Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1871-12-15

| commission shall ascertain that any sum or
| sums of money have $50 been used for the |
| actual benefit of the State then and in that |
| case, it shall be the duty of said commission |
| to ascertain what per centage of the gross
sum thus sought to be added tofthe public
| debt has SO been used for the benefit of the
State and if any person holding any such
manuscript paper or other thing so purport-
ing to be the bond or other obligation of
the State will surrender the same to the
said commission, it shall be the duty of the
said commission to certify under their hands
to the Governor of the fact of such sllrren-
| der-the character of such manu-
script or other thing purpOrting to
be the bond or other obligation
of the State, the number and date
| thereof and the sum of money claimed to
| be due thereon; and, it shall thereupon be
the duty of the Governor to issue to the
| person making such surrender bonds of the
State executed as provided in the second
| section of this act, equal in amount to the
same per centage of the sum so surrender
ed as the per centum so used for the benefit
of the State; Provided, nevertheless, that
no bond so issued to such person making
such surrender shall be of less or other
denomination than as provided in the sec
ond section of this act; and that it shall rest
with such person to increase any fractional
part of bond of such denominations TO
der the provisions of this section to one of
such bonds.
Sec 6. That said commission shall have
the power to exchange, in the ratio of one
dollar for one dollar the stock held and
owned by the State in the North Carolina
Railroad Company for the bonds, Obiga-
tons, or other evidences of debt of the State
made and issued to said company in pay
ment Of such stock, and the whole or any
part of said stock may be so exchanged, if
the said commission shall find it practicable
so to do; and if such exchange shall be
agreed upon, in whole or i'll part, such bonds,
obligations, or other evidences of debt of
the State so exchanged shall be surrendered
to said commission by the owner thereof,
and said commission shall certify under
their hands to the Governor the fact of such
proposed exchange and surrender the same
to such creditor, the character of such evil
! dence of debt so surrendered, the number
and date thereof and the sum of money due
! thereon; and thereupon, it shall be the duty
of the Governor to transfer to the person
, making such surrender stock the State
in the said railroad company in the ratio of
exchange in this section, provided accord
inc to the charter and bylaws of said rail
road company, and said commission shall
, have full power and discretion i'll order to
eff ctuate such exchange to make all neces-
!, Sary rules and regulations, to bring all nee
l eSSdfY SOllUS HI any COURT anu 10 COlllplO-
mise in the ratio of exchange in this sec
ton provided any and all suits now brought
= or which may be brought affecting directly
or indirectly the right of the State to stock
: i'll said railroad company,
i Sec. 7. That said commission shall have
4 tie power in their discretion to exchange III
, such ratio of exchange as may be agreed
! upon, the stock held and owned by the
: State i'll any railroad, navigation manUIfac-
;, tulin5 or other incorporated company for
!, the bonds, obligations, or other evidences OF
Il debt made and issued by the State under
and IN pursuance Of any statute passed be
O fore the twentieth day of May in the year
. of our Lord one thousand eight hundred
4 and sixty-one or made and issued in salts
o faction Of any bond or accrued interest on
q any bond is sued under any statute passed
!. anterior to said last mentioned date, and
q such exchange may be made for any sum
d or sums Of money which may be ascertain
- ed to be due or allowed to any person TN
der this act, and if any such exchange shall
p, be agreed upon, the said commission shall
4 certify under their hands TO the Governor
# the fact Of such proposed exchange, the
# names of persons proposing such exchange,
Il the character Of the bonds, obligations, OF
!, other evidences of debt, or manuscript OF
! printed papers purporting to be evidences OF
; debt, the number and date thereof, the sum
i due and pUupOrting TO be due thereon, and
Il the character and description of the stock
!, proposed to be exchanged, and when the
% persons proposing such exchange shall sur
render such bonds, obligations or other evil
II donceS of debt, or such manuscript or print
: ell papers purpOIting to be evidences OF
% debt then it shall be the duty of the Gov
;, crnOr to transfer to such person or persons
q making such SJlrCddcr OF stock i'll any such
J., railroad, navi cation, manufacturing, or 9th
Il cr incorporated company according TO the
* terms of agreement certified TO him by said
n commission III pursuance of the charter and
% bylaws of said company
i, See :. That the term evidences of debt
10 III this act shall embrace coupons.
10 Sec 9. That all bonds, obligations OF
:. other evidences of debt, or manuscript, OF
Il printed papers pIupOrtin9 to be evidence ot
debt surrendered to said commission under
q the provisions of this act shall as soon rs
O may he practicable, after they are so sur
+ rendered, be ascertained to be actually
i present and consumed by fire in the pres
= ence of said commission, the Governor and
20 treasurer, ard they shall certify under then
! hands to the Secretary of State such burn
10 inc, and the description OF such bonds and
# other obligations and other evidences Of
d debt and manuscript and printed papers
70 purporin@ to be evidences of debt so con
=, smed by fire, which certificates the Secre-
Il taIy of State shall file and safely keep iii his
Il office.
st Sec. 10. That said commission shall have
II and exercise all necessary powers to effect
4 uate the purposes of this act-they shall or
d ganize by eIecting one Of their number pre-
e sident Of the commission they may meet
o at pleasure i'll or out of this State and a
e majority of them may act i'll any capacity
r authorized by this act they may send any
d member Of the commission to any point OF
IL place in their discretion on the business OF
O the cOmmissiOn-they shall have tie right
l. to call upon the Governor or other officer
Il of the State for any information necessary
u about the purposes and business Of said
II commiSson-they shall have power to send
e for persons and papers and to administer to
e and examine persons under oath Ill refer
II ence to matters of the said commission, to
e make such publications as they may deem
If necessary from time to time, and to do all
d such matters and things i'll and about the
II purposes Of said commission as they may
d deem prudent and necessary under the pro-
Ii visions of this act.
II Sec. II. That said commission shall be
/ paid their necessary and reasonable eXpen-
e ses of said commission, and each member
e = dollars per day for every day in which
e he shall be necessarily engaged about the
: business Of said commission, which reason
L able expenses and per diem shall be Certi-
Il fed upon honor by the president Of said
o commission to the governor, who shall
: make his warrant OH the treasurer for the
/ sum of money 50 aSceitained to be due,