A. Mitchell, D. Oettinger, J. W. Grainger, W. A. Laroque, B. W. ers. and assigns are hereby made and constituted a body corporate Body corporate. under the name and style of "The Kinston and Jacksonville Corporate name. Railroad Company," with the said corporators, their associates, successors and assigns, under said corporate name, shall have a corporate existence and as such may exercise the powers herein Corporate powgranted in perpetuity as a body politic; and by that name may sue and be sued, plead and be impleaded in any court in the state of North Carolina, and may have and use a common seal, which it may change or alter at pleasure; and shall be capable of purchasing, holding, owning, possessing, leasing and conveying property, real, personal and mixed, and of acquiring the same by gift or devise or otherwise for the purposes herein contemplated; and the said company shall have and enjoy all the rights and immunities which other corporate bodies may lawfully exercise, and may make all necessary by-laws and regulations for its government not inconsistent with the constitution and laws of the United States and of the state of North Carolina. Sec. 2. That the capital stock of said company shall be five Capital stock. hundred thousand dollars, which may be increased to one million May be increased. dollars, and may be created by subscription on the part of individuals, municipal or other corporations in shares of the value of one hundred dollars each, which may be made in money, bonds, lands, labor or material necessary for the construction of said railroad. Books of subscription may be opened. Sec. 3. That books of subscription to the capital stock of said company may be opened by such persons and at such times and places and under such rules and regulations as the corporators named in section one of this act or a majority of them may direct, after giving twenty days' notice of the opening of said books in one or more newspapers of the state, and said books may be kept open for such a length of time as may be deemed expedient or until the whole of the capital stock is subscribed. That certificates shall be issued to each stockholder for the number of shares of stock subscribed, and each share shall be entitled Shares of stock entitled to one to one vote, and said stock may be transferred in such manner vote for each and form as may be prescribed by the by-laws of the company, and the stockholders shall not be individually liable for anything beyond the amount of their subscription to said capital stock. Sec. 4. That when the sum of ten thousand dollars has been when company subscribed to the capital stock of said company and five per centum paid in thereon or secured to be paid it shall be the duty of the corporators, any five of whom may act for the purposes, to call a general meeting of the subscribers to the capital stock of said company, of which meeting due public notice shall be given share. shall be organ ized. Election of directors. at least twenty days aforetime, specifying the date, płace and object of said meeting, at which a majority of the stock subscribed shall be represented in person or by proxy duly verified, and at said meeting the stockholders shall proceed to elect from their body a board of directors, to be composed of not less than five persons, and said directors shall forthwith elect one of their Election of presi- number president and also elect such other officers and appoint such agents as they think necessary and proper; fix the salaries of such president, officers and agents and their terms of office, and do and perform all other acts and things necessary to the complete organization of said company and to carry into effect the objects of this charter. dent. Salary and officers. Sec. 5. That after the company shall be organized as aforesaid the board of directors shall proceed to have constructed as speedily as possible a railroad on the route designated in section one of this act, and may erect a bridge and build their railroad tracks thereon over any navigable stream by putting a sufficient draw in the bridge or other structure so as not to impede navigation; and may lay down tracks and make connections with any other railroads leading into or through the town of Kinston, in Lenoir county, and Jacksonville, in Onslow county, and may begin and continue the construction of said railroad at any point or points the company may determine upon, and use any portion thereof, before the completion of the entire line, and may convey and transport persons and property thereon and charge compensation for the same. Sec. 6. That whenever any lands shall be required for the construction of said railroad or for warehouses, water stations, sidings, switches, turnouts, workshops, depositories or other buildings or structures, or for other purposes, and if the president and directors can not agree with the owner of said lands as to the terms of acquiring the right and title thereto for the construction and use of said railroad, such bonds may be taken and acquired by said company in the following manner: The sheriff of the county in which such lands may be situated shall, at the request of the president of said railroad, signified by a petition in writing, summon three disinterested and competent freeholders of his county, who shall ascertain the value of such lands under oath, to be administered by the sheriff, and in appraising the same and determining the amount of compensation to be paid for said lands to the owner thereof by said railroad company the said freeholders shall take into consideration the actual value of said lands before the construction of the proposed railroad and the enhanced value of the lands caused by the construction of said railroad, and the particular loss or damage, if any, which the owner may sustain by the seizure and condemnation of said lands Report of proceedings returned to sheriff. to the use of said railroad company, and make a written report of their proceedings under their hands and seals to said sheriff, who shall immediately deliver a copy thereof to the owner of the land, and also one to the president of the railroad company; and upon the payment or tender by the president of the road of the amount so assessed or appraised by the said freeholders; the title to the real estate so seized and appraised shall thereby vest in Title shall vest said corporation, and the company may enter, possess and hold in corporation. said lands for the construction use and equipment of said railroad: Provided, either party may appeal to the superior court of Proviso. the county within ten days after delivery of such report, upon the question of the amount so assessed, which shall be tried by a jury of the county where in the lands are situated: And provided Proviso. further, that not more than one hundred feet from the center of the railroad bed shall be liable to be so condemned: And provided further, that no part of any yard, garden, family burying Certain