CP385.1 
 B37N 
 
 N.C. GENERAL ASSEMBLY BILL 
 
 TO INCORPORATE THE 
 BEAUFORT AND N.C. RAILROAD 
 
[Senate Doe. 74.] 
 
 A B 1 L L 
 
 INCORPORATE 
 
 THE 
 
 BEAUFORT AND NORTH CAROLINA 
 
 RAIL ROAD COMPANY. 
 
 RALEIGH: 
 
 Thos. J. Lemay, Printer to the State. 
 I860, 
 
Dec. 11, 1850.. 
 [Introduced by Mr. ARENDELL. Passed first reading and 
 referred to Committee on Internal Improvement and ordered to be 
 printed.] 
 
A BILL 
 
 To incorporate the Beaufort and North Carolina Rail Road 
 
 Coin pan y. 
 
 I. Be it enacted by the General Assembly of the 
 
 2 State nf North Carolina and it is hereby enacted by 
 
 3 the authority of the same, That for the purpose of ef- 
 
 4 fecting a Rail Road communication between the waters 
 
 5 of Beaufort Harbour, in the County of Carteret, and the 
 
 6 North Carolina Rail Road at its junction with the Wil- 
 
 7 mington and Raleigh Rail Road, in the County of 
 
 8 Wayne, the formation of a corporate company, with a- 
 ^ capital stock of 
 
 10 dollars, is hereby authorised, to be called the Beaufort 
 
 11 and North Carolina Rail Road Company; and when 
 
 12 formed in compliance with the conditions herein after 
 
 13 prescribed, to have a corporate existence as a body 
 
 14 politio-in perpetuity. 
 
 II. That the said Company be, and the same is hereby 
 
 2 authorised to construct a Rail Road from the waters of 
 
 3 Beaufort Harbour 
 
 4 to thp North Carolina Rail Road at its junction with the , 
 
 5 Wilmington and Raleigh Rail Road. 
 
 III. That lor the purpose of creating the capital stock of 
 '2 said Company, the following; persons be; and they are 
 
 3 hereby appointed Commissioners, viz: 
 
 4 whose duty it 
 
 5 shall be to direct the opening of books for subscription 
 
 6 of stock, at such times and places, and under the direc- 
 
 7 tion of such persons as they or a majority of them may 
 
 8 deem proper; and the said commissioneis shall have 
 
 9 power to appoint a chairman of their body, Treasurer 
 10 and all other officers, and to sue tor and recover all sums 
 1L of money that ought under this act to be received by 
 12 them. 
 
 IV. That all persons who may hereafter be authorized to 
 
 2 oppn books for subscription of stock by the commission- 
 
 3 ers herein appointed for that purpose, shall open said 
 
 4 books at any time after the ratification of this act, twenty 
 
 5 days previous notice being given in some orje or more 
 
 6 public newspaper or papers in this State; and that said 
 
 7 books when opened shall he kept open for thespace of thirty 
 
 8 days at learst and as long thereafter as the Commissioners 
 
 9 first above mentioned shall direct ; that all subscriptions 
 10 of stock shall be in shares of 
 
842 
 
 11 each, the subscribers paying at the time of making such 
 
 12 subscription five dollars on each share thussubscribed to the 
 
 13 person or persons authorised to receive such subscription, 
 
 14 and in case of failure to pay such sum all such sub- 
 
 15 scriptions shall be void and of no effect; and upon clos- 
 
 16 ins: the books all such sums asshall have been thus received 
 
 17 of subscribers on the first cash instalment, shall be paid 
 
 18 over to the general commissioners named in the third 
 
 19 section of this act by the persons receiving them, and for 
 
 20 failure thereof such person or persons shall be personally 
 2L liable to said general commissioners, before the organiza- 
 
 22 tion of said company and the company itself after its or- 
 
 23 ganization, to be recovered in the superior court 
 
 24 of law within this State, in the county where such deliu- 
 
 25 quent resides or if he resides in any other State, then 
 
 26 inanycouit in such State having competent jurisdic- 
 
 27 tion- The said general commissioners shall have power 
 
 28 to call and require all persons empowered to receive sub- 
 
 29 scriptions of stock at any tun's and from time to time as 
 
 30 a majority of them miy think proper, to mike a return 
 3L of the stock by them respectively and to mike payment 
 
 32 of all sums of money made by the subcribers. That all 
 
 33 persons receiving subscription of s'.ock shall pass re- 
 3| ceipts to the subscribers for the payment of the first in- 
 
 35 stalment, as heretofore required to be paid ; and upon 
 
 36 their settlement with the general Commissioners, as a- 
 
 37 foresaid, itshall be the duty of the said general commission-? 
 
