SEC. 5. Every member of said corporation shall be liable as herein Extent of liabiliprovided until all outstanding losses shall have been paid and until ty of members. the owner thereof shall have withdrawn his insurance in the manner prescribed by the by-laws of said corporation. SEC. 6. That the aggregate amount of insurance by said corpora- Aggregate intion in any one county shall not exceed one million dollars. surance in one county. SEC. 6. That the principal office of said company shall be at Ral- Officers. eigh, in the state of North Carolina, but it may have branch offices anywhere in the United States that it sees fit. SEC. 7. That this act shall go into effect and continue in force from and after its ratification. Ratified the 6th day of March, A. D. 1893. CHAPTER 344. An act to incorporate the New South Air-Line. The General Assembly of North Carolina do enact : SECTION 1. That Richard Lamb, G. Hoyt, Geo. McNeal, John H. Ire- Incorporators. land, Williamson Rapalje, W. C. Hassell, J. T. Winfield, Henry E. Knox, and their associates, successors and assigns, be and they are hereby declared to be a body corporate and politic by the name of the New South Air-Line, and by that name and style are hereby invested Corporate name. with all the rights, powers and privileges conferred, and made subject Corporate powto all the rules, regulations and restrictions imposed by The Code of ers. North Carolina, and all general rules applicable to such corporations as are not inconsistent with the provisions of this act. SEC. 2. The capital stock of said company shall not be less than five Capital stock. thousand dollars, but the company shall have the privilege of increasing the same from time to time to an amount not exceeding fifteen thousand dollars per mile for all lines built, bought or leased; and shall have the power to issue stock to the amount of the capital, and issue bonds to be secured by deed or deeds of trust upon all property, fran- Mortgage bonds. chises and improvements of the company, including the tracks and rolling stock, if at any time it shall see fit to do so, the said stock Stock-vote. to be divided into shares of one hundred dollars each; and at all meet ings of the stockholders each share be entitled to one vote, which may be given by the holders thereof or by proxy. When one hundred Organization. shares shall have been subscribed under the direction of any three of the corporators hereinbefore named, the subscribers shall assemble in Newbern, Washington or Plymouth, North Carolina, upon the call of Salaries, &c. Authorized to build railroad. Termini. Branch roads. Proviso. Consolidation with other road, lease, &c. Proviso. Corporate pow ers. the corporators, or a majority of the same, to organize the company under this act, to elect a president and board of directors, whose term of office shall be one year. Subsequent elections of president shall be made by the board of directors, and of the board of directors by the stockholders. SEC. 3. The board of directors shall fix the salary of the president and all officers of the company and the maximum amount of stock to be subscribed for by any person. All other officers not herein otherwise provided for shall be elected by the directors. SEC. 4. The said company is hereby authorized to construct and operate a railroad from the city of Newbern to any point or points on the Albemarle Sound, and Roanoke and Chowan rivers, and from thence, if it shall so desire, to the Virginia state line. SEC. 5. The said company is hereby authorized to construct and operate lateral branches not exceeding twenty miles in length, and to cross any creek or stream between the city of Newbern and the Virginia state line: Provided, the navigation of same is not interfered with. SEC. 6. It shall be lawful for said company to consolidate with any other railroad company heretofore incorporated or hereafter to be incorporated in or out of the state of North Carolina whose line of road connects or will connect either physically or by ferry with the railroad hereby authorized to be constructed; and it shall be lawful for the company hereby incorporated to lease or sell its works, property and franchises to any other such company; and it shall be lawful for said company to lease or purchase the works, property and franchises of any other railroad company heretofore incorporated or hereafter to be incorporated in or out of the state of North Carolina whose line of railroad connects or will connect either physically or by ferry with the railroad hereby authorized to be constructed; and any railroad company heretofore incorporated or hereafter to be incorporated in the state of North Carolina is hereby authorized to consolidate with the said New South Air Line, or to sell or lease its works, property and franchises to said New South Air-Line, or to purchase or to lease the works, property and franchises of the said New South Air-Line: Provided, that no consolidation of the corporation hereby created with any corporation chartered by another state, or any lease or sale thereof, shall operate to prevent such consolidated company from being a corporation of this state, or in any manner to impair the jurisdiction of the courts of this state in respect of the property and franchises so leased or purchased. SEC. 7. The said company is also authorized to construct wharves, docks, warehouses, elevators and so forth suitable for the accommodation of steamboats and vessels, and for the convenience of shipping, transporting and storing all kinds of merchandise and property; and the company may conduct a general dock, wharf, warehouse, steamboat and lighterage business. It may transport passengers and freight, and may construct, purchase or hire steamboats and other