The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1867-01-08
LAWS PASSED BY THE LEGIsI.A-
TIRE


Rutherford Railroad Company to complete
its Road, pay its Debt to the State, and ex-
tend its Road to the Tennessee Line.
Section 1. Be it enacted by the General
Assembly of the State of North Carolina, aud
it is hereby enacted by the authority Of the
same, That for the purpose of supplying funds
to enable the Wilmington, Charlotte and Ruth
| erford Railroad Company to complete its road,
and to discharge its debt to the State, the said
Company shall have authority to borrow money,
by the issue of bonds or other evidences Of debt,
authenticated in such manner as the President
and Directors of said Company may deem best
in sums not less than five hundred dollars at q
rate of interest not exceeding eight per cent,
principle and interest payable a. such time and
place as said President and Directors may elect,
the bonds so issued not to exceed four millions
dollars.
Sec 2 Be it further enacted, That to secure
the payment of these bonds and other evidences
of debt issued, aforesaid, and the interest
thereon, as the same may accrue, the said Will
mington, Charlotte and Rutherford Railroad
Company may execute and deliver mortgage
deeds, signed by the President and Secretary
OF said Company conveying its franchise and
property, including its road bed, superstructure,
chooses in action, and real and personal estate of
whatever kind, and the deed of mortgage, 80
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 mort
gage under authority of this act shall have the
rights and powers ofa first mortgage, and the
State shall be in the position and shall have
the rights of second mortgage only; Provided,
That when the bonds of the Company to the
amount of $4,O00,O 900 shall have been nego-
tiated, the Company shall be required to pay
the debt due the State, in bonds Of the State at
par, equal in value to the bonds issued to the
Company.
Sec. g. BE it further enacted, That in con-
sideration of the powers granted by this act, the
said Wilmington, Charlotte and Rutherford Rail-
road Company, on the acceptance of the same
by majority Of its stock holders, and on the
execution Of any first mortgage deed as above
mentioned, shall be deemed aud held to sur
render and relinquish all privileges of further
excha nge of bonds with the State, conferred by
the charter of said Company, OF any amendment
thereto.
Sec. 4. Be it further enacted, That the said
Wilmington, Charlotte and Rutherford Railroad
Company shall have power to extend its road,
by such routes as may be deemed best, to such
point on the Tennessee Line as the President
and Directors may determine, and to that end
shall have all the powers of condemnation q
land, for right of way and other purposes, rs
are conferred by the charter of said Company.
Sec. 5. Be it further enacted, That this act
shall be in force from its ratification.
Ratified Dec. 20, 1866. s....
BILL to enable the Western Railroad Com
pany to complete its Road from the Coal6elds,
in Chatham county, to some point on the
North Carolina Railroad.
Whereas, The Legislature Of North Carolina,
at its session 1858 and so, loaned to the Wes-
tern Railroad Company the sum of four hun
dred thousand dollars, for which sum the Pub
lie Treasurer exchanged the Bonds of the State
for the Bonds of said Company, taking as secu-
rty therefor a mortgage upon said road and oil
its rolling stock, and property of every kind and
description whatsoever; and; whereas, the Leg
islature, again, at its session 1860 and '6l,
loaned to said Company further and additional
sum of two hundred thousand dollars, making
the Indebtedness of said Company to the State
six hundred thousand dollars; and whereas, the
interest of the present ockholdeIs, as we'll as
the State, would be promoted by the extension
OF said road from its present terminus on Deep
River, to some point on the North Carolina Rail-
road; now, therefore, to enable said Company to
raise the amount necessary to accomplish 90
desirable an object, by a re-mortgage of said
Road to some one more capitalists, and an
increase Of its means by additional subscription
to its capital stock
Section L Be it enacted by the General As
seDbly of the State of North Carolina, aud it
is hereby enacted by the authority Of the same,
That the Public Treasurer be, and he is here
by authorized and directed to subscribe to tho
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 Treasurer is hereby instructed to
pay said Company for the stock so subscribed,
the bonds of said company now held by the
State, and that upon receiving a certificate or
certificates of stock aforesaid, that the public
Treasurer cancel and surrender to said company
the bonds held aforesaid, together with the
mortgage on said Railroad and It's property,
thereby releasing said estern Railroad from
any and all liability to the State 10 consequence
Of said mortgage and indebtedness. 5f 90 81
Sec. 2 Be it further enacted, That 30 soon
as said subscription shall be made by the Pub
lie Treasurer and the certificate or certifcatesef
stock Of said Company duly executed by the
proper officers of said Company, shall have been
delivered, then the mortgage on said hoad,
rolling stock, equipment and property OF every
kind and description, whatsoeyer, now held by
the State shall be released, and so becoming
null and void shall forever be void and Of no
effect. ..-
Sec g. BE it further enacted, That to enable
such Company TO raise the money necessary to
construct and extend said Road to some point
on the North Carolina Railroad, 10 connect with
said Road at such point as may be selected by
the Western Railroad Company, or by the Presi-