Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1871-04-14

Of the North Carolina Railroad Between
UoIdsborO' with the Atlantic and North
Carolina Railroad.
SEC. /. The General Assembly of North
Carolina do enact, That it shall be lawful
for the ckholders of the North Carolina
Railroad Company at any meeting held
within ten months after the passage OF
this act, according to the Charter and By
Laws thereof, to transfer to the Atlantic
and North Carolina Railroad Company all
that portion of the North Carolina Rail
road between Goldsboro' and the passen-
ger depot at Raleigh with all the rights,
franchises and privileges owned and pos
gcssed by the said road therein.
Sec. q That at any meeting SO held the
proposition shall be submitted to the pri-
vate stockholders of eaid n. Z. Is. Ii. Co.,
that the said n. G. r. r. Go. transfer to
the Atlantic 6 n. G. r. Il. Co. all that
portion Of the N. G. Il. II. lying between
(foldsboro' and Raleigh. AS an equivalent
therefor the Atlantic u n. 4. Is. H. Go.
shall admit the n. G. Il. Il. Co. as stock
holder to the amount of six hundred thou
sand dollars and bo entitled to vote there
in in the proportion of the stock owned
in the A. & n. @. IL. Il. Co., and said vote
shall be by proxy, elected by the N. O. r.
Il. Co., at it's annual meetings. This trans
fer TO go into effect upon the acceptance
of tue proposition contained in Section )
by the Atlantic & N. g. Z. II. Co., and
transfer indicated in Section /.
Sec. 3. That the tariff of rates for carry
ing freights or passengers OF that portion
of the said road between Raleigh and
Goldsboro', shall be the same whether the
said freight or passengers are destined to
or from NeWberne or Morehead City, and
way stations on the Atlantic and N. @. r.
r., or to or from Wilmington or any way
station on the Wilmington and Weldon
r. f., and equal facilities shall be furnish
cd both said roads in the transfers Of
freight in furnishing and transferring
through cars. =,
Sec. t. That asjsoon as practicable. afbel
the passage of this act, and the acceptance
of the foregoing pre- psition by the private
stockholders of the n. q. r. r. Co.. q
meeting shall he called of the stockholders
of the Atlantic q n. G. Il. Il. Go. to con
slider the transfer herein provided for, a.
which meeting this question shall be sub
mitted to the private stockholders Iha
the n. G. +. Il. Co. shall be admitted as {
s:ockholder fthe amount of $500, 900 dol
lars( of stock and be entitled to VOTE
therein in tho proportion to the stool
owned in the a. & n. @. Il. Il. Co., anC
as an equivalent therefor the N. q. Il. Il
Go. shall make the transfer to the Atlanti
& N. G. r. Il. %. of that portion OF sal'
North Carolina Railroad between 0oIus
boro' and Raleigh.
Sec. 5. That portion of the n. Q. Il. II
living between Goldsboro' and RalelgI
thus transferred to the Atlantic n. Q
R.R. Co., taken in pursuance of this act
shall be subject to the same pledges am
bound in the same manner to the holder
of the bonds of tho State issued for tn
building Of the n. O. II. r., as the Stat
stock in said Company is now bound.
Sec. 6. That if the private stakeholder
of the North Carolina Railroad should nc
at their first meeting hereafter accept an
consent to the consolidation and transte
herein provided for, or If for any othe
canse the same be not carried into efeC
within six months from the ratihcatlo
hereof, the proper officers OF the Mort
Carolina Railroad Company are hereb
authorized and empowered to lease to tn
highest bidders, under such regulations
they may prescribe, that portion OF the
Road between GoldsEoro' and halelgn Il
term of years not less than five, ne
more than twenty, and at price not le
than twenty thousand dollars per annun
or not less sum than ten per cent. grea
er than the present net profits of that pc
ton of the road, as near as the same 1ns
be ascerteined, whichever may be mo
advantageous to the N. @. r. Il. Co.
Sec. Z. Upon the acceptance of this O
as provided in section and section 3, I'll
n r. r. Go. shall Immediately maE
the transfer provided for In section l.
Sec. 6. This act shall take effect fro
it's ratification for the purposes indicate
but shall be of no binding force again
the State until accepted by the prlvs
Stockholders of the corporations mere
mentioned.