 38 ers in like manner to pass their receipt for all sums thus 
 
 39 received to the persons from whom received, and such re- 
 
 40 ceipts shall be taken and held to be good and sufficient 
 
 41 vouchers to the persons holding them, that subscriptions 
 
 42 of stock thus received to an amount not exceeding 
 43 
 
 V. It shall be the duty of said general commissioners to 
 
 2 direct and authorize the keeping open of books for the 
 
 3 subscription of stock in the manner above described un^ 
 
 4 til the sum of 
 
 5 dollars shall have been subscribed to the capital stock of 
 
 6 said company; and as soon as the sum of 
 
 7 dollars shall have been subsciibedand the first instalment of 
 
 8 five dollars per share on said sum shall have been receiv- 
 
 9 ed by the general commissionrs, said company shall be 
 
 10 regarded as formed ; and the said commissioners, or a 
 
 11 majority of them, shall sign and seai a duplicate 
 
 12 declaration to that effect, with the names of the said 
 
 13 subscribers appended, and cause one of said duplicates to 
 
 14 be deposited in the office of the Secretary of State ; and 
 
 S 
 
343 
 
 15 thenceforth from the closing of il;e books of islriljt&ripfren 
 
 16 as aforesaid, the said subscribers to the stock shall 
 
 17 form one body politic and corporate, indeed mx\ inlaw, 
 
 18 for the purposes aforesaid, by the name and style of the 
 
 19 [Beaufort and North Carolina Rail lloud Company.] 
 
 VI. That whenever the sum of 
 
 2 dollars shall be subscribed in manner and form aforesaid, 
 
 3 the subscribers, their bixecuXo'is, Administrators and as- 
 
 4 signs, shall be, and they are hereby declared to be incorpo- 
 £ rated into a company, by the name and style of the 
 
 6 "Beaufort and North Carolina Rail Koad company;" 
 
 7 and by that name shall be capable in law and in e<pii y 
 
 8 of purchasing, holding, selling, leasing, and conveying, 
 
 9 estates real, personal and mixed, and acquiring the smie 
 10 by gift or devise, so far as shall be nects>ary fur the pur- 
 1L poses within the scope, object r.nd interest _<>f their char- 
 
 12 ter, and no further ; and shall have perpetual succes^on., 
 
 13 and by their corporate name may sue and he sued., plead 
 
 14 and be impleaded, in any Court of law and equity in the 
 
 15 State of North Carolina; and may luive and use a corn- 
 1(3 inon seal, which they may alter and renew at pleasure, 
 
 17 and shall have and enjoy all other rights and immunities 
 
 18 which other corporate bodies may and of riyht do exer- 
 
 19 cise ; and may make all such by-laws, rules and regula- 
 
 20 tions, as are necessary for the government of the coipo- 
 
 21 ration, or effecting the object for which it is created, not 
 
 22 inconsistent with the constitution and laws of the United 
 
 23 States and of the State of North Cniolina. 
 
 VII. That notice of process upon the principal agents of 
 
 2 said company, or the president or any of the directors 
 
 3 thereof, shall be deemed and be taken to be due and law- 
 
 4 ful notice of service of process upon the company so as 
 
 5 to bring it before any court within the State of North 
 
 6 Carolina. 
 
 VIII. As soon as the sum of 
 
 2 dollars shall have been subscribed, in manner afo r e- 
 
 3 said, it shall be the duty of the general commissioners 
 
 4 appointed under the third section of this act, to appoint 
 
 5 a time for the stockholders to meet 
 
 6 , which they shall cause 
 
 7 to be previously published for the space el thirty days, in 
 
 8 one or more newspapers, as they may deem proper; tit 
 
 9 whk.h time and place the said stockholders, in person or 
 
 10 proxy, shall proceed to elect the directors of the compa- 
 
 11 ny, and to enact such regulations and by laws, as may be 
 
 12 necessary for the government of the corporation and the 
 
 13 transaction of its business. The persons elected directors 
 
( 
 
 344 
 
 It at diis meeting shall serve such period not exceeding; 
 
