Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1875-04-02
WESTERN N. G.. RARLROAD.
Il Bill to be entitled s.47 Act an re-
tGtiOn to the Western North CaroH-


|
lGtiOn to the Western North Caroli
no railroad.
SECTION l. The General Aseena6la
Of North Carolina do enact, That the
Governor of the State of North Caro-
lima and Robt. F. Armfeld and Jas
l.. Robinson are hereby appointed
Commissioners who shall purchase
the Western North Carolina Railroad
and all the property appertainine
thereto, at a sale thereof to be made
under decree of the Circuit Court
OF the United States, at Greensboro
IN the Western District of North Caro-
hna, and any claims against said Wes.-
ern North Carolina Railroad Company
winch may be necessary to secure to
the State of North Carolina a ferfect
and lndefeasible title to the said West
ern North Carolina Railroad and all
It's property and franchises. if they
can purchase the same for sum not
exceeding $3.50, 900, and to pay for it
the said Governor, Armfield and Rob
lnson, Com missiopers, are hereby
fully authorized and instructed to
issue bonds in the name of the West
ern North Carolina Railroad Com
pany, of the denomination OF one
thousand dollars, bearing interest at
the rate of seven per ce,t'ttnl per
! amman, payable sen,i-annualiy, and
due at fifteen years from date, signed
by the Chairman and countersigned by
the Secretary of said Com mission and
sealed with the seal Of the Company,
aud such bonds shall be numbered
cunaec"tively. and III the usual form
! of mortgage bonds, and the coupons,
after maturity, shall be receivable in
| payment Of any taxes or other dues TO
! the State: ProUided, said bonds shall
! DE received at par Ill payment for the
sad railroad property and franchises.
! ErGGidCd, that if the Commissioners
/ fad hat any Of the claims necessary
/ t. acquire title are frauduleni b shall
not be required to purchase them, but
/ shall iepDrt 10 the next General Assem-
/ bly,.
sec , That TO secure the payment
of the bonds and the interest Us the
| same may come due, the Commission
ers aforesaid shall have the right and
power tn execute and deliver motgage
deeds, WI!iI power of sale, to such
trustee as may be selected or agreed
on. the same to be signed hy the
Chair man, and one Or both OF. the other
Commissioners, conveying such rail
j'tftIl, pIopt7ltf dfEtl 1Tdbcil StS, lucjttu-
i"g road bed, suparstructure. equip
'nent and all its real and personal
estate; and said deed or deeds, when
uuly executed. may be recorded in
the Registers Office in RowJu county,
and its registration IN that county
snail be deemed an efectual and suff.-
cient registration for all purposes,
and shall give it priority over all
al
and it shall! not be necessary to +. gie-
ter the same IN any other county, any
law to the contrary notwith, tanding:
PTOCiGed, That no sale under the
mont gage or mortgages herein provid-
ed for, shall be made by uirtue of any
decree of foreclosure without first
having given six months notice there
of by public advertisement in six
newspapers of the largest circulation
in the State
See. 3. That if the Governor and
said Armfeid and Robinson shall pur-
chase said road, 1t shall be the duty of
the Governor. by and with the advice
and consent of the Senate, to appoint
three commissioners, who shall man
age said road and it's affairs during
the pleasure of the General Assembly,
and to build and complete the same to
its termini at Paint Rock and the
Georgia and Tennessee line near
Ducktown, according to the charter of
said Western North Carolina Railroad
Company. and the acts ameuda-
tory thereof. They shall have
power to appoint the necessary
officers to operate AID manage said
road and keep the same In repair
They shall require true and accurate
ACCOUNTS to be kept of all the earnings,
incomes and expenses of said ,ad,
and make semi-annual reports to the
Governor Of such accounts, and of their
actipgs AMI doings; and they shall
semi annually pay into the Treasury,
except as may be here after provided,
all the net earnings and income of
said road, and the Treasurer shall
k9cp al accurate account of all sums
of money SO paid in, and note the same
III his reports to be submitted to the
General Assembly. The said Com
mjssioners before entering upon IL cir
duties herein provided for, shall exc
cute bond payable to the State of
North Carolina (Which shall be ap-
proved by the Governor) in such sum
as may be necessary to So cure the
State, but in no case shall said bond
be less than double the amount OF the
net earnings for the proceeding year:
PTOUi6Cd That no person shall be ap-
l.oiuted commissioner WHO has been
connected with any fraudulent trans
action in connection with any railroads
or other public works of this State.
See. 4. That the public Treasurer
shall, on demand, after maturity, pay
out of the moneys received from said
railroad, tt e interest upon the bonds
authorized by this act, and if at any
time there shainot be sufficientfund on
haud u fully discharge such interest.
then he shall pay such deficit out of
the general fund. keeping an accurate
account of the advances so made,
which shall be lien upon the rail
road and all its property, second only
to the mortgage heretofore provided
for.
See. 3. That upon a reorganization
of the company under this act, the
State of North Carolina shall be as
sigUcd three-fourths of the stock, and
the private stockholders one-fuurth of
the stock, uuder such regulati ms for
"ppOrtioume nt of the private stock as
the comm issioners may prescribe; that
after s'ich organization the number of
e C'fHllii-SicDGES SIidli tF'- ttCtthStu W
four, one OF whom shall be elected by
the private Stockholders, III suci. nlau-
ner as the G. nm 'ssioners hereinb.'f,re
provided for shall prescrih. ProCj-
dtd, That the State of North Carufina
shall, in all meetings of the stock
holders, have voice equal to the
account Of the stock assigned to the
State by the provisions of this act.
SEC. 6. That the commissioners pro-
vitled for in this act shall have such
eOuvic's as are not necessary tor com
rlrting the Peniteuii gry for k,bor-ts
upon tue unfinished portion Of tie
Western North Carolina Railr al as
they mayrequire, and may use such por-
ton of the net earnings of the roa in
its construction as they may deem
r1ptr: A'sd 20rocided further, That
one-half Of the net earnings of said
road shall first be applied to the pay
ment Of the coupons upon the bonds,
and that said net earnings shall he de-
nDsitrd in the State treasury for that