Western sentinel. [volume] (Winston [i.e. Winston-Salem], N.C.) 1856-1886, 1880-03-11
5 WINSTON, NJ C, THURSDAY, MARCH II, 1880

as security Tor said bonds.
SEC. 8. That the bonds TO be is-
sued by said reorganized company
shall run for a period not exceed
ing thirty years, and shall bear in
terest at the rate of six Per cent.
per aunum, payable semi annually
ou the 1st day of January and July;
and the bonds to be issued to said
State, as provided in section nine
of this act, shall commence to bear
interest on the 1st OF January, 1881,
and no bonds herein authorized to
bs issued shall commence to bear
interest at an earlier date.
SEC. 9. That of said bonds there
shall be delivered to the Treasurer
Of said State the sum of five hun
dred and fifty thousand dollars
1850, ,oO0), par value, payment for
the disbursements of said State on
account Of said company; and un-
til the delivery Of said bonds, said
State shall retain the lien it now
has upon the property of the com
pany, as provided Dy law.
SEC. 10. That upon the certificate
Of the commissioners, hereinafter
provided for that the railroad of
said company has been completed
according to the provisions of this
act, the United States Trust Com
puny Of New York city shall deliv
er to said William j. Best and as
sociates, their assigns or successors,
he deed of trust executed and as
signed to them in trust for said
WilliamJ. Best and associates, as
hereinbefore pi ovide,.
SEC. II. That 10 the event said
William j Best and associates,
their assigns Or successors, shall
fail to carry out said contract, the
measure of damages shall be that
| the grants made to them under
said deed of trust shall become null
and void, and upon the certificate
Of the commissioners provided for
in section fourteen of this act that
such failure has been made, said
Trust Company shall deliver to said
State or lis duty accredited agent,
or agents, the stock Of and claims
against said railroad company, to-
gether with the paper writing sign
ed by the commissioners Of said
State, and deposited with said
Trust Company,as we'll as all other
instruments assigned to said Trus'
Company IN trust for said William
j. Best and associates.
SEC. l2. Upon notification to the
Governor of said State that Will
liam J. Best and associates, theil
assigns or successors, have neglect
ed or refused for the period o
ninety days to comply with auo
perform tie covenants. agreement:
and provisions in said contract an6
: this act contained, said Governor
shall notify same " illiam J. Bes
!. and associates who sign said con
tract, their assi ms or successors
i'm ID me6iate.y to proceed with th'
work OF completing the railroad 0
: said Company according to saio
contract and the provisions Of thi
> act, aud should they fail to do 81
for periad of thirty days from tn
date OF such notice, the Geverno
shall then appoint Que Directo
from each Congressional Distric,
2 and one from the State at large
| who, together with the Director
| 10 be chosen by the private stock
holders, as hereinbefore provided
p shall elect one of their numbe
9 President, and such other officer
:, as may be necessary, apd shall Il
once enter into possession and alb
! solute control of the pr perty {
said Company as it may then exis
j and shall occupy and use the sam
q as they may deem best, and sna
:, proceed forthwith to complete S
much of the said road as may the
be upcompleted, upon such tern
and in such manner as may |
i agreed upon by them and the sal
William j. Best and associa- e
Z their assigns or successors. An
e at the time of the appointment
= the Directors, as in this sectio
: provided, i, shall be the duty of IL
Governor to Call meeting Of tt
= private stockholders OF said Con
= pany to assen BILE at such time an
Ir place as he may designate, al
r. when assemb bled they may, by
d vote of majority of the priva
id stock, proceed 10 elect th,ee dire
,c tors to cooperate In the organic
"a ton, management and control
,e said Company.
At SEC. 13. That il said William
i Best ard associates. their assiG
NJ or successors, shall fail to obse,
"A and perform the contract ma
an with them In pursuance Of this a.
~ Of which this shall be a part, a.
~ y, the property of said Company sb
q" again come into the control of So
:" ~ State as providid for in this act.
-, that part of said road from Sail
ea bury to Paint Rock, together vi
us the property, real and personal j
y n