| From the Yorkville (S. C.) Enquirer |
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| April 4, 1861 |
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| The Dallas Railroad |
| Charter of the Dallas & King's Mountain
Rail Road Company |
| Section 1. Be it enacted by
the General Assembly of the State of North Carolina, and it is hereby
enacted by the authority o f the same, That a company by the name
and style of the "Dallas & King's Mountain Railroad Company," be, and
the same is hereby incorporated, with a capital stock of two hundred
thousand dollars, divided into shares of fifty dollars each, for the
purpose of constructing a railroad from Dallas, in Gaston county, N. C.,
to the South Carolina line. |
| Sec. 2. Be it further
enacted, That for the purpose of creating the capital stock of said
company, the following persons be, and they are hereby appointed general
commissioners, viz: David A. Jenkins, Robert Wilson, Lawson Wilson,
William M. Ferguson, James Quinn, J. R. Falls, Ezra B. Wilson, Moses H.
Rhyne, J. F. Pegram, Jacob Fronebarger, Jr., John G. Lewis, Edward
Whitesides, Samuel Jarrett and William Crawford, 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 said commissioners shall have power to appoint a
chairman of their body treasurer, and all other officers, and to sue for
and recover all sums of money that should be recovered by them under
this act. |
| Sec. 3. Be it further
enacted, That when the sum of fifty thousand dollars shall have been
subscribed in manner and form a a foresaid, in shares of fifty dollars
each, and shall have paid five per cent, on the same, to the persons
authorized to receive the same, all subscriptions upon which five per
cent. is not paid, being null and void, the subscribers, their
executions, administrators or assigns, shall be and they are hereby
declared incorporated into a company by the name and style of the Dallas
and King's Mountain Railroad Company; and by that name shall be capable
in law and equity of purchasing, holding, selling, leasing and conveying
estates, real, personal and mixed, and of acquiring the same by gift or
otherwise, so far as shall be necessary for the purposes embraced in
their charter, and shall have perpetual succession, and may sue and be
sued by their corporate name, plead and be impleaded in any court of law
and equity in the State of North Carolina, or any other State having
competent jurisdiction; and may have and use a common seal which they
may alter or renew at pleasure and shall have and enjoy all other rights
and privileges which other corporate bodies may and do exercise, and
make all such by-laws, rules and regulations as may be necessary for the
good government of said company. |
| Sec. 4. Be it further
enacted, That it shall be the duty of said stockholders or of a
majority of them, so soon as the sum of fifty thousand dollars shall
have been subscribed as aforesaid, to appoint a time and place, and give
at least thirty days public notice for the stockholders to meet, at
which time and place, a majority of the stock being represented in
person or by proxy, shall proceed to elect nine directors out of their
number, each of whom shall posses at least ten shares of stock, and
shall also proceed to elect a president, treasurer and secretary out of
the number of stockholders; and the said directors shall have power to
do all things necessary for the government of the company and for the
transaction of business. The persons elected directors as aforesaid,
shall serve for one year; and the president, treasurer, secretary and
directors shall be held annually at such times and places as the
stockholders may direct. But if the day for the annual election should
pass by without an election of officers, the officers formerly elected
shall continue in office until a new election takes place. |
| Sec. 5. Be it further
enacted, That the election of all officers shall be by ballot, each
stockholder casting as many votes as he has shares of the stock of said
company, and the person receiving a majority of votes thus polled, shall
be considered elected. Each share of the stock shall be entitled to one
vote, to be represented in person or by proxy. |
| Sec. 6. Be it further
enacted, That the board of directors may call for the sums
subscribed as stock in said company in such installments as the
interests of said company may require -- the call for each payment to be
published in one or more newspapers for the space of one month before
the day of payment, and on the failure of any stockholder to pay each
installment as thus require, the directors may sell at public auction,
ten days notice having been given, for cash, all the stock subscribed
for in said company by such stockholder, and convey the same to the
purchaser at said sale; and if said sale of stock do not produce a fund
sufficient to pay off the incidental expenses of the sale and the entire
amount owing by such stockholder to the company for such subscription of
stock, then, and in that case, the whole of such balance shall be held a
due at once to the company, and may be recovered of such stockholder, or
his executors, administrators or assigns, at the suit of said company,
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, then for all sums due on
stock, both the original subscriber, the first and all subsequent
assignees, shall be liable to the company and recovered as above
described. |
| Sec. 7. Be it further
