The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1906-03-20

:
never have obtained the iedSe dna
that the press department. MAJ \ sr-
I'd promises Of Dix per cent returns
well though the man Who 90 lie
lease does not row own 4 doltaT -
stock. having sold out ip olaeT fH3d+
Island people. re declared that IN
inc matter ~ th- ieasn ~ the E"FtH
g-tE Tn New ana '~sTN'r
I denounced .4e lease. th' s5 80
81 editor 81 that paper d'S 81
+. au outrage upon TIE" people @43 ,s
1 this was ~ sini!@5 case the Only
the South .ra had saved rs !'te
| EonsclI @as aG.. it being hy e"tas a.,
the FeLe-@I courts. "hoa dealat.i
that because Of The o"IAlah ~ .-tti
=. e. i'm the case OF i4e state l.l
] Railway the lease "'1 legal
clarcd that pr"~pe!iis |'ul" -
come ou tie wings ~ n ~
To Eastern North tHrotina without
the lease and that within = <caF1
without q lease. the y. and >. g. tsiit
road profits would pay the taxes OF
Eastern North Carolina and that
when Rowland took the F"aa II. IL
| dcrstood Their would he = HIht Iot r.
I'm his argument Mr.. Moore Aeld
That there was no power conferred
upon the Atlantic and North Carolina
| railroad Company by the charter TO
make any lease Of the rights, proper
| ties and franchises Of the railroad
| company and that the attempted act
was ultra wires and void.
That If any power is conferred by
the charter TO make any Ncontract III
| the nature Of the contract which mas
been entered into ii was and IS tt"
| power to lease the right Of t~rdhSPoild
| lion over. the railroad and not The ply
steal property Of the company.
The charter Of the Atlantic and
North Carolina Railroad Company ex-
pirilg within IL years from the DAT"
{ Of the lease and the lease for 81 years
was in fact a sale and for this reason
is VOid.
That the deposit Of 100000, as IS
provided in the lease was a CONDITION
| precedent. and the failure Of the les
see ompanv to comply with this con
dition rpndered the lease void.
That if the power is conferred in
the charter to make q contract in he
nature Of the contract which was at
tempted to be entered into then the
/ manner OF making this contract az
not in accordance with the require
| mentS Of law governing the making Of
such contracts and for this reason is
void.
THAT in the ATTEMPTED lease it is pro-
! vided that the lessee shall keep and
maintain the freight rates, which are
in force at the time Of the making OF
this lease and that this provision was
a part of the consideration in the
| lease and44he breach of this covenant
renders the lease forfeited.
Charter of corporation IS limit OF its
powers and the enumeration thereof
implies the exclusion of all other pow
ers. The powers of corporations or
canned under leslslatlVe statutes are
Sucn ana SuGl oHiy a. 'ioSe 9'acU'e7
CONFER ana the pflllClpit IS mat where
q corporation IKE Il ldlilodd company
mas granted 10 IL DN cf2lIeH- y nam
chlse IN a large measure. to
be exercised for public good, the due
performance OF those Iunclions pfIl8
the conslderatlon OF the pupllc grant
q contract Whlch dlsaples the corpo-
ration from performing those rune
'ioil9 anu "ilett I.iio
colStlit . ne So ~ tlallSlel ~
ol1ei9 ne lIShlS anu po"eiS eoHlIl-
ISo oS tlle cli"ioTl anu 10 ieileVe llo
sIallIeiS OF tile nuruen Wiicil lt I'M
poses is a violation OF the contract
with the State and is VOID as against
pubHc policy.
IT IS not one OF me genera power
OF q faIlfodd company 10 Make q iedSt,
eIant TO IeoieIa+ivn GRANT tberaof in
no xnros 7arn,G a. ne cbartcr Evan
~ cdnean+ Of al tho stocLbo1dors
.Hf Col'0nI ~ - NJ
Tht mo- "u'lloilEo iVooe' oIis
cldtSe III the clldiIef upon Wnicn TIE
Heiti!thta tl"lli, slNc IN au,lloll.S -
fSd1t 4 0cC''ol o vi 'hc ollai''i' a.
o.!pN9: 80,
be IL luru1or Gl@ctco MI lle aia
othl%iiS NV StS 1870, d.
gu III lSnI u p"iH7poi 49, oNel
above mentioned, etc.
\ lease of the railroad and the dis
ability resulting from said lease rem
dcrcd the lessor company Incapable of
performing its duties TO the state and
to the public and TO that extent were
violations of it's charter and the
breaches of the implied condition upon
which it's rights to exist depended. In
a decision i'm the United States Su-
premc Court it is said: ..In the case
before us both c~orporations contained
to exist they both entered into y con-
tract covering a period of % years.
and if the lease be valid one of them
obtained thereby q right 70 tho con-
tract and use of the propartv and
franchises of the other, which on its
part became bound for tho nayment
Of rent. therefor = s1,pnosad nrodt III
tbo oa,i+o1 fo, III ao a e