NP, RSJ 3/8/1862

From the Raleigh State Journal
 
March 8, 1862
 
North Carolina State Convention
[No. 8]
An Ordinance to Incorporate the Piedmont Railroad Company
1. Be it ordained by the delegates of the people of North Carolina, in Convention assembled, and it is hereby ordained by the authority of the same, That a company by the name and style of the "Piedmont Railroad Company," be, and the same is hereby incorporated, with a capital stock of fifteen hundred thousand dollars, divided into shares of one hundred dollars each, for the purpose of constructing a railroad on the best, cheapest, must direct and practicable route from the Richmond & Danville Railroad to the North Carolina Railroad.
2. Be it further ordained, That for the purpose of creating the capital stock of said company, the following persons be, and they are hereby appointed general commissioners: William T. Sutherlin, of Danville; William P. Watt, John H. Dillard, George D. Boyd and William B. Carter, of Rockingham; Phil. Barrow, John F. Poindexter and A. J. Stafford, of Forsyth county; William A. Lash, John J. Martin and James Riason, of Stokes county; Jesse H. Lindsay, Levi M. Scott and Ralph Gorrell, of Guilford county; Bedford Brown, Thomas D. Johnston, Allen Green and Montford McGee, of Caswell county; Giles Mcbane, Jesse Grant and Eli F. Watson, of Alamance; John W. Cunningham, Edwin G. Read and Thomas McGee, of the county of Person; William Johnston, of the town of Charlotte; James C. Turrentine and Wm. F. Strayhorn, of thye county of Orange; Benjamin A. Kittrell, of the town of Lexington; H. C. Jones, Sr., of Salisbury; Jona Worth, of the town of Ashboro'; Wm. P. Taylor, of Pittsboro'; whose duty it shall be to direct the opening of books for subscriptions of stock at such times and places, and under such persons as they, or a majority of them, may deem proper, and in the meantime it shall and may be lawful for books of subscription to said stock to be opened in the town of Charlotte under the direction of John A. Young, William Johnston, and James W. Osborne or any one of them; in Concord under the direction of V. C. Barritger, Calab Phifer and Daniel Coleman, or any one of them; in Salisbury under the direction of Nathaniel Boyden, N. N. Fleming, J. I. Shaver, or any one of them; at Lexington under the direction of Wm. R. Holt, John P. Mabrey and Samuel Hargrove, or any one of them; at High Point under the direction of W. F. Bowman, Dr. Robert Lindsay and Nathan Hunt, or any one of them; at Greensboro' under the direction of James Sloan, Jed. H. Lindsay, and J. A. Long, or any one of them; at Salem under the direction of D. H. Starbuck, J. G. Lash, Francis Fries and C. L. Bonner, or any one of them; at Danbury under the direction of Nathaniel Moody, A. H. Jones and S. Taylor, or any one of them; at Graham under the direction of Thos. Ruffin, Jr., John Trollinger and Edward Holt, or any one of them; at Roxboro' under the direction of Chas. Winstead; Dr. C. H. Jordan and Green Williams, or any one of them; at Yanceyville under the direction of John Kerr, Dr. N. M. Roan and Thos. W. Graves, or any one of them; at Milton under the direction of Samuel Watkins, John Wilson and Thomas Dunaho, or any one of them; at Wentworth under the direction of John W. Ellington, W. M. Ellington and B. J. Low, or any one of them; at Madison under the direction of Wm. Jn. Seales, Joseph H. Cardwel and Nicholas Dalton, or any one of them; at Leaksville under the direction of George L. Aiken, Jones W. Burton and E. T. Brodnax, or any one of them; at High Rock under the direction of Francis L. Simpson, Dr. R. H. Seales and George W. Garrett, or any one of them; at Danville, Va., under the direction of William T. Sutherlia, James M. Williams and Dr. T. P. Atkinson, or any one of them; at Hillsboro' under the direction of J. C. Turrentine, Henry K. Nash and W. F. Strayhorn, or any one of them; and in the city of Richmond, Va., under the direction of A. Y. Stokes, Lewis R. Harvey and Thomas N. Brockenbrough, or any one of them; and said commissioners shall have power to appoint a Chairman of their body, Treasurer, and all other officers their organization may require, and sue for and recover all sums of money that ought, under this ordinance, to be recovered by them in the name of said corporation. 
