Authorized to &c. for the building and erection thereon of depots, warehouses, shops and houses for servants, employees and other purposes, not exceeding two acres in any one lot or place. SEC. 8. That this corporation shall have power to lease or sell any sell, &c., railroad, railroad that may be constructed by it to any other railroad company operating in Moore or Chatham counties, North Carolina, and any other such railroad shall have the power to lease or buy from this corporation any such railroad as may be constructed by it. Payment of subscriptions. to pay. SEC. 9. That the president and directors shall have power and authority to require payments from the stockholders whose subscriptions are payable in money on their respective shares from time to time as the wants of the company may demand until the whole of Remedy against their subscription shall be paid. If any stockholder shall fail to pay subscriber failing the sum required of him by the president and directors within one month after the same shall have been required of him it shall and may be lawful for the said president and directors to sell at public auction and convey to the purchaser the share or shares of such stockholder so failing or refusing, giving one month's previous notice of the time and place of sale in one or more newspapers published in this state, and, after retaining the sum due and all charges of the sale out of the proceeds thereof, to pay the surplus over to the delinquent owner or his legal representative; and if the sale should not produce the sum required to be advanced, with the incidental charges attending the sale, then the said company may recover the balance of the original subscriber or his assignee, or the executor or administrator or either of them, at the option of the said company, by civil action in any court having jurisdiction thereof. Any purchaser of stock under such sale by the president and directors shall be subject to the same rules and regulations as the original owner. Directors. Officers. Non-liability of stockholders for corporate debts. Principal office. Corporate exist ence. SEC. 10. That said corporation shall be managed by a board of directors, to be elected by the stockholders; the said board of directors to consist of such a number of said stockholders and to hold their offices for such term or length of time as may be prescribed by the stockholders in general meeting. And said board of directors in person or by proxy shall have power to elect such officers as they may deem necessary or expedient; to prescribe their duties, compensation and terms of service, and to make all such by-laws, rules and regulations for the management and proper conduct of the corporation and its business, not inconsistent with the constitution and laws of this state and of the United States, as they may deem proper and necessary. SEC. 11. That the stockholders shall not be individually liable for the debts, contracts and agreements of the company. SEC. 12. That the principal office and place of business of the company shall be at Raleigh, North Carolina. SEC. 13. That the duration of said company shall be fifty years. CHAPTER 95. An act to extend and correct the charter of the Shelby, Glenalpine The General Assembly of North Carolina do enact : SECTION 1. That the charter of the Shelby, Glenalpine and Cran- Charter (chapter 142, laws 1887) berry Railroad Company, contained in chapter one hundred and extended. forty-two of the laws of one thousand eight hundred and eightyseven, and ratified the second day of March one thousand eight hundred and eighty-seven, be and the same is hereby extended for the term of five years from the ratification of this act, and that the said company shall have all the powers and privileges conferred upon Corporate powit by the original charter and shall be subject to the liabilities and provisions of the same. ers. SEC, 2. That the said charter of the Shelby, Glenalpine Springs Additional incorporators. add Cranberry Railroad Company shall be corrected by striking out I. Z. Falls, in line eight of section one of said charter, and inserting J. Z. Falls; by striking out H. T. Schenck, I. Z. Falls, Sen., and L. I. Hoyle, in line six of section five of said charter, and inserting in lieu thereof H. F. Schenck, J. Z. Falls and L. J. Hoyle. SEC. 3. That the names of S. J. Greene and T. D. Lattimore be Additional cominserted between the name of D. D. Lattimore and the word "of" missioners to in line seven of section five of said act, SEC. 4. That this act shall be in force from and after its ratification. open books of subscription. CHAPTER 96. Act act to allow North Carolina State Company further time to organize. The General Assembly of North Carolina do enact : vate laws 1891, amended. SECTION 1. That the private acts of the general assembly of North Chapter 96, priCarolina, chapter ninety-six, laws of one thousand eight hundred and ninety-one, entitled "An act to incorporate the North Carolina State Company," be and the same is hereby amended so as to allow the Incorporators incorporators in said act named further time, until the first day of Jan. 1, 1896, to January, eighteen hundred and ninety-six, to open books and receive organize. subscriptions for stock and to organize "The North Carolina State Company." SEC. 2. That this act shall be in force from and after its ratification. allowed until Chapter 155, private laws 1887 amended. Streets, &c. land. CHAPTER 97. An act to amend the charter of the town of Benson, Johnston county. The General Assembly of North Carolina do enact: SECTION 1. That chapter one hundred and fifty-five of the private acts of eighteen hundred and eighty-seven be amended by adding after the word "determine” in line twenty-one, section seventeen, the following: "That the commissioners shall have power to lay out, open and name any new street within the corporate limits of the town and shall have power at any time to widen, enlarge, change, extend or discontinue any street or streets within the corporate limits Condemnation of of the town, and shall have full power and authority to condemn, appropriate and use any land or lands necessary for any of the purposes of this section, upon making a reasonable compensation to the owner or owners thereof, but in case the owner of the land and the commissioners cannot agree as to the damages then the matter shall be referred to arbitrators, each party choosing one who shall be a freeholder and a bona fide citizen of the town; and in case the owner of the land shall refuse to choose such arbitrator, then the mayor shall in his stead select one for him, and in case the two chosen as aforesaid cannot agree they shall select an umpire, whose duty it shall be to examine the land condemned and ascertain the damages sustained and the benefits accruing to the owner; and the award of the arbitrators shall be conclusive of the right of the parties and shall vest in the commissioners the right to use the land for the purposes specified, and all damages agreed upon or awarded