Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1862-05-31

SEC 8. Be it further ordained, That this ordi-
nance may be altered, modified repealed by the
General Assembly.
Passed and ratified in open Convention, May 9th,
A. D., 1862.
Teste Pres of Convention.
WALTER L. STEELE, Secretary.
L.. u EDWARDS, Assistant Secretary.
mo. 21.l
An Ordinance to Incorporate the Sapona Iron Com
pany.
SECTION !. BE ii ordained By the delegates Of the
people Of North Carolina in Convention assembled,
and IL as hereby ordained by the authority of the
same, That John c. 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 1.-The Sapona
Iron Company" and as such, shall have perpetual
succession, and may have and use a common seal,
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 privi-
eges of body corporate necessary or requisite to
carry on the business of exploring and mining Goals
iron ores, and other minerals and smelling manu-
featuring, transporting and vending the same; and
shall also have power to purchase, lease hold
vey, and dispose of any estate real or personal:
| Provided, 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
portation to, from, between their mines and fur
of iron, and also 10 construct such canal or
canals and drains may be required or needful for
tba unfr IN tbo;r
tation 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-
sonabe 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 Uf agreement to the value there
Of or for any other cause the same cannot be pur-
| chased of the owner owners the same may be
taken and the value thereof ascerta;ned 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 freehoders to meet on
the land, on a day expressed in such warrant not
less than five nor more than twenty days thereafter
and the Sheriff. on the receipt of said warrant shall
an oath affirmation to Them if three or more ap
| pear that they will impartially 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 a 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 right of way so valued shall
| vest in said company so long rs the same shall be
used for the purpose of said road canal or drain:
Pr0Uided, That the location of said road canal or
drain, shall not interfere with any graveyard or
| with any house. houselot garden, without the
consent of the owners thereof: PT0Uided further
That no more land shall he 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-
over whose lands said roads, canals or drains
may pass, or 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 enjoyment of said right
of way by said company.
SEC. g. BE it further ordained, That the capital
stock Of SAID company may be divided into such
number of shares and Of such for each share
the stockholders thereof may in general meeting
! direct: PrOUided, 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 he issued and the same may
assessment forfeiture and sale by the board of d.
rectors, in such manner the bylaws of said
! poratIon may prescribe.
| SEC. 4. BE ii further ordained, That the affairs
| Of SAID compan" 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 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 may 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. 8. BE itfurther ordained, That general meet
ings of the Stockholders may be called and held as
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 vote and every act shall
quire the sanction of majority of the votes present
Sec. 6. Be it further ordained That this ordi-
shall take effect and be in force from and af
ter its passage, and shall continue in force for the
period of ninetvnine years.
Passed and ratified in open Convention on the
W. n. EDWARDS,
Teste: Pres of Con.
WALTER L. STEELE, Sec'y.
L. q. EDWARDS, Asst Sec'y.
mo. %.
Resolution Prnzidinn the printinn Of the Innr.