shall not be thereby increased beyond the limit prescribed by this act, and in no such consolidation shall this corporation become responsible for or chargeable with or on account of any liability of such bank, banking institution, trust or fidelity company, except such as may be specifically agreed upon and assumed upon such consolidation. But before any such consolidation shall be made, this corporation shall repay and restore to all executors, administrators, guardians and other persons acting in a fiduciary capacity all moneys and things deposited by them in such capacity with said corporation; and there shall also be made with the proper court or officer a settlement by all executors, administrators, guardians and other persons acting in a fiduciary capacity, whose bonds are guaranteed by, or upon which said corporation may in any way be liable, and a like settlement by said corporation in all cases when it may be acting in a fiduciary capacity, before such consolidation shall be made. SEC. 15. That the chief office of the corporation shall be located in Offices. North Carolina, together with such branch, offices and agencies as may be deemed desirable for the purpose of the corporation, but correspondents may be located in such places outside the state as may be convenient for the conduct of its non-resident business. Examination by state bank exam iner. Reports to state treasurer. SEC. 16. That the books and affairs of said corporation shall be subject to examination by the state bank examiner to the same extent state banks are now subject thereto, and semi-annually reports of the condition of the corporation shall be made to the state treasurer and duplicates thereof shall be filed with the clerk of the superior court of Vance county; and no further report or public showing shall be required of said corporation except such as may be required by any court upon question being raised as to the sufficiency of any bond or undertaking to which it may be principal or surety: Provided, that Proviso. such additional reports shall be made to the state treasurer as may be required to satisfy him of the solvency of the corporation. Any per- Penalty for false, &c., report. son wilfully making a false or fraudulent report under the provisions of this act shall be guilty of a misdemeanor, and upon conviction shall be fined or imprisoned, or both, in the discretion of the court. SEC. 17. That this act shall be in force from and after its ratification. CHAPTER 300. An act to incorporate the Harriman, Franklin and South Atlantic Railroad Company, to confer certain powers, and for other purposes. The General Assembly of North Carolina do enact: SECTION 1. That A. M. Stoner, J. Johnston, John A. Deal, N. E. Incorporators. Littlefield, R. F. Jarrett, John C. Wright, W. T. Potts, E. C. Cun Corporate name. Corporate pow ers. Authorized to build, &c., railroad. Route. Branch roads. Proviso. Corporate pow ers. ningham and E. H. Franks, of Macon county, North Carolina, and all persons that shall be stockholders, and their successors and assigns, be and they hereby are created a body politic and corporate under the name of the "Harriman, Franklin and South Atlantic Railroad Company," with power under said name to sue and be sued, plead and be impleaded in the courts of law and equity in this state; to have and use a corporate seal; to make by-laws; to buy, hold, use, sell and enjoy all such real and personal property as may be necessary to and will advance the interest of said company, together with such other powers as are herein conferred, as well as those which by the laws of this state are conferred generally on corporations. SEC. 2. That said company be and it is hereby authorized and empowered to survey, lay out, construct and equip, maintain and operate a railroad in this state, connected with and being a continuation of a railroad leading from Harriman, Tennessee, so as to run near or through Chillowhee Gap at or near the Tennessee state line, and through Swain county and Macon county via Franklin, and from thence through Rabun Gap, Rabun county, Georgia, to or near Anderson, South Carolina, and from thence to some point on the Atlantic coast as may appear to the interest of the company, with the privilege of building such branch roads as may appear to be advisable, the object and purpose of which is to carry freight and passengers: Provided, that no branch shall exceed thirty miles in length. SEC. 3. That for the purpose of constructing, maintaining and operating said lines of railroad said company is hereby empoweredFirst. To cause such examinations and surveys to be made as shall be necessary to the selection of the most advantageous route, and for such purpose are hereby empowered by its officers and agents, servants and employees, to enter upon the land and waters of any person for that purpose. Second. To take and hold such voluntary grants of real estate or other property as may be made to it to aid in the construction, maintenance and accommodation of its road, which shall be used for that purpose only. Third. To purchase, hold and use all such real estate and other property as may be necessary for the construction and maintenance of its road or stations, wharves, docks and terminal facilities, and all other accommodations necessary to accomplish the objects of its incorporation, and to sell, lease or buy any land necessary for its use. Fourth. To lay out its road, not exceeding two hundred feet (200) in width, and to construct the same; and for the purpose of cutting any embankments and for obtaining gravel or other material may take as much land as may be necessary for the proper construction, operation and security of said road, or to cut down any trees that may be in danger of falling on the track or obstructing the right-of-way. Fifth. To construct its road across, along or upon any stream of water, watercourse, street, highway, canal, which the route of the road shall intersect or touch. Sixth. To cross, intersect or join or unite its road with any other railroad heretofore or hereafter to be constructed at any point on its route or upon the grounds of any other railroad company, with the necessary turnouts, side-tracks and switches, and other con veniences necessary in the construction of its road, and may run over any part of any other railway's right-of-way necessary or proper to reach its freight depot in any city, town or village, or to reach any other point of its right-of-way, otherwise inaccessible, through or near which its road may run. Seventh. To take and convey persons and property over their road by use of steam or animals or any mechanical power, and to receive compensation therefor, and to do all things incident to railroad business. Eighth. To erect and maintain convenient buildings, wharves, docks, stations, fixtures and machinery, whether within or without a city, town or village, for the accommodation and use of their passenger and freight business. Ninth. To regulate the terms and manner in which passengers and freight shall be transported, and the compensation to be paid therefor, subject to any laws of this state upon the subject. Tenth. To borrow such sum or sums of money at such rates