means of transportation requisite for its business. It may receive on storage all kinds of merchandise, and may charge and collect compensation for storage, wharfage and lighterage and for all labor incident thereto at such rates and upon such terms as may be agreed upon between it and its customers, and for any advances made by it on merchandise and for all its charges the company shall have a preferred lien on such merchandise. And it shall be lawful for corporations or persons to enter into contracts with the New South Air-Line for the use, hire, operation or lease from said company of its wharves, docks, elevators, steamboats, vessels, railways, sidings and other terminal facilities, or any part or parts thereof, upon such terms as may be agreed upon. And it shall be lawful for said New South Air-Line to arrange with any railroad entering the cities of Newbern and other shipping ports, or having a terminus in Newbern or other shipping ports, for the use of any of their terminal facilities or any part or parts thereof upon such terms as may be agreed upon. SEC. 8. To furnish a basis for raising capital it shall be lawful for Subscriptions, said company or its successor to receive grants and subscriptions in how made, &c. land at a fair valuation, and materials, upon such terms as may be agreed upon with the board of directors; and it may exchange its stock or bonds therefor and may hold or sell the same at pleasure. SEC. 9. The road shall be commenced within three years and be completed in seven years from the passage of this act. SEC. 11. That this act shall be in force from and after its ratification. When work to be begun and completed. CHAPTER 345. An act to amend the charter of the Atlanta, Asheville and Baltimore The General Assembly of North Carolina do enact: SECTION 1. That the charter of the Atlanta, Asheville and Baltimore Railroad Company be amended so as to allow any city, town, township or county to purchase the mortgage bonds of said company instead of subscribing to the capital stock of said company: Provided, the petition asking a submission of the proposition to the qualified voters shall set forth that fact, and the election to be held under said petition shall in all respects conform to the law now provided for subscribing to the capital stock of said company. Surrender of stock by stockholders. Reorganization on subscription of $25,000. SEC. 2. That section five of chapter two hundred and ninety-two of SEC. 3. That this act shall be in force from and after its ratification. Time for organization extended. CHAPTER 346. An act to extend the time for organizing The Murphy Banking Company, chapter three hundred and two, private laws eighteen hundred and ninety-one. The General Assembly of North Carolina do enact : SECTION 1. That the time for organizing "The Murphy Banking Company," chapter three hundred and two, private laws of eighteen hundred and ninety-one, be and the same are hereby extended for two years from and after the ratification of this act. SEC. 2. That this act shall be in force from and after its ratification. Incorporators. Corporate name. ers. CHAPTER 347. An act to incorporate the Duck Creek Syndicate. The General Assembly of North Carolina do enact: SECTION 1. That R. W. Ward, L. O. Fonvielle, John H. Ireland, Williamson Rapalje, junior, Earl A. Gillespie, Richard Lamb, and their associates, successors and assignees, be and they are hereby declared to be a body corporate and politic by the name of the "Duck Creek Syndicate," and by that name and style are hereby invested with all the rights, powers and privileges conferred, and made subject to all the rules, regulations and restrictions imposed by The Code of North Carolina and all general laws applicable to such corporations as are not inconsistent with the provisions of this act. SEC. 2. The capital stock of said company shall not be less than Capital stock. fifteen thousand dollars, but the company shall have the privilege of increasing the same from time to time to an amount not exceeding one hundred thousand dollars, and shall have power to issue stock to the amount of the capital, the said stock to be divided into shares of one hundred dollars each; and at all meetings of the stockholders each share shall be entitled to one vote, which may be given by the Stock-vote. holders thereof or by proxy. SEC. 3. The officers shall be a president, secretary and treasurer, Officers. who, with two other stockholders, shall be elected annually by stockholders and shall constitute a board of directors. ers. SEC. 4. The said syndicate is hereby authorized to buy and control Corporate powand otherwise operate farms, timber-lands, oyster-gardens, steamboats, pleasure-yachts, and to build, lease, or otherwise operate wharves, warehouses, cottages and hotels; to own and deal in timber, and timber options, and products of the forest; to own and operate mills and machines for the manufacture and manipulation of products of the forest, and for packing, canning, and otherwise preparing fruits, vegetables, fish and oysters; to own not to exceed three hundred acres of oyster-gardens, the same to be bought from citizens of North Carolina; to plant and otherwise deal in oysters in shell, opened or canned; to own and to operate fisheries. SEC. 5. The said syndicate by the acceptance of this charter hereby Location. SEC. 6. That this act shall be in force from and after its ratification. CHAPTER 348. An act to incorporate "The Young Men's Christian Association of The General Assembly of North Carolina do enact: SECTION 1. That J. M. Rogers, J. F. McCuiston, R. B. Glenn, C. J. Incorporators. Watkins, J. W. Hanes, T. L. Vaughn, R. D. Brown, J. E. Coles, T. J. Brown, F. B. Efied, W. S. Clary, E. E. Gray, R. H. Jones, J. B. |