Mayor and aldermen empowered to enter into con tracts. Conflicting laws repealed. mentioned, and shall be applied exclusively to the purposes herein before set forth. Sec. 22. That said mayor and board of aldermen are hereby authorized and empowered to make and enter into any and all contracts and agreements, and to pass, ordain and to enforce any and all orders, rules and regulations that may be necessary and proper to carry out the provisions of this act. Sec. 23. That all laws and clauses of laws in conflict with this act are hereby repealed. Sec. 24. That this act shall be in force from and after its ratification. Ratified the 6th day of March, A. D. 1899. Corporators. Corporate pow CHAPTER 240. An act to incorporate the Trans-Appalachian Railway System. The General Assembly of North Carolina do enact : Section 1. That H. L. Miller and D. W. Beach, of Washington, District of Columbia, and S. D. Dunavant, W. C. Ervin, S. T. Pearson, F. P. Tate, J. R. Ervin and W. E. Walton, of the county of Burke and state of North Carolina, and such persons as may be associated with them, their successors and assigns, be and Body corporate. they are created a body politic and corporate under the name Corporate name. and style of "The Trans-Appalachian Railway Company,” which shall have perpetual succession and may sue and be sued, plead and be impleaded, contract and be contracted with, adopt and use a common seal, and change the same at pleasure, and be capable of taking and holding by purchase, gift or devise, or in any other manner, real and personal property, and of leasing, selling or conveying the same or dealing with the same in any manner. And said corporation shall have and enjoy all privileges, rights and immunities which corporate bodies may lawfully exercise, and make all necessary by-laws necessary for its government or which its directors may deem proper and expedient, not inconsistent with law. ers. Capital stock. Division of shares. Sec. 2. That the capital stock of said corporation shall be one hundred thousand dollars, divided into shares of one hundred dollars each, with power and authority to the directors of said company to increase the same at any time to an amount not exMay be increased, ceeding twenty-five thousand dollars ($25,000) per mile for every mile of road completed or owned by said company. And subscriptions to the capital stock may be made by individuals, corporations, counties, cities, towns or townships, and said sub scription may be paid in money, labor, land, materials, crossties, stocks, bonds or other securities or in any other way that may be agreed upon between the company and the subscribers, and the company may receive donations of any kind of property of labor. ized Sec. 3. That the incorporators or any two of them, in person Books of subor by attorney, shall have the power to open books of subscrip- scription may be opened. tions to the capital stock of said pany at such times and places as they may deem best and keep the same open as long as they may deem expedient; that whenever the sum of ten thousand dollars has been subscribed to the capital stock of said company the incorporators may, when they deem proper, after ten days' notice by mail to the subscribers, call together the subscribers of said shares of stock at any place in or out of the state, and said subscribers shall then complete the organization of the cor- When company poration by electing a board of not less than three nor more than may be organfifteen directors, and at such meeting and at all meetings of the stockholders of said company, each share of stock shall be entitled to one vote, which may be cast by the owner of said shares or by proxy, verified as the by-laws adopted may prescribe, and at all stockholders' meetings a majority of the stock subscribed shall constitute a quorum, and said stockholder shall adopt by- Quorum. laws prescribing for the government of said corporation, and the board of directors so elected shall meet at such time and place, either in or out of the state, as may be agreed upon and elect from their number a president and elect such other officers as the by-laws may prescribe or that they may deem necessary, and officers. may do and perform all other acts that they may deem necessary to carry into effect the object of this charter. Election of Sec. 4. That said company shall have the right to construct, Nature of busiand it is hereby authorized and empowered to construct, operate ness. and maintain a railroad with one or more tracks, standard guage Company may or otherwise, by such route as may be deemed most advantageous decide on route. and expedient, from any point on the Carolina Central Railroad, at or between the town of Shelby and the town of Lincolnton, through the counties of Cleveland, Lincoln, Burke, Caldwell, Route. Mitchell, Watauga or Ashe, or any one or more of said counties to some point on the North Carolina and Tennessee line or the North Carolina and Virginia line; and it may also construct, maintain and operate such lateral branch lines as may be necessary or advantgeous to the extension completion or successful operation of said railroad; and may also construct, maintain and operate telegraph and telephone lines along the route of said road. And said railroad company may use either electricity or steam as mo- Motive power. tive power, to condemn and hold during its corporate existence all lands within fifty (50) feet of the center of the track of said Empowered to construct dams. May unite with other railways. Proviso. Consolidated company on either side, and to purchase and hold such other tracts of land as may be needed by said company for railroad purposes or to increase the amount of freight shipped over it road. And said company shall have power and authority to construct dams, culverts, trestles and bridges over and across streams, valleys and depressions, and to cross at grade or over or under, to intersect, join or unite its railway with any other rail road now constructed in thistate upon the lands of such other company at any point in route, and to build all necessary turnouts, sidings, switches and other conveniences required for the successful operation of said road; and said company may ac quire, by purchase or lease, or may consolidate with any other railroad now built or projected, and assume its corporate name, or may sell or lease any part of the whole of its lines to any other railroad company, and if a portion of or the whole of its lines or line shall be sold to any other company, then the company purchasing shall take the line so purchased, with all the franchise herein granted, and may manage the same under its own corporate name: Provided, such consolidated company shall be a domestic corporation under the laws of North Carolina. Sec. 5. That it shall be lawful for any officer or agent, surveyor or engineer or other employee of said company to enter upon lands for the purpose of exploring, leveling or doing anything necessary or proper to be done for laying out said railroad and locating the same; and upon the