| From the Raleigh Standard |
| |
| March 12, 1862 |
| |
| Ordinances, |
| Passed by the State Convention at Its Adjourned Session |
| [No. 7] |
| An Ordinance in addition to and amendment of an Act of
the General Assembly, ratified the 15th day of February, 1861,
entitles "an Act to incorporate the Chatham Railroad
Company," and to repeal an Act supplemental thereto, ratified the
23d day of February, 1861. |
| 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 road
"to connect with the North Carolina railroad at Raleigh, or some
point west of Raleigh, not exceeding twelve miles." |
| 2. Be if 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Company," be and the same is hereby repealed and abrogated. |
| 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 Treasury 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 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 No.
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 the 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 requested 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 if 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 at 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 charter 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 Improvements. |
| 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. |
| Passed and ratified in open Convention,
the 30th day of January, A. D. 1862. |
| W. N. Edwards |
| Pres. of Convention |
| Teste: |
| Walter L. S??le, Secretary |
| L. C. Edwards, Assistant Sec'y. |
|