Chapter 174, private laws 1891, continued until March 3d, 1895.

CHAPTER 203.

An act to allow the New York and Wilmington Land Improvement and
Banking Company further time to organize.

The General Assembly of North Carolina do enact :

SECTION 1. That chapter one hundred and seventy-four of the private acts of eighteen hundred and ninety-one be continued in full force and effect until March third, eighteen hundred and ninety-five, so as to allow said company further time to organize and begin operation.

SEC. 2. That this act shall be in force from and after its ratification.
Ratified the 3d day of March, A. D. 1893.

CHAPTER 204.

An act to incorporate The Charlotte, Troy and Sanford Railroad Company.

The General Assembly of North Carolina do enact :

SECTION 1. That Samuel J. Green, P. J. Sinclair, R. G. Ward, A. Tripp, J. S. Spencer, D. A. Tomkins, G. W. Henshaw, J. R. Blair and S. J. Pemberton, and such other persons as may hereafter be associated with them, their successors or assigns, shall be and are hereby ordained, constituted and declared to be a body corporate and politic by the name of "The Charlotte, Troy and Sanford Railroad Company," and by that name may sue and be sued, defend or be defended in all courts whatsoever; may have a common seal, and generally shall have and possess all the rights and privileges conferred by the general law upon railroad companies in this state. The said company shall have the power to purchase, hold, sell and convey any land, tenements, goods and chattels whatsoever necessary or expedient to carry out the object and purpose of its incorporation.

SEC. 2. The capital stock of said company shall be five hundred and fifty thousand dollars ($550,000), with liberty and power to increase the same to such amount as the stockholders in interest may agree upon at any regular or called meeting of said stockholders, not exceeding five million dollars; and the said capital stock shall be divided into shares of the par value of fifty dollars ($50) each, and may be denominated common or preferred stock, as the by-laws may provide.

SEC. 3. That the persons named in the first section of this act, and Books of subsuch other persons as may be appointed by the legislature of South scription. Carolina, are hereby appointed commissioners to receive subscriptions to the capital stock of said company, any three of whom shall have power to act, first giving ten days notice in one or more newspapers published in North or South Caralina; any five of said commissioners Organization. at any time after the books have been opened for thirty days shall have power to call together the subscribers to the capital stock of said company for the purpose of organizing said company; and the said commissioners may after the organization of said company from time to time receive further subscriptions to said company as they may deem proper, and the subscriptions to said capital stock may be made Subscriptions, how made. in money or land, and that all amounts subscribed, either in land or money, shall constitute a joint stock capital for the purpose of constructing and carrying into operation the railroad provided for by this act.

SEC. 4. That whenever the sum of one hundred thousand dollars When to become

shall have been subscribed by responsible persons, corporations, incorporated. towns, townships or counties in North Carolina or South Carolina to the capital stock of said company and ten thousand dollars shall be paid in, the general commissioners, the subscribers, their successors, executors, administrators or assigns, shall be and are hereby declared incorporated into a company under the name and style of "The Char- Corporate name. lotte, Troy and Sanford Railroad Company," and the commissioners

shall forthwith call together the stockholders of said company by Organization
giving public notice in one or more newspapers for ten (10) days of
the meeting, who shall proceed to organize said company and elect

not less than nine nor more than thirteen directors, who shall serve Directors.
for one year and until others are elected; and the said directors shall Officers.
elect a president from among their number, also a secretary and
treasurer and other necessary officers.

build railroad.

SEC. 5. That said company shall have full power and authority to Authorized to survey, locate, construct, maintain and operate a railway of standard or other gauge, with one or more tracks, and by steam or electric motor power, from a point at or near the city of Charlotte, in North Route. Carolina, by the town of Troy in Montgomery county in said state to the town of Sanford in Moore county, North Carolina.

SEC. 6. Subscriptions to the capital stock of said company may be Subscriptions by corporations. made by any corporation, resident or non-resident, municipal or other corporation; and the board of commissioners of any county in Election in townNorth Carolina through which said railroad may be located, are towns on question ships, cities and authorized and required, whenever twenty-five resident freeholders of subscription. of any township, city or town in their county shall petition to them in writing to have submitted to the voters of said township, city or town a proposition to make a subscription for a specific sum to the capital stock of said company, to cause an election to be held in said

Ballots.
Returns.

Subscriptions to be made on vote of majority of qualified voters.

Special registration.

Registrars, &c.

County commissioners to issue bonds.

Special tax.

How collected.

township, city or town at the proper voting place or places therein, after thirty days notice of said election by advertisement at the court-house door of said county and at four or more public places in said township, city or town, and to submit to the qualified voters of such township, city or town the election of subscribing to the capital stock the sum of money specified in the written request of the taxpayers calling for said election as aforesaid; at which election those in favor of said subscription shall deposit a ballot on which shall be written or printed "For subscription," and those opposed shall deposit a ballot on which shall be written or printed "Against subscription." The returns of said election shall be made to the county commissioners on Tuesday next succeeding the day of such election, who shall on that day canvas the same; and if a majority of all the qualified voters in said township, city or town shall be "For subscription," then the subscription so authorized shall be made to the capital stock of said railroad company for said township, city or town by the chairman of the board of county commissioners; and the county commissioners shall have power to order a special registration for the election herein provided for under the law governing elections; and they shall also appoint registrars, judges, etc., as provided in other elections.

