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 FOR USE ONLY IN 
 THE NORTH CAROLINA COLLECTION 
 
 C 
 
 Form No. A-368, Rev. 8/95 
 
Senate Bill, No. 18.] 
 
 [Ses. 1858-'9. 
 
 Introduced by Mr. Brown, of Caswell. 
 
 Holden & Wilson, Printers to the State. 
 
 A BILL TO INCORPORATE THE MILTON" AND YAN- 
 CEYYILLE JUNCTION RAIL ROAD COMPANY. 
 
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 Sec. 1. Be it enacted by the. General Assembly of the 
 State of North Carolina, and it is hereby enactedby authority 
 of the same, That for the purpose of constructing a Rail- 
 road from some point on the North Carolina line, at or 
 near Milton, by way of Yanceyville, to the North Caroli- 
 na Railroad at Greensboro', or the work-shops, as a ma- 
 jority^of the stockholders may decide, with the privilege 
 of connecting the same with the Richmond and Danville 
 Railroad, when authorized by the Legislature of Yirginia 
 the formation of a company is hereby authorized, with a 
 capital stock of five hundred thousand dollars, called the 
 Milton and Yanceyville Junction Railroad Company, and 
 when formed in compliance with the conditions hereinaf- 
 ter prescribed, to have a perpetual existence as a body 
 politic and corporate. 
 
 Sec 2. Be it further enacted, That for the purpose of 
 creating the capital stock of said company, the following 
 persons be, and the same are hereby appointed commis- 
 sioners, to wit : at Milton, under the superintendence of 
 Sam'l. Watkins, John Wilson, sen., Dabney Terry, M. 
 McGehee, N. M. Lewis, Thomas Donoho ; at Yancey- 
 ville, under the superintendence of John A. Graves, Samuel 
 P. Hill, Thomas D. Johnston, Thomas Bigelow and George 
 Williamson ; at Greensboro', under the superintendence of 
 James R. McLean, James Sloan, R. P„ Dick, and R. 
 
 <L~ 
 
2 Senate Bill No. 18. [Session 
 
 11 Gorrell ; at Graham, under the superintendence of E. M. 
 
 12 Holt, Dr. John Ruffin, Jesse Gant, George Patterson ; at 
 
 13 Locust Hill, under the superintendence of Calvin Graves, 
 
 14 Chesley Turner, Antiochus Boswell, Dr. James E. William- 
 
 15 son, Anthony "Williamson ; at Anderson's store, under 
 
 16 the superintendence ot Dr. John Q. Anderson, A. B. 
 
 17 Walker, J. Bird, Thornton Baines, and at such places 
 
 18 and by such other persons as the commissioners at Yancey- 
 
 19 ville may direct, whose duty it shall be to open books 
 
 20 for the subscription of stock, at such times and places, and 
 
 21 under the direction of such persons as they, or a majority 
 
 22 of them, may deem proper ; and said commissioners shall 
 
 23 have power to appoint a chairman of their body, treasurer, 
 
 24 and other officers, and to sue for and recover all sums 
 
 25 of money that should be received by them under this act. 
 
 Sec. 3. Be it further enacted, That when the sum of 
 
 2 one hundred thousand dollars shall have been subscribed 
 
 3 in the manner and form aforesaid, in shares of one hun- 
 
 4 dred dollars each, and shall have paid five per cent, on 
 
 5 the same to the persons authorized to receive the same, 
 
 6 and all subscriptions upon which five per cent, is not paid 
 
 7 shall be null and void ; the subscribers, their executors, 
 
 8 administrators or assigns, shall be and they are hereby 
 
 9 declared incorporated into a company by name and style 
 
 10 of the Milton and Yancey ville Junction Rail Road Com- 
 
 11 pany, and by that name shall be capable in law and equi- 
 
 12 ty of purchasing, holding, selling, leasing and conveying 
 
 13 estates, real, personal, and mixed, and of acquiring the 
 
 14 same by gift or otherwise so far as shall be necessary for 
 
 15 the purposes embraced in their charter, and shall have 
 
 16 perpetual succession, and may sue and be sued by their 
 
 17 corporate name, plead and be impleaded in any court of 
 
 18 law or equity in the State of North Carolina or other 
 
 19 State having competent jurisdiction, and may have and 
 
 20 use a common seal, which they may alter or renew at 
 2,1 pleasure, and shall have and enjoy all other rights and 
 
 22 privileges which other corporate bodies may and do ex- 
 
 23 ercise, and make all such by-laws, rules, and regulations,' 
 
lS58-'9.] Senate Bill Xo. 18. 3 
 
 24 as may be necesssary for the government of the Said Com- 
 
 as 
 
 pany. 
 
