Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1871-12-22
The State Debt.

The State Debt.
The following is the bill as passed by the |
Senate to compromise and adjust the debt
of the State. The concurrence Of the
House of Representatives is required to
make it a law:
Section 1. The Genera assembly Of
North Carolina do enact, That the Public
Treasurer and Acknowledgement shall adj
veItise in such newspapers as they may
select and invite proposals for an exchange
of the stocks held by the State in any rail-
road or other corporation for the bonds by
which the State acquired such or any other
bonds of the State (nOt special tax where
the stock is not specifically pledged for the
redemption of bonds issued to such cOrpOr-
! ation such bids shall be opened on day
/ appointed and those terms be accepted
| which may be most advantageous for the
! State; Provided, that in no event shall any
| of the said stocks be exchanged for less
/ than their par value, or less than three
bonds of the same nominal value issued i'll
aid of the Chatham Railroad, January LIST,
1868. And, Provided further, That no
stock in the North Carolina Railroad be eX-
changed unless i'll the same offer it is pro-
posed to take twenty shares of stock i'll the
/ North Carolina Railroad, ten shares in the
Atlantic and North Carolina Railroad Com
pany, eastern Division) and to pay there
for two bonds of $1,000 each OF the State,
issued to the North Carolina Railroad I'M
der acts Of 1S4S-49, chap. 81, or 1S54-'05,
chap. go; one bond of 81 900 issued to the
Atlantic and North Carolina Railroad UNI
der acts 1895, chap. 232, or acts of 1856,
chaps. "A and rs, and two bonds Of $1,000
issued to the Western North Carolina Rail
road, eastern DvSiOn) acts of 1S6G-'G7,
chap. 1O6.
Sec. 2. That any Railroad or other cor
porati0n which has heretofore received
bonds Of the State in exchange for bonds
of said corporation or persons folding such
State bonds shall be entitled to a surrender
Of the bonds of such corporation upon the
return to the Treasury Of any State bond
Of equal amount issued under the acts of
the General Assembly or ordinances Of the
! Convention authorizing such exchange,
and upon return Of all bonds issued I'M
: der any particular act or ordinance the cor
[ pOration shall be entitled to q cancellation
and surrender Of any mortgage executed to
the State for securing payment of such cor
; poratiOn bonds or State bonds; coupons on
/ said bonds may be exchanged i'll like man
I ncr and cut OFF and retained on either side
: to make equality.
L Sec. ,. 10 facilitate the exchange pro
posed in this act, the State does hereby re-
: linquish all claim for stock III the Western
e Railroad above one million one hundred
S225,O0 coupons now i'll the State Treas
uIy withheld on a former exchange of com.
pany bonds for stock i'll said Railroad, ant
= also the State does hereby relinquish al
claims to stock in said Company above sin
:, hundred thousand dollars upon the retuI
L to the Treasury OF the 100000 Of VII
e min9tOn, Charlotte 81 Rutherford COmpan,
IS bonds and coupons heretofore issued to SAT-
IL Western Railroad Company: PrOtidcl
;; That any person acquiring a share Of STATE
y stock i'll said corporation shall be entitled
II to all rights and privileges with the private
II stockholders i'll voting and i'll the election
II of directors, whose number shall be de
t, tclnined by the stockholders Of said Com
l. pany. The State also rclinquiSheS all CLAIM
II to stock in the Western North Caroline
Railroad above four millions Of dollars.
> Sec. I. That as soon as the proportion q
Il shares of stock foT which the State appoint
'c one director i'll any corporation is cX
'e changed, the right Of the State to appOin
such director shall cease and dcteimin
y and one director to be selected by lot sha
al be deducted from the number appointed o
IS the part Of the State and upon acccWalc
of this act by any corporation and sue
to guarantees given for its fulfilment as sha
be deemed sufficient by the Treasurer an
SO Attorney General all further right to repro
I'll sentatiOn by the State either by directors q
IL proxy shall cease and determine.
Sec. ). That as soon as may be practice
III bic the public treasurer shall receive tn
III bonds offered in exchange, and i'll The pre-
I'd Scnce Of the Auditor and Attorney Gener;
IL shall cancel the same. 1t shall also be III
10 duty to trallsicrtile stocks and execute sue
c0nvcyanccS Of the other interest hcrcinbC
O. fore mentioned us shall be deemed ncceS
'd sary, such conveyance to be i'll a form al
ne proved by the Attorney General.
IL Sec. 6. 1t shall be the duty Of the Aud
ny tor to make Il minute of what shall be don
as by the Treasurer in the premises, and
te make thelefrom such entries in the booi
re Of his Office as may secure a just accounti
IL bilty OH the part of the Treasurer bccaus
of the transaction herembcfoIc mentioned
OF Sec. I. The Public Treasurer shall max
special reports upon the subject Of this a.
Ike to the General Assembly at every session
g Sec. 8. That this act shall be in fore
Is from and atterits ratification.