Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1872-12-20
WILMINGTON, CHARLOTTE AND
RUTHERFORD RAILROAD.

Tie following bill was introduced last
week i'll the House, by Mr.. Bennett, Of
Arson. 1t will be seen that it is herein
to incorporate the Wilmington
and Western Railway Company, purchase
the Wilmington, Charlotte and Rutherford
RaiirC ad, aud connect one part with the
Mississippi and Ohio Vallies
BILL TO EE ENTITLED AN ACT TO IN
CORPORATE THE WILMINGTON AND
WESTERN RAILWAY COMPANY.
SEC. /. The General Assembly Of tie
State Of North Carolina DO e7!dct Is fol-
lo1rs That Edward Mathews, Horatio G..
Onderdonk, Timothy S. Porter, Andrew V.
Stout, James S. WhedOee, Chas. II. Rob
erts, Silas n. Martin, Francis w. Kerch-
her, 5. L. Fremont, h. Il. Lilies, G. NJ. II.
McAuly, II. NJ. Houston and John i.
Brown and their associates, are hereby
made and constituted corporation with
perpetual succession, TO be known by the
name and style Of " Wilmington and West
crn Hallway Company" and by that name
shall be capable Of purchasing, holding,
selling, leasing and conveying estates, real,
personal and mixed, and of acquiring the
same by gift and devise, so ia as shall be
necessary for the purposes embraced with
in the scope, object and intent Of this char
ter, and no further, and by their corporate
name may sue and be sued, plea and be
impleaded, in any court of law and equity
in the State Of North Carolina, and may
have and use common seal, which they
shall have power to alter at pleasure, and
have and enjoy all other rights and imlnu
mites which other corporate bodies may
and Of right do exercise, and may from
time to time make all such bylaws, rules
and regulations as they may deem proper
and necessary to their government, aud the
interest OF their company, not Inconsistent
with the constitution and laws of this
State and of the United States. And they
may forthwith open books of subscription
to the capital stock of said corporation in
the city of Wilmington or elsewhere,
under such regulations as they may pre-
scribe. Said capital shall not exceed ten
million Of dollars, to be divided into ten
thousand shares of one hundred dollars
each, acith such preferences IN classes Of
stock as the stockholders may determine.
SEC. 2. Said corporation is hereby
authorized to construct and make, or to
purchase, hold and complete, the cOnst1uc-
ton Of railway from the city of Whining
ton to or near the most eligible point on
the line of division between this State and
the State OF Tennessee or Virginia, or
either Of Them.
SEC. ,. That so soon as the sum Of five
hundred thousand dollars shall have been
subscribed it shall be the duty of the per-
sons named in the first section Of this act,
to appoint time for the stockholders to
meet at Wilmington, in the county of New
Hanover, which they shall cause TO be pre-
vi0usly published for the space Of two
weeks in one or more newspapers, as they
may deem proper, &C Which time and place
the said stockholders, in person or by
proxy, shall proceed to elect the directors
of the company, and to enact all such
regulations and bylaws as may be neces-
sary for the government Of the corporation
and the transaction Of business. The per-
sons elected at the meeting shall serve such
period rot exceeding one year, as the stock
holders may direct, and 1t this meeting the
stockholders shall fix upon the day and
place or places where the subsequent cleo
ton Of directors shall be held, and such
election shall thenceforlh be annually
made but if the day CT election shall pass
off without any election it shall be lawful
to hold an election on any other day, in
such manner as shall be prescribed by the
bylaws OF the corporation.
SEC. /. That the affairs Of The conpany
shall be managed by general board TO
consist If not exceeding ten directors. TO be
elected by the stockholders, At their inst
annual meeting, and at subsequent annual
meetings each stockholdcr shall lave as
many votes as he has shares III the stock
OF the company, and this election Shall be
by ballot, the persons having majority of
II votes cast shall be considered duly
cleo ed. procidol, That the stockholders
may at any geneI al IN, ing establish
different scale Of voting, if two-thirdS in
number and interest shall consent thereto,
and may also reduce the number of direc-
tors to any numl er not less than five.
SEC. ). That the president Of the COM
pany shall Ee elected by the board Of di-
rcctors from among their number in such
manner as the bylaws may prescribe
And the appointment of all other officers
and agents shall be provided FIR by the
bylaws Of the company.
SEC. q. That the said Company NAV
construct or aid others in constructing any
lateral railway, branch or branches, or
feeders to their main railway, or may lease,
hire, purchase, or otherwise secure the use
and control of the same. And the said
Company is authorized to open books for
to any amount not exceeding
$4,000 per mile to construct any branch
or branches to their main road, and to
the stock so subscribed separate
and independent t the stock Of the main
road, to be applied exclusively to the con-
struction of the branch road, for which il
was subscribed, according to such agree
ment as may be entered into by the sub.
scribers aforesaid with said COMPANY
And that all bylaws and covenants that
may be made by and between the subscri-
bers to the stock aforesaid, and tie said
Company for the construction and manage
ment OF any branch road, shall have the
force and effect of law in all respects, as
though embraced in this act.
SEC. Z. That the said Company NAV
purchase, have and hold in fee or for a
term OF years any land, tenements or he
redltaments which may he necessary for
said railway or branches, or the appu1te-
nances thereof, or for TIE erection of de-
posltorles, stocehouseS, houses for the Off |
GERS, servants or agents Of the Company,
Or Tor workshops or touhdries, to be used |
Tor said Company, or for procuring stone |
Or other materials necessary to the con-
struction of said road, or for eflecting |
thereon, and for no other |
purposes whatever.
SEC. 8. That The Company shall have |
,he right, when necessary, to conduct the |
said railway across, or along any public |
-oad or water course: PrOrided, That the |
laid Company shall not obstruct any pub
ic road without constructing another
equally good and convenient, nor without
making draw in any bridge of said rail-
way, which may cross naVigable stream