time to time by the stockholders of said company to any sum or sums not exceeding in all the said sum of five million dollars. SEC. 4. The incorporators named in the first section of this act, any five of whom may act, are hereby appointed commissioners to receive subscriptions to the capital stock of said company, and for that purpose may open books of subscription at such time or times and at such place or places and upon such notice as to them may seem proper, Books of sub- and as soon as the sum of twenty-five thousand dollars, or such other Organization. SEC. 5. The said company shall have the right to issue, negotiate Authorized to counties, town SEC. 6. It shall be lawful for any county, township, city or town Subscriptions by through or near which the said road may run, to subscribe for and ships, cities and hold stock in said company or in any section thereof, in case any sec- towns authorized. tion be built alone, whenever such subscription shall be authorized under the provisions of this act by a majority of all the qualified voters of such county, township, city or town; and any such township through which or near which said road passes, upon a majority Townships subof the qualified voters therein having voted in favor of a subscription rated, &c. scribing incorpoto the capital stock of said railroad company, shall be and thereupon become constituted a corporation, with full power to subscribe as provided in this act and to assume and to contract indebtedness for the purpose of payment of said subscription, and shall have all authority through the board of county commissioners of the county in which said township is situated as authorized by this act to issue bonds of such township or townships and to provide for the levy and collection of taxes on property and polls to pay the accruing interest on said bonds and the principal when the same falls due. Election in counties on question of subscription, when held, &c. SEC. 7. That in case any county through or near which said road is located desires to subscribe for stock in said company it shall be the duty of the board of commissioners of such county, upon the petition of not less than twenty-five freeholders and resident taxpayers of the county, to provide for the submission of the question of subscription to the qualified voters of such county, and in case the same is adopted Bonds to be issued by said voters then the bonds shall issue and taxes to pay the same and taxes levied shall be levied as is prescribed by the general laws as contained in chapter forty-nine of The Code of North Carolina. on affirmative vote. Election in townships, cities and towns on question of subscription, when held, &c. Ballots. Election, how held, &c. Returns of election. On affirmative vote, chairman of county commissioners to subscribe, &c. County commissioners to issue bonds. SEC. 8. Upon the presentation of a petition signed by at least twenty resident taxpayers of any township, city or town through or near which said road shall have been located, in any county along the line thereof, to the board of county commissioners of any county wherein such township, city or town is situated requesting said commissioners to submit to the vote of the qualified voters of their respective township, city or town as the case may be, a proposition to subscribe a definite sum named in said petition to the capital stock of the Winston-Salem and Charleston Railroad Company, it shall be the duty of said board of commissioners, within sixty days, to order an election to be held at the various polling places in the township, city or town so petitioning and submit to the qualified voters thereof the question of subscribing to the capital stock of said company the amount specified in the petition, at which election those in favor of such subscription shall vote "Subscription" and those opposed shall vote "No subscription;" said election shall be held, registrars and poll-holders and judges appointed, the registration of votes taken as may be provided by law for general elections of members of the general assembly in townships, and as provided by law for the election of commissioners or aldermen in cities and towns, except that in all said elections the poll-holders shall make returns within three days after the election of the votes cast to the board of county commissioners of the county, who shall on the third day after the election canvass the returns, declare the result and cause the same to be entered on their minutes. SEC. 9. In case any township, city or town shall, by a majority vote of all the qualified voters therein, direct a subscription as provided in this act, then the chairman of the board of commissioners shall, within sixty days after said vote is ascertained, subscribe the amount authorized by the vote of said township, city or town, in stock to said company, to be paid for in the bonds of such township, city or town at their face value. SEC. 10. To provide for the payment of said subscriptions made as provided in this act, the board of commissioners of the county in which is situated any township, city or town making such subscription shall issue coupon bonds to the amount of the subscription so authorized, and said bonds shall upon their face indicate on account of what township, city or town they are issued and the conditions upon which they are issued. Said bonds shall be in denominations of not less than fifty nor more than one thousand dollars, and shall run for not exceeding forty years and bear interest not exceeding six per centum per annum, payable annually or semi-annually, and payable at such time and place as the board of county commissioners may direct. SEC. 11. To provide for the payment of said bonds issued under County commissioners to levy the authority of this act the board of commissioners of any county special tax. wherein the township, city or town issuing the same may be situated shall, in addition to the other taxes that annually may be levied upon the property and polls of such township, city or town, annually compute and levy at the time of levying the general taxes upon the property and polls of said township, city or town, or at any other regular meeting of the board of county commissioners to compute and levy upon the property and polls in said township as assessed and listed for taxation at the last assessment and levy for state and county taxation, a sufficient tax to regularly and promptly pay the interest on said bonds as it falls due and to provide a sinking fund to pay off the principal of the same as the bonds way mature, which taxes How collected. shall be collected by the sheriff of the county or by a tax-collector to be annually appointed for the purpose by the board of county commissioners of the county in which such township is situated, if the taxes be levied upon the subjects of taxation in a township to pay township bonds, and by the tax-collector of a city or town to pay city tors. Powers and lialectors. bilities of col or town bonds, and by said officers