ble stream. have the right to cross any navigable stream or canal on the route: Crossing navigaProvided, and subject, however, to the laws of the United States and Proviso. the laws of the state of North Carolina governing the navigation of the navigable streams of North Carolina; and also the right to trans- Corporate powers as to transportaport freight of all kinds that can be transported by rail, and collect tion. freight rates and other charges for transporting and hauling the same; to carry passengers and collect fares for transporting the same; to carry and transport all manner of goods as express matter, charge and collect all express rates and charge for carrying the same; to carry the United States mail, charge and collect all charges for transporting the same. SEC. 3. 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 to be hereafter built within the state of North Carolina at any point in the route, with the necessary turnouts, sidings, switches and other conveniences in furtherance of the objects of its construction. Crossing other roads, &c. how made. SEC. 4. That the capital stock of said Neuse and Swansboro Rail- Capital stock. road Company shall be six hundred thousand dollars, with the privilege of increasing the same to one million dollars, in shares of one hundred dollars each. The capital stock may be subscribed and paid Subscriptions, for in money, land, bonds, timbers, labor or otherwise as may be stipulated; each share of stock subscribed shall be entitled to one vote Stock-vote. in all the meetings of the stockholders of the said company. The Transfer of stock. stock shall be transferable on the books of the company, and ten thousand dollars shall be the minimum subscription on which said company may be organized. SEC. 5. That any five or more persons named in the first section of Books of subscription. this act, or such of their number and of those associated with them hereafter as thay may designate, shall constitute a board of commissioners to open books of subscription at such time and at such places, either in the state of North Carolina or in any other state as they may see fit, for subscriptions to the capital stock of said railroad company; and when ten thousand dollars shall have been subscribed and five Organization per centum thereon 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 said railroad company shall be perfected by the election of the board of directors and such other officers in such manner as the stockholders shall determine, the board of directors consisting of not less than five nor Directors. more than seven, out of the number of stockholders; and the said directors shall have power to perform all the duties necessary for the Powers. government of the company and the transaction of the business; and the directors so elected shall serve one year and until their successors Election. shall be elected. At each stockholders meeting for the election of Corporation not dissolved by failure to elect. Vacancies. President, &c. Secretary and treasurer. Authorized to issue mortgage bonds. President and directors authorized to contract debts, &c. Election of directors. Stock-vote. Principal office. Stockholders meetings. Quorum. Authorized to build part of road. Consolidation' with other road. directors the time and place for holding the next election shall be SEC. 6. That the president of the company and one or more vice- SEC. 7. That the Neuse and Swansboro Railroad Company may make a mortgage upon all its property, franchises or any part thereof, and execute first and second mortgage bonds in such denominations as may be deemed best; and the president and directors are hereby empowered, if the stockholders shall so authorize them, to make such expenditures and contract such debts as may be necessary for the construction of and operation of the road authorized by this act. SEC. 8. That the election of directors shall be by ballot, each stockholder having as many votes as he has shares in the stock of the company, and the persons receiving the highest number of votes polled shall be considered duly elected directors; and at all elections upon all votes taken at any stockholders meetings upon any by-law or upon any of the affairs of the said company each share of the stock shall be entitled to one vote, to be represented either in person or by proxy, and the proxies shall be in such form as the by-laws of the company may prescribe. That said corporation shall have a principal office in the state of North Carolina, which shall be designated by a majority of the stockholders, but the meetings may be held at such place or places as a majority of the stockholders may direct, and a majority of the shares of the stock subscribed present in person or by proxy shall constitute a quorum to transact buiness. SEC. 9. That the said company shall have power to use any section or portion of its road before the whole thereof shall be completed, and may charge for freight, transportation and passengers thereon. SEC. 10. That the company is hereby empowered to merge and consolidate its capital stock, real estate, personal or mixed property, franchises, rights, privileges and property with those of any other railroad company or companies chartered by and organized under the laws of this state whenever a majority of the stockholders shall so decide, and consolidation 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 and approve; and the said company is hereby authorized to use under purchase, lease, agreement or other running arrangements as it may from time to time make with any other railroad or steamboat company in this state any line of road as a connecting link between the different parts of its road or as an extension of any portion of its road. &c. SEC. 11. That the said company shall have power and authority to Authorized to appropriate and occupy as much land as may be necessary for the appropriate land, construction of said railway of the width of sixty feet on each side of the center line, measuring from the center of the track, and as much additional land as may be necessary for the station houses, depots and all other purposes necessary for the construction and operation of said railway, under the same rules and regulations and terms as are prescribed for the acquisition of land by the charter of the North Carolina