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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
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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 |