Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1872-12-20

,,,,,Ieted. but may make such necessary
I,.ngas as NAV be deemed advisable in the
Ina eIready surveyed, but which has moi
,'aon connieted west Of Charlotte; and i
10 said Company shall become the pur
chaser of the said road, and shall rot com
DIato the same to the city Of Charlotte
Tfri,Iir the space Of three years thereafter
then the said Company shall forfeit al
riohts TO extend their road beyond the
nTesent Western terminus Of said road.
SEC. Il. Said Company may purchase,
own or possess, alone or in connection with
any other Company or individual, steam
holts and other vessels to ply and sail from
no mort of " ilmin2tOn to any ether city
in the United States, or else where, and
NAV take and secure for sail Company 5
nse. such rates Of pay for transporting
freight and passengers or other acccmmO-
datiOn. on or bv or with said boats or yes
sells. as they may from time 20 time estab-
lisb. or be able TO make nv contract with
their customers.
SEC. IS. For the purpose Of raising
money to accomplish tie purposes OF this
act, said Company may, at It's option,
make, execute and issue lis bonds, paya-
bic in Unite States currency fOT gold, and
in this country or any foreign country, or
State, and at any rate 81 interest not eX-
cceding eight per cent. per anruIn, and
for an amount not exceeding SO, 900 per
mile of its roads and branches, made or to
be made, which bonds shall be signed by
its president, and Witnessed or attested by
its secretary, and under their corporate
sell, in sums of $500 or $1,000 each, with
The usual half yearly interest coupons an
rexed. The principal and interest Of said
bonds to be made due and payable at such
times and places and in such manner, and
10 be sold at such places as the directors
NAV elect, and sail Company are hereby
prohibited from ever resisting such pay
ment on the plea Of usuuy. The proceeds
Of said bonds may be applied to the rc-
pairing, constructing and purchasing of a
railroad and branches TO extend over the
routes aforesaid, and equipping the Same.
SEC. 10. That to secure the payment Of
these bonds and other evidences of debt,
issued as aforesaid, and the Interest thereon
as the same becomes due, the said coIpo-
ration may execute and deliver mortgage
deeds with powers Of sale to suclr trustee
or trustees as it may select, signed by the
president and secretary OF said corporation,
conveying its franchises and property, i'll
Guiding its rOad-bed, SupCrStruCtjire, chooses
in action, evidences Of debt, and real and
personal estates, Of whatever kind, aud the
said deed, when executed, may be regis
tered III the county of New Hanover, and
the registration in that county shall be
deemed an effcCtual and sufficient regiStra-
ton for all purposes whatsoever, and it
shall not be necessary to register the same
in any other couuty-any law to the con-
trary notwithstanding.
SEC. 20. The stock Of said company shall
be deemed personal estate, and shall be
transferable in the manner prescribed in
its bylaws. In case its capital stock is
found to be insufficient for constructing
and operating its road, and the branches
hereby authorized, or conducting any of
It's business hereby authorized, said com
pany may, with the concurrence Of two
thirds in interest of all its stockholders,
increase its capital stock from time to time
to any amount it deems necessary or re-
quired But such increase must be sane
toned by a vote in person or by proxy, of
tWo-thirds in interest Of all the stock
holders at q regular annual meeting, or a
special meeting called by the directors for
that purpose.
SEC. 81. This act shall be in force from
its ratification.