3. Be it further ordained, That all persons who are by this ordinance authorized, or who may be hereafter, by the general commissioners, authorized to open banks of subscription, may be so at any time after the passage of this ordinance, upon giving twenty days notice of the time and place when said books shall be opened, and said books shall be kept open for the space of thirty days, at least, and as long thereafter as the general commissioners shall direct; and that all subscriptions of stock shall be in shares of one hundred dollars, the subscriber paying, at the time he makes his subscription, five dollars on each share by him subscribed, to the person or persons authorized to receive such subscriptions; and upon closing the books, all such sums as shall have thus been received of subscribers, on the first cash installment, shall be paid over to the general commissioners, by the persons receiving the same, and in case of failure to pay, as aforesaid, such person or persons, receiving said money, shall be personally liable to said general commissioners, before the organization of said company, and to the company itself, after the organization, to be recovered within the Superior Courts of Law within this State, in the county where such delinquent resides, or if he resides in another State, the, in any court in such State having competent jurisdiction. The general commissioners shall have power to call on and require all persons empowered to receive subscriptions of stock, at any time, and from time to time, as a majority of them may think proper, to make return of the stock by them respectively received, and to make payment of all sums of money paid by subscribers; that all persons receiving subscriptions of stock shall pass a receipt to the subscriber or subscribers for the payment of the first installment, as heretofore required to be paid, and upon their settlement with the general commissioners as aforesaid, it shall be the duty of said general commissioners, in like manner, to pass their receipts for all sums thus received to the persons from whom received, and such receipts shall be taken and held to be good and sufficient vouchers to persons holding them; that subscriptions of stock may be received as aforesaid or as hereafter provided for, to the amount of fifteen hundred dollars.
4. Be it further ordained, That it shall be the duty of said general commissioners to direct and authorize said books of subscription to be kept open until the sum of one hundred thousand dollars, at least, shall be subscribed in the manner aforesaid, and as soon as the said sum of one hundred thousand dollars, or upwards, shall be subscribed in manner aforesaid, and the sum of five dollars on each share paid as aforesaid, the subscribers to said stock shall be, and they are hereby declared to be a body politic and corporate in fact and in law, by the name and style of the "Piedmont Railroad Company," with all the corporate powers and authority thereby created and granted, to be held and exercised by said company and their successors and assigns, in perpetuity, and by that name shall be capable, in law and in equity, to purchase, hold, lease, rent, sell or convey estates, real and personal, and to acquire the same by gift, devise or otherwise, so far as shall be necessary for the purpose embraced within the scope, object and intent of this charter, and shall have perpetual succession and a common seal, which may use, alter or renew at pleasure, and by their corporate name, may sue and be sued, plead and be impleaded, in any court of law in this State or any other State; and shall have, possess and enjoy, all rights, privileges and immunities which railroad corporate bodies may and of right do exercise, and may make such by-laws, rules and regulations as are necessary for the government of the corporation, or for effecting the object for which it is created, not inconsistent with the laws of this State or of the Confederate States of America.
