Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1874-02-20

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President of the United States to c.u.
he Secretary of the Treasury Of ~.
United States TO indorse the ..r.".
Provided. That said bonds are ~
dorsed by the treasurer of the at.
Of North Carolina by AUTHORITY a ~
in said State of North Carolina. Ana
when the cross-ties aud iron have heon
laid Oh any ten miles, it shall ha ~
duty of the chief engineer to csr+;fs
to the President Of the JIn;ta9
States, who shall send the
to examine tho
same and if said commissioners .hoi,
find that the cross-ties and iron have
been laid in a good. substantial. and
workmanhke manner Oh suck ten cav
secutlfe miles of said. railroad or rail
roads, they shall SO certify to the
President of the United States and
that il the bonds of the comparv bava
been issued to pay for the same v;th
the Endorsement of the Treasurer Of
the State OF North Carolina upon them.
and by authority of law in said State.
then the PRESIDENT Of the United States
shall cause the Secretary of the Treas
ury OF the United States to indorse
them and in like manner whenever
ten additional consecutive miles of
said railroad or railroads are graded.
and the oross-ties and iron laid down.
AS before said. and this act has been
computed with in all particulars. it
shall be the duty of the President of
the United States to cause the Secre-
tary OF the Treasury to indorse the
bonds of the company until the entire
road or roads sire completed to all
points named in this act: Provided
FURTHER, That the affairs OF the COM
pany are economically managed. and
that the prices paid for work nre lust
and proper: A,ed provided further.
That the whole number of miles of
railroad or railroads, for the construc-
ton of which the bonds of the COM
pany are SO Endorsed, shall not exceed
four hundred and that all the iron
used in laying the track of said road
or roads shall be of American mann
facture
SEC. II. That the said intlorsen,ent
of the Secretary of the Treasury of the
United States upon the bonds of the,
company, as aforesaid, shall constitute
n first lien upon the said railroads thus
built, road bed, rolling stock, non,
cross-ties, depots, and so forth, until
the said bonds Of the company have
been fully redeemed.
SEC. IL. That the capital stock of
the North Carolina, South Carolina
and Georgia Extension Railway Com
pany shall be fixed by the board of
directors, at their first meeting, at a
sum not exceeding thirty million dol
lars, in shares of one hundred dollars
each, and when the amount is SO fixed
it shall never be increased.
SEC. IA. That the principal Office of
said North Carolina, South Carolina.
and Georgia Extension Railway Com,
pany shall be located ut Asheville,
North Carolina; but branch Offices may
be established at other places, in the
discretion OF the board of directors.
SEC. Is. That all meetings Of tho
board of directors shall be held ut the
principal Office, in AsheviIle. where
the books of the company shall be
kept. The offices of the President.
the Treasurer, the Secretary, and the
Attornevo of the Company shall also be
located in'Ashevillie, North Carolina.
Sec. l6 That the persons CONSTITUTE
ing the different boards of directors of
the present companies named in this
act. with other companies which may
consolidate, accepting the provisions
of the same, shall constitute the first
board of directors of the North Caro-
lima. South Carolina and Georgia Ex-
tension Railway Company. who shall
hold their offices until their successors
shall be elected and qualified.
SEC. II. That all subsequent boards
of directors of the said company shall
be elected by a general meeting of the
stockholders, and shall consist of net
less than fifteen or mere than thirty
directors, who shall each own in his
own right five shares of capital stock
in said company, and who shall hold
their offices for one year and until
their successors shall be elected and
qualified.
Sec. IL. That at all elections for d.
rectors of the said company each share
shall be ntitled to one vote, which
may be given beithe holder in person
or by proxy; and it shall be lawful for
the directors to fill all vacancies in the
board by vote of the majority in any
meeting of the directors, a quorum be-
ing present.
Sec. 10. That ut the first meeting of
the stockholders of said company, the
permanent number of directors shall
be fixed; and whatever number that
may I've, it shall require q majority, in
Guiding the president, to constitute
legal board for the transaction of bust
ness. -...- .s... ..s..-.
Sec. 20. That the board of directors
of the said company shall, at its first
meeting and at each subsequent yearly
meeting. elect from the directors .
president and vice president The
a treasurer, secretary and All attor-
ney. and shall fix the compensation OF
each officer =
Sec. 81. That the president of the
said company shall have authority 10
employ such civil engineers, superin-
teudents, agents, clerks, conductors
and other persons as may be necessary
for the transaction of the business of
the company: Prorided, That = ma
jority of the board of directors present
at any meeting may order the dismissal
of any such employe.
SEC. 22. That the president, vice
president, treasurer, secretary or At
tOrney may De removed from Office by
a two-thirds vote of the whole number
of directors, who may elect the success
sor of either of them by a majority of
votes.
SEC. %. That it shall be the duty Of
the president to lay the exact business
accounts of the company, together
with the vouchers establishing their
correctness, before the board Of direc-
tors at each regular meeting;, and he
shall be responsible for the correctness
of the same, and each member of the
board of directors shall also be respon-
sible for the correctness of the ac-
counts after their approval by said
board of directors.
SEC. d. That the board Of directors
shall meet every six months or oftener,
at the call of the president; and in oil
meetings of the directors, a record OF
the proceedings shall be kept by the
secretary, and all questions shall be
determined by a majority of the ayes
aud nays, to be recorded in the pro-
ceedings, and at the end of the meeting
signed by the president and directors
present.
Sec. Is. That the board of directors
shall have power to sell, mortgage OF