 Sec. 4. Be it further enacted, That it shall be the duty 
 
 2 of the stockholders, or a majority of them so soon as the 
 
 3 sum of one hundred thousand dollars shall have been sub- 
 
 4 scribed, as aforesaid, to appoint a time and place, and give 
 
 5 at least thirty days public notice, for the stockholders to 
 
 6 meet, at which time and place, a majority of the stock 
 
 7 being represented in person or by proxy, shall proceed to 
 
 8 elect nine directors out of the number of stockholders, 
 
 9 each of whom shall possess at least two shares of stock, 
 
 10 and shall also proceed to elect a President and Treasurer, 
 
 11 out of the number of stockholders, and the said directors 
 
 12 shall have power to do all things necessary for the govern- 
 
 13 ment of the company, and for the transaction of business. 
 
 14 The persons elected directors, as aforesaid, shall serve for 
 
 15 one year, and the election for President, Treasurer and 
 
 16 Directors shall be held annually at such times and places 
 
 17 as the stockholders may direct. But if the day for the an- 
 
 18 nual election should pass without an election of officers, 
 
 19 the officers formerly elected shall continue in office until 
 
 20 a new election takes place. 
 
 Sec. 5. Be it further enacted, That the election of all of- 
 
 2 fleers shall be by ballot, each stockholder casting as many 
 
 3 votes as he has shares in the stock of said company, and 
 
 4 the person receiving a majority of the stock polled, shall 
 
 6 be considered duly elected. Each share of the stock shall 
 
 7 be entitled to one vote, to be represented in person or by 
 
 8 proxy. Proxies to be verified in such manner as the By- 
 
 9 laws may prescribe. 
 
 Sec. 6. Be it further ena-cted, That the Board of Direc- 
 
 2 tors may call for the sums subscribed as stock in said com- 
 
 3 pany, in such installments as the interest of said company 
 
 4 may, in their opinion, require. The call for each payment 
 
 5 to be published, in one or more newspapers, for the space 
 
 6 of one month, before the day of payment ; and on the fail- 
 
 7 ure of any stockholder to pay each installment as thus re- 
 
 8 quired, the Directors may sell at public auction, ten days 
 
4 Senate Bill No. 18. [Session 
 
 9 notice having been given, for cash, all the stock subscribed 
 
 10 for in said company by such stockholder, and convey the 
 
 11 same to the purchaser at said sale, and if said sale of stock 
 
 12 do not produce a fund sufficient to pay off the incidental 
 
 13 expenses of the sale, and the entire amount owing by such 
 
 14 stockholder to the company for such subscription of stock, 
 
 15 then, and in that case, the whole of such balance shall be 
 
 16 held as due at once to the company, and may be recover- 
 
 17 e«i of such stockholder, or his executors, administrators, or 
 
 18 assigns,'at the suit of said company, by action of assump- 
 
 19 sit, in any court of competent jurisdiction, or by warrant 
 
 20 before a justice of the peace, when the sum does not ex- 
 
 21 ceed one hundred dollars, and in all cases of assignment of 
 
 22 stock before the whole amount has been paid to the com- 
 
 23 pany, then for all sums due on such stock, both the origi- 
 
 24 nal subscriber, the first and all subsequent assignees, 
 
 25 shall be liable to the company, and recovered as above 
 
 26 described. 
 
 Sec. 7. Be it further enacted, That the debt of the 
 
 2 stockholders due to the company for stock therein either 
 
 3 by the original subscriber or his assignee, shall be of equal 
 
 4 dignity with judgments in the distribution of assets of a 
 
 5 deceased stockholder by his legal representatives. 
 
 Sec. 8. Be it further enacted, That said company shall 
 
 2 issue certificates of stock to its members, and said stock 
 
 3 may be transferred in such manner as may be directed 
 
 4 by the by-laws of said company. 
 
 Sec. 9. Be it further enacted, That said company may 
 
 2 at any time increase its capital stock to a sum sufficient to 
 
 3 complete said road, not to exceed an additional sum of 
 
 4 seven hundred thousand dollars, either by opening books 
 
 5 for subscription of new stock or borrowing money on the 
 
 6 credit of the company or on the mortgage of its charter 
 
 7 and works, as shall be prescribed by the stockholders. 
 
 Sec. 10. Be it further enacted, That said company shall 
 
 2 have power to construct as speedily as possible, a rail road 
 
 3 with one or more tracks along the lino as heretofore set 
 
 4 out in this act, and shall have the privilege of using an} r 
 
lS58-'9.] Senate Bill No. 18. 5 
 
 5 section of said road constructed h}' them before the whole 
 
 6 is completed. 
 
 Sec. 11. Be it further enacted, That all contracts or 
 
 2 agreements authenticated by the president and secretary 
 
 3 of the board, shall be binding on the company ; such a 
 
 4 mode of authentication to be used as the company by 
 
 5 their by-laws may direct. 
 
 Sec. 12. Be it further enacted, That said company shall 
 
 2 have the right, when necessary, to construct the said road 
 
 3 across any public road, or along the side of any public 
 
 4 road. 
 