5. Be it further ordained, That as soon as the sum of one hundred thousand dollars or upwards shall be subscribed, as aforesaid, it shall be the duty of the general commissioners to appoint a time for the stockholders to meet in the town of Greensboro', in the county of Guilford, which they shall cause to be previously published for the space of thirty days, in one or more newspapers; at which time and place, the said stockholders shall, in person or by proxy, proceed to elect by ballot nine directors of the company, and to enact all such regulations and by-laws as may be necessary for the government of said corporations, and the transaction of its business. The persons elected directors at this meeting shall serve such period not exceeding one year as the stockholders may direct; and at this meeting, the stockholders shall fix on the day and place or places when and where the subsequent election of directors shall be held, and such elections shall thenceforth be annually made; but if the day of annual elections should pass without any election of directors, the corporation shall not thereby be dissolved; but the directors in office shall so remain until others are appointed, and it shall be lawful on any other day to make and hold such elections in such manner as may be prescribed by a by-law of the corporation.
6. Be it further ordained, That the affairs of said company shall be managed by the stockholders from among themselves, at their first and subsequent general annual meetings, and no stockholder shall be elcected a director, no serve as such, unless he be at the time of his election the owner of five shares of stock, and shall continue to hold the same during the term of his service as director.
7. Be if further ordained, That the President of said company shall be chosen by ballot by a majority of the directors from among themselves, with a salary to be fixed by the stockholders in general meeting.
8. Be it further ordained, That all stockholders, not being aliens, shall be entitled to vote either in person or by proxy, the proxy being a stockholder, at all general meetings, and the vote to which each stockholder shall be entitled, shall be according to the  number of shares he may hold as hereinafter provided.
9. Be it further ordained, That at the first general meeting of the stockholders under this ordinance, a majority of all the shares subscribed shall be represented before proceeding to business; and if a sufficient number do not appear on the day appointed, those who do attend shall have power to adjourn from time to time until a regular meeting be thus formed, and at such meeting the stockholders may provide by a by-law as to the number of stockholders, and the amount of stock to be held by them, which shall constitute a quorum for the transaction of business at all subsequent meetings.
10. Be it further ordained, That the general commissioners shall make their return of shares of stock subscribed for, at the first general meeting of the stockholders and pay over to the directors elected at that meeting, or their authorized agent, all sums of money received from subscribers; and on failure to do so, they shall be personally liable to said company, to be recovered in like manner as other debts due the company.
11. Be it further ordained, That the board of Directors may fill all vacancies which may occur in it during the period for which they have been elected, and in the absence of the President, may fill his place by electing a President pro tem. from among their number.
12. Be it further ordained, That said Board of Directors shall have power and authority to open books for further subscriptions to the stock of said company at such times and under such persons as they may designate, in the event the whole stock be not subscribed before the first general meeting of the stockholders, and to open and keep open such books from time to time, until the whole amount of capital stock be subscribed.
13. Be it further ordained, That said company shall have power and proceed to construct, as speedily as possible, a Railroad with one or more tracks, from the North Carolina Railroad to the Richmond & Danville Railroad in Virginia, to be used and operated by steam power, and to the end that the said corporation may have power and authority to construct said road within the limits of the State of Virginia -- this charter shall be transmitted by the President of this Convention to the Governor of Virginia, to the end that the legislative sanction of that State, approving the ordinance, may be given to said company, to construct the Railroad as aforesaid within the limits of that State; Provided, That the company formed under this charter shall have no power to discriminate, on either freight or travel, against the North Carolina Railroad or roads in North Carolina connected with it.
14. Be it further ordained, That said company shall have the exclusive right of conveyance or transportation of persons, goods, merchandise, and produce, over the road constructed by them, at such charges as may be fixed upon by a majority of the directors; and the said company may farm out their rights of transportation over their said Railroad, subject to the rules above mentioned; and said company, and every person who may have received from them the right of transportation of goods, wares and produce on said road, shall be deemed and taken to be a common carrier, as respects everything entrusted to them or him for transportation.
