| {Acts of the North
Carolina General Assembly} |
| |
| An Act to Amend an Act, Entitled "An Act to Incorporate
The Atlantic, Tennessee & Ohio Railroad Company," Ratified February
15th, 1855 |
| |
| 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 stockholders of the
"Atlantic, Tennessee & Ohio Railroad Company" that reside in North
Carolina shall be incorporated, under the name of the "Atlantic,
Tennessee & Ohio Railroad Company in North Carolina." |
| Sec. 2. Be if further
enacted, That now the acting president and directors of said road in
North Carolina shall have power to do and accomplish all things
pertaining to their officers [offices] until their successors shall be
elected. |
| Sec. 3. Be it further
enacted, That the president and directors shall, at such time as
they shall deem expedient, call a general meeting of all the
stockholders of said company in North Carolina, to meet at such place in
North Carolina as they shall designate, and the company incorporated by
this act of amendment shall have all the general powers that are by the
statue concerning corporate companies conferred on corporations. |
| Sec. 4. Be it further
enacted, That the said Atlantic, Tennessee & Ohio Railroad Company
shall have the power to collect and receive all sums subscribed with the
commissioners of the Atlantic, Tennessee & Ohio Railroad Company in this
State, to be applied in the construction and equipment of the Atlantic,
Tennessee & Ohio Railroad in North Carolina, and shall have the power to
increase the subscription to the stock of said company by means of such
agents as they may appoint, and to collect and apply the amount of such
additional subscriptions towards the construction and equipment of said
railroad in North Carolina; and when such shall be completed, or any
portion of it, the Atlantic, Tennessee & Ohio Railroad Company in North
Carolina shall have the exclusive use and profits of said road to the
Tennessee State line, until the said railroad shall be built and
equipped for transportation and for use as far as its intersection with
the East Tennessee & Virginia: Provided, That the said road shall
not be either the North Carolina or South Carolina gauge, but an
independent gauge. |
| Sec. 5. Be it further
enacted, That the Atlantic, Tennessee & Ohio Railroad Company in
North Carolina shall have no power or authority to bind the faith and
credit of the Atlantic, Tennessee & Ohio Railroad for the acts and
contracts of the first-named company, or any of the stockholders thereof
be bound for the acts and contracts of the last-named company; nor shall
the last-named company receive or collect any of the instalments in the
subscriptions by stockholders in North Carolina, nor shall it receive or
demand any profits arising from the said road in North Carolina. |
| Sec. 6. Be it further
enacted, That all claims for damages done to any land by the said
company in the construction of their road shall be barred after two
years from the time of action occuring [accruing]. |
| Sec. 7. Be it further
enacted, This act of amendment shall be and continue in force with
the Atlantic, Tennessee & Ohio Railroad until said road shall be
completed to the intersection with the East Tennessee & Virginia
Railroad, and no longer. |
| Sec. 8. Be it further
enacted, That whenever the said railroad shall be completed to the
intersection of the East Tennessee & Virginia Railroad, the Atlantic,
Tennessee & Ohio Railroad Company shall by such name be an incorporated
company in North Carolina, subject to the regulations and restrictions
imposed by the aforesaid act, entitled "An act to incorporate the
Atlantic, Tennessee & Ohio Railroad Company," except that said company
shall have power to hold its annual, as well as its occasional, meetings
at any point in North Carolina which the stockholders in general meeting
or the directors shall designate, as well as at Jonesboro' in Tennessee. |
| Sec. 9. Be it further
enacted, That the stockholders of said Atlantic, Tennessee & Ohio
Railroad Company in North Carolina shall annually elect seven directors,
who shall elect one of their number president. Should said election for
any cause fail to take place, the president and directors shall remain
in office until their successors are elected. |
| Sec. 10. Be it further
enacted, That the acceptance of this amendatory act by a majority of
the stockholders in North Carolina shall be deemed and taken as valid
acceptance of the same by the Atlantic, Tennessee & Ohio Railroad
Company. |
| Sec. 11. Be it further
enacted, That this act shall be in force from and after its
ratification. [Ratified the 23d day of February, 1861.] |
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