location and construction of said road, or any part thereof, if no agreement with the owners of the land through which the road shall be constructed shall have made by the company, the land on either side of the center Land for fifty feet of the track for a distance of fifty (50) feet shall be vested in said shall be vested in company, and the proceedings for the condemnation of said company. land and for the recovery by the owners for the value thereof, shall be the same as prescribed in The Code of North Carolina, And in making the valuation, the commissioners shall take into consideration the loss or damage that may accrue to the owner in consequence of the right-of-way being surrendered or other property for station house, turnouts, water tanks, depots or warehouses. Valuation of condemned land. May issue bonds. Sec. 6. That said company shall have power and is authorized to issue bonds of the company, either coupon or registered, to any amount necessary, not exceeding twenty-five thousand dol lars ($25,000) per mile for every mile of road completed or owned by said company, and to secure the payment of said bonds by executing a mortgage or mortgages or deed of trust upon any or all of its property and the franchise of said company, on such terms as the directors may prescribe, and any such conveyance, when registered in the counties in which said property is situ ated, shall constitute a lien upon the franchise of the company and all of its property in the counties in which such mortgage is registered. Right of com pany to transport passengers and rates for same. Sec. 7. That said company shall have the right to transport and carry passengers and freight over and along its said line and branches, and mails and express matter, and to charge such fares freight and fix and tolls for the same as may be prescribed by the board of directors, not inconsistent with law, and to fix rates for the use or services of its telegraph or telephone lines, not inconsistent with law, and to do any and all things necessary or expedient for the proper management of said company as usually exercised or performed by railroad companies; and to purchase and hold stock in any other railroad or transportation company, express company, telegraph or telephone company or other corporation, or may purchase or lease the same and operate the same or contract with such company or corporation for the transportation of passengers or freight. stock. Sec. 8. That any county, city, town or township along the line Counties, cities, etc., may subof said railroad or any of its branches, or at any terminal point scribe to capital of said road, or any of its branches, may subscribe to the capital stock of said company in the following manner. Upon the presentation in writing, signed by at least one-fourth of the freeholders in said county, city, town or township to the board of commissioners of said county, or to the proper authorities of said city [or] town, requesting them to submit to the qualified voters of the county, township, city or town where said petitioners may reside a proposition to subscribe a definite sum, named in said petition, to the capital stock of said company. Within thirty days after petition is filed elec tion shall be The board of commissioners of said county, or the proper authorities of said city or town, shall, within thirty days after the filing of said petition, order an election to be held in such county, ' ordered. township, city or town, and submit to the qualified voters therein the question of subscribing to the capital stock of said company the amount specified in said petition, at which election all those qualified to vote who are in favor of such subscription shall vote a ballot on which shall be written or printed the words "For subscription," and those opposed to such subscription shal! vote a Form of ballot. ballot on which shall be written or printed the words "Against subscription," and the election for this purpose shall be conducted in the same manner and subject to the same rules and regulations as are or may be provided for the election of county Election, how officers by the general election laws of the state of North Caro ina. Such election shall be held, after thirty days' notice thereof shall have been given, specifying the amount of the proposed subscription, and the returns thereof shall be made to the board of commissioners of the county or the proper authorities of such held. Bonds may be issued in payment for stock. Proper authorities may levy special tax to pay interest and principal. Regular meetings. Principal office. Work shall begin city or town; and if a majority of the qualified voters vote for subscription, then the board of commissioners of said county or the proper authorities of said city or town shall immediately make said subscription, and may pay for the same in cash, or may issue coupon bonds to the amount of said subscription in order to pay for the same, and said bonds shall, upon their face, indicate on account of what county or township or city or town they are issued. Said bonds, shall be in denominations of not less than one hundred dollars nor more than one thousand dollars each, and shall run for twenty years and bear interest at five per centum per annum, payable semi-annually. Sec. 9. That in case a subscription is made to said railway company by any county, township, city or town in North Carolina as prescribed herein, it shall be the duty of the board of commissioners of said county or the proper authorities of said city or town to obtain the necessary authority, if bonds are issued, to levy a special tax, sufficient to meet the interest charges, if necessary, and to provide a sinking fund with which to pay off and discharge the principal of said bonds from the general assembly at its session held next after the making of said subscription. Sec. 10. That the stockholders shall provide in the by-laws for their regular meetings, but directors' meetings may be held at any time or place, either in or out of this state, as the directors or a majority of them may determine, and the stockholders shall not be individually liable for the debts of the corporation. That said company shall maintain an office in the town of Morganton and shall at all times have an agent or attorney resident of said town. Sec. 11. That if work is not begun and prosecuted upon said within five years. road within five (5) years from the ratification of this act, then this charter is to become void, otherwise to remain in full force and effect. Sec. 12. That this act shall take effect from and after its ratification. Ratified the 6th day of March, A. D. 1899. Purpose of corporation. Capital stock. CHAPTER 241. An act to incorporate the North Wilkesboro and Boone Turnpike Company. The General Assembly of North Carolina do enact Section 1. That for the purpose of constructing a turnpike road from North Wilkesboro, in Wilkes county, to Boone, Watauga county, North Carolina, the formation of a corporation with a capital stock not exceeding twenty thousand dollars ($20,000), to |