15. Be it further ordained, That the Board of Directors may call for the payment of the sums subscribed as stock in said company in such installments as the interest of the said company may require; the call for each payment shall be published in one or more papers in this State for two months before the day of payment, and on failure of any stockholder to pay each installment as thus required, the directors may sell at public auction, on a previous notice of ten days, for cash, all the stock subscribed for in said company by such stockholders, and convey the same to the purchaser at said sale discharged from further liabilities, and if said sale of stock does not produce a sum sufficient to pay off the incidental expenses of sale, and the entire amount owing by such stockholder to the company for such subscription of stock, then in that case the whole of such balance shall be held and taken as due at once to the company, and may be recovered of such stockholder of his executors, administrators or assigns, at suit of said company either by summary motion in any court of supreme jurisdiction in the county where the delinquent resides, on a previous notice of ten days to said subscribers, or by action of assumpsit in any court of competent jurisdiction, or by warrant before a Justice of the Peace when the sum does not exceed one hundred dollars; and in all cases of assignment of stock before the whole amount has been paid to the company, the, for all sums due on such stock, both the original subscribers and the first and all the subsequent assignees shall be held liable to the company, and the same may be recovered as above described.
16. Be if further ordained, That said company shall issue certificates of stock to its members, and said stock may be transferred in such manner and for as may be directed by the by-laws of the company.
17. Be it further ordained, That the debt of the stockholders due to the company for stock therein, either original proprietor, or as the first or subsequent assignee, shall be considered with equal dignity with judgments in the distribution of the assets of a deceased stockholder by his legal representatives.
18. Be it further ordained, That the Board of Directors shall, once a year at least, make a full report on the state of the company and its affairs, to a general meeting of the stockholders, and oftener if required by a by-law, and shall have power to call a general meeting of the stockholders when the board may deem expedient; and the company may provide in their by-laws for occasional meetings being called, and prescribe the mode thereof.
19. Be it further ordained, That the said company may purchase, have and hold in fee or for a term of years, any lands, tenements, or hereditaments which may be necessary for said road, or appurtenances thereof, or for the erection of depositories, store-houses, houses for the officers, servants, or agents of the company, or for the workshops or foundries to be used for said company or for procuring stone or other materials necessary to the construction of the road, or for effecting transportation thereon.
20. Be it further ordained, That the company shall have the right, when necessary, to conduct the said road across or along any public road or water course; Provided, That said company shall not obstruct any public road without constructing another equally as good and convenient.
21. Be it further ordained, That when any land or right of way may be required by said company for the purpose of constructing their road, and for want of agreement as to the value thereof, or for any other cause, the same cannot be purchased from the owner or owners -- the same may be taken at a valuation to be made by five freeholders, selected by the County Court in the county where the right of way is situated; Provided, nevertheless, That if any person or persons, over whose lands the road may pass, or if said company should be dissatisfied with the valuation of said freeholders, then and in that case the party so dissatisfied may have an appeal to the Superior Court in the county where the damage is done, or in either county where the land may lie, under the same rules, regulations and restrictions as in other classes of appeal, the proceeding of the said freeholders, accompanied with a full description of said land or right of way, shall be returned under the hands and seals of a majority of them to the court from which the order was made, there to remain a matter of record; and the lands or right of way so valued, shall vest in the said company so long as the same may be used for purposes of said railroad, as soon as the valuation shall have been made, or when refused, may have been tendered; Provided, That on application for the appointment of freeholders under this section it shall be made to appear to the satisfaction of the court that at least ten days previous notice has been given by the applicant to the owner or owners of the land proposed to be condemned, or if the owner or owners be infants of non compos mentis, then to the guardian or guardians of such owner or owners, if such guardian can be found within the county, or if he cannot be found, then such appointment shall not be made unless notice of the application shall have been published at least one month next preceding in some newspaper printed as conveniently as may be to the court house of the county, and shall have been posted at the door of the court house on the first day of the term of said court to which the application is made; Provided, further, That the valuation provided for in this section shall be made on oath by the freeholders aforesaid, which oath any Justice of the Peace or clerk is authorized to administer; Provided, further, That the right of condemnation herein granted, shall not authorize the said company to invade the dwelling house, yard, garden or burial ground of any individual without his consent. 