 15 oakyf-a", as t'.e stockholders may direct, and at this 
 
 16 meeting, the stockholders shall fix on the day and place 
 
 17 or places where the subsequent election of directors.shall 
 IS be he'd; and such elections shall henceforth be annually 
 
 19 made, but if the day of the ann-ualelection should pass with- 
 
 20 out any election of directors, the corporation shall not be 
 
 21 thereby dissolved, but -it shall be lawful on any other day to 
 
 22 hold and make such election in such manner as may be 
 £3 prescribed by a by-law of of the corporation, 
 
 IX. That the affairs of the company shall be managed 
 2. and directed by a general board to consist of twelve di- 
 
 3 rectors to bo elected by the stockholders from among their 
 
 4 nnrnber at their Iirst and subsequent general annual meet- 
 .5 iri-s as prescribed in section 8th of ibis act. 
 
 X. That the election of directors shall be by ballot, each 
 2 stockholder having as many votes as he has shares in the 
 ".5 stock of said company, and the person having a majority 
 
 4 of all the votes police! shall be considered as duly elect- 
 
 5 edl 
 
 XL That the president of the company shall be elected 
 
 2 by the directors from among their number, in such a man- 
 
 3 lies as the regulations of the company shall prescribe. 
 XH. That at the first general meeting of the stockholders, 
 
 2 directed to be called under section 8th of this act, a majo- 
 
 3 nty of ail the shares subscribed shall be represented be- 
 4- lore proceeding to business* and if a sufficient number d<5 
 5 not appeir on tiie day appointed, those who do attend 
 Vi shall have power to adjourn from time to time until a re- 
 
 7 guhir meeting shall be thus formed ; and at such meet- 
 
 8 jog tire stockholders may provide by a by-law as to the 
 number of stockholders and the amount of stock to be 
 
 10 held by them, which shall constitute a quorum for the 
 1 i transacting business at all subsequent regular or occasion- 
 12 a! meetings of stockholders and directors. 
 
 XIII. That at all elections and upon all votes taken in 
 
 2 any general meeting of the stockholders, upon any by- 
 
 3 law or any of the affairs of said company, each share of 
 
 4 stock shall be entitled to one vote, and that any stock- 
 
 5 ho'der in snid company may vote by proxy and proxies 
 t> may be verified in such a manner as the stockholders by 
 7 by-laws may prescribe. 
 
 XIV. That the general commissioners shall make their re- 
 
 2 turn of the shares of stock subscribed for at the first sen- 
 
 3 era I meeting of stockholders, and pay over to the direc- 
 
 4 tors clcetvd at said 'iiceting, or their authorized agent, 
 
5 all sums of money received from subscribers, and (or (u\\- 
 
 6 ure thereof, shall be personally liable to .said company, 
 
 7 to be recovered at the suit of said company, in atiyohhe 
 
 8 superior courts of law in this State within the County 
 
 9 where such delinquent or delinquents may resile, and m 
 
 10 like manner from said delinquent's executors cr adminls- 
 
 11 trators, in case of his or their deatii.. 
 
 XT. That the board of directors may fill .sll vacances which 
 
 2 may occur in it during the period for which they have 
 
 3 been elected, and in the absence of the pr< sidc-nt, may ihl 
 
 4 his place by electing a president pro tempore from among 
 
 5 trreir number. 
 
 XVI. That all contracts or agreements, authenticated ly 
 2f the President and Secretary of the board of directors, 
 3 shall be binding on the company without a seal, or such a 
 
 4, mode of aujhenlication may be used as the company by 
 
 5 their by-laws may adopt. 
 
 XVII That the company shall have power and may proceed 
 
 2 to construct as speedily as possible, a rail road, whh <Mi'J 
 
 3 or more tracks, to be used with steam power, winch shall 
 
 4 extend from the waters- of Beaufort Harbour to (lit? rjsonh 
 
 5. Carolina Rail Road, at its junction with the Wihuingloa 
 
 6 and Raleigh Rail Road, in the county of Wayne:: Suid 
 
 7 company may use any part ofihe Rail Road const rnc*- 
 
 8 ed by them before the whole of said road- shall be cqm- 
 
 9 pleted. 
 
