| {Acts of the North
Carolina General Assembly} |
| |
| 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 23rd Day of February, 1861. |
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| 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 it further ordained,
That the proviso 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be, and the same is hereby repealed and abrogated.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 for 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 dollars 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 deed of mortgage under the seal of said Company, wherein and
whereby shall be conveyed to the Governor and his successors in office,
for the use and benefit of the State, all the estate, both real and
personal, belonging to said Company, or in any manner pertaining to the
same, conditioned for 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. In
addition to the deed of mortgage, hereinbefore required to be executed
and delivered by the 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 the 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,
on 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 charters 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 Improvement. |
| 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. [Ratified the 30th day of January, 1862] |
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