Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1862-03-08

yoy and Thomas ". Brockenbrough, or any one oil s
them; and said commissioners shall have power to
appoint Chairman Of their body Treasurer, and
all other officers their organization may require and
sue for and recover all sums OF Glhey that ought,
under this ordinance, TO be recovered by them IN
the name of said corporation
8. Be it further 0rd6tncd, That all persons who
are, by this ordinance authorized, or who may be
hereafter, by the general commissioners, authorized
to open books Of subscription, may do so at any
time after the passage of this ordinance upon Civ
ing twenty days notice of the time and place when,
SAID books shall lie opened and said books shall be
kept open for the space Of thirty days at least and
long thereafter the general commissioners shall
direct; and that all subscriptions of stock shall be
in shares of one hundred dollars, the subscriber
paying, at the time he makes his subscription hive
dollars each share by him subscribed, to the per-
son persons authorized to recei:e such subscrip-
tons; and upon closing the books, all such sums as
shall have thus been received Of subscribers on the
first cash instalment shall bep paid over to the gen.
eral commissioners, by the persons receiving the
same, and in case of failure to pay, as aforesaid,
such person or persons receiving said money, shall
be personally liable to said general commissioners,
before the organization of said company, and to the
company ITSELF after the organization. to be recover
ed within the Superior Courts of Law within this
State in the county where such delinquent resides,
If he reside in another State, then, any court
in such State having competent jurisdiction. The
general commissioners shall have power to call on
and require all persons empowered to receive sub
scriptons Of stock, at any time, and from time to
time as a majority of them may think proper, to
make return of the stock by them respectively re-
ceived, and to make payment of all sums Of money
paid by subscribers that all persons receiving sub
scrptons OF stock Shall pass a receipt to the sub
scrber or subscribers for the payment OF the first
instalment, as heretofore required 10 be paid, and
upon their settlement with the general colnmis
soners aforesaid, it shall be the duty Of said
general commissioners in like manner to pass their
receipts for all thus received to the persons
FROM whom received and such receipts shall be taken
and held to be good and sufficient vouchers to per-
SONS holding them that subscriptions of stock may
be received aforesaid hereafter provided for,
to the amount OF fifteen hundred thousand dollars
4. Be IL FURTHER ordained, That it shall be the
duty OF said general commissioners to direct and
thorze said books Of subscription to be kept open
until the sum of one hundred thousand dollars at
least, shall be subscribed in the manner aforesaid,
and as soon as the said sum of one hundred thou
sand dollars, upwards, shall be subscribed In man.
ner aforesaid, and the sum of five dollars on each
share paid aforesaid the subscribers TO said stock
shall be, and they are hereby declared to be body
polite, and corporate in fact and in law by the
name and style Of the Piedmont Railroad Compa-
ny" with all the corporate powers and authority
thereby created and granted, to be held and exer
ciSed by said company and their successors and
signs, in Perpetuity, and by that name shall be
pablo IN law and cYuity, TO purchase hold lease,
rent sell or convey estates real and personal and
to acquire the same by gft, devise otherwise.
far shall be necessary for the purposes embraced
within the scope object and intcn; of this charter
and shall have perpetual succession ard common
seal, which may use, alter at pleasure, and
by their corporate NAME may sue and be sued plead
and be impeaded in any court OF law in this State
or any other State: and shall have, possess and
joy, all rights, privileges and mmun;tles which rail
road corporate bodies may and Of right DO exercise,
and may make such bylaws, rules and regulations
as are necessary for the government of the corpora
ton or for elfectng the object 70: which it Great
ell, not inconsistent with the laws of this State
OF the Confederate States Of America.
D. he 10 FURTHER ordained, That as soon as the
sum of one hundred Thousand dollars or upwards
shall be subscribed, aforesaid, it shall be the du
" of the General Commissioners TO appoint time
for the stockholders to meet the town of Greens
bOro, in the county Of Guford, which they shall
cause to be previously Published for the space Of
thirty days, IN one or more newspapers; at winch
time and place, the said stockholders shall IN per-
son or lay proxy, p ocecd To elect by ballot nine d.
rcctors OF the company and to enact all such regu-
lLtionS aud bylaws as NAV be necessary for the
government OF said corporation and the transaction
OF It's business; Inc persons elected directors at
this meeting shall serve such period not exceeding
one year As the stockholders may direct and at
this meeting the stockholders shall fix on the day
aud place places when and where the subsequent
election Of directors shall be held and such elections
shall thenccforth be annually made but if the day
Of annual elections should pass without any election
Of directors. the corporation shall not thereby be
dissolved but the directors in office shall remain
until others appointed and it shall be lawful on
any other day to make and hold such elections in
such manner as may be prescribed by by law Of
the corporation.
q. BE At t4rthcr ordained, That the affairs OF said
L
consist OF nine directors TO be elected by the stock
holders from among themselves, at their first and
subsequent general annual meetings, and no stock
holder shall be elected director, as such,
unless he be at the time OF bis election the owner of
five shares Of stocks and shall continue to hold the
same during the term of his service as director.
Z. BE az FURTHER 0TtLained That the President OF
said company shall be chosen by ballot by MAORI
ty of the directors from among themselves, with a
salary to be fixed by the Stockholders in general
meeting
6. BE IL further Ordained That all stockholders,
not being aliens, shall be entitled to vote either in
person or by proxy, the proxy being stakeholder,
at all general meetings, and the vote to which each
stakeholder shall be entitled, shall be according to
the number of shares he may hold as hereinafter
provided.
0. BE it FURTHER ordained, That at the first gen.
era meeting Of the stockholders, under this ord-
nance, majority of all the shares subscribed shall
be represented before proceeding business; and il
sufficient number do not appear on the day APP.
pointed, those who do attend shall have power to
adjourn from time to time until regular Meeting
be thus formed and at such meeting the stockhod
ers may provide by bylaw to the number o.
stockholders and the amount of stock to be held
by them, which shall constitute quorum for tn,
transaction Of business al all subsequent meetings
10. BE IL further ordained, That the general
commissioners shall make their return of shares o.
stock subscribed for, at the first general meeting Of
the stockholders and pay over to the directors
elected at that meeting, or their authorized agent
all sums Of money received from subscribers anu
on failure to do SO, they shall be personally liable
to said company, to be recovered in like manner as
other debts due the company.
| II. Be IL further ordained, That the Board Of
Directors may bill all vacancies which may occur in
it during the period for which they have been elect
ed and in the absence Of the President may fill his