Annual levy of tax.

Conflicting laws repealed.

Sec. 3. That the commissioners of said town may, not oftener than annually, lay a tax on all persons, apothecaries and druggists excepted, retailing or selling liquors or wines of the measure of a quart or less, of not less than fifty dollars and not exceeding two hundred and fifty dollars.

Sec. 4. That all laws and clauses of laws inconsistent with the provisions of this act are hereby repealed.

Sec. 5. That this act be in force from and after its ratification.
Ratified the 6th day of March, A. D. 1899.

Name of town of

Hilma, Edgecombe county,

changed.

CHAPTER 320.

An act to amend chapter one hundred and twenty-five, private laws eighteen hundred and ninety-three.

The General Assembly of North Carolina do enact :

[Section 1.] That chapter one hundred and twenty-five, private laws of eighteen hundred and ninety-three, be amended by substituting for the word "Hilma" wherever it occurs in said act the word "Farrar."

[Sec. 2.] That this act be in force from and after its ratification. Ratified the 6th day of March, A. D. 1899.

CHAPTER 321.

An act to incorporate the United Mining, Developing and Construction
Company.

The General Assembly of North Carolina do enact :

Section 1. That Walter George Newman, Robert J. Hornor, Joseph J. Newman, Strother M. Newman, Byron P. Stratton and Edward N. Newman, together with all other persons and corporations as become stockholders in the company hereby incor porated, are hereby constituted a body corporate and politic by and under the name of the United Mining, Developing and Construction Company, by which name the said corporation may sue and be sued, plead and be impleaded in any court of law and equity, and shall have power to make such by-laws and regulations not inconsistent with the laws of this state as may be deemed necessary for the government of said company, and which shall be binding on them and requisite to carry on business. It shall have perpetual succession, shall have and use a

common seal, that may be changed or altered at will, and shall enjoy all the rights and privileges, liberties, immunities and franchises usually pertaining to a mining, metallurgical, milling, developing, construction, trading and manufacturing corporation.

Sec. 2. This company shall be organized by any one of the res- How organized. ident corporators giving ten days' notice in writing to the other Notice shall be corporators to meet in the town of Salisbury, North Carolina, in given. person or by proxy, within two years from the passage of this act, and a majority of the corporators shall constitute a quorum for the transaction of business, and the company may be organized when one hundred thousand dollars have been subscribed and ten per centum thereon paid in.

Sec. 3. The capital stock of said company shall be divided into Capital stock. shares of twenty-five dollars ($25) each, and shall be for such a total sum as the directors or stockholders in general meeting may determine: Provided, that such capital stock shall not ex- Proviso. ceed the sum of two hundred and fifty million dollars ($250,000,- Limitation to capital stock. 000), and the shares shall be personal property and are transferable as the by-laws may determine; said shares shall be nonassessable and the stockholders shall not be individually or in Individual their private property liable for the debts of the corporation. ability. And it shall be lawful to accept real estate, stocks and bonds of other corporations, other securities, labor and articles of value in payment of subscriptions to the capital stock of this said company. And also, that this said company may subscribe to, pay for, hold and own stock and other securities of other corporations. Sec. 4. Each stockholder, until the amount of his stock has Individual been paid up, shall be individually liable to the creditors of the company to an amount equal to that not paid up thereon, but shall not be liable to an action therefor by any creditor before an execution against the company has been returned unsatisfied in whole or in part; and the amount due on such execution shall, subject to the provisions of the next section, be the amount recoverable with cost against such stockholders. Any stockholder may plead, by way of defense, in whole or in part, any set-off which he could set up against the company, except a claim for unpaid dividends or a salary or allowance as a president or director.

liability of stock

holders for un

paid stock.

lability of

stockholders.

Sec. 5. The stockholders of the company shall not as such be Individual held responsible for any act, default or liability whatsoever of the company, or for any engagement, claim, payment, loss, injury, transaction, matter or thing whatsoever relating to or connected with the company beyond the unpaid amount of their respective shares in the capital stock thereof.

Sec. 6. The said company shall have power to purchase and

May acquire lands

Corporate pow

ers.

Empowered to use certain powers in operation of works.

Authorized to lay out town sites.

Empowered to construct roads, etc.

hold in fee simple, under lease or otherwise acquire lands in Rowan, Cabarrus, Stanly, Montgomery, Davidson and other counties in this state, in other states of the United States and in foreign countries, or minerals or surface rights therein or thereon. with power to sell, mortgage, lease or otherwise dispose of the same; to develop, mine, purchase, prepare transport to any market and sell iron, ore, coal, limestone, fireclay, aluminum, nickel, zinc, manganese, baryta, gold, silver, copper, lead or any other ores or minerals, fertilizers, timber or any other product that may be found or produced upon, in or from their lands; to erect manufactories, mills, furnaces, machinery and fixtures, and manufacture and refine iron and steel, nickel, zinc, aluminum, manganese, baryta, gold, silver, copper, lead, limestone, fireclay, fertilizers, acids, chemicals or any other minerals or metals or by-products from them; lumber in all of its various branches, cotton and its products, and other fabrics, machinery and other articles, and sell and dispose of the same; that the said company may, besides having the power and privilege to construct their own works, enter into contract to construct and erect any kind of works for others, and generally to do all other acts and things which the successful prosecution of their business may require.

Sec. 7. The said company may use steam, electricity, gas, water or any other power by which their works or manufactories can be run or operated; and may generate electrical power, transmit it and sell or otherwise dispose of any power thus generated, and for this purpose may dam rivers not navigable in the counties aforenamed, or in any territory owned or controlled by the said company.

