The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-09-12

them in a place where it could dictate
its own terms. | felt then as | know
now that it was a great and supreme
opportunity to make pirates of the fin
anciaI seas unload some of their plumber
for the benefit of our treasury and our
schools. With proper mana cement we
would have made them pay the twenty
seven hundred thousand dollars of six
per cent Construction State Bonds, and
three millions in cash for our treasury
and the schools.
THE MOODYIZED BILL.
The General Assembly of North Caro-
lima do enact:
Section l. That so much of the Char
ter of the North Carolina Railroad Com
pany and taxation of all amendments
thereto as in any way exempt the pro-
perty, privileges, rights and franchises
of said corporation from taxation is
hereby repealed, and so much of any
law or clauses of any law as exempt
said property, privileges, rights and
franchises from taxation is hereby re-
pealed; and all the property of said cor
poration of every kind and description,
not personal and mixed, shall be subject
to taxation in the same manner and of
er railroad corporations in this State.
Section 2. That chapter 62 of the
laws of eighteen hundred and forty
eight, and eighteen hundred and forty
nine, Incorporating the North Carolina
Railroad Company, and all acts or parts
of acts amendatory thereof, are hereby
altered, so that the interest of the State
of North Carolina, as a stakeholder in
said corporation, shall be controlled and
represented as hereinafter provided.
sSection j. That all power now vest
ed in the Governor, by virtue of said
acts of Incorporation, and by virtue of
all acts or parts of acts amendatory
thereto, to appoint State Proxy and Di-
rectors in the said, The North Carolina
Railroad Company, is hereby repealed.
Section f. That George H. Smathers,
of Waynesyille, n. c., is hereby elected
10 act as proxy for the State in all meet
ings of the North Carolina Railroad
Company, which may hereafter be call
ed and held prior to the adjournment
Of the next General Assembly. He
shall represent the interests Of the State
in said Company; shall have the power
of substitution, and shall not be re-
quired to own stock in the Company.
Section 5. That upon the appearance
of said State proxy or his substitute at
the place fixed for Il meeting of the
stockholders of the North Carolina Rail-
road Company, such meeting shall be
considered and declared duly organized
and ready to proceed with business. 1t
shall be the duty of said State proxy or
his substitute at the proper meeting of
stockholders of said Company to vote
for and elect eight directors on the part
of the State, as members of the Board
Of Directors of said Company. Such
State directors shall be suitable persons
and holders of at least one share of stock
in said Company at the time Of their
election. The said State proxy may call
special meetings of the stockholders of
the North Carolina Railroad Company,
when in his opinion it is necessary.
Section 6. If for any reason the an
nual meetings of said stockholders are
not called, it shall be the duty of said
State proxy to call meeting to be held
at some place fixed by him upon thirty
days notice, which shall be published
In some newspaper in the State.
Section T. 1t Shall be unlawful for
stockholders to combine for the purpose
of preventing the organization of meet
ings of stockholders in any company, or
corporation in which the State is al
stakeholder; or for any officer or of
hcers be neglect or otherwise to do or
omit to do any act necessary to call the
regular or special meetings of such cor
porations. Any person guilty of viola
ton of this section shall be liable, upon
conviction, to a fine not to exceed $4,000
and Imprisonment for not more than |
six months, in the direction of the court |
Section s. The Secretary of State
shall furnish to the proxy appointed |
under this act a certificate under the |
seal of the State, showing his appoint |
ment.
Section 8. All laws in conflict with |
this act are hereby repealed
Section 10. This act shall be in force
from and after it's ratification.
l hereby certify that the foregoing is
true copy of IS. II. 1885," now on file
with tabled bills of the Senate, ses-
sions Of General Assembly, 1885,
J. G. ELLINGTON.
State Librarian and Custodian.
August 2Sth, 1895.