| {Acts of the North
Carolina General Assembly} |
| |
| An Act to Construct a Branch From the Wilmington &
Weldon Railroad to or Near the Town Fayetteville |
| |
| 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 the Wilmington & Weldon
Railroad Company shall have power and authority to open books for the
subscription for the capital of the company from time to time; and when
they may deem the same practicable with the means they may have at
command, they shall have authority to construct a branch from some
suitable point on the line of their road, in the county of Duplin,
through the counties of Sampson and Cumberland, to some point at or near
the town of Fayetteville: Provided, The said road shall not go
further south on the Wilmington & Weldon Railroad than the deep cut
between Warsaw and Magnolia. |
| Sec. 2. Be it further
enacted, That each and every county on the line of the whole road
shall be authorized and empowered to subscribe for any number of shares
of the capital stock of said company, not exceeding twenty-five hundred
shares, under the provisions following: a majority of the justices of
each county, at any time [term] of the county county, shall determined
the number of shares for which they propose the county shall subscribe,
and appoint a day for holding an election in relation thereto, and cause
the same to be entered upon the minutes of the court; and it shall be
the duty of the sheriff of the county in at least four public places to
advertise the object and day of the election for at least sixty days
prior thereto, and on said day to open and keep open the polls agreeably
to the acts regulating the elections for members of the General
Assembly, and all the qualified voters for members of the House of
Commons in said county favoring the subscription may vote "Yea," and all
opposed may vote "No," and the result of such election shall be
faithfully made know to the justices holding the first county court
thereafter, and be made a matter of record; the result being favorable
to the subscription, the same shall be ample and full authority for the
chairman of the court, and it shall be his duty, to make the
subscription as proposed in the name of the county. To enable the
justices of said county to meet the instalments that may be required
upon such subscription, or otherwise pay for the same, they are hereby
invested with authority to issue the bonds of the county, redeemable in
any period not exceeding twenty-five years from the dates thereof, to
bear interest payable semi-annually, at a rate not exceeding seven per
cent. per annum; and it shall be the duty of the justices of the county
regularly to provide the means for meeting the interest on the county
bonds as the same shall become due, by laying such taxes annually on the
persons, lands and other property within the county as shall and may be
sufficient for the purpose; and the said justices shall likewise
annually appoint a county agent to negotiate any loan or loans that may
be necessary, to sell and dispose of the bonds, to receive the tax
imposed to meet the interest, and regularly and faithfully apply the
same to its payment, to represent the said county in all meetings of the
stockholders of the railroad company, and receive the dividends that may
become due upon the county stock, and apply the same either to the
interest or to a sinking fund for the extinguishment of the principal as
the justices of the county court may direct; and it shall likewise be
the duty of the justices of the county in due season to make ample
provisions, by taxation or otherwise, for liquidating the principal of
said bonds as they shall come to maturity. |
| Sec. 3. Be it further
enacted, That to enable the company to construct said branch, the
public treasurer is hereby authorized and directed to issue and dispose
of for money, coupon bonds of the State of North Carolina, signed by the
governor, countersigned by the public treasurer, and sealed with the
great seal of the State, bearing six per cent. interest, the principal
payable at the end of thirty years from the date thereof, and the
coupons of interest payable semi-annually in such form and at such times
and places as the public treasurer may direct, for the purpose of
raising the funds hereinafter directed directed to be loaned to the said
Wilmington & Weldon Railroad Company. |
| Sec. 4. Be it further
enacted, That before the public treasurer shall make any loan to
said company of any of the moneys received upon any of the bonds hereby
authorized to be issued and disposed of, the said Wilmington & Weldon
Railroad Company, a majority of the stockholders assenting thereto,
shall deliver to the public treasurer the coupon bonds of said company,
and bearing the same interest and date, the principal and coupons
payable at the same time and place as those of the State hereinbefore
directed to be issued and disposed of; and to secure the principal and
interest of said bonds issued by the said Wilmington & Weldon Railroad
Company, the State of North Carolina shall by this act have a lien upon
all the estate of said company, both real and personal, which they may
now have, or may hereafter acquire upon said branch of said road,
including that at both points, together with all the rights, franchises
and powers thereto belonging, or in any ways appertaining, or that may
hereafter belong or appertain to said company, and which lien shall have
preference over all other claims whatever; and in case of failure of
said company to pay the semi-annual interest on said bonds for
twenty-four months after such interest shall become due, or to pay the
principal of said bonds for twelve months after their maturity, the
board of internal improvement, for and on behalf of the State, may enter
upon and take possession of all the property hereinbefore specified, and
dispose of the same, by sale or otherwise, so as to protect the State:
Provided, Nothing contained in this act shall authorize the
directors of the Wilmington & Weldon Railroad Company to divest the
dividends which may accrue upon the stock of the literary board from the
common school fund; but the said dividends shall be regularly paid as
they accrue. |
| Sec. 5. Be it further
enacted, That the public treasurer shall issue and dispose of the
bonds as hereinbefore directed, from time to time, as may be necessary,
to make the loans to said company as required by the provisions of this
act, and the said loan shall be made so soon as the grading is completed
for the sum of five thousand dollars per mile: Provided, That the
amount so loaned shall not exceed two hundred and fifty thousand
dollars. |
| Sec. 6. Be it further
enacted, That bonds of the State hereby authorized to be issued
shall not be sold for less than their par value. |
| Sec. 7. Be it further
enacted, That said company shall have power and authority to connect
said branch with the railway of the Western Railroad Company at or near
the town of Fayetteville: Provided, That said connection shall
not be made at a distance of more than five miles from the said town of
Fayetteville. |
| Sec. 8. Be if further
enacted, That the Wilmington & Weldon Railroad Company, at their
election, may construct and equip the aid branch railroad as a part of
their road, or may construct and equip the said branch railroad with a
separate capital stock, separate earnings, profits and dividends. |
| Sec. 9. Be it further
enacted, That this shall be in operation from and after its
ratification. [Ratified the 18th day of February, 1861] |
|