 X.VIIL That the said company shall have the exclusive 
 2.. right of conveyance or transportation of persons, good^ 
 
 3 merchandise and produce over the said rail read, so !-,« 
 
 4 by them constructed, at such charges as may be fixed on 
 
 5 by a majority of the Directors. 
 
 XIX. That the said company may, when they see fit, 
 2_ farm out their right of transportation over saW Rail Road, 
 
 3 subject to the rules above mentioned; and said company 
 
 4 and every person who may have received from them the 
 
 5 right of transportation of goods, wares, produce and mer- 
 
 6 chandise entrusted to them for transportation 
 
 XX. That the board of directors may call for the p-jyaiesjt 
 
 2 of the sums subscribed as stock in said company hi 
 
 3 such instalments as the interest of said company may in 
 
 4 their opinion require .' the call of each payment shall lis 
 
 5 published in one or more newspapers in this State for tha 
 
 6 space of one month before the day of payment .- and oa 
 
 7 failure of any stockholder to pay each instalment as thus 
 
 8 required, the directors may sell at public auction, on a pre- 
 
 9 vious notice of ten daySj for cash, all the stock subscrib- 
 
1(» cd iV„- in said company, by such stockholder, and convey" 
 1 I the some to the purchaser at said sale : end if said sale 
 12 o ; stoHv dors not produce n sum sufficient to pay off the 
 U incidental expenses of the sak ; and the entire amount 
 n n\viug_ by sue. stockholder to the 'company for sucli 
 U 8ii, t sc,iniion of stork then and in that case the whole 
 lb of such b dance shah, he held and taken as due at once to 
 
 1 / the company, and may be recovered of such stockholder or 
 \S his executrrfs, administrators or assigns, at the suit of said 
 l.» company, eiliieT by summary motion in any court of ?u- 
 
 20 perior jurisdiction in the county where the delinquent re- 
 
 21 side's, on a previous notice often days to said subscriber, 
 il or by the action of assumsit in any court of competent jur- 
 
 23 isdiction, or by a warrant before a justice of the peace 
 
 24 where the sum does not exceed one hundred dollars- and 
 2.7 in all' eases of assignment of stock, before the whole a- 
 2b mount has be-n paid to the company, then for all sums 
 27 due on such stock, both the original subscribers and the 
 23 rust and all suhseqent assignees shall be liable to 
 
 29 the company, and the same may be recovered as above 
 
 30 described. 
 
 XXI. That the debt of stockholders, due to the company 
 
 2 for stock therein, either as original proprietor or as 
 
 3 first or subsequent assignee shall be considered as of e- 
 
 4 qua! dignity with judgments in the distribution of assets 
 
 5 of a deceased stockholder, by his legal representatives. 
 
 XXII. That said company shall issue certificates of stock 
 
 2 to its members, and said stock may be transferred in such 
 
 3 manner and form as may be directed by the by-laws of 
 
 4 the company. 
 
 XXIII. That the said company may at anytime, increase 
 
 2 its capital to a sum sufficient to complete said fioad not 
 
 3 exceeding do „ 
 
 4 either by opening books for new stock, or by selling such 
 
 5 new stock, or by borrowing money on the credit of the 
 
 6 company, and on the mortgage of its charter and works- 
 
 7 and the manner in which the same shall be done, in eith! 
 
 8 er cases shall be prescribed by the stockholders at a gene" 
 
 9 ral meeting. ° 
 %%W. That the board of directors once in every year at 
 
 I .east, make a full report of the state of the com- 
 •> pany. and its affairs, to a meeting of the stock-hold" 
 4 er?, and' oftener, if required by a by-law, and shalf 
 o nave power to call a general meeting of the stockhold- 
 b ers, when the board may deem it expedient; and the 
 7 company may provide, in the'r bvdaws, for occassional 
 $ meetings being called and p- . scribe the mode thereof. 
 
