The Charlotte Democrat., 1897-03-04
The End of the
Fight on the Lease

scribe the terms upon which foreign
railroad corporations may become
incorporated in this State, and for
other purposes.
The General Assembly of North
Carolina do enact.
! Section 1. That every railroad
corporation incol porated or organized
under or by virtue of the laws of any
government or State other than that
of the State of North Carolina,
which desires to own property or to
carry on business, or exercise anv
corporate franchise of any kind
whatsoever, in this State, shall first
file in the Office of the Secretary of
State copy of its charter, duly GER
titled, paying therefor fee of five
hundred dollars ($5OO), and shall
alse cause copy of such charter,
duly certified by the Secretary of
State, to be recorded in the office of
the register of deeds of each county
in which said company or corpora
ton desires to carry on business, or
to acquire or own property Such
copy of charter shall be authenticated
IN the manner directed by the statute
for the Authorization of records of
the State or county under whose laws
such corporation is chartered or
organized.
Section 2. That if any such chal-
ter or part thereof violate the pro-
visions Of this act or shall be in
contravention of the laws of this
State, such charter or such parts
thereof as conflict with the laws of
this State shall be null and void.
Section 8. That when foreign
railroad corporation shall have com
piled with the provisions of this act
by the fling of its charter and has
paid the fee as provided in the first
section, it shall thereupon become a
corporation Of this State, and shall
enjoy all the rights and be subject to
all the liabilities Of such domestic
corporations. It may sue and be
sued in the courts of this State, and
be subject to the Jurisdiction of the
laws thereof as fully as if the corpo-
ration had been originated and
created under he laws of the State of
North Carolina.
Section 4. Itshall be unlawful for
any foreign railroad corporation to
do business or to continue to do
business in the State without first
having complied with the provisions
of this act. Any non-residential
corporation which shall, on or after
the first day of May, A. D., 1897,
violate the first sections of this act,
or shall continue to do business as a
corporation within this State, shall
be guilty of misdemeanor for every
day that it shall so continue to do
business in violation of this statute,
and upon conviction shall pay fine
of $500. Such indictments shall be
tried in the Superior or Criminal
courts of any county wherein such
nonresident or foreign corporation
does business contrary to the pro
visions os this act. That any person
who shall aid, abet or assist a non
resident corporation in doing busi-
ness contrary to the provisions of
this act, either as officer or agent,
shall be guilty of a criminal offense,
and upon conviction thereof in the
Superior or Criminal courts of any
county in which the corporation
shall do business contrary to law,
may be fined not less than 500 or
more than $1,000.
Section 5. The North Carolina
Railroad Company is hereby author.
lied and empowered to lease its pro-
perry and franchises to any railroad
company contracting with it, directly
or indirectly, and to make, execute
and deliver any lease or conveyance
necessary to carry into effect the
powers above granted, by and with
the consent of a majority of its stock.
holders, in general or special meeting
assembled. Provided that the terms
of said lease shall not be greater than
thirty-six years.
Section 6. That the lease hereto.
fore executed by the North Carolina
Railroad Company to the Southern
Railway Company on August 10Th
1895, be, and the same hereby is
validated, confirmed and approved
subject to the limitation of time
mentioned in section five. But this
section shall not take effeot until and
unless the Southern Railway Com.
pany, lessee, shall, on or before the
first day of April, 1897, make, exc
cute and deliver to the North Caro-
lima Railroad ompany. by appropri
ate instrument, its assent to revision
or modification Of the lease executed
on August 9th, 1895, above named,
whereby the duration of such lease
from the date of its execution, shall
be reduced from the term of ninety
nine years to the term of thirty-six.
Section I. Under failure by the
Southern Railway Company to assem-
to such modification on or before
April 1, 1897, it shall be the duty
, of the Governor, by and with the as
. sistance of the Attorney General, anc
Esuch additional counsel, if any, a
the Governor shall deem necessary
to cause to be instituted an actor
, for the purpose of having declared
null and void the contract of tn
lease executed on the sixteenth dal
of August 1895, above mentioned
! aud the Treasurer shall be empower
ed to pay to such counsel such rea,
sonable compensation as he may ad
Judge proper to be paid, upon war
8 rant of the Governor, out of an
d money in the Treasury not otherwis
y appropriated.
The vote on the substitute wal