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, 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 "Columbia, Charlotte and Winston Rail- Corporate name. road Company," and the commissioners shall forthwith call together the stockholders of said company by giving public notice in one or Organization. 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 for one year and until others are elected, and the said directors shall elect a president from among their number, also a secretary and treasurer and other necessary officers. build railroads. 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 Winston in North Caro- Termini. lina to the city of Charlotte in said state, and thence to some point on the dividing line between the states of North Carolina and South Carolina in the direction of Columbia, South Carolina. any ships, cities and towns on question of subscrip tion. 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 authorized and required, whenever twenty-five taxpayers of 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 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 Ballots. a ballot on which shall be written or printed "Against subscription;" the returns of said election shall be made to the county commis- Returns. sioners on Tuesday next succeeding the day of such election, who shall on that day canvass the same; and if a majority of all the quali- Subscription to be made on vote fied voters in said township, city or town shall be "For subscription," of majority of then the subscription so authorized shall be made to the capital stock qualified voters. County commissioners to issue bonds. Special tax. 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 paid 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 beforementioned county or counties shall, in addition to other taxes, compute and levy upon the proper subjects of taxation in 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 collection and paying over the state and county taxes. Payable to county The tax collector shall pay said taxes when collected to the treasurer How collected. treasurer. Bonds, how executed. Crossings. of said county who shall first pay the interest on said bonds, 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. SEC. 9. The bonds issued under the provisions of this act to secure 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. SEC. 10. That said company shall have the right to construct its road across or along any public road or watercourse when necessary; Provided, the said company shall not obstruct any public road withCondemnation of out constructing another equally as good; and shall have the right to have land condemned for the right-of-way and for the necessary warehouses and buildings according to existing laws; and shall have full land. power and authority to sell or lease its road-bed, property and fran- Sale or lease of road, &c. chise 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, if it deem necessary, [may] 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 borrow such sums of money as it may deem necessary to con- May borrow struct, maintain 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 Registration of mortgage in the registrar's office in the county of North mortgage. ----) money on mortgage. ers. Carolina, shall be deemed effectual as notice to all parties of such lien. SEC. 12. That said company shall have all the rights, powers, privi- Corporate powleges and immunities usually granted to railroads within this state, except that this act shall not be construed to exempt said company No exemption from taxes under the laws of this state. from taxation. SEC. 13. That said company may construct branch lines, connecting Branch roads. its main line with any other railway, mine or manufactory within this state, and may consolidate with any other railway company in Consolidation. this or any other state: Provided, said company shall remain a North Proviso. Carolina corporation. SEC. 14. That all laws and clauses of laws inconsistent with this Conflicting laws repealed. act be and the same are hereby repealed. SEC. 15. That this act shall be in force from and after its ratification. CHAPTER 206. An act to authorize the town commissioners of Wilkesboro to appropriate certain moneys in the town treasury. The General Assembly of North Carolina do enact : SECTION 1. That the town commissioners of Wilkesboro are hereby Commissioners authorized and empowered to appropriate the sum of fifteen hundred authorized to make appropriadollars out of the treasury of said town; one thousand dollars of tion for bridge. which sum is to be appropiated in the erection and construction of an iron bridge across the Yadkin river just below the ford on the public road leading from Jefferson to Wilkesboro and within one-half mile of the corporate limits of said town. Appropriation for high school. SEC. 2. That the remaining sum of five hundred dollars shall be appropriated for the benefit of the Wilkesboro High School as the said town commissioners shall direct. SEC. 3. That this act shall be in force from and after its ratification. Chapter 172, pri- CHAPTER 207. An act to amend chapter one hundred and seventy-two of the private laws of eighteen hundred and eighty-seven. The General Assembly of North Carolina do enact : SECTION 1. That section one of chapter one hundred and seventytwo of the private laws enacted by the general assembly of this state at its session of eighteen hundred and eighty-seven be amended by striking out the word "institute" in line five of said section and inserting in lieu thereof the word "institution." SEC. 2. That this act shall be in force from and after its ratification. Chapter 19, private laws 1876-'77 (incorporating the Winston Baptist Church) amended. Name changed. CHAPTER 208. An act to change the name of Winston Baptist Church. The General Assembly of North Carolina do enact: SECTION 1. That section one, chapter nineteen, of the private laws of North Carolina passed at session of eighteen hundred and seventysix and eighteen hundred and seventy-seven, be amended by striking out the last two words in fifth line and first word in sixth line which reads "Winston Baptist Church," and insert in lieu thereof "The First Baptist Church of Winston." SEC. 2. That this act shall be in force from and after its ratification. CHAPTER 209. An act to incorporate Spray Investment Company. The General Assembly of North Carolina do enact : SECTION 1. That J. T. Morehead, C. E. Kluge and W. R. Walker, Incorporators. their associates, successors and assigns, be and they are hereby created a body corporate and politic by the name, style and title of "Spray ers. Investment Company," and by that name and title shall be known Corporate name. and have perpetual succession, and may exercise and enjoy all the privileges, franchises and immunities incident to corporations; may Corporate powsue and be sued, plead and be impleaded, complain and defend in all courts of law and equity of record and otherwise; adopt a common seal and alter or renew the same at pleasure, also by-laws for the government of the corporation not contrary to the constitution and laws of this state; may purchase, receive by gift or otherwise, hold and enjoy property real, personal or mixed, of what kind and quality soever; may construct, build and erect buildings, structures, works and improvements public or private thereon, and use, manage and maintain the same; may sell, convey, mortgage, transfer, grant, lease, sublease and dispose of any portion or the whole of their property at such prices and on such terms as may be deemed proper; may exercise and enjoy the privileges granted and defined in the further sections of this act, and generally do all things appertaining to a company designed to aid in the development and improvement of the country: Provided, that nothing herein contained shall be so construed as to give to the said company any banking privileges of issuing their obligations as a currency. ers. SEC. 2. That the said company shall have power to contract with Corporate powcompanies, corporations and other parties in the construction, building and equipment of works and improvements, public or private, of whatever kind, at such prices and on such terms as may be agreed upon by the parties respectively, and may purchase, lease, use, maintain and sublease the same, and may also co-operate and unite with any other company in so doing. SEC. 3. The said company shall have power to investigate, report Corporate powupon or certify to, make purchases and sales of or investments in ers. the securities and property of, and to make advances of money and of credit to other companies, individuals and firms, and to aid in like manner contractors, miners, manufacturers and others, and to receive. and hold in trust or otherwise or as collateral, any estate or property real, personal and mixed, including the notes, obligations and accounts of individuals, firms, companies and corporations, and the same to purchase, adjust, collect and settle, and also to pledge, sell and dispose thereof on such terms as may be agreed on between them |