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Route of road.

Proviso.

Route.

Branch roads.
Corporate pow-

ers.

Authorized to construct telegraph and telephone lines.

Proviso.

Crossings, &c.,

with other roads.

Capital stock.

Subscriptions, how made.

Books of subscription.

pany," for the purpose of locating, constructing, equipping, maintaining and operating a railroad for the transportation of freight and passnegers from the town of Durham through the counties of Durham, Chatham, Moore, Montgomery, Stanly, Cabarrus and Mecklenburg to the city of Charlotte: Provided, the railroad shall be located through or within five miles of Gulf in Chatham county, through or within five miles of Troy in Montgomery county and through or within five miles of Albemarle in Stanly county.

SEC. 2. That said railroad company may build its railroad by such route as may be deemed most advantageous and expedient through said counties, with the privilege of constructing and operating branch roads not exceeding thirty miles in length; and that in constructing and operating said branch roads the said cɔmpany shall have all the rights and privileges granted to it with respect to the main line; and it shall have all the powers granted in The Code of North Carolina, volume one, chapter forty-nine, entitled "Railroad and Telegraph Companies."

SEC. 3. That the said company is hereby authorized to construct and operate at its option one or more lines of telegraph or telephone along its line or lines of railroad, and to charge and collect such remuneration for messages or dispatches as the president and board of directors may determine, and the said company may connect said lines of telegraph or telephone with the lines of any other company in this or adjoining states and may lease, sell or rent this right, and any telegraph or telephone line constructed by the company as in the judgment of the president and directors may be advantageous to the company: Provided, that said company shall be subject to all the provisions of law in relation to rate and tariffs to be charged by same. SEC. 4. That said company shall have the right to cross at grade, over or under, intersect, join or unite its railway or railroad with any railroad now built or constructed within the state of North Carolina, at any point on its main line and branches, with the necessary turnouts, sidings, switches and other conveniences in furtherance of the objects of its construction.

SEC. 5. That the capital stock of the company shall be one million five hundred thousand dollars, and may be issued in preferred or common stock, or both, in shares of one hundred dollars each. The capital stock may be subscribed and paid for by subscription on the part of individuals, counties, townships, municipal or other corporations in money, lands, mines, mineral properties, materials, bonds, timber, labor or otherwise, as may be agreed upon between the president and directors of the company and the subscribers.

SEC. 6. That any three or more persons named in the first section of this act, or such of their number and those associated with them hereafter as they may designate, shall constitute a board of commissioners to open books of subscription at such times and at such places

as they may see fit for subscription to the capital stock of said rail- Organization. road company, and when ten thousand dollars shall have been subscribed and ten per centum thereof paid in, the commissioners named in the above section shall call the subscribers together in such manner and at such time and place as they may deem proper, to perfect the organization of said railroad company, and the organization of the railroad company shall be perfected by the election of a board of directors and such other officers in such manner as the stockholders shall determine.

SEC. 7. That the president and directors shall have power and Payment of money subscripauthority to require payment from the stockholders whose subscrip- tions. tions are payable in money on their respective shares from time to time as the wants of the company may demand until the whole of their subscription shall be paid. If any stockholder shall fail to pay Remedy against stockholder failthe sum required of him by the president and directors within one ing to pay. 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 stockholders so failing or refusing, giving one month 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 representatives, 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.

SEC. 8. That when any right-of-way may be required by the com- Condemnation of pany for the purpose of constructing its railroads and its branches, land. and for want of agreement for any cause it cannot be purchased from the owner, the same may be condemned as provided in chapter forty-nine of The Code of North Carolina to the extent of fifty feet on each side of the track of the railroad measuring from the centre of the same. And the company shall have power to appropriate and condemn land in like manner for the building and erection thereon of depots, warehouses, shops and houses for servants, enployees and other purposes, not exceeding two acres in any one lot or place.

road.

SEC. 9. That this corporation shall have power to lease or sell any Lease or sale of railroad that may be constructed by it, with its franchises, to any other railroad company directly or indirectly connected with it in North Carolina, and any other such railroad company shall have the power to lease or buy from this corporation any such railroad that

Proviso.

Subscription by counties and townships.

Election.

Ballots.

Election, how held.

Townships incorporated.

may be constructed by it with its franchises: Provided, the said company shall not lease or sell to the Richmond and Danville Railroad Company or its lessees or successors.

SEC. 10. That upon presentation in writing, signed by fifty freeholders, to the board of commissioners of any county through which said railroad may be located requesting said commissioners to submit to the qualified voters of the county or township where said petitioners may reside a proposition to subscribe a definite sum named in said petition to the capital stock of said Durham and Charlotte Railroad Company, the board of commissioners shall order an election to be held within thirty days at the various polling places of said county or township, and submit to the qualified voters thereof the question of subscribing to the capital stock of said railraad company the amount specified in said petition, at which election those in favor of said subscription shall vote "For subscription," and those opposed thereto shall vote " 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 provided for election of members of the general assembly by the general election laws of the state of North Carolina.

SEC. 11. That for the purposes of this act all the townships along the line of the railroad or which are interested in its construction are hereby declared to be bodies politic and corporate and are vested with the necessary powers to carry out the provisions of this act, shall have all the rights and be subjected to the liabilities in respect to any rights or causes of action growing out of the provisions of this act. Corporate agents. The county commissioners of the respective counties in which are situated the respective townships subscribing are declared to be the corporate agents of the townships so incorporated and situated within the limits of the said counties respectively.

County commissioners to issue bonds, &c.

Special tax.