22. Be if further ordained, That the right of said company to condemn lands in the manner as aforesaid, shall extend to the condemning one hundred feet on each side of the tract of the road, measuring from the centre of the same, unless in case of deep cuts and fillings, when said company shall have power to condemn as much in addition theret as may be necessary for the purpose of constructing said road, and the said company shall also have power to condemn and appropriate lands in like manner for the constructing and building of depots, shops, warehouses, buildings for servants, agents, and persons employed on the road, not exceeding four acres, to any one lot or station.
23. Be if further ordained, That in the absence of any contract or contract with said company in relation to the lands through which the said road may pass, signed by the owner thereof, or his agent or any claimant or person in possession thereof, it shall be presumed that the land upon which the said road may be constructed, together with the space of one hundred feet on each side of the centre of said road, has been granted to the said company by the owner there of, and the said company shall have good right and title thereto, and shall have, hold and enjoy the same as long as the same be used for the purposes of the road and no longer, unless the person or persons owning the said land at the time that part of the road which may be on the said land was finished, or those claiming under him, her or them, shall apply for an assignment of the value of said lands as hereinbefore directed, within two years next after that part of the said road which may be on said lands was finished, and in case the said owner or those claiming under him, her or them shall not apply within two years next after the said part was finished, he, she or they shall be forever barred from recovering said land or having an assessment or compensation therefor; Provided, Nothing herein contained shall affect the rights of feme coverts, or infants, until two years after the removal of their respective disabilities.
24. Be it further ordained, That all lands not heretofore granted to any person within one hundred feet of the centre of said road, shall vest in the company so soon as the line of the road is definitely laid out through it, and any grant of said land shall thereafter be void.
25. Be it further ordained, That if any person or persons shall intrude upon said railroad, by any manner of use thereof, or of the right and privilege connected there with, without permission, or contrary to the will of and company, he, she or they may be indicted for a misdemeanor, and upon conviction, fined and imprisoned by any court of competent jurisdiction.
26. Be it further ordained, That if any person or persons shall willfully and maliciously destroy, or in any manor hurt or damage, or shall willfully and maliciously cause to aid or assist, or counsel and advise any other person or propose to destroy, or in any manor to hurt, damage, injure or obstruct the said railroad, or any bridge or vehicle paid for or in the transportation thereon, any water-tank, warehouse, or other property of said company, such person or persons so offending, shall be liable to be indicted therefor, and on conviction, shall be imprisoned not less than one more than six months, and pay a fine not exceeding five hundred dollars, nor less than twenty dollars, at the discretion of the court before which said conviction shall take place, and shall be further liable to pay all expenses for repairing the same; and it shall not be ??? for any one so offending against the provisions of this clause to defend himself by pleading or giving in aid so that he was the owner, agent, or servant of the owner of the land where such destruction, hurt, damage, injury or obstruction was done at the time the same was allowed or caused t be done.
27. Be it further ordained, That every obstruction to the ??? and free passage of vehicles on said road shall be deemed a public nuisance, and be abated as such by any officer, agent or servant of said company, and the person causing such obstruction may be indicted for erecting a public nuisance.
28. Be it further ordained, That said company shall have the right to take, at the storehouses they may establish, or annex to their railroad, all goods, wares, merchandise, and produce intended for transportation, to prescribe the rules of priority, and charge and receive such just and reasonable compensation for storage as they by rules may establish (which they shall cause to be published) as may be fixed by agreement with the owners, which may be distinct from rates of transportation; Provided, that the said company shall not charge nor receive storage on goods, wares, merchandise, or produce which may be delivered to them at their regular depositories for immediate transportation and which the company may have the power to transport immediately.
29. Be it further ordained, That the profits of the company, or so much thereof as the general board may deem advisable, shall, when the affairs of the company will permit be semi-annually divided among the stockholders in proportion to the stock each may own.
