Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1873-05-02

ICtlu ne aHIlUaIIy Iuduc oCSoisthhSAs
but if the day::of election shall pass by
without any such election, 1t shall be
lawful to hold an election on any other
day. in such manner as shall be pre-
scribed by the bylaws of the corpora
ton.
SEC. i. That the affairs of the COM
pany shall be managed by general
board, to consist of nine directors, to
be elected by the stockholders at their
first annual meeting, and at each sub
sequent annual meeting. Each stock
holder shall have as many votes as he
has shares in the stock of said COM
pany. All such elections shall be by
ballot, and the persons having ma
jority of the votes cast shall be de-
clared duly elected. Provided, That
the stockholders may at any annual or
general meeting establish different
scale or rule Of voting, if two-thirds in
also reduce the number of directors
Der not less than five.
Sec. 5. That the President of said
Company shall be elected by the board
of directors, from among their num-
Der, i'll such manner as the bylaws
of all other officers and agents, and the
rate and manner of their compensation
shall be provided for by the bylaws or
rules of said Company.
Sec. Is. That the said Company may
construct, or aid others in construct
ing, any lateral or other railway branch,
branches or feeders to their main
railway; or may lease, hire, purchase
~ hn nd
of the same. And the said Company is
authorized to open books for subscrip-
tons to any amount they deem neces-
sary for such purposes, or to con-
str1ct any branch or branches to,
from or connecting with their main
road, and to make the stock so sub
scribed separate and independent of
the stock of the main road, and to be
applied exclusively to the construction
of the branch road for which it was
subscribed, according to such agree
ment as may be entered into by the
subscribers aforesaid, with said Com
pany. And all bylaws, agreements
and covenants, which may be made by
and between said Company and the
subscribers to the stock aforesaid, for
the construction and management of
any branch road, shall have the force
and effect of law, in all respects the
same as though embraced in this act
SEC. T. That the said Company may
purchase, have and hold in fee or for
term of years, any lands, tenements
or hereditaments which may be neces-
sary or convenient for the use of said
railway or branches or the appurte-
nances thereof; Or for the erection of
repositories, storehouses, houses for
officers, servants or agents of the said
Company; or for the workshops,
machine shops or foundrias, to be used
by or for said Company; or for prOcu-
ring stone, gravel, ballasting or other
materials necessarytO the construction,
repairing, eduipping and operating of
said road, or for etfecting transporta-
ton thereon, or suitable for conveniently
for conducting its business.
SEC S. That said Company shall
have the right, when necessary, to con-
duct the said railway or branches
across or along any public road or
water course: P,Orided, That said
Company shall not occupy or obstruct
any public road without constructing,
Hhen practicable, another road equally
As good and convenient; nor without
making III any bridges OF said railway,
which may cross navigable stream, a
draw sufficient for the passage of such
sells as usually navigate such
streams. which draw shall be opened
by the Company for the free passage
of such vessels; nor shall said Company
construct any bridge or arch of any
bridge SO as to impede the passage of
rats of ordinary size, either on the
main stream or any branch.
SEC Q. That when any lands or right
OF way may be demanded by said
Company, or condemned for the pur-
pose OF constructing their railway, or
branches or feeders, and for the want
OF agreement as to the value thereof,
or from any other cause. the same
cannot be or is not purchased from the
owner or owners. the same may be
taken at 4 valuation to be made by
three Commissioners, or majority OF
them. TO he appointed by the Clerk of
the Superior Court Of the county
where some part of such land or right
OF way Is situate. In making said
valuation the said Commissioners shall
take into consideration the loss or
damage which may accrue to the owner
or owners, IN consequence Of the land
or right Of way being SO taken or sur
rendered, ana the benefit and adj
vantage he, she or they may receive
from tie construction of such railway
or other works, and shall state particn-
LARRY the amount and value of each;
and the excess OF loss or damage over
the benefit end advantage, shall form
the measure of damage and valuation
of said land or right of way; Proridcd,
nevertheless, That if any person or
persons. over whose lands said railway
or branches may pass, or said Com
pany be dissatisfied with the valuation
OF said Commissioners, then, and in
that case such perso', OF persons, or
said Company so dissatisfied, may
have an appeal to the Superior Court
in the. county, where said valuation
has been made, or in either county in
which the land lies; or some part
thereof, when it may lie in
more counties than one. The
proceedings of said Commission
ers, accompanied with q descrip-
ton of said land or right of way,
shall be returned, under the hand and
seal of the Commissioners, to the court
from which the commission issued
there to remain n matter of record.
And the lands or right of way so
valued. by said Commissioners, shall
thenceforth vest in said Company, as
long as the same shall be used for the
purpose of said railway or branches,
whenever and SO soon as the amount of
said valuation may be paid, or tender
ed. Proridcd. That on any applic,e-
ton for tho appointment of Commits
sioners under this section, it shall be
made to appear to the satisfaction of
the court that at leastten days previous
notice has been given by the applicant
to the owner of the land SO proposed
to be condemned, by leaving such
notice at his residence, if within the
county; or if the owner or owners be
infants or non cO1npOs nacntis, then to
the guardian If such owner or owners,
if such guardians can he found within
the county: or if i'll either case the
owner or guardian cannot be so found,
then such appointment shall not be
made unless notice of the application
shall have been published, at least once
a week. for four weeks preceding, in
some newspaper published as conven-