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An Act to Incorporate the Chatham Railroad Company |
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| Section1. Be it enacted by the General
Assembly of the State of North Carolina, and it is hereby enacted by the
authority of the same, That a company is authorized to be formed,
with a capital stock of eight hundred thousand dollars, to be divided
into shares of one hundred dollars each, to be called and known as the
"Chatham Railroad Company," for the purpose of building and constructing
a railroad, with one or more tracks, to be used with steam and other
motive power, from the Coalfields in the county of Chatham, through said
county to Raleigh, or some point west of Raleigh not exceeding twelve
miles, the nearest and most practicable route; and such company, when
formed as hereafter directed, shall have power to receive, possess, own
and transfer real and personal property, to have a common seal, and to
pass such by-laws, not inconsistent with the laws of this State, as may
be necessary to carry out the object of the corporation; shall be
capable in law of suing and being sued, pleading and being impleaded,
and shall have and enjoy all the rights of other corporate bodies under
the laws of this State, to condemn land for right of way and all other
purposes necessary to carry into effect the purposes of said company;
and shall generally have and possess all the rights, privileges and
immunities, and be subject to the limitations and restrictions of
corporate bodies in this State; and shall have the exclusive right to
transfer and carry persons, produce, merchandize and minerals on and
along such railroad at such prices as they may fix. |
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Sec. 2. Be it further enacted, That for the
purpose of creating the capital of such company John C. Stone, Henry
A. London, Frank Page, Kemp P. Battle, O. A. Taylor, T. D. Hogg,
Rufus S. Tucker, W. P. Taylor, Wm. Hogan Jones and Elian Bryan are
hereby appointed commissioners, whose duty it shall be, as soon
after the passage of this Act as may be, to appoint such
commissioners to open books of subscription at such places and at
such times as to them shall seem best, and under such rules and
regulations as they may prescribe. |
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Sec. 3. Be it further enacted, That whenever the
sum of one hundred thousand dollar shall have been subscribed to the
capital stock of said company by solvent subscribers, it shall be
the duty of the commissioners aforesaid to call a general meeting of
the stockholders, after giving such notice as to them shall seem
sufficient, and at such times and places as they shall determine;
and at all general meetings of said stockholders, not less than a
majority of all the stock subscribed shall constitute a quorum for
the transaction of business, and said stockholders, when so met in
general meeting, shall have power, and it shall be their duty, to
elect a president and five directors for said company; and in
electing such president and directors, and in enacting such by-laws,
as may be necessary, each share of stock represented, either in
person or by proxy, shall be entitled to one vote: Provided,
If a majority of such stockholders shall not attend said first
general meeting, such as do attend and are present may adjourn from
time to time until a majority shall appear. |
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Sec. 4. Be it further enacted, That it shall be
the duty of said stockholders, at their first general meeting, to
prescribe the manner and time in which payments of stock on the
subscription books shall be made: Provided, Not more than one
half of said subscription shall be called for in one year after said
first general meeting. |
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Sec. 5. Be it further enacted, That it shall be
the duty of the president and directors of said company to appoint a
treasurer, who shall remain in office such length of time as the
company in their by-laws shall determine; and said president and
directors shall remain in office one year, and until others are
chosen, and shall have a general direction and management of the
affairs of said company, and shall appoint some suitable person as
engineer, whose duty it shall be to make the necessary surveys for
the location of said railroad, and furnish the president and
directors with such survey or surveys, and estimates of the cost;
said directors shall have power to fill any vacancy that may occur
in their board, and in the absence of the president to elect one for
the time; they shall also appoint a secretary, whose duty it shall
be to keep a fair and correct record of the proceedings of said
board, and of all the proceedings of the stockholders in general
meeting, in a book to be provided for that purpose. |
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Sec. 6. Be it further enacted, That the president
or board of directors shall, at least once a year, 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 any by-law
of the company and also call a general meeting of the stockholders,
whenever they deem it expedient; and the company may provide in
their by-laws for occasional meetings being called, and prescribe
the mode thereof. |
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Sec. 7. Be it further enacted, That all persons,
the Justices of the County Court or the authorities of any
incorporation, shall have full power and authority to subscribe to
the capital stock of said company to the amount they shall be
authorized to do by the inhabitants of said county or incorporated
town, or the proper authorities of any corporation to the amount
they shall be authorized to do by the inhabitants of said county or
town; and they may issue bonds or other evidence of debt to enable
them to borrow money to pay such subscription; the said subscription
to be made by any agent or agents of such county, town or
corporation properly authorized by them to make the same, when so
made shall be binding on such county, company or corporate body in
the same manner and to the same extent that it is on the individual
subscribers, and such body corporate or company, or county, shall be
represented in all general meeting of the stockholders. |
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Sec. 8. Be it further enacted, That if the capital
stock of said company, as authorized by this charter, be
insufficient to carry out the purposes of the same, it may be
increased by said company to one million two hundred and fifty
thousand dollars. |
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Sec. 9. Be it further enacted, That said company
may begin the construction of said road at any point on the line of
location according to their discretion, and that for any portion of
said road actually constructed the said company shall be entitled to
all the privileges of this act into and over such part so
constructed. |
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Sec. 10. Be it further enacted, That this act
shall be in force from its ratification. |
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Ratified the 15th day of February, 1861.
{Also noted as ratified February 23, 1861} |
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