SEC. 7. That in payment of any subscription made or provided for in the next preceding section, the board of commissioners of said county wherein said township, city or town may be situate shall issue bonds to an amount not exceeding the sum so authorized to be subscribed; and the said bonds shall express on their face by what authority and for [what] purpose they are issued. They shall be payable twenty years after the first day of January next after the year in which they are issued. They shall be coupon bonds and bear interest at a rate not to exceed seven per centum per annum, interest payable semi-annually on the first day of January and the first day of July in each year by the treasurer of such county; but the bonds aforesaid may be redeemed at any time after the expiration of one year from the date of their issue.

SEC. 8. That to provide for the payment of interest on the bonds issued as aforesaid, and for their redemption at maturity, the board of commissioners of said before mentioned county or counties shall, in addition to other taxes, compute and levy upon the proper subjects of taxation in such township, city or town a sufficient tax to pay the interest on said bonds and one-twentieth amount of the principal thereof, which taxes shall be collected by the tax collector of said county under the same rules and regulations as are provided for collecting other taxes; and he and his sureties shall be liable to the same penalties and subject to the same remedies as are now prescribed by law for the faithful collecting and paying over the state and county taxes. The tax collector shall pay said taxes when collected to the

treasurer.

treasurer of said county who shall first pay the interest on said bonds, Payable to county and the coupons shall be his voucher and evidence of such payment; and the balance of the money shall be invested by him in the purchase of said bonds at a rate not above par.

executed.

SEC. 9. The bonds issued under the provisions of this act to secure Bonds, how subscriptions to the capital stock of said railroad by any township, city or town shall be signed by the chairman of the board of county commissioners of said county and by the clerk of said board; and the coupons shall be signed by said clerk only.

land.

SEC. 10. That said company shall have the right to construct its Crossings. road across or along any public road or watercourse when necessary: Provided, the said company shall not obstruct any public road with- Proviso. out constructing another equally as good; and shall have the right to Condemnation of have land condemned for the right-of-way and for necessary warehouses and buildings according to existing laws; and shall have full Sale or lease of road, &c. power and authority to sell or lease its road-bed, property and franchise to any other corporation or person, and to purchase or lease and hold the bonds or stocks of any other railroad in the state, or to consolidate with any connecting line of railroad.

tal stock.

SEC. 11. That for the construction and equipment of said railway Increase of capithe said company may, if it deem necessary, increase its capital stock to such amount as the stockholders may deem necessary for that purpose; and to this end the said company may from time to time bor- May borrow row such sums of money as it may deem necessary to construct, gage. money on mortmaintain and operate its said line of railway; and to secure the payment of such sums it may mortgage its entire line of road, rights, franchises and property, real and personal, to such amount and on such terms as may be agreed upon; and registration of such mort- Registration of gage in the registrar's office in the county of Mecklenburg, North Carolina, shall be deemed effectual as notice to all parties of such lien.

mortgage.

SEC. 12. That said company may construct branch lines, not exceed Branch roads. ing twenty-five miles in length, connecting its main line with any

other railway, mine or manufactory within this state, and may con

solidate with any other railway company in this or any other state: Consolidation. Provided, that in event of a consolidation with any non-resident Proviso. company the said company shall maintain within this state an officer or agent upon whom service of process may be made; and no such consolidation shall have the effect to oust the jurisdiction of the courts of this state in the matter of causes of action occurring within this state.

SEC. 13. That all laws and clauses of laws inconsistent with this Conflicting laws repealed. act be and the same is hereby repealed.

SEC. 14. That this act shall be in force from and after its ratification.

Ratified the 3d day of March, A. D. 1893.

Incorporators.

Corporate name.
Corporate pow-

ers.

Capital stock.

Books of subscription.

Organization.

Subscriptions, how made.

CHAPTER 205.

An act to incorporate the Columbia, Charlotte and Winston Railroad
Company.

The General Assembly of North Carolina do enact:

SECTION 1. That Samuel J. Green, P. J. Sinclair, R. G. Ward, A. Tripp, J. S. Spencer, D. A. Tompkins, G. W. Henshaw, J. T. Gardner and D, S. Camerer, and such other persons as may hereafter be associated with them, their successors or assigns, shall be and are hereby ordained, constituted and declared to be a body corporate and politic by the name of the "Columbia, Charlotte and Winston Railroad Company," and by that name may sue and be sued, defend or be defended in all courts whatsoever; may have a common seal, and generally shall have and possess all the rights and privileges usually granted railroad companies in this state, except that it shall not be exempt from taxation under the laws of this state. The said company shall have the power to purchase, hold, sell and convey any land, tenements, goods and chattels whatsoever, necessary or expedient to carry out the object and purpose of its incorporation.

SEC. 2. The capital stock of said company shall be ten hundred thousand dollars ($1,000,000), with liberty and power to increase the same to such amount as the stockholders in interest may agree upon at any regular or called meeting of said stockholders; and the said capital stock shall be divided into shares of the par value of fifty dollars ($50) each, and may be denominated common or preferred stock as the by-laws may provide.

SEC. 3. That the persons named in the first section of this act and such other persons as may be appointed by the legislature of South Carolina are hereby appointed commissioners to receive subscriptions to the capital stock of said company, any three of whom shall have power to act, first giving ten days notice in one or more newspapers published in North or South Carolina; any five of said commissioners at any time after the books have been opened for thirty days shall have power to call together the subscribers to the capital stock of said company for the purpose of organizing said company, and the said commissioners may, after the organization of said company, from time to time receive further subscriptions to said company as they may deem proper, and the subscriptions to said capital stock may be made in money or land at a rate per centum to be agreed upon at the time of subscription, and that all amounts subscribed either in land or money shall constitute a joint stock capital for the purpose of constructing and carrying into operation the railroad provided for by this act.