common stock, or both, upon such terms and conditions Stock subscribed, and under such regulations as the board of directors. how paid. with the approval of the majority in interest of the stockholders of said company shall prescribe. Shares of stock may be paid for in cash, real or personal property, services, work, labor and materials, and bonds, stocks and property of other corporate bodies, required, employed and furnished for and in the prosecution of the objects of the company, upon such terms and at such price and rate as the board of directors may determine and agree upon. May borrow money. May hold stock and bonds of other com panies. Individual liability. Name may be changed. Principal office. Conflicting laws repealed. Sec. 4. It shall be lawful for said company to borrow money and issue and sell its bonds from time to time for such sums and on such terms as its board of directors may deem expedient and proper for any of the purposes of the company, and may secure the payment of said bonds by mortgages or deeds of trust upon all or any portion of its property, real, personal or mixed, its contracts and privileges and its chartered rights and franchises, including its franchise to be a corporation, and it may, as the business of the company shall require, sell, lease, convey and encumber the same, and it shall be lawful for said company to subscribe to and hold the stock and bonds of manufacturing or other corporations, and any manufacturing or other corporations may subscribe to, guarantee and hold the stock and bonds of the said company. Sec. 5. No stockholder in the said company shall be held liable or made responsible for its debts and liabilities in a larger or further sum than the amount of any unpaid subscription upon his stock. Sec. 6. That said company may change its name whenever the holders of two-thirds of the stock of the company shall so determine at any general meeting or special meeting called for that purpose, certificate of which change to be filed in the secre tary of state's office, with the signatures of the president and secretary and the seal of the company thereto affixed. Sec. 7. That the principal office of said company may be at such point in Halifax or Northampton county as the by-laws may designate; but the directors may establish branch offices elsewhere, either within or beyond the limits of this state. Sec. 8. That all sections or parts of sections of chapter sixteen (16) and forty-nine (49) of The Code of North Carolina, or of the statutes amendatory thereof, or other laws in conflict or inconsistent with this act, are hereby declared inoperative, so far as they affect the privileges, rights and powers hereby conferred. Sec. 9. That this act shall be in force from and after the date of its ratification. Ratified the 6th day of March, A. D. 1899. CHAPTER 343. An act to amend chapter fourteen of the public laws of eighteen hundred and ninety-six and eighteen hundred and ninety-seven, relating to the charter of the town of Cameron. The General Assembly of North Carolina do enact: of 1876-'77, Section 1. That section five of chapter fourteen of the public Section 5, chapter laws of eighteen hundred and seventy-six and eighteen hundred 14, public laws and seventy-seven be amended by inserting after the word “state” amended. and before the word "tax” in line six of said section the words "and county." Sec. 2. This act shall be in force from its ratification. Ratified the 6th day of March, A. D. 1899. CHAPTER 344. An act to incorporate the Salisbury and Fayetteville Coast Line Railway The General Assembly of North Carolina do enact: Corporators. Body corporate. Corporate name. Section 1. That A. C. Mauney, George Battleson and F. H. Mauney, and such other persons as may be connected and associated with them as stockholders, and their successors, be, and they are hereby created a body politic and corporate, under the name of Salisbury and Fayetteville Coast Line Railway Company, and by and in that name shall have the right to sue and be sued, plead and be impleaded in any court of law or equity; Corporate to have a common seal; shall have the right to make and pass powers. all such by-laws and regulations for its government as may be necessary or expedient for that purpose; have the right to purchase, hold and acquire for the necessary purposes of the company, by gift, devise, or in any other manner, any estate, real, personal or mixed, and to hold, lease, mortgage or sell the same as the interest of the said company may require; and shall have all the rights and powers for the condemnation of a rightof-way over the lands of others necessary for the location and land. construction of said road and for the erection and location of depots, station houses, warehouses and other necessary establishments, or for altering, or extending the same; and shall have all the rights and privileges possessed and enjoyed by other railroad companies under the laws of North Carolina, and such as are specially conferred by chapter forty-nine (49) of The Code, volume first, and all amendments thereto. May condemn May build and erect railroad. Route of road. Sec. 2. That the said company shall have power to build and construct a railroad, with one or more tracks, from the town of Salisbury, Rowan county, North Carolina, at some point in the valley near the gas house in said town; thence down said ravine to Town creek; thence down said creek to the Yadkin river, and down said river to a point below Swift Island opposite Little's Mills; thence to Fayetteville, Faison, Pink Hill, through Jones county to Cedar Point in said county, through any of the said counties along the proposed line of road, and shall have the right to build one or more branch lines to any point in said state. Sec. 3. The capital stock of said company shall be not less than five hundred thousand dollars ($500,000), divided into shares of May be increased. five dollars ($5.00) each; but may be increased from time to time as the demands of said company shall require to an amount not exceeding two million dollars ($2,000,000). Capital stock. Books of subscription may be opened. Sec. 4. That the persons named in section one, or either of them, shall have power to open books of subscription to the capital stock, and when the same shall be paid and subscribed in money or property to an amount not less than fifty thousand dollars ($50,000) may call a meeting of the stockholders, and Directors of com- organize the company. Until the election of directors, the persons named in section one shall be the directors of the company. All vacancies shall be filled by the board of directors. The principal