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1881.—Chapter 5. 55
CHAPTER 5.
AN ACT TO PERFECT THE ORGANIZATION OF THE CAROLINA
CENTRAL RAILROAD COMPANY.
The General Assembly of North Carolina do enact:
Section 1. That the Carolina Central Railroad Com- Declared to be a
lawfully organ-pan
v, a corporation organized under and by virtue of an ized corporation.
act ratified the first day of March, one thousand eight
hundred and seventy-three, and entitled "An act to regu-late
mortgages by corporations, and sales under the same,"
and the grantee in a deed executed the twenty-fifth day
of June, A. D. one thousand eight hundred and eighty,
by Nathan A. Stedman, Jr., and Junius Davis, commis-sioners
appointed by a decree of the superior court of New
Hanover county to sell the property, rights and fran-chises
of the Carolina Central Railway Company, and to
make title to the same is hereby declared to be a law-fully
organized corporation, succeeding to and legally pos- ^'rights! &c!!or
sessed of, all the rights, powers, privileges and franchises nnaCciTti'aiR^i'r
which were owned and possessed by the former corpora-tion,
the Carolina Central Railway Company, on and prior
to the day of the said sale, to wit, the thirty-first day of
May, one thousand eight hundred and eighty.
Sec. 2. That in order to effectuate and carry out the
agreement between the bondholders of the said former
corporation made in contemplation and for the purpose
of their becoming the purchasers, at the said foreclosure
sale of the property and franchises of the eaid former cor-poration,
and which said purchase was afterwards made
in pursuance of said agreement, the said corporation, the
Carolina Central Railroad Company, is herebv author- Emjwwwed tc
r ^ * mi irtgage il s
ized and empowered to mortgage its property, franchises {^'"^J"'1
and income, and to issue bonds to be secured by such
mortgages, in such amounts and classification, and with
such priorities of lien as may have been, or may here-
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