30. Be it further ordained, That the following officers and servants, and persons in the actual employment of said company, be and they are hereby exempt from the performance of jury and ordinary militia duty; The president and treasurer, the board of directors, chief and assistant engineers, the secretary and accountant of the company, keepers of the depositories, guards stationed on the road and at the bridges, and such persons as may be working the locomotive engines and traveling with the cars for the purpose of attending to the transport of produce, goods and passengers on the road.
31. Be it further ordained, That if the Legislature of Virginia shall sanction this charter, and authorize the connection of said road within the limits of Virginia to the Richmond & Danville Railroad, and said road shall be so constructed, the said corporation hereby created shall, nevertheless, have power and authority to construct and build one or more branches of said road to the Coalfields on Dan River, and the navigable waters on Smith's River, in the county of Rockingham, and are hereby vested with the rights, powers, privileges and immunities to build and construct said branch or branches with which they are inclined to build the main road; and the said road, with its branch, authorized to be constructed under this charter, will be of the same guage as the North Carolina Railroad; and the North Carolina Railroad Company shall have the right, under this charter, to construct a branch of their own from Hillsboro' at or near Danville.
32. Be it further ordained, That for the purpose of ascertaining the best route for said road and its branches, and to locate the same, it shall be lawful for said company, by its officers, servants and agents, to enter upon, examine and survey, any land or lands that they may wish to examine for such purpose, free from any liability whatever.
33. Be it further ordained, That any one or more of the various incorporate railroad companies of the said States, and of the Confederate States of America, may subscribe stock in said company, and should the Confederate States of America subscribe for and take the whole of such stock or the larger part thereof, power and authority are given to said Confederate States of America to appoint for the time being the whole of the said Directors, anything in this ordinance to the contrary notwithstanding, and at ??ate and commence the construction of said road, and hold the stock as taken by them until individuals and corporations shall be prepared to receive an assignment of the stock, or any part or parts thereof, as hereinafter provided.
34. Be it further ordained, That as soon as, under the supervision of the general commissioners, as by this ordinance provided, there shall be subscribed by the Confederate States of America, incorporated companies, or solvent individuals, not less than one hundred thousand dollars of stock, with the five per cent. thereon paid in, the same shall ??? by said general commissioners to said Directors, on which being done, it shall be the duty of said Directors to have the names of such stockholders recorded in the books of said company, together with the stock subscribed by each and to cause to have issued to said stockholders certificates of stock in said company, (to each in proportion to the subscriptions made by them,) when they shall have paid up their subscriptions in full, including in ??? the five per cent. which they shall have paid to said general commissioners, and which the said general commissioners as hereinbefore provided, shall pay to said company.
35. Be it further ordained, That as soon as subscribers ??? the Confederate States of America, as herein provided, shall have their names as stockholders recorded in the books of said company as owners of not less than one hundred thousand dollars of stock, with the five per cent. paid in, from and after that time such stockholders, ??? meetings, shall have power to elect five of the said Directors, and the President of the Confederate States of America, or such other person as the Confederate States may determine, to appoint four of said Directors, ??? to do so until the stock of the said Confederate States ??? or transfer, shall be reduced to less than ??? stock of said company; then, and from thereafter that date, the vote of the said Confederate States of America in the election of Directors, and all other ??? shall be in proportion to the stock held by them; Provided, That at such elections no stockholder shall give more than two hundred votes.
36. Be it further ordained, That full right and privilege shall be reserved to the State, or to any company here??? be incorporated under the authority of this State, ??? with the road hereby provided for, any other ???leading therefrom to any part or parts to this ??? Provided, That in joining such connection no injury shall be done to the work of the company hereby incorporated.
37. Be it further ordained, That the corporate franchise and privileges hereby granted shall cease and determine at the completion of ninety-nine years from the day of the passage of this ordinance.
   Passed and Ratified in open Convention the 8th day of February, A. D. 1862.
W. N. Edwards
President of the Convention

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