of interest not contrary to law, and upon such terms as said company or its board of directors shall authorize or agree upon and may deem necessary or expedient, and may execute one or more trust deeds or mortgages, or both, if occasion may require, on its road, branches, or both, in process of construction by said company for the amount or amounts borrowed or owing by said company as its board of directors shall deem expedient; said company may make deed or mortgage for transferring their railroad track or tracks, depots, grounds, rights, privileges, franchises, immunities, machine-houses, rolling stock, furniture, tools, implements, appendages and appurtenances used in construction, with its road, in any manner then belonging to said company or which shall thereafter belong to it, as security for any bonds' debts or sums of money as may be secured by said trust deeds or mortgages as they shall think proper. SEC. 4. In the event said company does not procure from the owner Condemnation of or owners thereof by contract, lease or purchase the title to the land land. or right-of-way or other property necessary or proper for the construction or connections of said road and its branches or extensions, or its depots, wharves, docks and other necessary terminal facilities, necessary or proper for it to reach its freight or passenger depot in any city, town or village in this state, or for the purpose of reaching some other inaccessible point of its right-of-way as herein before provided, it shall be lawful for such corporation to construct its railroad or branches over any lands belonging to other persons, or over such rights-of-way or tracks of railroads as aforesaid, upon paying or tendering the owner or owners of, or to his or her or its legally authorized representative, just and reasonable compensation of or for the right-of-way, which compensation, when not agreed upon otherwise, shall be assessed and determined in the following manner, to wit: And said company shall have all the rights and privileges for the condemnation of lands for the right-of-way and other purposes as are conferred by the general laws of this state relating to railroad corporations: Provided, that not more than one hundred feet of land on each side of the center of the road shall be condemned for right-ofwdy, and only necessary lands for station houses, depots, etc., shall be condemned. SEC. 5. That the capital stock of said company shall be one million dollars, with the right to increase the same from time to time to any amount required for the purpose aforesaid by a two-third's vote of the stockholders at an annual meeting, or at a meeting called by the directors for that purpose, not exceeding two million dollars. Notice must be served on them in person or by mail, post-paid, directed to them at the post-office nearest their place of business twenty days prior to said meeting; that said company may organize when fifty thousand dollars of said stock shall be subscribed and paid in. SEC. 6. That the board of directors, which shall not consist of less than five nor more than thirteen members, at the option of the corporation, are hereby authorized to open books of subscription at such time and place in or out of the state as they may deem proper, and subscription to the capital stock of said company may be made in the shape of a general contract or promissory notes of such form as the directors may decide, and certificates of stock shall be issued on the basis of one share for every one hundred dollars so paid. All such stock so subscribed shall be payable in such installments as may be agreed upon or determined by the board of directors; and if any stockholder shall neglect or refuse to pay any installment when it becomes due if required by the directors, said board may declare his stock forfeited as well as all previous payments thereon to the benefit and use of the company; but before declaring it forfeited said stockholder shall have served on him a notice in writing in person or by depositing said notice in the post-office, postage paid, directed to him at the post-office nearest his place of abode, stating that he is required to make such payment within sixty days from date of said notice at such time and place as is therein named; said notice shall be served or mailed sixty days prior to the day on which such payment is required to be made. That all such subscriptions may be paid in real estate or other property, or money, or both, as agreed upon by the subscriber and the directors, either before or after subscribing, and in case any kind of property is received as payment of subscription the directors shall have the right to sell, hold, lease or otherwise dis- board of directors shall manage the affairs of the company for the Directors to manfirst year and until others are elected, and fill all vacancies that may age company, &c. occur between the annual elections, and that all future boards of this company shall be elected by the stockholders at their annual meet- Election of directors. ings, which time and place shall be determined by the by-laws of the company. And in all meetings of the stockholders each stockholder Stock-vote. shall be entitled to as many votes as the shares owned by him or her. All elections shall be by ballot, cast in person or by proxy duly given tors. in writing. The directors shall have power to adopt a corporate seal, Powers of direcmake by-laws and regulations, and declare dividends, but the stockholders shall have power to regulate and limit the powers of the board and modify and change the by-laws. SEC. 7. That the stock in said company shall only be transferable Transfer of stock. on the books of the company under regulations to be prescribed by the by-laws, but no share shall be transferred until the sum of one hundred dollars has been paid thereon to the company. holders. SEC. 8. That the stockholders in said railroad company shall in their Liability of stockprivate capacity be bound to any creditor of the company for the amount of stock subscribed for by him or her until such subscription is fully paid up, or to an amount equal to his unpaid subscription, and not otherwise. SEC. 9. That the principal office of said road shall be in Franklin, Principal office. Macon county, North Carolina. SEC. 10. That chapter two hundred and fourteen (214) of the laws of one thousand eight hundred and ninety-one (1891) be and the same is hereby amended by striking out in line seven (7) of said chapter the word "three" and inserting in lieu thereof the word "four." SEC. 11. That this act of incorporation shall be in force from and after its ratification. Ratified the 6th day of March, A. D. 1893. Chapter 214, laws 1891, amended. Subscriptions to railroad companies by Macon and Swain counties not to be made unless work begun in four years. CHAPTER 301. An act to amend the charter of the town of Asheboro in Randolph county. The General Assembly of North Carolina do enact: vate laws 1883, SECTION 1. That all after the word "viz :" in second line of section Chapter 79, pritwo of chapter seventy-nine, private laws of eighteen hundred and eighty-three, be stricken out and the following inserted as the corpo amended. |