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lOG ROADS. 1844—45
king therefor tFie i-eceipt of the President of tlie said Wil-minalon
and Raleigh Rail Road Company.
Sec. VII. Beit further enacted, That in case of fail-ure
by the President and Directors of the said Wilmington
Of failure
a^d Raleigh Rail Road Company, to pay aud discharge,
to pay ia- semi-aniiually, the interest which may accrue on the bonds
terest. hereby authorized to be made and executed and which
may be delivered to the company, it shall be lawful for the
Governor for the time being, to apply, in behalf of tlie State,
to the Superior ©ourt of Equity for the county of Wake, for a
sequestration of the receipts for transportation on said road,
and for the appointment of a receiver or receivers of said
receipts; which court, on the proof of the failure by the Pres-ident
and Directors of said Company to pay said interest,
shall have power to order such sequestration and appoint
a receiver Or receivers accordingly; and in case of such se-questration
and the appointment of receiver or receivers, of
the profits for transportation on said Road, it shall be the
duty of such receiver or receivers to apply so much thereof
as shall be sufficient to pay the interest on said bonds semi-annually,
and to pay the excess to the President and
Directors of said company.
Sec. VIII. Be it further enacted, That in case of the
failureof the President and Directors of the Wilmington and
Of failure Raleigh Rail Road Company to pay the interest on the said
to pay in- boiidg and redeem the principal thereof, as the said interest and
prTncipTi'. principal or any part (hereof may become due, then i^
shall be the duty of the Governor for the time being
to cause all the mortgages made and executed by the
President and Directors of the said Wilmington and Ra-leigh
Rail Road Company to be foreclosed in the Superior
Court of Equity for the county of Wake ; which court is
hereby authorized and empowered to take jurisdiction of the
same; and on the decree of foreclosure being made by said
court, the whole estate, real and personal, shall be sold at
such times and in such ways as the court may direct ; and
out of the proceeds of such sale or sales shall be paid the
whole amount of the principal and interest which may be
due on said bonds, and all other liabilities whatsoever of the
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| Title | Page 112 |
| Full Text | lOG ROADS. 1844—45 king therefor tFie i-eceipt of the President of tlie said Wil-minalon and Raleigh Rail Road Company. Sec. VII. Beit further enacted, That in case of fail-ure by the President and Directors of the said Wilmington Of failure a^d Raleigh Rail Road Company, to pay aud discharge, to pay ia- semi-aniiually, the interest which may accrue on the bonds terest. hereby authorized to be made and executed and which may be delivered to the company, it shall be lawful for the Governor for the time being, to apply, in behalf of tlie State, to the Superior ©ourt of Equity for the county of Wake, for a sequestration of the receipts for transportation on said road, and for the appointment of a receiver or receivers of said receipts; which court, on the proof of the failure by the Pres-ident and Directors of said Company to pay said interest, shall have power to order such sequestration and appoint a receiver Or receivers accordingly; and in case of such se-questration and the appointment of receiver or receivers, of the profits for transportation on said Road, it shall be the duty of such receiver or receivers to apply so much thereof as shall be sufficient to pay the interest on said bonds semi-annually, and to pay the excess to the President and Directors of said company. Sec. VIII. Be it further enacted, That in case of the failureof the President and Directors of the Wilmington and Of failure Raleigh Rail Road Company to pay the interest on the said to pay in- boiidg and redeem the principal thereof, as the said interest and prTncipTi'. principal or any part (hereof may become due, then i^ shall be the duty of the Governor for the time being to cause all the mortgages made and executed by the President and Directors of the said Wilmington and Ra-leigh Rail Road Company to be foreclosed in the Superior Court of Equity for the county of Wake ; which court is hereby authorized and empowered to take jurisdiction of the same; and on the decree of foreclosure being made by said court, the whole estate, real and personal, shall be sold at such times and in such ways as the court may direct ; and out of the proceeds of such sale or sales shall be paid the whole amount of the principal and interest which may be due on said bonds, and all other liabilities whatsoever of the |
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