through bills of lading and passenger tickets with any other transportation companies in connection with whom they may do business. (3). To buy, lease, exchange, own, sell and convey any personal property or any real estate at any of their ports as may be necessary for offices, wharves, warehouses, freight tracks to said wharves or as is needful in the prosecution of their business as a transportation company; to condemn rights-of-way for said connection tracks and sidings, and for telegraph. and telephone lines at any port in North Carolina, under the same conditions as property is condemned for railroads as provided by The Code, and possess and enjoy all the rights and privileges connected therewith; to issue bonds and secure the same by a mortgage or deed of trust on any or all its property, charters and franchises. (4). To buy, build, own, charter, re-charter, lease or sell steamships, sailing vessels, tenders, tugs, lighters and railroad cars, and to operate them in the prosecution of their business. (5). To take maritime risks on any freight which they may handle and to accept compensation from the owners for such insurance; to re-insure said risks or to exchange risks with other maritime insurance companies. (6). To carry on a general ship-brokerage and commission business. SEC. 6. That this act shall be in force from and after its ratification. Ratified the 3d day of March, A. D. 1893. Chapter 90, pri- Capital stock may ers. CHAPTER 177. An act to amend chapter ninety, private laws of eighteen hundred and ninety-one. The General Assembly of North Carolina do enact : SECTION 1. That section two of chapter ninety of the private laws of eighteen hundred and ninety-one be amended by adding after the word "five" in line five of said section the words "or more," and by striking out in line thirteen of said section after the word "exceed" the words "six hundred thousand" and inserting in lieu thereof the words "one million." SEC. 2. That all of section four of said chapter after the word "therefor" in line ten be stricken out and that the following words be added: "and for such compensation as may be agreed upon may guarantee titles to real estate or other property. It may subscribe to the capital stock of other joint stock companies and hold and vote the same." SEC. 3. That said chapter be further amended by cnserting the fol- Additional corporate powers. lowing section between sections eight and nine: "That said company may conduct warehouses and depots for the storage of personal property, and the certificates or receipts issued therefor shall be negotiable by delivery, entitling the holder to the property mentioned in said certificates or receipts without regard to the depositor of the prop erty, and the said company shall exercise ordinary care in the custody and protection of property stored with it." holders for cor SEC. 4. That no stockholder in the corporation shall be liable for Liability of stockany debt or default of the corporation for a greater amount than the par value of the stock held by him in the corporation. porate debts. SEC. 5. That said act be further amended by adding the following: Conflicting laws "That all laws and clauses of laws in conflict with this act be and repealed. are hereby repealed." SEC. 6. That this act shall be in force from and after its ratification. CHAPTER 178. An act to incorporate the Rutherford and Polk County Railroad Company. The General Assembly of North Carolina do enact: SECTION 1. That J. M. Williams, G. C. Collins, Wm. Shields, T. M. Incorporators. Walker, O. I. Nelson, C. W. Pearson, J. C. McFarland, N. H. Hill, J. T. Waldrop, and their associates, successors and assigns, are hereby incorporated under the name and style of the "Rutherford and Polk County Railroad Company," with power to construct, equip Corporate name. and operate a railroad from the town of Rutherfordton, North Caro- Termini. lina, or near said town, to Columbus in the county of Polk, North Carolina, said road between such points crossing the Green river at Route. or below its mouth, thence to Cowpen Ridge, running at or near Mill Springs, and extending on from Columbus to Tryon or some point on the Spartanburg and Asheville Railroad in said county of Polk; and said company shall have a capital stock of five hundred thousand Capital stock. dollars ($500,000), with power to increase same to two million dollars ($2,000,000); and shall have a corporate and perpetual succession as a body politic and corporate, and by that name may sue and be sued, Corporate powplead and be impleaded in any court in North Carolina, and may have and use a common seal, and shall be capable of purchasing, holding, leasing and conveying estate, real, personal and mixed, and acquiring the same by gift or devise so far as may be necessary for ers. Subscriptions, how made. Books of subscription. Organization. Stockholders meetings. Directors. Quorum. Stock-vote. Location of road, &c. Sale or lease of road, &c. Consolidation with other road. Remedy against subscribers. the purpose herein contemplated; and said company may enjoy all the rights, privileges and immunities which the other railroad corporations may lawfully exercise under the general corporation laws of North Carolina, and may make all necessary by-laws and regulations for its government, not inconsistent with the constitution of North Carolina and the United States. SEC. 2. That the capital stock of said company may be created by subscription on the part of individuals, municipal or other corporations in shares of fifty dollars each, which may be in land, timber, works or money, as may be stipulated. SEC. 3. It shall be the duty of any three of the corporators to call a meeting of the incorporators named in the first section of this act at such time and place as they may deem expedient; and the corporators who may meet under said call, a majority not being required as necessary, shall appoint the commissioners to open books of subscription at such time and place as to them shall seem best, with power to reject subscription not made for the bona fide purpose of securing the completion of a railroad to Columbus via Mills Springs as hereinbefore provided; and that after the sum of fifty thousand dollars has been subscribed to the capital stock of said company, the said commissioners shall call together the subscribers to said stock for the purpose of completing organization of said company, and the said subscribers shall be and they are hereby incorporated into a company by the name of the "Rutherford and Polk County Railroad Company." SEC. 4. That said company may hold annual meetings of the stockholders and oftener if necessary; and at its organization and annual meetings subsequent thereto the stockholders shall elect seven directors, to hold office for one year or until their successors are elected: Provided, that in