
either by summary motion in any court OF superb
jurisdiction in the county where the delinquent r
sides, on previous notice of ten days to said SD
scriber, or by action Of assumpsit in any court
competent jurisdiction, or by warrant before a Ju
tice Of the Peace when the sum does not exceed OF
hundred dollars; and in all cases of assignment
stock before the whole amount has been paid to Il
company, then. for aH sums on such stocks. bot
the original subscriber and the first and all subs
quen assisnees. shall be liable to the company, ar
the same may be recovered as above described.
! Ro . ,J1 r6,t dab toffk