The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1873-03-19
Railroad Bill
Acl I'm Relation TO The Sale and Com.
: plelIOn OF the W. 4. G. &. n.
crcr1ox Tba co,o.., 49,.

That Tod 3. Caldwell, George
Davis, NJ. E. Manly, J. H. Wilson
and w. L. Steele, are hereby consti-
tuted a committee to be joined and
associated with the commissioners
appointed by the Circuit Court of
the United States, for the Western
District of North Carolina, held at
Greensboro, in case wherein Hen
ry Clews and others are plaintiffs,
and the W. n. G.. r. r. Company
are defendants. for the purpose of
selling the Railroad and all the fran
chise and property connected there
with, under and in pursuance of the
orders and DEGREES of the said Court
made, or hereinafter to be made, in
said cause.
SEC. 2. That the commissioners
so appointed by this act, together
with the commissioners appointed
by the Court, or a majority of them
shall have power to arbitrate any
and all debts, claims, bonds or obi
cations embraced by said suit, to-
gether with all other claims against
said Railroad company. and allow so
much of the same as said commits
sioners may deem just and legal,
and if any of the creditors shall
purchase the property. then such
creditor shall be allowed his debt
under the order or decree of the
Court or commission, in the dis
charge of his bid or so much of said
bid as may he necessary therefor.
SEC. 8. That said commissioners
shall require the purchaser or pur-
chasers of the property, to give them
satisfactory assurances of their abili-
ty and honest intentions to complete
the Road,and shall take from such
purchaser or purchasers such obli-
cations as the said commissioners
shall deem necessary and sufficient
to build and complete said Railroad
according to the provisions of this
act.
SEC. 4. That in case the COM
missiohers appointed by the Court
should refuse, or from any cause
whatever fail or neglect to act, then
commissioners hereby appointed
shall have full power to carry into
effect the provisions Of this act.
SEC. 3. That said commissioners
shall have the power to employ a
clerk, and have all the rights and
powers conferred and named in Res
olution entitled Resolution to pro-
vide for a commission to examine
into the management and prospects
Of the Atlantic and n. G. Railroad
Company" Laws of $3.50. ]
That the commissioners shall make
a full report of their action in the
premises to the next session of this
General Assembly.
SEC. 6. That the purchasers of
property, their associate successors
and assigns be, and they are hereby
created, 2 body corporate and poll
tic in law, under such manner and
style as they may select, and by
that name shall have a corporate
existence for ninety-nine years and
shall be capable of purchasing. hold
ing. selling leasing and conveying
estates, real, personal and mixed,
and acquiring the same by gift, re-
lease, or otherwise, so far as may, or
shall be necessary for the purposes
within the intent and purview of the
charter, and by that name may have
exercise and enjoy all the rights.
and powers usually exer-
cised by corporations, may sue and
be sued. plead and be implicated in
in all courts, may have a common
seal. and alter the same at pleasure,
and may make from time to time.
and after the same, all such bylaws
and regulations for the management
of their business and property, as
they may deem proper, not incon-
sistent with the Constitution and
laws of this State and the United
States.
SEC. 7. Said corporation shall
have the power and the right to pur-
chase, lease. own. manage AMI use a
Railway from Salisbury. in the county
of Rowan. North Carolina, to Ashe-
vile, in Buncombe county. thence to
Waynesville. in Haywood county,
and from Asheville TO Paint Rock,
in the county of Madison, North
Carolina, and thence to Morristown.
in the State OF Tennessee, and
thence. in their discretion, to Cum
berland Gap and Cincinnati, Ohio.
And from Asheville, North Carolina,
to Spartanburg and Columbia,
South Carolina; and it may consoli-
date on such terms as may be agreed
upon, with any Railroad corporation
or Railroad property within the State,
or within the States of South Caro-
lima, Tennessee, Kentucky, or Ohio,
and may purchase or lease any Rail-
road property, with its rights and
franchises, and may finish any Rail-
road so purchased, leased or consoli-
dated with.
SEC. 8. That the capital stock of
the said corporation shall be for such
an amount, and may from time to
time be increased. under such rules
and regulations as may be determined
on by majority of the stockholders.
and the corporation shall have the
power to classify such capital stock,
and regulate the manner Of the pay
ment of the same. Prorided. Said
capital stock shall not exceed ten
million dollars. and said corporation
may provide by its bylaws. in what
way and manner the said capital
stock may be represented. and may
in the bylaws prescribe what and
how many officers the corporation
may have, and the duties and CON-
pensation of the same, and their
manner of appointment.
SEC. 8. That said corporation
may from time To time Issue its