347 
 
 XXV. That the said company may purchase, have and 
 
 2 hold, in fee, or for a terrh of years, any land, tenements, 
 
 3 or hereditaments, which may be necessary for the said 
 
 4 Road, or the appurtenances thereof, or for the erection of 
 
 5 of depositories, store houses, houses for the officers, ser- 
 
 6 vants or agents of the company, or for work shops or 
 
 7 foudaries, to be used for the said company, or for procur 
 
 8 ing stOne or other materials necessary to the construc- 
 
 9 tion of the Road, or for effecting transportation thereon; 
 10 and for no other purpose whatever. 
 
 XXVI. That the company shall have the right when ne- 
 
 2 cessary to conduct the said Road' across or along any 
 
 3 public Road or water course/ Provided', That" the said 
 
 4 company shall not obstruct any public road, without 
 
 5 constructing another equally as good and as coriveriienf, 
 
 6 nor without making a draw in any bridge Of said road 
 
 7 which may cross a navigable' stream, sufficient for the 
 
 8 passage of vessels navigating such stream. 
 
 XXVII. That when any lands or right of way may be re- 
 
 2 quired by said company for the purpose of constructing 
 
 3 their road, and for wantot agreement as to the value there- 
 
 4 of, or from any other cause, the same cannot be purchag- 
 
 5 ed from the owner or owners, the same may be taken at aval- 
 
 6 uation to be made by five commissioners, or a majority of 
 
 7 them, to be appointed by any court of record, having 
 
 8 common law jurisdiction in the County iv* here some part 
 
 9 of the land or right of way is situated. In making the 
 
 10 said valuation, the said commissioners shall fake into 
 
 11 consideration the loss Or damage which may ac- 
 
 12 crife to ihe owner or owners in consequence of tile 
 
 13 land ©r the right of way being surrendered, and 
 1-1 the benefit and damages, he, she or they may receive 
 15 from the erection or establishment of the rail road or 
 10 work, and shall state particularly the value and amount 
 1'7 of each ; and the excess of loss and damage, over and a^ 
 IS bove the advantage and benefit, shall form the measure 
 19 of valuation of the said land or right of way : Provided, 
 2!Q nevertheless, that if any person or persons over whose 
 
 21 land the road may pass shall be dissatisfied with the valu- 
 
 22 ation of said commissioners, then and in that case, the 
 
 23 person or persons so dissatisfied may have an appeal to 
 
 24 the Superior Court, in the County where the said valua- 
 
 25 tion has been made, or in either county in which the 
 25 land lies, when it may lie in more than one county, un- 
 27 der the same rules, regulations and restrictions as in ap- 
 23 peals from judgments of justices of the peace. The pro- 
 
 52- 
 
348 
 
 29 ceedings of the said commissioners, accompanied with a 
 
 30 full description of the said land or right of way, shall 
 3L be returned under the hands and seals of a majority of the 
 
 32 commissioners, to the court from which the commission 
 
 33 issued, thereto remain a matter of record. And the lands 
 
 34 or right of way so valued to the said commissioners, shnll 
 
 35 vest in the said company so long as the same shall he 
 
 36 used for the purposes of said rail road, so soon as 
 
 37 the valuation may be paid, or when refused, and may 
 
 38 have been tendered: Provided, That on application for 
 
 39 the appointment of commissioners, under this section it 
 
 40 shall be made to appear to the satisfaction of the court 
 4L that at least ten days previous notice has been given by 
 
 42 the applicant to the owner or owners of land so proposed 
 
 43 to be condemned, or if the owner or owners be infants or 
 
 44 non compos mentis, then to the guardian of such owners if 
 
 45 such guardian can be found within the county, or if he 
 40 cannot be so four.d, then such appointment shall not be 
 
 47 made unless notice of the application shall- have been 
 
 48 published, at least one month next preceding, in some 
 
 49 newspaper printed as convenient as may be to the court 
 
 50 house of the county and shall have been posted at the door 
 
 51 of the court house on the first day of the term of said 
 
 52 court, to which the application is made: Provided further r 
 
 53 That the valuation provided for in this section shall be 
 
 54 made on oath by the commissioners aforesaid, which 
 
 55 oath, any justice of the peace, or clerk of the court of the 
 
 56 county in which the land or a part of it lies, is hereby 
 
 57 authorized to administer : Provided further, That the 
 
 58 right of condemnation herein granted shall not authorize 
 
 59 the said company to invade the dwelling house, yard, 
 
 60 garden or burial ground of any individual, without his 
 01 or her consent. 
 
