Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1871-02-17


| may vtraly and respectively be lawfully
ercised, Gre hereby authorized TO cause to be
held the necessary election or elections required
| to carry into effect comply with tae concluG-
! Ing provision OF said Section Of said Article OF
| the Constitution, il relation to any such sub
scr1ptlon, aDd IN relation TO the levy and cOlec
| ton of the amount Of taxes necessary for the
payment of any such sui scrIption or in relation
to the issuing of bonds or other evidences OF
Indebtedness to secure the payment OF such sub
scriptlon. For the payment OF any such sub
scTiptiou TO the capitel stock OF this COMPANY,
| or to provide for the payment of the bonds or
other evidences OF indebtedness (aEd the inter
! est which may accrue tbs reon) which may be
| issued as hereinafter provided, said Boards
hereby several)y and respectively authorized and
empowered to levy and coi.1ct within their sev-
eral and respective Jurisdictions the necessary
amount OF taxes, and to issue bonds or other
evidences Of Indebtedness IN such sums, pay Gble
at such time or times and at such rats OF inter.
| est not exceeding ten per cent. por anDun, pay
able annually Or eemi-annuaiIy they may
sew rally and respectively deem best, for an
amount In t"e aggregate not exceeding the
amount authorized to be subscribed TO said
capital stock at any election elections held
| for the purposes aforesaid; and any of said
Boards, it it shall deem 1T expediens to do, is
hereby authorized aod empowered to sell and
| dispose of its bonds or any number of its bonds
| duly made for the purposes aforesaid and apply
| the proceeds Of any such sale towards the pay
ment of any subscription made by such Board to
the capt. al etOcA IF said Com paIy; and in the
event any subscriptions to said capital stock
| shall be duly made and authorized aforesaid,
it shall be obligatory +le several and respec-
! tive Boards aforesaid making the sans to pro-
vide for the payment Of ho several eubecrip-
tions by them .eepcotivcly so made, By ar
nualIy, from year to year, lcVyInS and col
lecting from the different subjects of taxation at
| thor c2mraDd respectively Il sufficient amount
! for that purpose, ana such interest may
crue thereon. v hether the came be due by bonds
or III any other way, aud whether the indebtcd-
moss 30 created is due sn1 owing to said COM
pany or TO any other corporation or person VIII at
! sOeVcr.
| Sec 7. 1t shall ba the duty of the corporatoys
herein named, TO soon rs the sum of one hun
| 1red tlouraud dollars shall have been subscrib
ed to the capital stock of said corporation, and
| tiva per cent. of seld amount shall be paid, as
here!nbot0re required, to call general meotin &
! of tha subScribers to said capital stock, to be
! and place OF said nesting twenty days notice
shall be given III two or more If the daily nows-
papers published in said city.
rec S. That at tie general meeting OF the sub
scrlOers to the capital stock OF said company, to
be called as afuresAid, Board OF Directors.
consisting Uf rot less than i've more than
nine OF such subscribers, shall be
elected for the general direction and
mana cement of the affairs and business OF said
| company, who ehail hold their offices as such
directors for year, and until their success ors
are elected; and thero shall be annual meetings
| of the stockhodtrs CT eaid company, to be held
at such time and place as may be prescribed by
| the bylaws of said company, or d may be de-
termined at any general meeting of sach STOCK
holders, at which sad annual meeting q board
of directors Aforesaid shall be elected at g.!
such annual meetings, Snd at ell called meet
ings OF the stOckholders OF said company, eacl
share OF the stock Of said company. whether re-
resente d in person or by proxy, shall enttle the
holder to one vote and one more stockhcld
eTs. owning or representing ore hundred share.
OF SAID stock, may, On any subject matter 10 bt
divided at any such meeting, require that tht
vote shall be taken according to the stock helC
or represented by tho persons present. Tbt
election of directors shaI in ali cases be mad
by ballot, and by votes given according to Ihe
shares of stock he'd OF represented by the per
sons present, and the person or persOns nav
ing q majority Of the votas given shal
be considered as duly elected directors o
said company, The directors 80 chosen shsl
elect OAe CT their body the President OF thu
company, whose term Of Office shall continue 70
one year and until his successor shall be eleoteo
subject, however, to such bylaws in regard t.
his removal, death, absence or other incapacit,
to serve, as may be adopted by said company.
Sec 8. That il addition to the lands whicI
said company may acquire by contract with the
owners, Or by condemnation, nnder any OF th'
sections OF the chapter of the Revised Code on
titled Internal improvements, said company il
hereby authorized and empowered to purchase
and hold such piece or psrcel Of laud, not ex
ceeding five hundred acres, situate on neal
New River, in the county of Onslow, which s&id
company may consider as adVantageOusy 10
Gated as the site OF town, and may, at sucI
time or times as may be deemed expedient, sci
and dispose OF such piece or parcel of land
be considered most beneficial to th<
interest OF sald cGmFaHy, and ssid
company IS fqrttc1 authorized snt
steamboats, or other boats, as may be desired tC
be run and used on the Cape Fear River. OF
New hlVer aforesaid, or elsewhere IN connection
with the road to be constructed by said Com
pany.
| Sec. 10. That said Company shall have tht
right TO carry persons, goods, wares, merchan
disc, or anything whatever on the Bail Road tC
be constructed by said Company, Or OF
any vessel, steamboats, or other boats
which may be held by said Company Gs sfore
said, and at such rates and cIarges may bt
| fixed by the directors O. said Company, eai(
Company may lease ard farm out such right. iu
whole or in part, to any other corporation ol
person may be considered most advantsgeoul
to the inter est Of said Company.
Sec. IL. That this Company shall have al
the rights, powers, privileges and exemption
granted to tho Wilmington ana Weldon Raj
Road Company by it's original charter, and gal
amendments of ths sAlne in every respect, as il
granted and exercised by the afo. .esaid corpora
ton.
! Sec u. That the corporation hereby ere
} ated shall continue aud exist TO. fhs term o
laws in conflict w.t.. the msaning and purvI9w O
this act are hereby repealed.
Sec. 49, 4 hat this act shall take effect AMI bt
in force from and after the 21st November, 4
D. 1870.
10 General Assembly read three tines aud rat
flied, this 25th day OF JanTG.y, A. D. 1871.
tsigned.) THos. J. JARVIS,
Speaker of the House.
,SIgned E. j. WARREN,
Pres't and Speaker pro tom OF Senate.
STATE OF NORTH CAROLINA
OFFICE SECRETARY OF STATE,
Raleigh, January 81, 1871.
l, Henry J: Menninger. Secretary of State
hereby certify that the foregoing Is true cop
OF the original act on file in this office.
Is. Ii Fl. j. MENNIEGEB,
Secretary of state
Reported fo- tae journal.
REMARKS OF aR. ASHE,