Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1873-12-05
0,,liIllllNQtoll .Hol.'l>"::
WILMINGTON, y. &.
FRIDAY. DECEMBER 5. 1873.
From the Raleigh New

Purchas the Wc~fern North Caro-
lima Railroad, "a ed fer Other E'nr-
poses E'hcrein Mentioned.
The following bill was introduced in
The State Senate on Tuesday by Col
l.. w. Humphrey, which bill is OF
considerable interest to the North
Carolina public. 1t is low being con
sidered by the Legislature:
SECTION 1. TIE Ge.'... mi ~i~~u'iIY
nj North CuT0iinu dn Cjtuct, rs .f,/-
do1rs. That the North Carolina Raj
road Company, a corporation c,l;r
tered by the General Assembly, =
sion 1852, is hereby authorized 10
construct and make, or to purchase,
railway from Salisbury to OF near
the line of division between this STATE
and Tennessee. or either, or both ul
them.
Sec. 3 The said North Carolina
Railroad Company may purchase the
Western North Carolina Railroad, or
any one or all the divisions of the
same, whether ut judicial sale or at
any other sale that may be made
thereof, and thenceforth may have,
hold, possess and be entitled to the
said Railroad and all It's contracts.
purchases, rights, privileges and i'm
munitiea, and all the property and
estate of every description, real and
personal, belonging to the Wessern
North Carolina Railroad Company.
and by such purchase the said Com
pany shall acquire all the rights,
privileges and immunities conferred
on tie Western North Carolina Rail
road Company by its charter and all
amendments thereto.
Sec. 3. Said corporation, in case it
shall become the purchaser Of the
Western North Carolina Railroad, Is
authorized to complete the construc-
ton of said Railroad and all its divis-
ions. and shall have the necessary
powers for doing so ana for tn" pGr-
pose of raising money to accomplish
the purposes of this Act, the North
Carolina Railroad Company may, at its
option, make, execute and issue its
bonds, payable with interest thereon,
III United States currency or III gold,
and in this country or any foreign
country or State, and at any rate Of
interest. its elect not exceeding eight
per cent. per annum, and for any
amount not exc eding seventeen thou
sand dollars per mile Of roads and
branches made or TO be made, which
bonds shall l. signed by the FreSi-
dent and attested by the Secretary Of
the Company and sealed with its cor
porate seal, and be wholly or partly III
sums OF five hundred or one thousand
dollars, or each, with the usual half
yearly interest coupons annexed. The
principal and interest of said bonds to
be made due and payable at such
times, places and prices as the Direc-
tors may select, and said Company
are hereby prohibited from ever re-
sisting the payment thereof on the
plea OF usrIry. The proceeds arising
from the sale of sad bonds, and also
from the sale Of certificates OF stock
herein authorized to be- isslted, may be
applied to the construction, purchasing
ana repairing OF the railroads and
branches, for equipping the same, for
disc1arging any Indebtedness OF said
Company and for purchasing any Sc
curitics or liabilities which may embar-
rass the operations of said Company.
Sec. +. TO secure the payment Of
these bonds, and a-y other evidences
If debt issued as aforesaid, and the
interest thereon as the same becomes
due, the said corporation may execute
and deliver mortgage deeds, with
power of sale, to such trustee or t~us-
tees as may be selected or agreed on,
the same to he signed by the President
and attested by the Secretary Of said
corporation, conveying its railway
branches. franchises and property, in
Guiding its road-ted. superstructure,
equipment, chooses i'll action. evidence
of debt, and all its real and personal
estate Of whatever kind: and the said
deed or deeds, when duly executed,
may be recorded i'll the regist rs office
IN the county of Wake, and its regis
tratiOn III that county small be deemed
an official and sufficient registration
for all purposes whatsoever, and give
It's priority and preference over all
claims agaist said corporati, II, aud 1t
shall not be necessary to record or
register the same in any other county,
any law to the contrary nOtwithstand-
ing.
Sec. >. Immediately after the pas
sage and ratification of this act it shall
he the duty of the Governor to notify
the President of the said North Caro-
lima Railroad Company Of the same,
and it shall be the duty OF tile said
President TO call q meeting of the
stockholders Of the Company. and
submit this act and amendment OF
their charter for their acrcrtanc" or
rejection, and ii a ma lority OF the stock
so represented shall vote 10 arccpt the
same it shall become a part of tHe;r
charter.
SEC t. Upon acceptance nf this
Act by the said stockholders rs above
provided, there shall be new organi
zation of the said Company. The dl-
rectors of such new organization shall
elect Il President and other officers,
according to the provisions OF Its char
ter, ano the Directors and the Presi-
dent and other officers Of aitch ne"
organization, shall hold their Offices
fer the term of five years The Gov
ernor shall have power TO remove any
enc of the Directors appointed by
him, for cause Of which he is to be the
Judge, and IN case OF such removal he
shall have power TO fiji the vacancy.
The Directors shall have q like power
to remove, for cause OF which they
shall be the Judge, any officer elected
by them, and in case Of such removal
10 fill the vacancy. When the said
term OF five years shall have expired,
then the provisions of its charter
shall be complied with in having an
nual meetings of stockholders and the
appointment and election of Directors
and officers. Immediately after the
appointment and election of Directors
and officers IS herein provided, the
terms Of the Directors and officers
now holding shall cease and deter
mine, and they shall surrender the
same and turn over the railroad prop
erty, papers and effects q the SAID
Company to thu newly-elected officers
SEC. Z. The said North Carolina
Railroad Company, for the purpose OF
raising means to enable it to carry out
the purpose of this Act, shall Lave au-
thorlty to issue certificates OF stock to
SAID Company to any amount, PROV
ded the pa value Of the same Shall
not exceed the sum expended III pnr-,
chasing, contracting, completing AMI
eqmping the lines of railroad the com
pany may acquire under the proE'slhl'S
Of this Act.