 XXVIII. That the right of said company to condemn 
 
 2 lands in the manner described in the 27th section of this 
 
 3 act, shall extend to the condemning one hundred feet on 
 
 4 each side of the main track of said road, measuring from 
 
 5 the centre of the same, unless in case of deep cuts andfill- 
 
 6 ings when said company shall have power to condemn as 
 
 7 much in addition thereto as may be necessary for the pur- 
 
 8 pose of constructing said road, and the company shall al- 
 
 9 so have power to condemn and appropriate lands in like 
 
 10 manner, for the constructing and building of depots, shops, 
 
 11 ware-houses, buildings for servants, agents and persons 
 
 12 employed on the road, not exceeding two acres in any one 
 
 13 lot or station. 
 
 XXIX. That in the absence of any contract or contracts 
 
349 
 
 2 with said company, in relation to lands through which the 
 
 3 said road or its branches may pass, signed by the owner 
 
 4 thereof or by his agent, or any claimant or person in pos- 
 
 5 session thereof, which may be confirmed by the owner 
 
 6 thereof, it shall be presumed that the land upon which the 
 
 7 said road or any of its branches may be constructed, to- 
 
 8 gether with a space of one hundred feet on each side of 
 
 9 the centre of said road, has been granted to the said com- 
 
 10 pany, shall have good right and title thereto, and shall 
 
 1 1 have, hold and enjoy the same as lon<j as the same be 
 
 12 used for the purposes of said road and no longer, unless 
 
 13 the person or persons owning the said land at the time that 
 
 14 part of the said road which may be on the said land, was 
 
 15 finished, or those claiming under him, her or them shall 
 
 16 apply for an assessment of the value of the said lawds, as 
 
 17 herein before directed, within two years next af- 
 
 18 ter that part of said road which may be on the 
 
 19 said land, was finished ; and in case the said own- 
 
 20 er or or owners, or those claiming under him, her or 
 
 21 them shall not apply within two years next after the 
 
 22 said part was^finished, Iip, she or they shall be forever bar- 
 2'3 red from recovering said land or having any assessment 
 
 24 or compensation thereof: Provided, nothing herein con- 
 
 25 tained shall affect the rights of feme coverts or infants, 
 20 until two years after the removal of their respective dis- 
 27 abilities. 
 
 XXX. That all lands not heretofore granted to any per- 
 
 2 son nor appropriated by law to the use of the State, with- 
 
 3 in one hundred feel of the centre of said road, which 
 
 4 may be constructed by the said company, shall vest in 
 
 5 the company as soon as the line of the road is definitely 
 
 6 laid out through it, and any grant of said land thereafter 
 
 7 shall be void. 
 
 XXXI. That if any person or persons shall intrude upon, 
 
 2 said rail road by any manner of use thereof or of the 
 
 3 rights or privileges connected therewith, without the per- 
 
 4 mission or contrary to the wiil s of said company, he, she or 
 
 5 they may be indicted for misdemeanor, and upon convic- 
 
 6 tion,. fined and imprisoned by any court of competent ju- 
 
 7 risdiction. 
 
 XXXII. That if any person shall wilfully and tnalici- 
 
 2 ously or in any manner hurt or damage or obstruct, or 
 
 3 shall wilfully or maliciously aid or assist, counsel or ad- 
 
 4 vise any other person or persons to destroy or in any 
 
 5 manner to hurt, damage or destroy, injure or obstruct the 
 said rail road, or any bridge or vehicle used for or in 
 7 the transportation thereon, any water-tank, ware. house, or 
 
350 
 
 8 any other property of said company, such person or per- 
 
 9 sons so offending, shall be liable to be indicted therefor, 
 
 10 and on conviction, shall be imprisoned not more than six 
 
 11 nor less than one month, and pay a fine not exceeding 
 
 12 five hundred dollars, nor less than twenty dollars, at the 
 
 13 discretion of the court before which said conviction shaj.l 
 
 14 take placej and shall be further liable to pay all expenses o<f 
 
 15 repairing the same: and it shall not be competent for any 
 
 16 person so offending against the provision of this clause to 
 
 17 defend himself by pleading or giving in evidence that he 
 
 18 was the owner, agent or servant of the owner of the land 
 
 19 where such destruction, hurt, damage, injury, or obstruction 
 
 20 was done at the tin?e the same was done, or caused to be 
 2L done. 
 
