Road Company an additional amount of bonds equal at their par value to the amount paid in cash by said Company in behalf of the State according to the provisions of section sixteenth of this act, said bonds to be in all respects similar to those authorized to be issued by this act.

SEC. 18. All laws coming in conflict with this act are hereby repealed.

SEC. 19. This act shall be in force from and after its ratification.

Ratified the 3d day of February, A. D. 1869.

Power to extend Road and capital stock increased.

Books of subscription to be opened.

AN ACT TO AMEND THE CHARTER OF THE WILLIAMSTON AND

TARBORO' RAIL ROAD COMPANY.

SECTION 1. The General Assembly of North Carolina do enact, That the Williamston and Tarboro' Rail Road Company, under the restrictions hereinafter provided, shall have power to extend their Road from Williamston to Plymouth, to Washington and to Wilmington, and from Edenton to a point at or near Suffolk, in Virginia. The capital stock of said Company shall be increased to three millions five hundred thousand dollars.

SEC. 2. Within twenty days after the ratification of this act, it shall be the duty of the Superintendent of Public Works to cause books of subscription to be opened at Newbern, Washington, Jamesville, Plymouth, Edenton, Hertford, Elizabeth City, Wilmington, Trenton, Jacksonville, Murfreesboro', Norfolk, and such other places as he may deem advisable, to the capital stock of said Company, and the subscribers shall designate to which of said extensions Commissioners or their subscriptions shall be payable: and the Commismay subscribe, &c. sioners of any County, or the municipal authorities of any

municipal officers

incorporated Town in the State may subscribe to the capital stock of said Company, the question of subscription having been previously submitted and approved by a majority of the qualified voters thereof.

Shall be duty of Public Treasurer to

cate of President.

SEC. 3. Whenever it shall be certified to the Governor by the Superintendent of Public Works that at least one subscribe on cer ifhundred thousand dollars have been subscribed by solvent parties towards building the Road from Edenton to or near Suffolk, in Virginia, and five per cent. thereon paid in to the President of the Williamston and Tarboro' Rail Road Company, it shall be the duty of the Public Treasurer to subscribe, on behalf of the State, to the capital stock of said Company twelve hundred thousand dollars, which shall be paid in coupon bonds of the State at par within thirty days thereafter, eight hundred and fifty thousand dollars thereof for the use of the Edenton and Norfolk extension, and three hundred and fifty thousand dollars thereof to be expended in building the Williamston and Tarboro' Rail Road from Williamston to Plymouth; and when it shall be certified in like manner to the Governor, that at least one hundred thousand dollars have been subscribed by solvent parties towards building the Road from Plymouth to Wilmington, and five per cent. thereof paid in, the Public Treasurer shall subscribe to the capital stock of said Company for the use $1,500,000. of said extension, one million five hundred thousand dollars, to be paid in coupon bonds of the State at par within thirty days thereafter.

Public Treasurer shall subscribe

Bonds running 30 years with interest ally.

SEC. 4. All the said bonds shall be of the denomination of one thousand dollars each, signed by the Governor, payable semi-annu countersigned by the Treasurer, and sealed with the great seal of the State, bearing interest at the rate of six per cent. per annum, the principal payable at the end of thirty years from the date thereof, and the coupons payable semi-annually at such time and place as he shall designate; and said. bonds shall be issued under the provisions of chapter ninety of the Revised Code,

Special tax levied to pay interest.

Duty of President to call meeting.

Power to elect two Directors.

SEC. 5. For the purpose of raising a sum sufficient to pay the interest of the bonds of the State herein authorized to be issued, a special tax of one-sixteenth of one per cent. of the taxable property of the State, to be annually levied and collected until the maturity of said bonds, payable into the Treasury as other public moneys, is hereby imposed.

SEC. 6. Whenever subscriptions, as aforesaid, towards building the Road from Edenton to Suffolk, shall have been made, it shall be the duty of the President of the Williamston and Tarboro' Rail Road Company to call a meeting of the subscribers to said extension at Edenton after twenty days' notice in the Raleigh Standard and at such public places as he may deem advisable, of which he shall give notice to the Governor, and at said meeting and at all subsequent meetings the State shall be entitled to a vote equal to one-half of that held by the private stockholders represented. Said stockholders shall have power to elect from their number two Directors, who, with five Directors to be appointed by the Governor, shall choose from their number a President, and shall manage the affairs of said extension until their successors are qualified. And the President of the Williamston and Tarboro' Rail Road shall, upon being notified by the President of said extension so elected, that the grading of said extension has been let to contract, pay over to him eight hundred and fifty thousand dollars of the Bonds to be deliv- bonds subscribed by the State for the use of said extension, and the five per cent. installment received from the private stockholders of said extension, and the Directors of the Edenton and Norfolk Rail Road Company shall have the exclusive right to fix the termini of said Road, the time of commencing to build the same, and to make all contracts in regard to said Road.

ered to President of extension.