lends ground or burying ground attached to any dwelling house or to condemnation. any plantation or any cemetery or church lot or school lot shall be subject to be taken or condemned for the construction of said railroad without the consent in writing of the lawful owners or trustees thereof. Either party may appeal within ten days. exempted from issue coupon Sec. 7. That for the purpose of raising funds requisite to the Authorized to construction and equipment of said railroad the president and bonds directors of said company shall be authorized and empowered to issue coupon bonds or other evidence of debt to an amount not exceeding five hundred thousand dollars. That said bonds may Amount of bonds. be in denominations of one hundred dollars, five hundred dollars, Denomination. one thousand dollars and five thousand dollars, and run for such time not exceeding thirty years from the date of issue, and bear Date of maturity. a rate of interest not greater than six per centum per annum, and the principal and interest be payable at such times and pla- or disposed of at such times as the president and the board of Sec. 8. That to secure the payment of these bonds and the interest thereon as the same becomes due the said Kinston and Jacksonville Railroad Company may execute and deliver mortgage deeds with or without power of sale to such trustee or trustees as may be selected and agreed on, the said mortgage deeds to be signed by the president, countersigned by the secretary and attested by the common seal of the corporation, conveying its railway franchise and property, including its road bed, superstructure, equipments, choses in action, evidences of debt and all PRIV-34 May execute and Directors of state Proviso. Company shall furnish food, etc., for convicts. Shall have a right-of-way sixty feet wide Right to transport and convey passengers. its real and personal property of whatever description and kind; and the said mortgage deeds and all other agreements the said company may enter into which by law are required to be regis tered, when duly executed and proved, shall be recorded in the office of the register of deeds in the county of Lenoir, and also in the county of Jones and in the county of Onslow. Sec. 9. That the route designated in section one of this act for the location of said railroad will cause its line to pass through a considerable body of state lands in which the state of North Carolina has a direct pecuniary interest, and which lands are now entrusted to the state board of education, and the construction of said railroad will contribute largely to the reclamation of said lands and add much to their value. The board of directors of the North Carolina penitentiary are authorized to contract with and deliver to the president and directors of the Kinston and Jacksonville Railroad Company as many as three hundred ablebodied convicts at four dollars per month for each convict for such a length of time as said railroad company may desire their employment to aid in the grading and further construction of said railroad: Provided, the said railroad company shall furnish, without cost or expense to the state, to said convicts while in the service of said company, food, medical aid when necessary and suitable quarters for the comfort and security of said convicts, and bear the necessary expense of guarding them, and return them to the penitentiary on the termination of the contract. Sec. 10. That the said Kinston and Jacksonville Railroad Company shall have a right-of-way sixty feet wide on each side of its track over the lands owned by the state or state board of education through which the line of said railroad may pass. Sec. 11. That said railroad company shall have the exclusive right to transport and convey persons and property on said railroad to be by them constructed at such rates and charges as may be fixed by the board of directors, subject to such general laws regulating the same as the general assembly from time to time may enact. Sec. 12. That this act shall take effect and be in force from and after its ratification. Ratified the 6th day of March, A. D. 1899. CHAPTER 191. An act to incorporate the Foscoe and Montezuma Telephone Company. The General Assembly of North Carolina do enact : Section 1. That C. W. Phipps, W. C. Goss, W. V. Callaway, Corporators. J. L. Banner, J. A. Woody, J. H. Blalock, W. Aldridge, Joseph Phipps. M. F. Presnell, Vassas Brothers, Vance Brothers, M. B. Hughes, Will Aldridge, J. C. Carpenter, C. C. Banner, J. E. Harris, A. S. Ridenour, A. Graybeal, J. G. Loven, J. B. Johnson, Jordan Cook and J. C. Shull, and their associates, successors and assigns, are hereby constituted and declared a body politic and Body corporate. corporate under the name and style of "The Foscoe and Monte- Corporate name. zuma Telephone Company," and by that name and style inay ers. sue and be sued, plead and be impleaded in any and all courts of Corporate powthis state; adopt and use a common seal, and may alter the same at will, and have the privileges, franchises, rights and powers hereby specially granted, and also those conferred upon corporations by the laws of the state of North Carolina. Sec. 2. The principal office and place of business of said corpo- Principal office. ration shall be at Montezuma, county of Mitchell, state of North Carolina. Sec. 3. The general business of said corporation shall be the General business. erection and maintenance and operation of telegraph and telephone lines as provided for by the general statutes in the counties of Watauga and Mitchell and the counties adjoining thereto, and in such other parts of the state of North Carolina and adjoining states as may be found desirable, and to do all such other acts as are or may hereafter be necessary or advantageous in conducting a general telegraph or telephone business not inconsistent with the laws of North Carolina. Sec. 4. The amount of the capital stock of said corporation Capital stock. shall be five hundred dollars, divided into one hundred shares of Division of par value of five dollars each, but said capital stock may be in- shares. creased to two thousand dollars should the stockholders of said May be increased. corporation so elect. Sec. 5. The principal officers of said corporation shall be a pres- Officers of corporation. ident, vice-president, general manager, secretary and treasurer and five directors, who shall be elected annually by the stock- Annual election. holders in regular meeting, and shall hold their offices respectively for one year and until their successors shall be chosen. They shall constitute an executive board, to be known as the board of directors, and shall manage and govern the affairs of the corporation under the direction of the stockholders. of stockholders. Sec. 6. The annual meeting of stockholders shall be held at its Annual meeting office at Montezuma on the first Saturday of August of each and every year for the election of officers and the transaction of such |