80 in any Court having jurisdiction of the cause, and recover his actual damages and costs, and in addition thereto shall recover the sum of fifty dollars, as liquidation and settled damages. SEC. 7. That this act shall be in force from and after its ratification. Ratified the 1st day of February, A. D. 1869. CHAPTER XXVIII. AN ACT TO AMEND AN ACT ENTITLED AN ACT TO AMEND THE Amendments to to be submitted to Stockholders. Directors, how appointed. Amendmeets repealed. SECTION 1. The General Assembly of North Carolina do enact, That section three of an act entitled an act to amend the charter of the Western Rail Road Company, ratified the twenty-first of August, eighteen hundred and sixty-eight, be amended so as to read as follows: The amendments in this act contained shall be submitted to the stockholders of said Western Rail Road Company, at a meeting to be called within twelve months after the fifteenth day of De cember, eighteen hundred and sixty-eight. If accepted by the stockholders in person, or by proxy, of a majority of stock, the stockholders, other than the State, shall forthwith appoint two Directors, and they, together with the Directors of the State appointed as aforesaid, shall immediately enter upon their duties, and hold office until the next regular annual meeting of stockholders of the Company, and until their successors are qualified. On said acceptance, the term of office of the present President and Directors shall cease. SEC. 2. The said act entitled an act to amend the charter of the Western Rail Road Company as amended in the preceding section, is hereby re-enacted.. SEC. 3. Upon the acceptance by said Western Rail Road Company of the amendment to their charter contained in this act, the Treasurer of the State shall subscribe for (in behalf of the State) stock in the said Western Rail Road Company to the amount of five hundred thousand dollars in addition to the stock already owned by the State in said Company, and the said Treasurer shall, for said stock, deliver to the President of said Company, coupon bonds of the State to the amount of five hundred thousand dollars, of the denomination of one thousand dollars, said bonds signed by the Governor, countersigned by the Treasurer, sealed with the great seal of the State, bearing six per cent. interest, payable semi-annually, the principal payable at the end of thirty years from the date thereof, principal and interest payable in the City of New York, said bonds to be issued under the provisions of chapter ninety of the Revised Code. Treasurer shall subscribe, &c. To deliver bonds, ble in New York. with interest paya SEC. 4. On the surrender to the State of five hundred To exchange bonds thousand dollars of the second mortgage bonds of the Wilmington, Charlotte and Rutherford Rail Road Company, heretofore paid to said Western Rail Road Company in payment for stock in the same, the Public Treasurer is hereby directed to issue in exchange therefor five hundred thousand dollars of coupon bonds of the State of the description aforesaid. interest. SEC. 5. To pay the interest on the bonds of the State, Tax levied to pay issued as aforesaid, as the same may accrue, there shall be annually levied and collected a special tax of one-fortieth of one per cent. on the taxable property of the State, which shall be levied, collected and paid into the Treasury as other public taxes. Duty of Treasurer SEC. 6. The said Western Rail Road Company may, at any time, by delivering to the Treasurer of the State, bonds to make transfer. or other indebtedness of the State, receive a transfer of an equivalent amount of the stock of the State in said Com PUB. 6.] $2 Fourth section repealed. For purpose of extending Road Treas. pany, and it shall be the duty of the Treasurer to make such transfer. SEC. 7. That the fourth section of the act of the General Assembly, amending the charter of the Western Rail Road, ratified the twenty-fifth day of February, eighteen hundred and sixty seven, be, and the same is hereby repealed. SEC. 8. That for the purpose of extending said Western urer shall subscribe. Rail Road from the point on the North Carolina Rail Road, at which said Western Raid Road may connect at or between Salisbury and Greensboro', up the rich and fertile valley of the Yadkin, between the North and South Yadkin, to such point in the County of Wilkes, as the President and Directors may determine, the Public Treasurer is hereby authorized and required to subscribe to the capital stock of said Western Rail Road, the sum of five hundred thousand dollars, and to pay said subscription in the coupon bonds of the State, in the same manner and form, and on the same terms as heretofore provided for: Provided, That said sum of five hundred thousand dollars shall be expended on that portion of the Road west of