 XXXIII. That every obstruction to the safe and free 
 
 2 passage of vehicles on the said road or its branches, shall 
 
 3 be deemed a public nuisance, and may be abated as such 
 
 4 by any officer, agent or servant of said company; and the 
 
 5 person causing such obstruction may be mdictedand pun- 
 
 6 ished for erecting a public nuisance. 
 
 XXXIV. That the said company shall have the right to 
 
 2 take at the store houses they may establish on, or annex 
 
 3 to their rail road, or the branches thereof, all goods, 
 
 4 wares, merchandise and produce intended tor transporta- 
 
 5 tion, prescribe the rules of priority and charge, and rer 
 
 6 ceive such just and l-sasonable compensation for storage, 
 
 7 as they by rules may establish, (which they shall cause 
 
 8 to be published.) or as may be fixed by agreement with 
 
 9 the owner, which may be distinct from the rates of trans- 
 10 portation : Provided, That the said company shall not 
 II. charge or receive storage on goods, wares, merchandise 
 3 2 or produce, which may be delivered to their regular de- 
 
 13 positories for immediate transportation, and which the 
 
 14 company may have power to transport immediately. 
 
 XXXV. That the profits of the company, or so much 
 
 2 thereof as the general board may deem advisable, shall, 
 
 3 when the affairs of the company v. ill permit, be semi-an- 
 
 4 nually divided among the stockholders, in proportion to 
 
 5 the stock each may own. 
 
 XXXVI. That whenever it shall appear to the Board of 
 
 2 Internal Improvements of this State, by a certificate un- 
 
 3 der the seal of said company, signed by their Treasurer 
 
 4 and countersigned by their President, that one third of the 
 
 5 capital stock shall have been subscribed for and taken, and 
 
 6 at least dollars of said stock has been 
 
 7 actually paid into the hands of said Treasurer of sa.id 
 
 8 company, the said Board of Internal Improvements shall be 
 
351 
 
 9 and they are hereby authorized and required,. on behalf 
 
 10 the State, to subscribe for stock in said company to the a- 
 
 11 mount 
 
 12 dollars to the capital stock of said company ; .and the 
 1.3 subscription shall be paid in the following manner, to 
 
 14 wit; The one fourth part as soon as the said company 
 
 15 shall commence work, and one fourth thereof every six 
 
 16 months thereafter until the whole subscription in behalf 
 
 17 of the State shall.be paid.: Provided, The Treasurer and 
 IS President of said company shall, before they receive the a- 
 
 19 afoiesaid instalments, satisfactorily assure the Board of In- 
 
 20 ternal Improvements, by their certificates under the seal of 
 
 21 said company, that an amount oi the private subscription 
 
 22 has been paid in equal proportion to ibe stock subscribed 
 2,3 by the State 
 
 XXXVII. That if in case the present Legislature shall 
 
 2 not provide the necessary and ample means to pay the a- 
 
 3 foresaid instalments o.n the stock subscribed for on be- 
 
 4 halfofthe Siate, as provided for in the 36th section of 
 .5 this act,; and in that event, the Board of Internal Improve- 
 ,6 ment aforesaid shall, and they are hereby authorized and 
 *7 empowered to borrow, on the credit of the State, not ex- 
 
 8 ceeding 
 
 9 dollars, as the same may be needed by the requirements 
 10 of this act. 
 
 XXXVIII. That if in case k shall become necessary 
 
 2 to borrow the money by this act authorized, the Public 
 
 3 Treasurer shall issue the necessary certificates, signed 
 
 4 by himself and countersigned by the Comptroller, 
 
 5 in sums not less than one thousand dollars each,.pledg:- 
 
 6 ing the State for the payment of the sum therein 
 
 7 mentioned, with interest thereon at the rate of interest 
 
 8 not exceeding six per .cent, per annum, payable semi-aii- 
 
 9 nually, at such times and places as the Treasurer may 
 10 appoint, the principal of which certificates shall be ye- 
 ll deeinable at the end of thirty years from the litre the 
 
 12 same are issued : but no greater amounts of such certiii- 
 
 13 cates shall be issued at any one time than maybe sufficiwit 
 
 14 to meet the instalment required to be paid by the State at 
 
 15 that time. 
 