Powers of stockholders.

SEC. 7. From and after said organization, the stockholders in said extension shall have corporate powers and privileges to the same extent as the Williamston and Tarboro' Rail Road Company, under the name of the Edenton and Norfolk Rail Road Company.

meeting.

Directors ap pointed to elect

SEC. 8. Whenever subscriptions as aforesaid towards President to call building the Road from Plymouth to Wilmington shail have been made, it shall be the duty of the President of the Williamston and Tarboro' Rail Road Company to call a meeting of the subscribers of said extension at Washing ton after twenty days' notice in the Raleigh Standard, and at such public places as he may advisable, of which he shall give notice to the Governor, and at said meeting and at all subsequent meetings, the State shall be entitled to a vote equal to one-half of that of the private stockholders represented. Said stockholders shall have power to elect from their number two Directors, who, with five Directors to be President. appointed by the Governor, shall choose from their number a President, and shall manage the affairs of said extension until their successors are qualified. And the President of the Williamston and Tarboro' Rail Road Company shall, upon being notified by the President of the Washington Rail Road Company that the grading of the Road from Plymouth to Wilmington has been let to contract, pay over to him the fifteen hundred thousand dollars of said bonds held by him for the use of said Road, and the five per cent. installment received from individual stockholders: and the Directors of the Washington Rail Road Company shall have exclusive power to fix the termini of their Road and the time of beginning work, and to make all contracts in regard to said extension.

holders.

SEC. 9. From and after said organization, the stock- Powers of stock holders of said extension shall have corporate powers and privileges to the same extent as the Williamston and Tarboro Rail Road Company, under the name of the Washington Rail Road Company.

SEC. 10. Wenever the Williamston and Tarboro' Rail Upon delivering

bonds by R. R. Com

assign stock.

Road Company, the Edenton and Norfolk Rail Road pany Treasurer shall Company, or the Washington Rail Road Company shall deliver to the Public Treasurer coupon bonds of the State or other indebtedness of the State for that purpose, he shall assign to them, or to any person designated by them, a like

amount of stock held by the State in the Company making or authorizing such delivery. And when either the Edenton and Norfolk, or the Washington Rail Road Company shall have delivered by themselves or their agent, indebtedness of the State as aforesaid, an amount equal to the State's Right to appoint stock in the same thereafter, then the right of the State to appoint Directors in such Road shall cease.

Directors couse.

Capital stock of Rail Roads.

Proviso.

Preferred stock.

SEC. 11. The capital stock of the Edenton and Norfolk Rail Road Company shall be twelve hundred thousand dollars. The capital stock of the Washington Rail Road Company shall be one million six hundred thousand dollars, and as these said Companies shall be organized, the capital stock of the Williamston and Tarboro' Rail Road Company shall be reduced by the amount of their capital stock respectively: Provided, That the five hundred thousand additional appropriation by this act, shall be expended from Wilmington to a point at or near Core Creek on the Atlantic and North Carolina Rail Road, commencing at Wilmington.

SEC. 12. The stock subscribed for and paid by the State as above provided, shall be preferred stock, and shall receive a dividend of six per cent. before any dividend is paid upon individual stock. And a dividend of six per cent. per annum upon the amount of the stock subscribed by the State is hereby guaranteed each extension of said Road, to be responsible only for the dividend upon the amount to it respectively subscribed and paid by the State. And to secure State shall have the same the State shall have a lien upon the real and personal estate of the Williamston and Tarboro' Rail Road Company and its several extensions, with all their franchises, privileges and powers; upon the Williamston and Tarboro' Rail Road Company and its estate only for the dividends due from it; upon the Edenton and Norfolk Rail Road Company and its estate only for the dividends due from it, and upon the Washington Rail Road Company and its estate only for the dividends due from it.

lien, &c.