| From the Yorkville (S. C.) Enquirer |
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| December 17, 1862 |
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| To Charter the Shelby & Broad River
Railroad Company |
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| Whereas it is highly necessary
for the full development of the iron resources of this State that
mineral coal should be introduced from the nearest mines in North
Carolina: |
| Sec. 1. Be it enacted by
the Senate and House of Representatives now met and sitting in General
Assembly, and by the authority of the same, That for the purpose of
establishing communication by railroad between the States of North
Carolina and South Carolina, from Shelby to the County of Cleveland in
the former State, to such points on the Spartanburg & Union Railroad,
the King's Mountain Railroad, or the Charlotte & South Carolina
Railroad, as may be agreed on by the stockholders, the formation of a
corporate company is hereby authorized to be called "The Shelby & Broad
River Railroad Company," which Company, when formed in compliance with
the conditions herein prescribed, shall have corporate existence as a
body politic in each of the States aforesaid. |
| Sec. 2. That the capital stock
of said Company shall be five hundred thousand dollars in five thousand
shares of one hundred dollars each; and for the purpose of raising the
same, the Comptroller General is authorized, on the application of any
person interested in the construction of said railroad, to require the
opening of books of subscription at such places and at such times and by
such persons as he may by publication appoint; upon which subscription
there shall be paid, at the time of subscribing, the sum of five dollars
on each share subscribed; which payment may be in notes of any of the
Banks of North or South Carolina, in Treasury notes, or in any currency
of the Confederate States; and in default of such payment, the
subscription of the person so in default, shall be void. |
| Sec. 3. That when satisfactory
evidence shall be furnished to the Comptroller General that fifty
thousand dollars of the capital stock of said Company has been
subscribed, he shall, by publication, convene a meeting of the
subscribers for the organization of the Company, at such time and place
as may, in his judgment, suit the convenience of the subscribers; at
which meeting, and at every annual meeting thereafter, there shall be
elected a Board of seven directors, three of whom at least, shall be
citizens of this State and three at least, citizens of the State of
North Carolina. |
| Sec. 4. That the Company, when
so organized, shall be, and they are hereby, declared a body politic and
corporate by the name and style of "The Shelby & Broad River Railroad
Company," and by that name shall be capable in Law and Equity, of
purchasing, holding, selling, leasing and conveying estates, real,
personal and mixed, and acquiring the same by gift or devise, so far as
may be necessary for the purpose embraced within the scope and object of
their Charter; shall have succession of officers and members; by their
corporate name may sue and be sued, plead and be impleaded in and Court
of La or Equity; may have and use a common seal; may make all such
by-laws, rules and regulations as shall be deemed necessary for the
well-ordering and conducting the affairs of the Company, not
inconsistent with the laws of this State or of the Confederate States. |
| Sec. 5. That the said Company
are hereby authorized to construct a railroad from such points on either
the Spartanburg & Union Railroad, the King's Mountain Railroad, or the
Charlotte & South Carolina Railroad, as the stockholders may select,
towards and into the North Carolina line on the route that may be fixed
by the Company, leading to the Wilmington{,
Charlotte} & Rutherford Railroad in North Carolina, at or near
the village of Shelby in the said State; and that for the purpose of
organizing the said Company, for constructing the said Railroad and
conducting the affairs of the Company, all the rights, powers and
privileges conferred on the Charlotte & South Carolina Railroad Company
by an Act entitled "An Act to Charter the Charlotte & South Carolina
Railroad Company," ratified on the eighteenth day of December, in the
year of our Lord one thousand eighteen hundred and forty six, are hereby
conferred on the said Shelby & Broad River Railroad Company, subject to
the same conditions and restrictions, except so far as the special
provisions of this Act may require the same to be modified and varied. |
| Sec. 6. That this Act shall be
deemed a public Act, and shall continue of force for the term of
ninety-nine years. |
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