The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-01-24
THE 8. A L. BILL.
Measure Regarding the System Introduced by
Senator Burroughs

An act TO authorize the Seaboard Air
| Line Railway, necessary TO the Richmond.
| Petersburg and Carolina Railroad Com
| pany to possess and exercise the powers
| conferred in the latter road and TO au-
| thorize leases, purchases, sales or con-
| solicitations between it and other railroads
0 transportation companies:
Wheeas, the Richmond, Petersburg and
North Carolina Railroad Company, a COR
poration existing under the laws of Vir
| gina and North Carolina, has received by
| the act of the General Assembly of North
| Carolina, known as chapter "a of Pubic
| Laws OF 1899; by the act of General AS
scmbly of Virginia known as chapter 49,
approved January y. 1900, certain powers
and the corporate name thereof has be IN
duly changed unto Seaboard Air Line Rail-
way, and it is desirable that the said
corporation should have equal powers in
States CT Virginia nNdhrtoks. :o.ru-lAr
States of Virginia and North Carolina
therefore
The General Assembly OF North Caro-
lima do enact
Section l. That the Seaboard Air Line
| Railway, successor TO r. P. and c. r. r.
Co., shall have and exercise in the State
of North Carolina the corporate powers
| vested IN the r. p and c. r. r. Co.,
under its charter and the amendments
thereof heretofore enacted by the laws of
the State, and especially the powers con-
ferred by act of the General Assembly of
| North Carolina. ratified January 31st,
| 1899 being chapter 80, Public Laws of
1899; and it shall have from time to time,
as occasion arises, may exercise the fol-
| lowing powers or any OF them.
(a). With the approval of a majority in
amount of its stockholders given at any
annual meeting or a meeting specially
called for that purpose or a meeting at
which all the shares of capital stock are
represented in person or by proxy. it may
from time to time lease, use, operate,
consolidate with or purchase or otherwise
acquire; or be leased, used, operated by
or consolidated with the Seaboard and
Roanoke Railroad Company and any
railroad CIR transportation company now
or hereafter incorporated by the laws of
the United States or any of the States
thereof whether such company be formed
by the consolidation of other companies
or not; and from time TO time ii may
consolidate it's capital stock. property and
franchises, by change of name or other
| wise with the capital stocks, property
and franchises of any other such rail
road or transportation company. upon
such terms as may be agreed upon by
the respective companies power being
hereby granted to any railroad or trans
portatiOn company or companies now or
| hereafter incorporated by or under any
act or acts of the General Assembly of
North Carolina, with the approval of
majority in amount of its shareholders,
respectively, given Al a meeting specially
called for such purposes, or at which all
the shares of capital stock are represen-
ted in person or by proxy 10 make and
carry out such contracts of consolida-
ton or lease sale or other method OF
acquisition or disposition; such article
of consolidation shall state in terms anC
conditions which may be agreed upon by
the stockholders CT such companie.
printing therein Such consolidated
corporation shall be vested with all rights
privileges and franchises of the constit-
uent companies, and it or its successor
| shall have the right from time TO time
| to consolidate with other railroad
transportation companies mentioned in
| this act, which railroad and transporta-
ton companies are authorized 10 consoli-
for herein; provided that in all consoli-
| datons a copy of the agreement therefor
shall be fled in the office of the Secre-
| tary of State certified copy whereof
shall be evidence of such consolidation
and that any corporation with which the
said Seaboard Air Line Railway may be
consolidated, or which it may lease, shall
be and remain subject to the jurisdiction
TO the courts of this State; and the
lines of railroad operated by it in the
State Of North Carolina shall be subject
to the general laws of the State. and
provided further, that any stakeholder
who dissents from any such consolidation
| or sale may within sixty days thereafter
apply by petition to the Superior court
of arren county TO determine the value
Of his stock and shall be entitled to
receive from said consolidated or pur-
chasing cooperation the value, as this de-
termined of such stock upon transfer
thereof to the new corporation; such value
shall be assessed by a jury trial if the
| same be requested by either party and
| if the owner of said stock shall be a
nos resident OF this State the applioa-
| ton by such owner to the United States
| Court having jurisdiction in the premise
shall be equivalent to the application In
| the said Superior court.
| (b) Ii may from time to time purchase
own or hold bonds or the evidence of
| debt, and shares of the capital stock OF
| any railroad company or companies
| formed under the laws of this or any
| other State or of the United States; and
| from time to time may endorse, guaran-
| tee or assume the bonds, evidence of
| Indebtedness or capital stock OF any such
| railroad company;
| (c.J 1t may from time to time acquire
| or guarantee the stock and bonds, or
| either, of any inland coast or transporta-
| ton company or companies; and it may
| develop or aid as the development of it's
| business by acquiring or guaranteeing the
| stocks and bonds or either, of hotel
| Iighterage, warf, warehouse, dry dock
| elevating and other companies, whose en-
| terprises facilitate transportation or are
| necessary or convenient in connection
| Herewith, or as a part thereof.
| Id Said company or its successor may
from time to time borrow money in such
| amounts as it may deem eXpedient, and
| issue bonds or other evidences of in
debtedness therefor and may secure the
| same by mortgage or deed OF trust upon
| any or ali OF its property and franchises