Wilmington journal., 1872-01-05
From the Goldsboro' Messenger.
An Act to Consolidate the Planters
Railroad Company and the Whining
tom and DnsIOw Railroad Company.

North Carolina do enact That the Plan
ters Railroad Company and the Whining
ton and Onslow Railroad Company, may
and they are hereby authorized and en-
powered to be merged and consolidated ill
to one corporation in the manner and upon
the terms hereinafter provided.
Sec. 2. That at the first or any Subse-
quent meeting Of the stockholders of the
said Planters Railroad Company and the
Wilmington and OnslOw Railroad Com
pany, which may be called OF held after
the ratification of this act, Il majority of
each stock being represented Ill person or
by proxy, each Of said companies shall de-
eide by majority vote in favor Of or against
the consolidation and union of the two
companies aforesaid; and if a majority OF
the stockholders of the Planters Railroad
Company, and the stockholders OF the
Wilmington and OnsloW Railroad Com
pany, shall decide in favor of consolidation,
it shall be the duty Of the directors Of said
companies respectfully to perfect such con-
SOlidatiOn upon such terms us may be
agreed upon by them.
Sec. ). That after the Union and con-
solidation of said company as aforesaid, the
corporation thereby formed shall be known
by the name and style of the Wilmington
and Planters Railway Company.
Sec. 4. That the said Wilmington and
Planters Railway Company shall have all
the powers, rights, privileges and eXemp-
tions which are contained and provided for
in the acts incorporating the said Planters
Railroad Company and the Wilmington
and OnslOw Railroad Company.
Sec. ). That the said Wilmington and
Planters Railway Company be and the
same is hereby authorized to extend the
construction of their Railroad North
through the counties of Craven, Green,
Pitt, Beaufort, Martin, BERTHE, Hertford,
and Gates, to the Virginia line, and South
through the counties of Brunswick and
Columbus to the South Carolina line.
Sec. g. That the said Wilmington and
Planters Railway Company be and the
same is hereby authorized to increase its
capital stock to any sum not exceeding
four million dollars, and subscription to
same may be made on tlle part of indiyidu-
ais, municipal and other corporations, in
shares Of the value of one hundred dollars
each, which may be made in lands, timber,
work or money as may be stipulated.
Sec. Z. That it shall and may Oe lawful
for any incorporated city or town, or any
county in Which said railroad may be CON
structed, to subscribe for such amount OF
stock i'll said company as they or either OF
them shall be authorized to do by the in
habitants of said city or town, or citizens
of such county, in manner and fOrHl as
provided for in the act to incorporate the
said Planters Railroad Company, ratified
the 1st day Of March, 1870.
Sec. s. That the said Wilmington and
Planters Hallway Company is hereby au-
thOriZed to unite and consolidate with any
other railroad company or companies char
tered by and organized under the laws Of
this State, or chartered by and organized
| under the laws Of this State and any other
State or under the laws of any other State
| 1tn orr n jnf0 mi
bridge or ferry companies, said union and
| consolidation to be made and perfected up
on such terms as the directors Of the said
! Wilmington and Planters Railway Com
! pany may agree upon.
Sec. 8. That any railroad or other cor
| pOTatiOn Which may have been chartered
! by the laws Cf this State for the tIanspOr-
! tation OF freight and passengers is author
| lied to Unite and consolidate with the said
| Wilmington and Planters Railway Com
! pany, upon such terms as may be agreed
| upon by the CiFectOrs Of the respective cor
| poratiOns.
Sec. 10. That for the purpose Of borrow
| ing money it may and shall be lawful for
| the said Wilmington and Planters Railway
| Company to make and issue bonds payable
| in United States currency, American gold,
! or sterling to an amount not exceeding six
teen thousand dollars per mile Of its road
/
rectors of the said company, to be signed
! by the President and Secretary, and under
| the common seal of said company, in sums
of five bundled collars, or one thousand
dollars each, bearing interest not greater
| than seven per cent. per annUlm, and re-
! deemablc i'll the year nineteen hUndred and
! five, or at date earlier at the option of the
| said directors.
Sec. II. That to secure the faithful pay
| Of ho 1,ol
| be lawful for the directors of the SAID COM
| pany to make, execute and deliver to such
| person in the city Of New York, or else
| where, as the said directors may select or
| appoint, deed of trust or mortgage of the
said company to be signed by the president
! and witnessed by the secretary Of the said
, company, under the common seal of the
! Eame, wherein siidli be conveyed to the
| person thus appointed trustee or mVltga-
! gee, the road, property, income and fran
! chise OF said company acquired or to he
acquired, condition for the payment OF the
interest and final redemption Of said bonds.
/ Sec. II. That it may be lawful for the
said company to establish a sinking fund
! for the ultimate redemption of their bonds
| from the annual profits of the company,
and from the sale Of any lands or other
! species of property donated, purchased or
subscribed i'll aid of the construction Of the
| said road and its brs lches.
! Sec. Is. Be il enacted, That th0 aaid
/ company is hereby authorized and einpOw-
cred to construct and maintain their rail
/ road across, along or upon any stream Of
! water, water course, street, highway, turn
! pike or canal, which the route Of its rail
road may interest or touch, but the said
! company shall make proper draws i'll any
! bridge OF said road, which ipay rross'a nav
/ igablc stream suitable for the passage of
| such vessels, fats or boats as may navigate
such streams at such point or crossing, and
| shall restore any stream, water course,
street, highway turnpike or canal thus in
tcTsectcd or touched, to its former state, or
such state as not unnecessarily to have i'm
paired its usefulness, and the said company
shall have the right to cross, intcrScCt, join
and unite its railroad, or any Of its branch
Os with any other railroad ut any point or
points on ita rOnLC, or at either Of bJth ter
mini and upon the land Of SlRh other rail
roads or other corporation, with the neces-
sitfy turnOUts, Sdings, switches, platforms,
buildings, sheds, warehouses, workshops,
depOts, whaFVcs and other GOnyrniGncics in
furtherance Of the object Of It's connections.
Sec. II. BE il enacted, That the said
company shall have the right TO commence
the construction Of said railroad at any
point or points it may deem to its interest
SO to do ;. and shail have the IuIihcr rlgirt
of using any portion ot Said road cOnstflfc-
ted by them, before tile whole OF said road
shall he completed, and may charge for
transportation Lhui6ph.
Sec. l.. BE it enacted Fiat the said
company is hereby authorized and apt-
powered to erect, maintain and operate one
or more lines of telegraph along its roadway
branches ti,,,r