office of the company and the place of holding the meetings shall be determined by the stockholders. pany Sec. 5. And said railway company shall have power to mortgage its property and franchises and to issue bonds on such terms and conditions and for such uses and purposes of said corporation as said company may deem necessary. That in addition to the provisions contained in the previous sections for subscriptions, it shall be lawful for any county, township, city or town, interested in the construction of said railway to subscribe to its capital stock such sum as the majority of their voters may authorize the county commissioners or the proper authorities of such city or town to subscribe, which subscription shall be made in bonds payable in such installments and at such rate per centum and at such times as the county commissioners or the proper authorities of such city or town may determine, said bonds to be of the denomination of one hundred dollars ($100) each, and shall be received by said company at par. Sec. 6. That for the purpose of determining the amount of said subscription it shall be the duty of the county commissioners of the counties through which said road may pass, or either of them, upon the written application of two hundred voters in any of said counties, or if [of] fifty voters in any township in any of said counties, specifying the amount to be subscribed therein, to submit to the qualified voters of such county or township the question of "Subscription" or "No subscription" to the capital Question submitstock of said railway company, and they shall have power to order ted. an election specifying the time, place and purpose of said election, and shall appoint judges of election at each election precinct in said county or township, who shall hold and conduct said election, at which election the ballot shall have written or printed thereon. the word "Subscription" or "No subscription," the said county Ballots, form of. commissioners having first fixed the amount proposed to be subscribed and the terms and conditions of said subscription, in accordance with the petition submitted to them, and giving notice of election in a newspaper published in the county in which Notice shall be given of election, the same is to be held for thirty days previous to said election; and the proper corporate authorities of any city or town in any of the said counties through which said road passes, upon a like petition of fifty voters in such city or town, shall in like manner, and after like notice submit the question of "Subscription or "No subscription" to the capital stock of said company, to the qualified electors in said city or town, and declare the result as hereafter directed in the cases of county or township elections. make returns. Sec. 7. It shall be the duty of the judges of election to make Duty of Judges to returns and to meet at their respective court-houses and count the votes and declare the result, as in other elections, which result shall be certified in writing to the chairman of the board of county commissioners or to the city or town council, as the case may be. ballots cast be for authorized to stock. Sec. 8. If a majority of the ballots cast at such election shall If majority of be for subscription, then the chairman of the board of county subscription, commissioners, in the case of county or township elections, and commissioners the proper authorities in the case of city or town elections, should sub-cribe to a majority of the ballots cast therein be for subscription, shall be authorized and required to subscribe to the capital stock of said company in behalf of said county, township, city or town, the sum which may have been fixed and named in the resolutions of said boards and notice of election and published as aforesaid, which subscription shall be made in bonds bearing interest as aforesaid. And that for the payment of the interest Subscription on said bonds, and to provide a sinking fund to pay or retire the principal thereof, according to the terms and conditions of said Special annual subscription, the said county commissioners and the said proper to provide sinktax may be levied authorities of said city or town, as the case may be, are hereby ing fund. authorized and empowered to levy and assess annually upon the taxable property of such county, township, city or town a tax of such per centum as may be necessary to pay the interest on said bonds and to pay or retire the principal thereof as aforesaid, which shall be known and styled in the tax-book as "rail PRIV-60 made in bonds. How collected and paid out May cross tracks of other 10ads. May construct part of read without completing all. road tax" and shall be collected and paid out to the holders of the Sec. 9. That the said company shall have the power to cross Sec. 10. That the said company can construct a part of said road without building the entire line, and may charge for transportation thereon both freight and passengers, at such rate as said company shall prescribe, subject to such general laws regulating the same as the general assembly [may] from time to time establish. Sec. 11. That this act shall be in force from and after its ratification. Ratified the 6th day of March, A. D. 1899. Corporators. Body corporate. Corporate pow ere. Rate of interest. CHAPTER 345 An act to incorporate the Piedmont Savings Bank. The General Assembly of North Carolina do enact: Section 1. That T. J. Brown, F. B. Efird, D. H. Browder, O. B. Eaton and L. W. Seabott, and their associates, successors and assignees be, and they are hereby created a body politic and corporate under the name and style of the Piedmont Savings Bank, and by such name may acquire, hold and convey real and personal property, sue and be sued, plead and be impleaded, in any courts of the state, and have a continual succession for (30) thirty years and a common seal for the purpose indicated in the title. Sec. 2. That this corporation shall have the power to receive and pay out the lawful currency of the country, deal in exchange, gold and silver coin, stocks, bonds, notes and other securities; to loan money to or receive deposits from corporations, minors, ap prentices, femes coverts, and his or her check or receipt therefor shall be as binding upon such minor or femes covert as though he or she were of full age, or a feme sole, or other persons, on such terms and time, and manner of collection and payment as may be agreed upon between the parties; and for the use and loan of money may charge the legal rate of interest, and may take and receive said interest at the time of making said loan free from all other con 1 |