 XXXIX. Be it further enacted, That the Comptroller 
 2 shall register the said certificates at large in a book to be by 
 .3 him kept for that purpose, at the time he countersigns 
 4 the same; and when he delivers the same to the Public 
 ,5 Treasuier, he shall charge him in his books with the a- 
 mount thereof, and also wth all such sums, if any, as 
 7 the public Treasurer may obtain by way of premium 
 
8 on the sale of the said certificates, an account of 
 
 9 which the Public Treasurer shall render lo the Comp- 
 
 10 troller, so soon as n^gociations from time to time 
 
 11 for the sale of said certificates are closed. 
 
 XL. Be it further macted, That if it shall become neces- 
 2 sary to issue the certificates aforesaid, the Public Treas- 
 
 8 tirer shall advertise in one or more newspapers as he may 
 
 4 think best, and invite, sealed proposals for such amount of 
 
 5 the aforesaid sum ot 
 
 6 dollars, as may be wanted at any one time; and it shall be 
 7- his duty to accept those terms which may be most advan- 
 S tageoustothe State; Provided, That in no event shall 
 
 9 any of the said certificates be sold for less than their par 
 
 10 value: and any premium which may be obtained on 
 
 11 the sale of said certificates shall be placed in the public 
 
 12 treasury, and used as other public funds in the payment 
 
 13 of interest on the Jebt hereby created. 
 
 XLI. Be it further enacted, That as security for the 
 
 2 redemption of said certificates of debt, the public faith 
 
 3 of the State of North Carolina is hereby pledged to the 
 
 4 holders thereof, and in addition thereto all the stock held 
 
 5 by the State in the North Carolina Railroad Company 
 
 6 hereby created shall be and the same is hereby pledged for 
 
 7 that purpose ; and any dividends of profit which may from 
 
 8 time to time be declared on the stock held by the State as 
 *) aforesaid shall be applied to the payment of the interest 
 
 10 accruing on said certificates; but until such dividend of 
 
 11 profit may be declared, it shall be the duty of the Treas- 
 
 12 urer, and he is hereby authorized and directed, to pay all 
 
 13 such interest, as the same may accrue, out of any moneys 
 
 14 in the Treasury not otherwise appropriated. 
 
 XLII. Be it farther enacted, That the ceitificates of 
 2 debt hereby authorized to be issued, shall be transferable 
 8 by the holders thereof, their agents or attornies, properly 
 
 4 constituted, in a book to be kept by the Public Treasurer 
 
 5 for that purpose; and in every instance where a transfer is 
 
 6 made, the out-standing certificate shall be surrendered and 
 
 7 given up to the Pub'ic Treasurer, ctud by him cancelled, 
 
 8 and a new one, for the same amount, issued in its place 
 
 9 to the person to whom the same is transferred. 
 XLIII. That the State shall appoint the number ofdi- 
 
 2 rectors in said company in proportion to the stock sub- 
 B scribed, who shall be appointed by the Governor, by and 
 
 4 with the advice and consent of his Council, and removed 
 
 5 in like manner. 
 
 XLIV. That the following officers and servants and per- 
 
852 
 
 2 sons in the actual employment of the saixJ company, be, 
 
 3 and they are hereby exempted fr( m jury and ordinary 
 
 4 military duty: The president and treasurer of the board 
 
 5 of directors, and chief and assistant engineers, the secre- 
 
 6 taiies and accountants of the company, keepers of the de- 
 
 7 positories, guards stationed on the road to protect it from 
 
 8 injury, and such persons as may be Working the locomo- 
 
 9 tive engines and travelling with cars for the purpose of 
 
 10 attending to the transporting ot produce, goods and pas- 
 
 11 sengers on said road. 
 
 XLV. Be it further enacted, That all the works hereby 
 
 2 required of the Beaufort and North Carolina Rail Road 
 
 3 Company shall be executed with due diligence, and if 
 
 4 they be not commenced within three years after the rati- 
 
 5 fieation of this act, and finished within ten years after the 
 
 6 period of their commencement, this charter shall be forfeit-- 
 
 7 ed..