Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1880-05-27

sum OF three hundred thousand dollars, under
authority conferred by the stockholders; and
said mortgage and two hundred thousand
dollars of the bonds Hereunder executed, were
delivered to John Phifer, John J. Mcclure
and L. D. Childs as trustees, for sale or hypoth-
ecation as therein directed in said authority;
and whereas no sale or hypothecation has been
made of said bonds, except to the amount of
four thousand dollars and whereas John
Phifer and John j. Mcclure, as surviving
trustees, still hold said bonds and mortgage,
except the $4,000 above specified, and it is
deemed for the best interests Of this company
that the said mortgage and bonds be cancelled
and new mortgage bond Hereunder he sub
stituted therefore, be it resolved:
l. That John Phifer and John J. Mcclure,
surviving trustees, be authorized and request
ed to cancel and return to the Treasurer of
this Company, the mortgage and bonds here
tofOre issued under the above authority.
2. That the President and Treasurer of this
Company, upon the cancellation of the bonds
and mortgage as above provided for, are here
by authorized, directed and empowered to
execute, under the supervision of the Board of
Directors and under the seal of this Company,
afirst mortgage on the entire property and fran
chises Of this company, of any and every nature
or description whatsoever, upon it's entire line
of road, rights of way, depots, buildings, real es
tate and personal property situate in and be-
tween the town Of Chester in the State of South
Carolina, and in and between the town of New
ton, in the State of North Carolina; said mort
gage to be executed and delivered to three
trustees, who with their successors, shall be Sc
lected by said Board, and conditioned to secure
the payment of bonds of this Company to the
amount of two hundred and fifty thousand
dollars.
3. That bonds, secured by said first mort
gage, in such denominations as may be DEEM
ed advisable by said Board of Directors, paya-
ble twenty years after date, with interest cou-
pons attached thereto, providing for interest
on said bonds at the rate Of seven per cent.
per annrm, payable semi-annually at such
times and places as said Board may therein
provide, be likewise executed and delivered to
the trustees under said mortgage.
1. That said trustees when appointed, are
hereby requested and directed to deliver said
bonds to the Treasurer Of this Company, to be
used under the direction Of said Board for the
following purposes:
/. To substitute or sell, so many in amount
thereof as may be necessary to retire other
mortgage bonds OH said road, and to fund or
pay any outstanding Indebtedness that may
have been, or shall hereafter be agreed upon.
2. To sell or hypothecate the remaining is
sue VI Sttlu JULIUS lol CdSil, etlc PloeCouo w po
used in the construction of the road beyond
Dallas in the State Of North Carolina, and in
the equipment of said road. And said Treas
urer is hereby directed to reserve in bonds, or
their proceeds, the par value Of fifty thousand
dollars; the whole of said amount or so much
thereof as may be necessary, to be used and
applied exclusively to placing the iron and
superstructure OH so much of the road as lies
between Lincolnton, in the State of North
Carolina, and Newton, in said State, after the
grading, masonry, bridging and trestling, shall
have been made ready for the iron and cross
ties on that part of the line of said road.
On motion of J. j. McLure, it was ordered
that three hundred copies of the proceedings
of the convention be printed for distribution
among the stockholders Of the company.
On motion of L. M. Grist, the convention
adjourned to meet at Lincolnton, N. c., on
the first Thursday of June, 1881.
JOHN S. WILSON. Chairman.
JAMES MASON, loo,-o.o,,
JOS. F. WALLACE, ''