Sec. 8. The said company may lay out town sites and divide the same into streets and lots, and erect buildings thereon, and may sell or otherwise dispose of the same; they may also build and operate hotels in connection with the same or in connection with such mineral and medicinal springs as may be found or developed on their property; to conduct health resorts, and to promote and encourage immigration.

Sec. 9. That the said company shall have the right, power and authority to lay out, build and construct roads, whether rail, tram, plank or turnpike for the transportation of iron, coal, coke, ores of iron, limestone, fireclay, aluminum, nickel, zine, manganese, baryta, gold, silver, copper, lead or any other ores or minerals, timber and other materials and persons to, from or between their lands, mines, furnaces, mills and manufactories, and also to construct such canals or drains as may be needful or required for the supply of water to said furnaces, mills or manufactories, the drainage of their mines or the transportation of coal, ores or other articles and persons as aforesaid; to bridge and dam

streams.

streams of water wherever necessary, and to connect such roads Damming of or canals with the railroads, canal or slack water navigation of any company now incorporated or which may hereafter be incorporated by the laws of the state at any point the said company may select for such connection; and such roads, canals and drains shall be open to the use of the public upon the payment Such canals, etc., open to use of of such reasonable tolls and compensation and subject to such public. rules and regulations as said company may by their by-laws establish, not inconsistent with the laws of this state.

condemned.

Sec. 10. That when any land or right-of-way may be required Land may be by said company for constructing said roads, canals or drains, and for want of agreement as to the value thereof, or for any other cause, the same can not be purchased of the owners, the sane may be taken and the value thereof ascertained as follows, viz: On application by the company to any justice of the peace for the county where the said land or right-of-way may be situated, it shall be his duty to issue his warrant to the sheriff of said county to summon a jury of at least five freeholders to meet on Appointment of the land on the day named in such warrant, not less than five assessors. nor more than twenty days thereafter, and the sheriff on receipt

of said warrant shall summon the jury and notify the owner of

returned to clerk

Proviso.

the land of the time and place at which he has summoned the owner of land jury to meet, and when met, if three or more appear, shall ad- shall be notified. minister an oath or affirmation to them that they will impartially value the land or right-of-way in question. The proceedings of said jurors, accompanied by a description of the land or right-ofway, shall be returned under their hands and seals, or a majority Proceedings of of them, by the sheriff to the clerk of the superior court, there jurors shall be to remain as a matter of record, and on the payment of the said of court. valuation the lands or right-of-way so valued shall vest in said company so long as the same shall be used for the purposes of said road, canal or drain: Provided, that the location of said roads, canals or drains shall not interfere with any graveyards, Location of house, house lot or garden, without the consent of the owner works, etc., shall thereof, and that no more land than thirty feet in width on certain property. either side from the center of said road, canal or drain shall be condemned for the purpose aforesaid: And provided further, Proviso. that if any person or persons over whose lands said road, canal or drain may pass, or said company shall be dissatisfied with the valuation of said jurors, either party may have an appeal to the superior court of the county in which the land lies, but such appeal shall not delay or interrupt the use or enjoyment of said right-of-way by said company: Provided, that when the com- Proviso. pany shall appeal from the decision of the jurors aforesaid, the company shall be liable for all cost and execute their bond, with Company shall be

not interfere with

Either party may appeal from valuation of jury.

liable for costs.

Authorized to issue bonds

Sald bonds, first claim.

Bonds may be secured.

Powers, rights, etc, in mortgage deed valid.

Provisional directors. Quorum.

Persons eligible as directors.

Annual meeting of stockholders.

sufficient surety, payable to the owners of the land in double the amount adjudged by said jury.

Sec 11. The company is hereby authorized to issue bonds under the seal of the company, signed by the president or other presiding officer and countersigned by its secretary or treasurer. and such bonds may be made payable at such times and in such manner and at such places in the United States or Great Britain. and bearing such rates of interest as the directors may think proper, and the directors shall have power to issue, sell or pledge all or any of such bonds at the best price and upon the best terms and conditions which at the time they are able to obtain for the purpose of raising money for the payment of the price of any lands or the erection of any works or otherwise for the purposes of the said company; and such bonds shall, without regis tration or formal conveyance, be taken and considered to be the first preferential claim and charge upon the property of the company, real and personal, then existing and at any time thereafter acquired, and each holder of the said bonds shall be held and be deemed to be a mortgagee or incumbrancer upon all the said properties pro rata with the other bondholders. The company may secure the said bonds by mortgage deed upon the whole of their real and personal property acquired and to be acquired, and by the said deed the company may grant to the holders of such bonds, or to the trustee or trustees named in the deed, every and all the powers and remedies granted by this act in respect to the said bonds, and all other powers and remedies not inconsistent with this act, and may restrict the bondholders in the exercise of any power or remedy, and all such powers, rights and remedies as are so contained in such mortgage deed shall be valid, binding and available to the bondholders as may be therein provided.

Sec. 12. The persons named in the first section of this act are hereby constituted provisional directors of the company, of whom three shall be a quorum, and shall hold office as such until the first election of directors under this act, and shall have power forthwith to open stock books and procure subscription of stock in the said company.

Sec. 13. No person shall be a director of the company unless he is the holder of at least twenty shares in the stock of the company.

Sec. 14. At such general meeting the stockholders may choose not more than seven or less than three persons to be directors of the company, of whom three shall be a quorum.

Sec. 15. Thereafter the annual general meeting of the stockholders of the company for the election of directors and other