SEC. 12. That to provide for the payment of said subscriptions the board of commissioners of any county voting said subscriptions or wherein is located any township voting said subscriptions shall issue to said railroad, in exchange for an equal amount of stock therein, coupon bonds to the amount of the subscription so authorized, and the bonds shall upon their face indicate on account of what county or township they are issued, and said bonds shall be in denominations of not less than one hundred dollars and not more than one thousand dollars each, and shall run for twenty-five years and bear interest at the rate of six per centum per annum, payable semi-annually at some suitable depository designated by the board of commissioners issuing said bonds.

SEC. 13. That the county authorities, legally empowered to levy taxes in any county voting for said subscription or in which there is a township voting for subscription for the payment of which bonds have been issued as provided for in this act, shall, in addition to the

othes taxes levied in such county or township in whose behalf said bonds were issued, annually compute and levy at the time of levying other taxes a sufficient tax upon the property and polls of said county and township to regularly and promptly pay the interest on the bonds of said county and township issued in behalf of said subscription, and at the same time said authorities shall compute and levy a tax upon the property and polls of said county or township equal to at least one-twenty-fifth of the aggregate amount of said bonds for a sinking fund to provide for the retiring of said bonds at maturity; and the taxes levied as above shall be annually collected as other How collected. taxes are collected and paid over by the sheriff or other authorized To whom paycollecting officer to the county treasurer or such other officer as the county commissioners issuing said bonds may designate, which officer shall give a good and sufficient bond for the safe keeping and proper disbursement of said taxes; and the taxes levied and collected for To be kept sepathese purposes shall be kept separate and distinct from each other rate, &c. and from all other taxes, and each shall be used only for the purpose

able.

for which it was levied and collected. The sinking fund shall be used Sinking fund. yearly in purchasing the identical bonds to pay the principal for which it was levied and collected, if possible; but if it is impossible to annually invest said sinking fund in the purchase of said bonds for the payment of which it was created, the same shall be invested as may be directed by the board of commissioners issuing said bonds; and the taxes for the sinking fund for the payment of the principal of said bonds shall be levied and collected no longer than is necessary to create a fund sufficient to pay off the principal of said bonds.

borrow money on

SEC. 14. That this company shall have the right to borrow money Authorized to when so authorized by a majority of its stockholders in general or mortgage. special meeting assembled, and to issue bonds or other evidences of indebtedness and to secure the same by a mortgage or deed of trust of its property, franchises and effects or otherwise.

ers.

SEC. 15. That said company is hereby authorized and empowered Corporate powto consolidate or merge its capital stock, estate, real, personal and mixed, franchises, privileges and property with those of any railroad company or companies chartered by and organized under the laws of this or any adjoining state whenever a majority of the stockholders of this company shall so desire, when the two or more railroads so to be consolidated or merged shall and may form a continuous line of railroad with each other, and the said consolidation or merger may be effected by its directors in such manner and on such terms and conditions and under such name and style as a majority of the stockholders may determine or approve, and such other company or companies are hereby authorized to consolidate or merge with this company upon the same terms and conditions and such consolidated or merged company shall or may have the rights, powers, privileges Corporate powand franchises for its entire length which each of the companies so

ers.

Authorized to build part of road, &c.

Charter to be

void if work not begun in two

years.

consolidated or merged may have prior to such consolidation: Provided, the said company shall not consolidate or merge with the Richmond and Danville Railroad Company or its lessees or successors. SEC. 16. That the said company may begin work on any part of its line, and upon the construction of any part or portion thereof may operate and maintain such part or portion with all the rights, powers and privileges hereby granted to this company; that it may under such purchase, lease, agreement or running arrangement as it can make with any other railroad company operate any road as a link between different portions of its own line.

SEC. 17. That if work on said railroad be not commenced in two years after the ratification of this act then this charter shall be void.

SEC. 18. That this act shall be in force from and after its ratification.
Ratified the 2d day of March, A. D. 1893.

Incorporators.

Corporate name.

CHAPTER 159.

An act to incorporate the Neuse and Swansboro Railroad Company.

The General Assembly of North Carolina do enact:

SECTION 1. That Cyrus Foscue, J. C. Pittman, Joseph Sabiston, J. J. Hines, H. H. Perry, John S. Fisher, Henry B. Wood, Macon Porter, Wm. Flanner, N. Dennis, George Conner, David Aman, Clifford Simpson, Johnston Cornish, Andrew J. Ensign, Joseph B. Cornish, J. Nelson Pidcock, J. Cole Price, Robert O. Babbitt, John J. Stanton, Wm. H. Bell, Robert A. Price, Jacob C. Vanhorn, John G. Haney, Wm. F. Bell, Third Major Russell, C. D. Foy, Sen., Sam'l Hudson, P. A. Koonce, Thos. Bartley, their associates, successors and assigns, are hereby constituted a body politic and corporate, under the name of "The Neuse and Swansboro Railroad Company" for the purpose of constructing, equipping, maintaining and operating a Location of road. railroad from or near Riverdale in Craven county on the Neuse river to or near Swansboro in Onslow county via or near Stella in Carteret county through the counties of Craven, Carteret, Onslow and Jones for the transportation of freight and passengers, and for the same purpose build and operate ferries and ferry-boats, steamships, steamboats, sailing vessels, boats and barges; and by their corporate name and style they and their associates, successors and assigns shall have succession for ninety-nine years.

Corporate exist

ence.

Route.

SEC. 2. That said railroad company may build its railroad by such route as may be deemed most advantageous and expedient, and shall

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