the point at which the Western Rail Road may connect with the North Carolina Rail Road; And provided further, That the President and Directors may commence the grading west of the North Carolina Road as soon as the location is deter mincd. Proviso. for. Interest provided The President Treasurer, &c. SEC. 9. To pay the interest on the said bonds of the State, issued as aforesaid, as the same may accrue, there shall be annually levied and collected a special tax of one eightieth of one per cent. on the taxable property of the State, which shall be levied and collected, and paid into the Treasury as other public taxes. SEC. 10. Provided, That on or before the day upon shall pay to Public which the first coupon of the bonds authorized to be issued by this act shall become due, the President of the above named Rail Road Company shall pay to the Public Treasurer, either in cash or in matured coupons of bonds, upon which the Public Treasurer is made to pay the interest under this act, the sum of thirty thousand dollars; and on or before the day upon which the second coupon of the bonds authorized by this act shall become due, the President of the above named Rail Road Company shall pay, in like manner, the sum of thirty thousand dollars; and on or before the day upon which the third coupon as aforesaid shall become due, the President above named shall pay to the Public Treasurer, in like manner, the sum of twenty thousand dollars; and on or before the day upon which the fourth coupon as aforesaid shall become due, the President above named shall pay to the Public Treasurer, in like manner, the sum of ten thousand dollars. Public Treasurer shall retain as accu SEC. 11. Provided, further, That of the bonds authorized to be issued under this act, one hundred and eighty rity. thousand dollars shall be retained by the Public Treasurer as collateral security for the faithful performance of the conditions of the preceding section; and that upon the pay ment of the first thirty thousand dollars as aforesaid, the Public Treasurer shall be authorized to deliver to said Rail Road Company sixty thousand dollars of the above named one hundred and eighty thousand dollars of bonds; and apon the payment of the succeeding amounts named in said section, the Public Treasurer is authorized to deliver bonds to the amount of double the sum paid, until all said bonds are delivered to said Rail Road Company: Provided, Bonds to be issued. also, That at the expiration of two years from the date of the first coupon of the bonds authorized in this act, the Public Treasurer shall be authorized to issue to said Rail Road Company an additional amount of bonds, equal at their par value to the amount paid in cash by said Company in behalf of the State, according to the provisions of section ten of this act; said bonds to be in all respects similar to those anthorized to be issued by this act. SEC. 12. This act shall go into effect upon its ratification. Charter amended. Corporate powers. CHAPTER XXIX. AN ACT TO AMEND THE CHARTER OF THE OXFORD BRANCH OF SECTION 1. The General Assembly of North Carolina do enact, That an act to charter the Oxford Branch of the Raleigh and Gaston Rail Road, ratified the twenty-eighth of February, eighteen hundred and sixty-seven, be amended as follows: For the purpose of establishing a communication by Rail Road from the Raleigh and Gaston Rail Road at such point as may be deemed advisable, to some point passing through the Counties of Granville, Person, Caswell, Rockingham and Stokes, to the Virginia line, at or near Mount Airy, the formation of an incorporated Company, with a capital of three million of dollars, divided into shares of one hundred dollars each, is hereby authorized to be entitled The Eastern and Western Rail Road Company," and when formed, as hercinafter directed, to be a body politic for ninety years. SEC. 2. The said Company is authorized to construct a Rail Road from such point on the Raleigh and Gaston Rail Road as the President and Directors may determine, passing through the aforesaid Counties to the Virginia line at or near Mount Airy in Surry County, as may be likewise determined, and for the purpose of procuring subBooks opened, &c. scriptions to the capital stock of said Company, books may be opened at Henderson under the direction of Isaac J. Young, Lewis II. Kittle, W. J. Hawkins, James C. Bullock, John G. Yancey, John W. Ragland and A. B. Andrews; at Oxford under the direction of R. W. Lassiter, Robert S. Barnett, Eugene Grissom and II. C. Herndon; at Roxboro under the direction of Charles S. Winstead, Edwin G. Reade, John Barnett, C. Hamlin, Samuel C. Barnett, James S. Sargeant, Robert D. Bumpass and G. W. Norwood; at Yanceyville under the direction of George N. Thompson, John W. Stephens, B. B. Holden, James K. Lea, N. M. |