enacted, That the debt of the stockholders due to the company for
stock therein, either by the original subscriber or assignee shall, be
of equal dignity with judgments in the distribution of assets of a
deceased stockholder by his legal representative. |
| Sec. 8. Be it further
enacted, That said company shall issue certificates of stock to its
members, and said stock may be transferred in such manner as may be
directed by the by-laws of said company. |
| Sec. 9. Be it further
enacted, That said company may at any time increase its capital
stock to a sum sufficient to complete said road, either by opening books
for subscription of new stock or borrowing money on the credit of the
company, or by mortgaging its charter and works, as by the stockholders
directed. |
| Sec. 10. Be it further
enacted, That the said company shall have power to construct, as
speedily as possible, a railroad with one or more tracks along the line,
as heretofore set forth in this act, and shall have the privilege of
using any section of said road constructed by them before the whole is
completed. |
| Sec. 11. Be it further
enacted, That said company shall have power to construct said road
across any public road, or along the bed of such road: Provided,
however, That said railroad company make as good, substantial a road
at one side. |
| Sec. 12. Be it further
enacted, 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 from 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 commissioner, or a majority of them, to be
appointed by the county courts of the respective counties in which some
part of the land or right of way is located. In making said valuation
the commissioners shall take into consideration the loss or damage which
may accrue to the owner or owners, in consequence of the lands or right
of way being surrendered, and the benefits or advantages he, she or they
may receive from the erection of said road, and state particularly the
value and amount of each, and the excess of loss and damage over and
above the advantages and benefits, shall form the measure of valuation
of said land or right of way: Provided, nevertheless, That if any
person or persons, over whose lands the road may pass, or the company,
should be dissatisfied with the valuation of said commissioners, the,
and in that case, either party may appeal to the Superior Court; and the
proceedings of said commissioners, accompanied with a full description
of said lands or right of way, shall be returned under the hands and
seals of a majority of the commissioners to the court from which
commissioners issued, there to remain a matter of record; and the lands
or right of way so valued by the commissioners shall be used for the
purpose of said railroad, so soon as the valuation may be paid, or when
refused, may have been tendered: Provided, That the right of
condemnation shall not extend to the dwelling house, yard garden, or
grave yard of any individual without his consent. |
| Sec. 13. Be it further
enacted, That the right of said company to condemn lands in the
manner described in the 12th section of this act, shall extend to the
condemnation of only one hundred feet on each side of the main track of
said road, unless in case of deep cuts and fillings, when said company
shall have power to condemn as much in addition thereto, as may be
necessary for the purpose of constructing said road; and the company, in
like manner, shall also have power to condemn any adjoining lands for
the construction and building depots, shops, work houses, buildings for
servants, agents and persons employed on the road, not exceeding two
acres in any one place. |
| Sec. 14. Be it further
enacted, That all the lands on which the road may be located, not
heretofore granted by the State, within one hundred feet of the centre
of said road, which shall be constructed by said company, shall vest in
the company as soon as the line of the road is definitely laid out. |
| Sec. 15. Be it further
enacted, That said company shall have the exclusive right of the
conveyance or transportation of persons, goods, merchandise and produce
over said road at such charges as may be fixed by a majority of the
directors. |
| Sec. 16. Be it further
enacted, That said company shall have the right, and it shall be
their duty to take at the store-houses they may establish or annex to
their road, all goods, wares, merchandise and produce intended for
transportation, prescribe the rules of priority and charge, and receive
such just and reasonable compensation for storage as their by-laws may
establish or may be fixed by agreement. |
| Sec. 17. Be it further
enacted, That the board of directors may fill all vacancies which
may occur in it during the period for which they may have been elected,
and, in the absence or death of the president, may appoint a president
pro tempore, to fill his place from among their number. |
| Sec. 18. Be it further
enacted, That the profits of the company, or so much thereof as the
director may deem advisable, shall, when the affairs of the company will
admit of it, be annually divided among the stockholders. |
| Sec. 19. Be it further
enacted, That notice of process upon the president or acting agent
of aid company, shall be deemed lawful notice of serving process upon
the company. |
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{Ratified the 23rd day of February, 1861} |
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