 Sec. 13. Be it further enacted, That when any land or 
 
 2 right of way ma}^ be required by said company for the 
 
 3 purpose of constructing their road, and for want of agree- 
 
 4 ment as to the value thereof, or from any other cause, the 
 
 5 same cannot be purchased from the owner or owners, the 
 
 6 same may be taken at a valuation to be made by five com- 
 
 7 missioners, or a majority of them, to be appointed by the 
 
 8 county courts of the respective counties where some part 
 
 9 of the land or right of way is situated. In making 1 the said 
 
 O ^ CD 
 
 10 valuation the said commissioners shall take into considera- 
 
 11 tion the loss or damage which may accrue to the owner or 
 
 12 owners in consequence of the lands or right of way being 
 
 13 surrendered, and the benefit or advantage he, she or they 
 
 14 ma} r receive from the erection of said road, and state par- 
 
 15 ticularly the value and amount of each, and the excess of 
 
 16 loss and damage over and above the advantages and ben- 
 
 17 efit, shall form the measure of valuation of said land or 
 
 18 right of way: Provided, nevertheless, That if any person 
 
 19 or persons over whose lands the road may pass, or the 
 
 20 company should be dissatisfied with the valuation of said 
 
 21 commissioners, then, and in that case, either party may 
 
 22 appeal to the superior court. The proceedings of said 
 
 23 commissioners, accompanied with a full description of said 
 
 24 land or right of way, shall be returned under the hands 
 
 25 and seals of a majority of the commissioners to the court 
 
 26 from which the commission issued, there to remain a mat- 
 
 27 ter of record. And the lands or right of way so valued by 
 
6 Senate Bill No. 18. [Session 
 
 28 the commissioners shall vest in the said company so long 
 
 29 as the same shall be used for the purposes of said railroad, 
 
 30 so soon as the valuation may be paid, or when refused, 
 
 31 may have been tendered : Provided, That on application 
 
 32 for the appointment of commissioners under this section, 
 
 33 it shall be made to appear to the satisfaction of he court 
 
 34 that at least ten, days previous notice has been given by 
 
 35 the applicant to the owner or owners of lands proposed to 
 
 36 be condemned : Provided, That the right of condeinna- 
 
 37 tion shall not extend to the dwelling house, yard or garden 
 
 38 of any individual without his consent. 
 
 Sec. 14. Be it further enacted, That the right of said 
 
 2 company to condemn lands in the manner described in 
 
 3 the 13th section of this act shall extend to the condemn- 
 
 4 ing only one hundred feet on each side of the main track 
 
 5 of the road, unless in case of deep cuts and fillings, when 
 
 6 said company shall have power to condemn as much in 
 
 7 addition thereto as may be necessary for the purpose of 
 
 8 constructing said road; and the company in like manner 
 
 9 shall also have power to condemn any adjoining lands for 
 
 10 the construction and building depots, shops, ware-houses, 
 
 11 buildings for servants, agents, and persons employed on 
 
 12 the road, not exceeding two acres in one lot or station. 
 
 Sec. 15. Be it farther enacted, That all lands on which 
 
 2 the road may be located, not heretofore granted by the 
 
 3 State, within one hundred feet of the centre of said 
 
 4 road, which may be constructed by said company, shall 
 
 5 vest in the company as soon as the line of the road is deti- 
 
 6 nitely laid out. 
 
 Sec. 16. Be it further enacted, That said company shall 
 
 2 have the exclusive right of the conveyance or transporta- 
 
 3 tation of persons, goods, merchandise, or produce, over 
 
 4 said road, at such charges as may be fixed on by a maiori- 
 
 5 ty of the Directors. 
 
 Sec. 17. Be it further enacted, That said company shall 
 
 2 have the right, and it shall be their duty, to take at the 
 
 3 store houses they may establish on, or annex to their 
 
 4 rail road, all goods, wares, merchandise and produce in- 
 
1858-'9.] Senate Bill No. 18. 7 
 
 5 tended for transportation, prescribe the rules of priority 
 
 6 and charge, and receive such just and reasonable com- 
 
 7 pensation for storage as they by rules may establish, or 
 
 8 may be fixed by agreement. 
 
 Sec. 18. Be it further enacted, That the Board of Di- 
 
 2 rectors may fill all vacancies which may occur in it, during 
 
 3 the period for which they have been elected, and in the 
 
 4 absence or death of the President, may appoint a Presi- 
 
 5 dent pro tempore, to fill his place, from among their 
 
 6 number. 
 
 Sec. 19. Be it further enacted, That the profits of the 
 
 2 company, or so much thereof as the Directors may deem 
 
 3 advisable, shall, when the affairs of the company will per- 
 
 4 mit, be semi-annually divided among the stockholders in 
 
 5 proportion to the stock each may own. 
 
 Sec 20. Be it further enacted, That notice of process 
 
 2 upon the President, any Director, or acting agent of said 
 
 3 company, shall be deemed lawful notice of service of pro- 
 
 4 cess upon the company. 
 
Photomount 
 
 Pamphlet 
 
 Binder 
 
 Gaylord Bros. 
 
 Makers 
 
 Syracuse, N. Y. 
 
 PAT. JAN 21, 1908