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LAWS OF NORTH CATIOLTNA. 4S
MiH.in Beaufort county, to its liead waters; and the commlsKioners in said
Oriinties, they, or any one of them, shuil, at such public place in each of said
counti-'S respeciively as they may CiK on, the first Thursday «f iVlay
next open bixiks, and cause thi^ same to be kept opon for tliirty days, to re-feive
sut)scriptions of sliaies in said stock, kach subscriber shall pay <l(»wn
vt the tinu of subscripiioo two liollars on eacii share, and shall subsciibc a
written ;:ereciiiont to pay the balance of said siiares to such person, at -.ucli
time at)d in -uch pi "portions, as the president and directors of the Tranter's
Creek Navigation Coiypany liereir.after au'horised to be appointed, shad re-quire.
On ihefiist Thursd^iy of June next a meeting shall i ke place at (he
h(tuse of J.ilin BMrnhill, of the subscrsbers, either in person or by proxy,
which general meeting sliall continue from day t(» day, or as long as osay be
deemed necessary, and to wliioh the commissioners shall return the subscript
tion-s rtceivtfd by viriue hereof; ajid if, upon the return of the subscnp ions,
it shall appear tiiat >en thousand dollars .-hall have been subscribed, the sub-scribers,
their succe.ssors and assigns, shall be, and they are hereby < rtjtted
and made a corp iraiion and body poliiic, b-y the name and style of theTran^
ter's Cn-ek Naviijation Comp.ny and shall so continue, subjeci to the cim-dirions
hereinafter prescribed, for the term of fifxy years; and by thar nwcve
and s'vle are hereby declared able and capable to have. puKliase and lev
receive all such mnnies, articles, goods and diatteU, v^hich m ly be proper
for tae pu-pos^s id il;e!r cieu'.ion; to sell and dispose of ihv same; to sue and
b ued, to j.l' :.d and be impleaded, defend and t>e defendKl in courts
of I ^cord and ot'ier place*, wlialever; lo have a cunmon sea! and to ord un»
e.*.lablish and put in operation -ach bye-iaws, ordinafces and regulations as
ma. be expi'dien? for r'le giiviinuien' of said corporation.
II. Be it further enacted, T'.at if upon the retui n of the subscriptions to
the geiieial meeiing afures.id, itsliall appear (hat more than fifteen thousand
dollars have b<:en subscribed, tlien the same shall be scaled down to the a-mount
of capital hereby authorised, according to some equita!>le rule to be
determined on by the commissioners; and should the said sum of fifteen ihinke-sand
dollars not be subscribed within the time by this act prescribed, then
book- may again be opened by said commissioners until the same shall be sub-feciiiied.
Ill ^t2nd he k further enacted, That it shall be lawful for the stockholders
so incorpoiaied, at their general meeting aforesaid, oi for a majority of such
of them as may attend, either in person or by proxy, to declare ai what pUce
and on vvliai day the next general meeting shall be had; and for the well or-dering
the affairs of the corporation, tht* said stockholders shall elect (each
SM)( kholder being entitled to one vote for each share he shall have subscribeil)
five directors, to remain in oflire until the next general (neeting; and there-after,
every year, on thedav and at the place which may from lime to time
be appointed by the stockholders for that purpose, those attending in person
or by proxy, shall elect five directors, to remain in office until iIk" day ol (he
annual meeting in the smceeding year. Provided, that it at any time it hap*
pen that an election ol director-i shall not be madeai the regulai day, the d^*
rectors last appointed shall continue in offKe until an election be reguliirly
had; and the said directors shall have power to fill any vacancy that may
happen in their body; to elect one of their own body as president from 'imc
tc)ti!ni';'o appoint such (»iri«e;s md servants asthcy think prujuM, and it tiieir
pleasure tp remove; to require paynient from time to tune of the sums due oij
Object Description
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| Title | Page 49 |
| Full Text |
LAWS OF NORTH CATIOLTNA. 4S
MiH.in Beaufort county, to its liead waters; and the commlsKioners in said
Oriinties, they, or any one of them, shuil, at such public place in each of said
counti-'S respeciively as they may CiK on, the first Thursday «f iVlay
next open bixiks, and cause thi^ same to be kept opon for tliirty days, to re-feive
sut)scriptions of sliaies in said stock, kach subscriber shall pay |
