| {Acts of the North
Carolina General Assembly} |
| |
| An Act to Secure the Completion of the Wilmington,
Charlotte & Rutherford Railroad Company, and Amend its Charter |
| |
| 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 as additional to the aid
at present pledged by the State of North Carolina to the Wilmington,
Charlotte & Rutherford Railroad Company, the public treasurer is hereby
authorized and directed to advance, as a loan to said company, the sum
of six hundred and sixty thousand dollars for the completion of its
eastern division, and the further sum of three hundred and forty
thousand dollars for the completion of its western division; the
one-fourth part of said sums shall be advanced to said company on the
first of April next, one other fourth part on the first day of October
next, and the remaining half upon the first day of July, 1862:
Provided, That said company shall call for said sums on the days
stated, and certify to the treasurer that the same can be advantageously
expended in the prosecution of the works; and if the same be not called
for upon said days, then the payments shall thereafter be made when the
same can be used with advantage; and to enable the public treasurer to
make said loans, he is hereby authorized and directed to issue and
dispose of (at not less than their par value) the coupon bonds of the
State, signed by the governor, countersigned by the treasurer, and
sealed with the great seal of the State, bearing six per cent. interest,
the principal at the end of thirty years from their respective dates,
and the coupons of interest payable semi-annually in such forms, times
and places as the public treasurer may direct. |
| Sec. 2. Be if further
enacted, That before the public treasurer shall make any loan as
aforesaid, the said Wilmington, Charlotte & Rutherford Railroad Company
shall deliver to the public treasurer the coupon bonds of said company,
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 Wilmington, Charlotte & Rutherford 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 between the town of Wilmington and the
terminus of said road at Rutherfordton, including that at both places,
together with all the rights, franchises and powers thereunto belonging,
or in any wise appertaining, or that may hereafter belong or appertain
to said company, 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 calendar months after such
interest shall become due, or to pay the principal of said bonds for
twelve calendar 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. |
| Sec. 3. Be it further
enacted, That any of the real or personal estate of said company may
be sold by the board of directors, the assent of the board of internal
improvement being first had and obtained for any such sale. |
| Sec. 4. Be it further
enacted, To afford at all times a sure and safe mode of investing
any sinking fund it may establish, that it shall be competent for said
company at any time to redeem from the public treasurer any number or
portion of its bonds, the same being the property of the State, by
paying therefor the par value thereof, and if the bonds of this State
shall be below par, then by paying therefor the same price that said
State bonds may command in the leading markets of the country, to be
ascertained by the public treasurer. |
| Sec. 5. Be it further
enacted, That said company may at any time open books for new
subscriptions to its capital stock, and whatever the same may be deemed
practicable, with any means it may command, it shall have power to
construct and use a branch of its road from some point either in Anson
or Richmond county to the town of Salisbury; and the counties through
which the same may pass shall have power and authority to subscribe to
the capital stock, pursuing the mode prescribed in the charter of the
company for the counties along the main stem of the road: Provided,
however, That no part of the State loan shall be applied to the
construction of said branch, and if built by said company, the lien of
the State shall not extend thereto, nor to any part of the real or
personal estate connected therewith. |
| Section 6. Be it further
enacted, That no person shall be held to be incompetent as a witness
by reason of his being a stockholder in said company, but his interest
shall be weighed as affecting his credibility in all causes, whether in
law or equity. |
| Sec. 7. Be it further
enacted, That this act shall be in operation from and after its
ratification. [Ratified the 16th day of February, 1861.] |
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