Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1867-03-08
4 BILL.
To be entitled Act to enable the West
Railroad" Company to extend its
Road across the SOrth Carolina Railron Il
to the Virginia line, near MT. Airy, in
the County OF Surry.


Road across the sorth Carolina Railroad
to the Virginia line, MT. Airy, in
the County of Surry.
SECTION l. BE il eDuctod bY he Geye,rl
lSSeu1Ltv0f Mn state Of ND,M CrrUiio0. t;,su
it IS hereby enacted By he autdpHy Of Mc
sttnto, That the President and Directors of
the Western Railroad Company shall have
full power and authority TO extend the main
track of this said ''Western Railroad -
across the North Carolina Railroad, by the
most practicable route, 10 pass by or near
Salem, i'll the county of Forsyth thence
by the most practicable route, by or near
Mt. Airy to the Virginia line.
SEC. ,. Be il ,fu,Itc,' enuthTI That the
capital stock Of said corporation may be in
creased to the sum Of three million of dol
lhrs, and that, for securing the same, books
of subscription may be opened at such
times and places, and under the direction
of such persons as the President and Direc-
tors may appoint, first giving ten days no.
tice of the time and place, and the said
corporation may employ suitable persons
to canvass the different sections of the
State to procure such subscriptions and
keep open tie books until "a sufficient
amount is subscribed.
Sec. ). Be it .fu11her eaucted, That the
Public Treasurer be and he is hereby au-
thorized and required to subscribe on be-
half of the State to the capital stock of the
| Western Railroad the sum of one million of
dollas. Said subscriptions be paid with the
second mortgage bonds of the Wilmington,
Charlotte and Rutherford Railroad Compa-
ny, now held by the State, and secured by
a mortgage upon all estate, both real and
personal belonging to said Company, sub
ject to the same equities the State now has
Pr'orided, That said bonds shall be re-
ceived by said Company at their par value.
SEC. 4. Be 1t further enacted, That the
proceeds of the bonds hereby authorized
to be subscribed, shall be equally divided,
and one-half of said amount expended on
Railroad, and the remaining half expended
on that portion of said road East of the
North Carolina Railroad.
SEC. 5. BE ii further enacted, That the
individual subscriptions made west of the
North Carolina Railroad to the capital stock
Of said corporation, shall be expended on
the western division, as above, and the
money subscribed east of the North Caro-
lima Railroad, expended on the Eastern Di-
vision, the North Carolina Railroad being
the dividing line between the western and
eastern divisions Provided, That any in
dividual, or individuals, may at any time
direct on which division of said road his
subscription may be applied.
SEC. 8. Be ii further enacted, That the
President and Directors Of the said Wes-
tern Railroad Company are hereby author
lied and empowered to receive in payment
of subscriptions to the capital stock of
said corporation, land in any quantity that
may be offered by subscribers, and that the
said corporation may have, hold, possess
and enjoy the same, and that the said land
may be sold or mortsaged for the purpose
of raising money in such way, and on such
terms, as may be deemed best for the in
terest of the stockholders.
Sec. z. Be ii further enacted, That this
act shall be in force and take effect from
and after its ratification.