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LAWS OF NORTH CAROLINA. S5
^pon fir. y subscription of stock as aforesaid, there shall he paid at the time of
iuhscribi'jir, to the said commissioners or their agents ap])oinled to receive such
•subscriptions, the sum of two dollars on every share subscribed, and the residue
tliereof shall be paid in such instalments, and at such times, as maybe required
l)y the president and directors of said company
The said cominiss'ioners or their ag<mts shall forthwith, after the first eltction
of presfSfcrjt and <liaTcioi:s of th<e compan}', pay over to the said president and
directors, all mom-cs TtTt'i\»-rd by .ihesn, ainl in failure thereof^ the said president
wAnd direct<PTS mac7-t>::'©v<.>r-3.1ie amourft due from them, or from any one or more?
4)f them, by motion cm ten daj's previs-us notice in the Court of Pleas and Quar-ter
Sessions, or the Superior Ceirrt a"f £.avr, of any county where such com*
ynissioner or commissioners, tr.cir -exec^'tot^ 01" ndminislrators, may reside, or
h}' warrant before n^justice of said-couK'ty.
When -three thousand shares oTTnore'Cif the stock shall have been subscribed,
public ijfnit^e of ^lat event shall be given hy any three or more of the said com-xnissioKers
at Fnyettevilla, Avho shall have power at the same time to call a go-r.
era! meeting "pf the suffcscribcrs, at such convenient place and time as they shall
fcT.me in ^<\id n-etice.
Thesii^jscrilwTsa' theiir general meeting before directed, and the proprietors ol
stock at every aRR-'jalnH>eting thcteafter, shall elect a president and five directors,
wh© ^hall ccfiitioosecin.office, unless sooner removed, until the next annual me<'t-i.
ng after their electrlon, and iintil their successors shall be elected; but the presi-dent
-©T aay of the ffirectovs may at any time, be removed, the vacancy thereby
occa^ionKd'iis*? filled, \)y a majority of votes given at any general meeting. The
^residei't, \\3th any two or ni-ore of the directors, in the event of the sickness,
absence or 'disability of the president, or of any '^threc or more of the directors,
Avho shall appoint one of tfe-jor own body prcsidajt pro tempore, shall constitute
aboard for the transaction of business. In>-case df vacancy in the ofHce of pre-
.sideu?, or any director, happening from deflth, resigisation, removal, or disability,
stich vacancy 4iiay be suppli<:'d, by appointment of tlie 'hoard until the next an-nual
meeting.
'5'hc ;^r<«idei5t an\fi <inectoTs of the "said company shall be, and they are here-hy
i«ve*^tefi witfcalithe rights and powers necessary for the construction, repair,
und maintainingof a rail 'road to be located as aforesaid, with as many sets of
tracts, as they or ti majority of them may 4eefm necess.ary, and may cause to be
made, and also to mak-e «nd 'c-on«iruct all works whatsoever, which may be no*
cessary and expedient in order to the proper completion of the said rail road.
The said ^svesident and directors shall have power to make contracts with any
persoR^or person-s, (m behalf of the company, for making the rail road, and per-ibrmingKll
eiher works respecting the same, which they shall judge necessary
and pr-spor, and to require from the subscribers, (rem time to time, such advances
of Koneyon their respective shares, as the wants of the company may demand,
until thr whole of their snb.'-criplions shall bo advanced . to call on any cmer*
genc}', a general meeling of the subscribers, giving one months notice thereoif
in one of tlie newspapers printed in the city of Raleigh and town of Fayettevillo :
to appoint a treasurer, clerk, and such other oflicers as they niay re(juire, and to
transact all the business of the company during the intervals between llie geno
ral meetings of the stock holders.
If any stock holder shall fail to pay the sum required of him by the president
,and directors, or a majority of them, within one month after the .same shall Jiavc
been advertised in one of the newspapers published in the city of Raleigh and
town of Fayetteville, it shall and may be lawful, for the president and directors,
or a majority of them, to sell at public auction, and to convey lo the purchaser,
.he share or shares, of such stock- holder so failing or refusing, giving or»o months:
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| Title | Page 41 |
| Full Text |
LAWS OF NORTH CAROLINA. S5
^pon fir. y subscription of stock as aforesaid, there shall he paid at the time of
iuhscribi'jir, to the said commissioners or their agents ap])oinled to receive such
•subscriptions, the sum of two dollars on every share subscribed, and the residue
tliereof shall be paid in such instalments, and at such times, as maybe required
l)y the president and directors of said company
The said cominiss'ioners or their ag |
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