| From the Wilmington Journal |
| February 3, 1862 |
| |
| Chatham Railroad Ordnance |
| An ordinance in addition
to, and amendment of, an Act of the General Assembly, ratified the
15th day of February, 1861, entitled "an Act to incorporate the
Chatham Railroad Company," and to repeal an Act supplemental
thereto, ratified the 23d day of February, 1861. |
| 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
section first of an act of the General Assembly, ratified the
fifteenth day of February, one thousand eight hundred and
sixty-one, entitled "an act incorporating the Chatham Railroad
Company" be amended by inserting after the words "from the
Coalfields in the county of Chatham, through said county," the
words "connect with the North Carolina railroad at" so as to
make the section read "to connect with the North Carolina
railroad at Raleigh, or some point west of Raleigh, not exceeding
twelve miles." |
| 2. Be if further ordained,
That the provision in section four of said act of the General
Assembly, be stricken out. |
| 3. Be it further ordained,
That an act of the General Assembly, ratified on the twenty-third day
of February, one thousand, eight hundred and sixty-one, entitled
"an act supplemental to an act passed at the present session of
the General Assembly, entitled, an act to incorporate the Chatham
Railroad Company," be and the same is hereby repealed and
abrogated. |
| 4. Be it further ordained,
That all such solvent corporations as may or shall subscribe to the
capital stock of the said Chatham Railroad Company, may make their
bonds payable to the public Treasurer of the State of North Carolina,
to the amount of their subscriptions to said capital stock, and no
more; which said bonds are to be signed by the Presidents, and under
the seals respectively of said corporations, and made for any sums not
under five hundred dollars each, to bear interest at the rate of six
per cent. per annum, which interest is to be paid semi-annually
to wit: the first Monday in January and July, in each and every year,
and the principal of said bonds to be made payable twenty years after
date; and these bonds so authorized to be made, may be deposited with
the Public Treasurer of the State, who shall then issue and deliver to
the several corporations so subscribing and depositing their bonds, as
aforesaid, the coupon bonds of the State of North Carolina, to the
amount of their subscriptions respectively, and made for the sums of
five hundred, and one thousand dollars, to bear interest at the rate
of six per cent. per annum, which interest is to be paid
semi-annually, on the first Monday in January and July, in each and
every year, and the principal of said bonds to be made payable twenty
years after date; Provided, That said bonds shall not exceed in
the aggregate, the sum of eight hundred thousand dollars, and, Provided
also, That said Chatham Railroad Company shall execute and deliver
to the Governor of the State of North Carolina, a mortgage under the
seal of said company, wherein and whereby, shall be conveyed to the
Governor and his successors in office, for the real and personal,
belonging to the same, conditioned for the indemnifying and saving
harmless the State of North Carolina from the payment of the whole or
any part of the bonds of the State, authorized by this ordinance to be
made by the Public Treasurer and delivered to the several corporations
subscribing as aforesaid to the capital stock of said Chatham Railroad
Company, the State of North Carolina shall, by this ordinance, have a
lien upon the estate, both real and personal of said Company, which
they may now have, or may hereafter acquire, to secure principal and
interest of the bonds of this State, authorized to be issued as
aforesaid. |
| 5. Be it further ordained
That said bonds of the State, so made by the Public Treasurer, shall
be received by the said Chatham Railroad Company, in payment of
subscriptions made as aforesaid by such corporations to the capital
stock of said Chatham Railroad Company. |
| 6. Be it further ordained,
That said corporations so subscribing and depositing their bonds as
aforesaid, with the Treasurer of the State, shall be allowed to redeem
their bonds at any time before maturity, in the currency of the State,
giving thirty days notice to the Treasurer of this State of their
intention so to do. |
| 7. Be it further ordained,
That the said Railroad may be constructed with termini at any
point or points in the said Coalfields region, that the Stockholders
in said Company may agree upon, with the approbation of the Board of
Internal Improvements. |
| 8. Be it further ordained,
That the corporate authorities of incorporated towns, subscribing to
the capital stock of said Chatham Railroad Company, in order to
provide for the payment of their subscriptions, and of the principal
and interest of bonds for that purpose by them issued, shall have
authority to lay and collect taxes from all subjects which under the
charter of said towns are taxable. |
| 9. Be it further ordained,
That the solvency of such corporations as may desire to subscribe to
the capital stock of said Chatham Railroad Company, shall be judged of
by the Board of Internal Improvements. |
| 10. Be it further ordained,
That all laws and parts of laws, all acts or parts of acts,
inconsistent with the provisions of this ordinance, are hereby
repealed and abrogated. |
| Passed and ratified in open
Convention, the -- day of ---. A. D. 1862. |
|