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An Act to Charter the Shelby & Broad River Railroad
Company |
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| Whereas it is highly
necessary, for the full development of the iron resources of this State,
that mineral coal should be introduced from the nearest mines in North
Carolina: |
| I. Be it enacted by the
Senate and House of Representatives, now met and sitting in General
Assembly, and by the authority of the same, That for the purpose of
establishing communication by railroad between the States of North
Carolina and South Carolina, from Shelby, in the county of Cleveland, in
fhe former State, to such points on the Spartanburg & Union Railroad,
the King's Mountain Railroad, or the Charlotte & South Carolina
Railroad, as may be agreed on by the stockholders, the formation of a
corporate company is hereby authorized, to be called "The Shelby & Broad
River Railroad Company;" which company, when formed in compliance with
the conditions herein prescribed, shall have corporate existence as a
body politic. |
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II. That the capital stock of said company shall be five
hundred thousand dollars, in five thousand shares of one hundred dollars
each; and for the purpose of raising the same, the Comptroller General
is authorized, on the application of any person interested in the
construction of said railroad, to require the opening of books of
subscription at such places, at such times, and by such persons, as he
may, by publication, appoint; upon which subscription there shall be
paid, at the time of subscribing, the sum of five dollars on each share
subscribed; which payment may be made in notes of any of the Banks of
North or South Carolina, in Treasury notes, or in any currency of the
Confederate States; and in default of such payment, the subscription of
the person so in default shall be void. |
| III. That when satisfactory
evidence shall be furnished to the Comptroller General that fifty
thousand dollars of the capital stock of said company has been
subscribed, he shall, by publication, convene a meeting of the
subscribers for the organization of the company, at such time and place
as may, in his judgment, suit the convenience of the subscribers; at
which meeting, and at every annual meeting thereafter, there shall be
elected a board of seven Directors, three of whom, at least, shall be
citizens of this State, and three, at least, citizens of the State of
North Carolina. |
| IV. That the Company, when so
organized, shall be, and they are hereby, declared a body politic and
corporate, by the name and style of "The Shelby & Broad River 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 acquiring the same by gift or devise, so far as
may be necessary for the purposes embraced within the scope and object
of their charter; shall have succession of officers and members; by
their corporate name may sue and be sued, plead and be impleaded in any
Court of Law and Equity; may have and use a common seal; may make all
such bylaws, rules and regulations as shall be deemed necessary for the
well-ordering and conducting the affairs of the Company, not
inconsistent with the laws of this State or of the Confederate States. |
| V. That the said Company are
hereby authorized to construct a railroad from such points on either the
Spartanburg & Union Railroad, the King's Mountain Railroad, or the
Charlotte & South Carolina Railroad, as the stockholders of the company
hereby incorporated may select, towards and unto the North Carolina
line, on the route that may be fixed by the company, leading to the
Wilmington & Rutherford Railroad in North Carolina, at or near the
village of Shelby, in the said State; and that for the purposes
aforesaid, all the rights, powers, and privileges conferred on the
Charlotte & South Carolina Railroad Company by the Act entitled "An Act
to charter the Charlotte & South Carolina Railroad Company," ratified
the eighteenth day of December, in the year of our Lord one thousand
eight hundred and forty-six, are hereby conferred on the said Shelby &
Broad River Railroad Company, subject to the same conditions and
restrictions, except so far as the special provisions of this Act may
require the same to be modified or varied. |
| VI. That this Act shall be
deemed a public Act, and shall continue of force for the term of
ninety-nine years. |
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In the Senate House, the eighteenth day of December, in the year of our
Lord one thousand eight hundred and sixty-two, and the eighty-seventh
year of the sovereignty and independence of the State of South Carolina. |
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W. D. Porter, President of the Senate |
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A. P. Aldrich, Speaker House of Representatives |
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