Railroad Company. land. SEC. 12. That where any right-of-way or other land being required Condemnation of by said railroad company for the purpose of constructing their railroad, and for the want of agreement for any cause it cannot be purchased from the owner, the same may be taken at a valuation to be assessed by three commissioners, or a majority of them, who shall be freeholders, to be appointed by the clerk of the superior court of the county wherein the land on which the right-of-way sought is situated, upon petition in writing by any officer of the said railroad company and after five days notice to the party owning the land, and the service of this notice shall be made in accordance as the case may be with subdivisions one, two, three, four, five, six and seven, under section nineteen forty-four, in chapter forty-nine, of The Code of North Carolina, volume one, eighteen hundred and eighty-three, and in making the valuation the commissioners shall take into consideration the loss or damage that may accrue to the owner in consequence of the right-of-way being surrendered. And the said railroad company or the landowner, if dissatisfied, may Right of appeal. appeal to the superior court of the county wherein the land or any part thereof may be in the same manner as appeals are taken from a judgment of a justice of the peace to the superior court. The proceedings of the commissioners, accompanied with a full description of the land on which the right-of-way is desired, shall be returned over their signatures and the seals of the commissioners, or a majority of them, to the clerk of the court from whom the commission issued, there to remain a matter of record. The title to the land over which the right-of-way is sought shall rest in the said railroad company as soon as the valuation shall be paid, or when tendered and refused, and so long as the same shall be used for the pur Proviso. Liability of stockholder for corporate debts. Conflicting laws] repealed. poses of said railroad; and the right of said railroad company to condemn land as aforesaid shall extend also to the condemnation of lands for stations, gravel-pits and all other purposes needed in the construction of the road: Provided, that the said company shall begin the work of constructing said road within two years and complete the same within ten years from the passage of this bill. SEC. 13. That the stockholders in said company, whether private citizens or other corporations, public, private or municipal, shall be personally liable for the debts of the said company to the amount only of the unpaid stock in said company held by them respectively. SEC. 14. That all laws and clauses of laws in conflict with this act are hereby repealed. SEC. 15. That this act shall be in force from and after its ratification. Chapter 36, ante, amended. Capital stock divided into shares of fifty dollars. CHAPTER 160. An act to amend the charter of The Moore County Railroad Campany, passed at the present session of the general assembly. The General Assembly of North Carolina do enact : SECTION 1. That the charter of The Moore County Railroad Company, passed at the present session of the general assembly, be amended as follows: In section two of said act strike out the words " in shares of one hundred dollars each" and insert "in shares of fifty dollars each." SEC. 2. That this act shall be in force from and after its ratification. Incorporated. CHAPTER 161. An act to incorporate "The Monitor Company," Littleton, North Carolina. The General Assembly of North Carolina do enact: SECTION 1. That the officers and members who are at present or in the future may be of "The Monitor Company," of Littleton, Warren county, North Carolina, be and they are hereby incorporated Corporate name. under the name and style of "The Monitor Company," and by that ers. name may have succession and a common seal, sue and be sued, plead Corporate powand be impleaded in any court of record or before any justice of the peace in this state, and contract and be contracted with, acquire, hold and dispose of real estate and personal property for the benefit of said company as may be required for the convenient transaction of its business. ers. SEC. 2. The members of the corporation shall have perpetual suc- Corporate powcession, shall forever elect their own officers, and shall have power to pass all necessary laws and regulations for their own government which may not be inconsistent with the constitution and laws of this state or of the United States. SEC. 3. The capital stock of said corporation shall not be less than Capital stock. five hundred dollars nor more than ten thousand dollars, and shall be divided into shares of ten dollars each. SEC. 4. The members of the corporation shall not be individually Non-liability of liable for the indebtedness of the company. SEC. 5. That this act shall be in force from and after its ratification. corporators for corporate debts. CHAPTER 162. An act to amend and re-enact an act to incorporate the town of Sparta, in Alleghany county. The General Assembly of North Carolina do enact : Chapter 26, private laws 1887, SECTION 1. That chapter twenty-six of the private laws of eighteen hundred and eighty-seven be amended as follows: Strike out in sec- amended. tion two line three of said act the word "A. J. Carson" and insert Temporary officers. in lieu thereof the word "H. K. Boyer." Strike out in line four of said section the word "T. M. Honeycutt" and insert in lieu thereof the word "A S. Carson." live stock to run SEC. 2. That said chapter be further amended by inserting between Unlawful to allow sections four and five, section four a to read as follows: That it shall at large within be unlawful for any person in Alleghany county to turn hogs or cat- half mile, &c. tle out in the range, streets or public roads for the purpose of allowing such stock to run at large in the range within a radius of one-half mile around the court-house in said town of Sparta; and if any per- Penalty. son turns such stock in the range or such stock gets into the range in any way and roams or runs inside said boundary, then upon notice such owner shall immediately remove such stock from such boundary; and for every day such stock remains at large inside said boundary, with the knowledge of the owner, such owner shall forfeit and pay |