all such meetings a majority of the stock subscribed shall be represented in person or by proxy, and each share there represented shall be entitled to one vote on all questions; that it shall be the duty of the directors to elect one of their number as a president of said company and to fill all vacancies in the board. SEC. 5. That after the company has been organized as aforesaid the board of directors shall proceed to locate and have constructed as speedily as possible on said route a railroad in accordance with the provisions of the first section of this act. SEC. 6. That said company may assign or lease their franchise and their rights in said road to any person, persons or corporation having for their object the completion of said railroad, or may contract with any person, persons or corporation for the completion of a railroad to Columbus via Mills Springs, and may consolidate with any railroad company for the purpose of completing or extending said road or facilitating the operation thereof. SEC. 7. That said company shall have power to use and enforce the payment of stock subscribed and to condemn lands for the use of the land. company when a contract or purchase cannot be made with the Condemnation of owners thereof, to the same extent, in the same manner and under the same rules, regulations and restrictions as The Code of North Carolina provides for the condemnation of land for such purposes. SEC. 8. That the president of said company, under the instruction Certificates of of the board of directors, shall issue certificates of stock to the stock- stock. holders, which shall be transferable by the laws of the company, and the gauge of said road shall be such as the board of directors may Gauge of road. prescribe. borrow money on SEC. 9. That this corporation shall have power from time to time Authorized to to borrow such sums of money as may be necessary for the completing mortgage. and furnishing or operating their said road, and to issue and dispose of bonds for any amount so borrowed, and to mortgage their corporate property and franchise to secure the payment of any debt so contracted by the said company for the purpose aforesaid. The said mortgage, when duly executed, shall be registered in the register's Registration of office of the county of Polk, and registration in said county shall be mortgage. deemed an effectual and sufficient registration for all purposes, and it shall not be necessary to register the same in any other county, any law to the contrary notwithstanding. SEC. 10. That upon the petition in writing of two hundred free- Election in Polk holders of said county of Polk, stating the amount they wish sub- county on question of subscripscribed, not to exceed fifty thousand dollars, the board of county tion. commissioners of said county shall order an election to be held within sixty days in said county, of which they shall give due notice in each township of at least thirty days for the purpose of ascertaining the sense of the qualified voters of Polk as to whether they will subscribe the sum mentioned in the petition. held. SEC. 11. That said election shall take place and be conducted under Election, how the laws prescribed for the election of members of the general assembly, and those voting for subscription shall vote on a written or printed ticket "Subscription," and those voting against subscription Ballots. shall vote on a written or printed ticket "No subscription." be made on vote SEC. 12. That if a majority of the qualified voters shall vote for Subscription to subscription, then the board of county commissioners of said county of majority of or agents appointed by said commissioners shall subscribe to the capi- qualified voters. tal stock of said railroad company the amount mentioned in the petition for said election. issue bonds. SEC. 13. That to provide for the payment of said subscription the Commissioners to county commissioners of said county of Polk shall make and issue coupon bonds of said county in denominations of not less than one hundred nor of more than five hundred dollars. SEC. 14. That said bonds shall be signed by the chairman of the Bonds, how exeboard of county commissioners of Polk county and countersigned by cuted, &c. the register of deeds of said county, and shall bear interest at the Special tax to pay interest. Special tax to pay principal.; Suspension of tax. Commissioners authorized to subscribe amount voted under chapter 134, laws 1887, &c. rate of six per centum, to be paid annually, said bonds to run twenty years from date of issue. SEC. 15. To provide for the payment of interest on said bonds the board of commissioners of said county shall, in addition to the other taxes in each year, compute and levy upon all property in said county a special tax to pay said interest, and the amount of taxes collected for interest shall be paid to the county treasurer and used by [him] in the prompt and regular payment of the coupons on said bonds; that said coupons shall be receivable in payment of taxes levied under the provisions of this act. SEC. 16. That in addition to the taxes levied for the payment of the annual interest on the bonds, the county commissioners are authorized to levy a tax not to exceed five thousand dollars in any one year for the purpose of paying the principal of the bonds at maturity, said tax to be levied at such time as the commissioners may deem best, and the levy and collection to be suspended in any year or years that the commissioners may deem best, keeping in view the redemption of the bonds and the financial condition of the taxpayers of the county. SEC. 17. And the county commissioners of Polk county are hereby authorized and empowered to subscribe to said company the amount heretofore voted in Polk county under chapter one hundred and thirty-four, laws of eighteen hundred and eighty-seven, and to pay the same in coupon bonds as described in section thirteen of this act, and are also authorized and empowered to provide for payment of such coupons and bonds by taxation as specified in sections fourteen, fifteen and sixteen of this act. SEC. 18. That this act shall be in force from and after its ratification. Chapter 219, private laws 1889, amended. Imprisonment in mayor's court. Fees of chief of police payable to treasurer. CHAPTER 179. An act to amend the charter of the town of Greensboro. The General Assembly of North Carolina do enact : SECTION 1. That chapter two hundred and nineteen of the private laws of eighteen hundred and eighty-nine be amended as follows: By inserting after the words "said court" in line six of section twenty-one the following: "for failure to pay fines and costs." By striking out in line one of section thirty-seven the words "shall be entitled to and" and inserting after the words "shall receive" in same line the words "and turn over to the city treasurer." By |