| {Acts of the North
Carolina General Assembly} |
| |
| An Act to Construct a Railroad from Dallas, in Gaston
County, by the Way of Lincolnton, to Newton, in Catawba County |
| |
| Section 1. 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 by the name and
style of the "Dallas, Newton & King's Mountain Railroad Company," be and
the same is hereby incorporated with a capital Stock of five hundred
thousand dollars, divided into shares of fifty dollars each, for the
purpose of constructing a railroad from Dallas, in Gaston county, to
Newton, in Catawba, by the way of Lincolnton. |
| 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: In the county of Gaston, Doctor Wm. Sloan, John L.
Bridgers, R. R. Bridgers and J. F. Pegram; in the county of Lincoln,
William Lander, L. E. Thompson, Jacob Ramsour, (M. W.) and Melchi
Rhodes; in the county of Catawba, Franklin D. Rheinhour, George Setzer,
Major Joseph Bost, Elisha Ramsour, Capt. L. McCorkley, Joseph Fy and
Moses Hewet, and whose duty it shall be to direct the opening of books
for subscription of stock at such times and places, and under such other
persons as they or a majority of then may deem proper; and said
commissioners shall have the 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 one hundred thousand dollars shall hae
been subscribed in manner and form aforesaid, 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 executors and administrators or assigns, shall be, and they are
hereby declared incorporated into a company, by the name and style of
the "Dallas, Newton & Kings Mountain Railroad company," and by that name
shall be capable in law and equity, of purchasing, holding, selling,
leasing and conveying estates real and 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 a
majority of them, so soon as the sum of one hundred thousand dollars
shall have been subscribed as aforesaid, to appoint a time and place,
and give at least thirty days notice for the stockholders to meet, at
which time and place a majority of the stock being represented in person
or by proxy, they shall proceed to elect nine directors out of their
number, each of whom shall possess 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 the business. The persons elected directors, as
aforesaid, shall serve for one year, and the election for 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 shall pass by without an election of officers, the officers
formerly in office shall continue in office until a new election shall
take 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 in the stock of said
company, and the person receiving a majority of votes thus polled shall
be considered elected. Each share of 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 instalments as the interest
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 such instalment as
thus required, 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 it 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 stockholders to the company for such subscription of stock,
then, and in that case, the whole of such balance shall be held as 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 sums due on such
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, should 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 the 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 ny 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 track of such public road;
Provided, however, That said railroad company make as good and
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 made by five commissioners 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 rights
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 loss and damages over and above the
advantage 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, then, 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 land
or right of way, shall be returned under the hands and seals of a
majority of the commissioners to the court from which commissions
issued, there to remain a matter of record, and the lands or right of
way so valued by the commissioners shall vest in said company so long as
the same shall be used for the purposes of said road, 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 graveyard 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 twelfth 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 filling, when said company
shall have power to condemn as much in additions thereto as may be
necessary for the construction of said road, and the company in like
manner shall also have power to condemn any adjoining lands for the
construction and building of 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 the right of said company shall have the exclusive
right of the conveyance or transportation of persons, goods, merchandize
and produce, and all other articles 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 storehouses they may establish or annex to the
road, all goods, wares and merchandize and produce intended for
transportation, prescribe the rules of priority and change, 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
directors 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 said company, shall be deemed lawful notice of service of process
upon the company. |
| Sec. 20. Be it further
enacted, That said road shall be constructed of the North-Carolina
guage. [Ratified the 17th day of December, 1862.] |
|