promptly applied to the payment How applied. of interest and principal as provided for in this act; and such collectors shall enter into bond before the county commissioners with Bond of collecsufficient securities conditioned for the faithful performance of their duty under the provisions of this act. All tax-collectors in collecting taxes as provided in said chapter as amended by this act shall have the same powers and be subject to the same liabilities as are now applicable to sheriffs in the collection of state and county taxes; and said collectors shall apply said taxes when collected either Application of directly to the payment of the bonds or the interest thereon of the county, township, city or town, respectively, or shall deposit the same with some other person or banking institution as directed by the said board of commissioners, which board shall have the right to Compensation of fix the amount of compensation of said tax-collector, not to exceed five per centum upon gross amount collected. SEC. 12. That during the construction of the said railroad, and until the same shall have been completed, the state may furnish to the said railroad company, as called for by the president or board of directors thereof, not less than three hundred able-bodied convicts, to be used in the work of construction within the state; and the said company in consideration of the services of such convicts shall pay to the state taxes. collectors. State may fur nish convicts to work on road. What amount Bond. treasurer in equal quarterly installments in advance the sum of one company to pay. hundred and twenty-five dollars per capita per annum, and so much more than one hundred and twenty-five dollars per capita per annum as will cover and pay the entire expenses of such convicts, not to exceed altogether the sum of one hundred and fifty dollars per capita per annum. And the cost in excess of one hundred and twenty-five dollars per capita per annum shall be secured by bond of the company with security to be approved by the board of directors of the penitentiary: Provided, the authorities of the penitentiary shall not be required to furnish said convicts nor keep them in camps in bodies of less than one hundred: And provided further, that this section and act and every part thereof may be amended or repealed by any future general assembly. Proviso. Other corporations may subscribe to stock. Consolidation. Proviso. Election of officers. Vacancies. SEC. 13. Any company incorporated under the laws of this or any other state may subscribe to or acquire and hold shares of the capital stock of this company, with the right to vote the same or to transfer and assign the same; and the company hereby incorporated shall have the right to consolidate with any other railroad company incorporated under the laws of this or any adjoining state upon such terms as may be agreed upon between the companies so consolidating: Provided, however, that the company hereby incorporated shall always be and remain a corporation of the state of North Carolina. SEC. 14. The president and one or more vice-presidents and a board of directors to consist of not less than five nor more than ten shall be elected by the stockholders, and all other officers shall be elected by the board of directors. In case of any vacancy in the office of president or vice-president or in the board of directors the same may be filled by the board. SEC. 15. That this act shall be in force from and after its ratification. Incorporators. Corporate name. CHAPTER 94. An act to incorporate the North State Brownstone Company. The General Assembly of North Carolina do enact : SECTION 1. That J. S. Pescud, W. C. Lewis, R. H. Wright, B. L. Duke, W. W. Vass, A. D. Baird, S. H. MacRae, William Smith, T. P. Devereux, P. Cowper, James McKee, J. W. Hinsdale, S. A. Ashe, T. T. Hay and V. B. Moore, their associates, successors and assigns, are hereby constituted a body politic and corporate under the name of the North State Brownstone Company, and under that name may ers. sue and be sued, contract and be contracted with, adopt and use a Corporate powcommon seal which it may change at pleasure, and enjoy all the rights and privileges, powers and franchises generally pertaining to corporations in this state. SEC. 2. That the capital stock of the said corporation shall be ten Capital stock. thousand dollars in shares of the par value of one hundred dollars each, and said company shall have liberty to increase said capital stock at any time or from time to time to any sum not exceeding in the aggregate two hundred thousand dollars, and said shares may be paid in money, cross-ties, labor, land, timber, materials, mineral and Subscriptions, how paid. stone rights, and leases, stocks, bonds or other securities, or in any other way that may be agreed upon by the company and its subscribers. SEC. 3. That said corporation may issue stock, both common and Issuance of stock. preferred: Provided, that the amount of preferred stock shall not at any time exceed more than twenty-five per centum of the entire common and preferred stock of said corporation, with such regulations as to such stock and dividends thereon as may be prescribed by the stockholders in general meeting. ers. SEC. 4. That said corporation is hereby empowered to conduct, Corporate powtransact and carry on in all its branches, the business of quarrying, mining, cutting, working, removing, dressing, manufacturing, buying and selling and dealing in all kinds of timber, lumber, clay, stone, ores and minerals and to purchase the timber, clay, stone and mineral rights in lands other than those owned in fee by the company and to buy, sell and deal in goods, wares and merchandise at its will and pleasure. ers. SEC. 5. That said company shall have power to lease, purchase, Corporate powhold, sell and convey real estate and personal property of any description necessary or convenient for its business; to borrow money when so authorized by a majority vote of its stockholders, and to issue bonds and other evidences of indebtedness and to secure the same by mortgage of its property, franchises and effects, or otherwise. SEC. 6. That said company be and the same is hereby permitted to Authorized to construct and operate a railroad or tramway from its quarries to some point on the Cape Fear and Yadkin Valley Railroad or the Raleigh and Augusta Air-Line Railroad or other railroad in Moore or Chatham counties not to exceed thirty miles in length and branch roads not exceeding ten miles in length. build railroad. land. SEC. 7. That when any right-of-way may be required by the com- Condemnation of pany for the purpose of constructing its railroad, and for want of agreement from any cause it cannot be purchased from the owner the same may be condemned as provided for in chapter forty-nine of The Code to the extent of fifty feet on each side of the track of the railroad measuring from the center of the same. And the company shall have power to appropriate and condemn land in like manner |