by the arbitrators Right of appeal. shall be paid as other town liabilities, by taxation: Provided, that either party may appeal to the superior court as provided by law." SEC. 2. That this act shall be in force from and after its ratification. Ratified the 21st day of February, A. D. 1893. Incorporators. CHAPTER 98. An act to incorporate the Carthage and Western Railroad Company. The General Assembly of North Carolina do enact: SECTION 1. That W. C. Petty, H. T. Petty, J. C. Black, L. P. Tyson, and such other persons as they may hereafter associate with them, their successors and assigns are hereby constituted a body corporate Corporate name. by the name of the Carthage and Western Railroad Company; and ers. by such name may sue and be sued, implead and be impleaded in all Corporate powthe courts of this state or of the United States; may have a common seal, with right to alter the same at pleasure; make such by-laws, rules and regulations as they may deem necessary or expedient for the purpose of incorporation and the conduct of business; may purchase, lease, hold and convey all property, real and personal, requisite and proper for their corporate purposes, and may have and enjoy all the rights, powers, franchises and immunities granted by the general laws of the state not inconsistent with this act. build railroad. SEC. 2. That said company is hereby authorized and empowered to Authorized to construct, maintain, equip and use a railroad with one or more tracks from a point on the line of the Carthage Railroad to and beyond Cur- Termini. riesville in Moore county not exceeding twenty miles, and to con- Authorized to struct, maintain, equip and use a railroad with one or more tracks build another from a point on the line of the Carthage Railroad at or near Carthage Termini. to Ashboro in Randolph county, and to sell, lease, consolidate or connect with any other railroad: Provided, that work on one of said Proviso. roads shall be commenced within twelve months from the ratification of this act. road. SEC. 3. That the capital stock of said company shall be thirty thou- Capital stock. sand dollars, with power from time to time to increase the same to any sum not exceeding one hundred thousand dollars, in shares of one hundred dollars each. That it shall be lawful for subscriptions to be Subscriptions, made payable in money, land, materials, labor, stocks, bonds or other how made. securities, as may be agreed upon between the company and the subscribers. subscription. SEC. 4. That the persons named in the first section of this act, or Commissioners to such of their number or those associated with them hereafter as they open books of may designate, shall constitute a board of commissioners to open books at such times and places as they may see fit for subscriptions to the capital stock of said company, and whenever ten thousand dollars shall have been subscribed the commissioners named under this sec- Organization. tion shall call the stockholders together in such manner and at such time and place as they may deem proper to perfect the organization of said company, and the organization of said company shall be perfected by the election of a president and four directors in such manner as the stockholders shall determine, and mode of managing, controlling and conducting the affairs and the business of the company in all their details shall be as prescribed by the by-laws and regulations hereinafter provided for. tors. SEC. 5. That at every annual meeting a president and four directors Election of presíshall be elected and they shall hold office for one year and until their dent and direcsuccessors shall be elected, and the board of directors may appoint such other officers and agents as they may deem proper and fix their officers, &c. duties, and the said board may fill any vacancy occurring in the office Vacancies. of president or director until the new meeting of the stockholders. Liability of stockholders. Authorized to remove cross-ties, &c., from road bed. Proviso. Authorized to survey routes. land. SEC. 6. That no stockholder shall be responsible for more than the amount of his unpaid subscription. SEC. 7. That said company is hereby authorized and empowered to remove from said road-bed or road-beds the cross-ties, iron or steel rails, joint fastenings and such other property as may be placed thereon after five years from the ratification of this act: Provided, this section shall not apply to the proposed line from Carthage to Curriesville in case said line be consolidated with another railway nor to the proposed line from Carthage to Ashboro. SEC. 8. That in order to carry into effect the purposes of this act the company may survey one or more routes for said roads as may be deemed practicable, and shall have the power and authority to approCondemnation of priate as much land as may be necessary for the construction of said railways of the width of fifty feet on each side of its main track, and as much additional land as may be necessary for the station houses, depots and all other purposes necessary and convenient for the construction, maintenance and operation of said railways, under the same rules and terms as are prescribed for the acquisition and condemnation of land in chapter forty-nine, volume one of The Code. SEC. 9. That any railroad or transportation company incorporated in this or any adjoining state may subscribe to or purchase and own the stocks or bonds, or both, of this corporation, or may guarantee or endorse the same, or may purchase, lease or use the road property and franchise of this company for so long a time and upon such terms as shall be mutually agreed upon between the two companies. This company may subscribe to or purchase and own the stocks or bonds, or both, of any other railroad company incorporated in this or any other state, and may guarantee or endorse its stock or bonds and may purchase, lease or use the road, property and franchise of such company on such terms and for such time as may be agreed upon between the two companies: Provided, the roads or lines of the two companies shall be directly connected. SEC. 10. That this company is authorized to borrow money for the purposes of the company to such an extent and at such lawful rate of interest as a majority of the stockholders may determine, and issue therefor its bonds in such manner and form as may be determined by the president and directors, and to secure them by deed of trust or mortgage upon the whole or any portion of the roads, property and franchises of the company as the said president and directors may approve. And the said company is hereby empowered to sell its bonds when, where, and at such rates and prices as the president and directors shall deem most advantageous to the company. SEC. 11. That this company is authorized to consolidate its capital stock, property and franchises with those of any other railroad company incorporated under the laws of this or any other state, and such other railroad company or companies are hereby authorized to merge |