Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1866-12-27

BILL to enable the Wilmington, Charlotte and
Rutherford Rail Road Company to complete its
Road, pay its Debt to the State and extend its
Road to the Tennessee ina

Road to the Tennessee inc.
SECTION l. Be 1T enacted bq the General
assembly Of The State Of North Carolina. and
ii rs hereby enacted By the authority of the
same, That for the purpose of supplying
funds, to enable the Wilmington, Charlotte
and Rutherford Rail Road Company to COM
plete its road, and to discharge its debt to
the State, the said Company shall have au-
tority to borrow money, by the issue of
bonds or other evidences of debt, authenti-
Gated in such menner as the President and
Directors of said Company may ,ieem best,
in sums not less than five hundred dollars,
at rate of interest not exceeding eight per
cent, principal and interest payable at such
time and place as said President and Direc-
tors may elect, the bonds SO issued not to
exceed four millions dollars.
Sec. g. Be 1t FURTHER enacted, That to Sc
cure the payment of these bonds, and other
evidences of debt issued, as aforesaid, and
the interest thereon, as the same may ac-
crue, the said Wilmington, Charlotte and
Rutherford Rail Road Company may exc
cute and deliver mortgage deeds, signed by
the President and Secretary of said Com
pany, conveying its franchise and property,
including it's road bed, superstructure
chooses in action, and real and personal es-
tate of whatever kind, and the deed of
mortgage, SO executed and delivered, and
registered in the County Of New Hanover
shall have priority over any lien or other
claim held by this State, on the subject
matter SO conveyed, it being the intent and
meaning of this act, that the mortgage
under authority of this act shall have the
rights and powers of first mortgage, and
the State shall be in the position, and shall
have the rights of q second mortgage only
PrOUit2ed, That when the bonds of the Com
pany to the amount Of 81 600, 600 shall
have been negotiated, the Company shall
be required to pay the debt due the State.
ia bonds OF the State at par. equal III value
to the bonds issued to the Company.
SEC 3. Be ii further enacted, That in con-
sideration Of the powers granted by this
act, the said Wilmington, Charlotte and
Rutherford Rail Road Company, on the ac-
ceptance of the same by ma iOrity of it's
stockholders, and on the execution of any first
mortgage deed as above mentioned shall
be deemed and held to surrender and relin-
quish all privileges Of further exchange of
bonds with the State, conferred by the
charter of said Company, or any amend
ment thereto.
SEC. 4. Be 1t further enacted That the
said Wilmington, Charlotte and Rutherford
Rail Road Company shall have power to
extend its road, 10y such routes as may be
see Line as the President and Directors
may determine, and to that end, shall have
all tie powers of condemnation of land,
for right of way and other purposes, as are
conferred by the charter of said Company.
SEC. 5. BE 1t further enacted, That this
act shall be in force from it's ratification.
Ratified Dec. 20, 1866.
r. Y McADEN,
Speaker House of Commons.
M. E. MANLY,
Speaker Senate.
BILL to Enable the Western Railroad Company
to Complete it's Road from the Coalfelds, in
chatham County, to some point on the North
Carolina Railroad.
WHEREAS, The Legislature Of North
Carolina, at it's session 1858 and 80, loan
ed to the Western Railroad Company the
sum of four hundred thousand dollars, for
which sum the Public Treasurer exchanged
the Bonds of the State for the Bonds of
said Company, taking as security therefor
mortgage upon said road and all it's roll
ing stock, and property of every kind and
description whatsoever; and, whereas, the
Legislature, again, at its session 1860 and
81, loaned to said Company a further and
additional sum of two hundred thousand
dollars, making the Indebtedness of said
Company to the State six hundred thou
sand dollars; and whereas, the interest of
the present Stockholders, as well AS the
State, wonld be promoted by the extension
of said road from its present terminus on
Deep River, to some point on the North
Carolina Railroad; now, therefore, to ena-
BILE said Company to raise the amount ne
| cessary to accomplish so desirable an OBJ
ject, by re-mortgage of said Road to some
one or more capitalists, and an increase Of
its means by additional subscription 10 It's
capital stock:
| SECTION 1. Be it enacted5y the General As
senably Qfthe State Of North Carolina, and ii
is hereby enacted By the authority Of tie same,
That the Public Treasurer be, and he is
hereby authorized and directed to subscribe
to the capital stock of the Western Railroad
Company the sum of six hundred thousand
dollars, being the amount the said Western
Railroad Company is indebted to the State
of North Carolina, and the Public Treasur-
er is hereby instructed to pay said Compa-
nv for the stock so subscribed, the bonds of
said Company now held by the State, and
that upon receiving a certificate OF certif-
Gates of stock as aforesaid, that the Public
Treasurer cancel and surrender to said
Company the bonds held as aforesaid, to-
gether with the mortgage on said Railroad
and its property, thereby releasing said
Western Railroad from any and all iabili-
ty to the State in consequence of said
mortgage and Indebtedness.
SEC. 2. Be 1T further enacted, That so soon
as said subscription shall be made by the
Pnblic Treasurer and the certificate or GER
tifcates of stock of said Company duly ex-
ecuted by the proper officers of said Com
pany, shall have been delivered, then the
mortgage on said Road, rolling stock, equip
ment and property of every kind and de-
scription, whatsoever, now held by the
State, shall be released, and so becoming
null and void, shall forever be void and of
no effect.
SEC. 3. Be ii further enacted, That to ena-
BILE such Company to raise the money ne
cessary to construct and extend said Road
to some point on the North Carolina Rail
road, to connect with said Road at such
point as may be selected by the Western
Railroad Company, or by the President
and Directors of the same, that said Presi-
dent and Directors are hereby authorized
and empowered to issue the mortgage
bonds of said Company in sums of not less
than one hundred dollars each, and not ex-
ceeding in amonnt 5000, 900, and to be ne
potiated at not less than par. and not to