Western sentinel. [volume] (Winston [i.e. Winston-Salem], N.C.) 1856-1886, 1880-03-11

uIuuCIdttOH vi OAHU OlotC loi tnC
convict labor employed upon said
road WITHIN the periods named shall
be computed at and after the rate
of one hundred and twenty-five
dollars per capita per annun.
SEC. 4. That during the con-
struction of the railroad of said
Company, and until the same shall
have been completed, said State
shall furnish TO said William J.
Best and associates, their assign or
successors, not less than five hun
drcd able bodied convicts' under the
supervision of an officer appointcd..by
the Board of Directors of the State
Penitentiary, and said William j.
Best and associates, their assigns or
successors, shall pay to said State
for and in consideration of the SER
vice of said convicts price not ex-
cecding one hundred and twenty
five dollars per capita per annu,n,
which shall include the board,
clothing, maintcancc, supervision,
and all other expenses, payable
quarterly that is t" say, on the first
day of May, August, November
and February.
Sec 5. That upon the execution
of said contract said William j .
Best and associates shall rcorganizc
said Company upon the basis of a
capital stock of four million of dol
lars, which shall be considered and
deemed preferred stock and there
shall be set aside and reserved of
said stock, for the benefit of the
private stockholders of the West
ern North Carolina Railroad Com
pany as the same may exist at the
date Of the ratification of this act,
the sum of two hundred and twelve
thousand, five hundred dollars,
(S212,5OG,0 which stock shall be
divided, pro rata, between private
stockholders according to the num-
Der of shares OF the stock of the
said last mentioned Company, re-
spcctivcly held by them PfoUided,
That said Company, by majority
vote of the stockholders in interest
may issue second or common stock
i to AN amount not exceeding fifteen
thousand dollars per mile of said
road, if, in their discretion, it shoult
appear desirable or necessary to
hasten the completion of said road
and said Company as rc-organlzcd
by said William j. Best and associ'
ates, shall be governed by a boart
of nine directors who shall be elec-
ted by a majority vote of the stock
holders in interest.
SEC. 6. That after its rc-organi-
zation as hereinbeforc provided
said Company may execute and de-
, liver mortgage deeds with power o
sale, to such trustee or trustees a
! may be selected by the Board 0
Directors, said mortgage deeds t
he signed by the President an,
Secretary of said Company, by AM
$ under the direction Of the Beard q
Directors, conveying the railroad
t property and franchises, inclndin
E: road-bed, superstrncture, equip
: ment and all the real and persona
Q estate Of said Company to secur
the payment of such bonds and tn
8 interest thereon as the same sha
n become due, as it may issue to al
q in the construction and eqnipmer
: of its railroad and said mortgag
: deeds, when duly executed, may b
u recorded in the Registers Office
:. in Rowan County, and its registra
e ton in the county shall. be deeme
d an cffcctual and sufficient registra
II ton for all purposes, and it sha
1 not be necessary to register II
d same in any other country, an
y other law to the contrary notwitf
8 standing; ; Provided, That no sa
le under the mortgage deeds herei
g provided for shall be made by vii
ot ture of any decree of forcciosul
L without giving ninety days motto
: thereof III three newspapers pnt
: lishcd in the State of North Care
ar lima.
rr Sec. 7. That the bonds to be il
l. sued under the first of said NOR
ID gage deeds shall not exceed Il
IN sum OF fifteen thousand dollars p
st milo for each mile of road finish'
y, and ready for operation, and sa
or bonds shall have printed in t
); body thereof that they are issu
ai for the purpose of completing t
his railroad of said company, and til
of the mortgage deed Of said comp
i ny, executed to secure the payne
ed of said bonds, cannot be foreoclos
k until said railroad shall have be
lid completed to Paint Rock a
i Murphy aforesaid Provided, II
mp until the SS5o,OOO of bonds nj
}. outstanding shall have been pa
IS the aggregate of bonds autho.iz
he to be issued. as provided in t
cl,on Lo loo. <i,,n