VOL SHVIII. IIO 10
-.arinr.WK-
HALIIIGII, II. C. LIAIlOn 1,
XAVS OF NORTH CAROLINA,
. rasscd at the Session of 183a'37 -
An Act concerning the Bank of Cape Fear.
Sr.c. 11. 1!tUfurtherenacUd,Thiitit,t anytime here- shall have been appointed by the president and directors -g 2 2. 5,2 J?2,,3 S-c
after, the nrebiilent and directors of said bank shall nnd that of such branches: do director, or partner of a
the whole capital of the same cannot be safely and profit another bank, shall be a director in this bank, or in any . X 8 2 S 2 '1 a "2.
P
'8
u in v iiiiiiiit i ikiiiiii iihir nn u sr sr. aaiisa a ISLV.BWV .Fvrv.v w (i u w a eiiiui nu t avii m . v Ha..vm ro n v ttt, ii t : i p -m ra w
W General Assembly, first who may be under protest in the said bank; drawer or V . f -" 2.1 ? J. 5 g fr. f g J f
A'.irJfc Carolina audit ta herein enacted bn the author- . . . J Y . .... .t .. . ... .... . .!,.,,.. r .n ,... l-m k 1 a 2 S u 2 -2. 3 2 5 J2
ilf l5 at lli0 act, entitled "air act to rcchar, eM 4ban one roi1Holi: of dollars, by purehaUne thc wid bank, either, for discount orileeaon, walws lie' a ' g 5" 2 S I S S . e ? i a34-
ter the WanK oi cape rear, vpanscu uy cue .uenerai as., 8f0t,k of gaid bank, or Receiving the same in payment of hall prove -to .thUeOoaijovUthe diree-'r "3 3 1 IS-T c- . pVg "
sUifeibeoft, that lie has just and sufficient cause for refusing 5 f g 2 5f SS'S'I S 3 J "
.hereby conuaued in forte until the first day or January, par value thereof, land all shares of stock so purchased payment of the demand on which such protest may begiT- " ci .W 2 S ? .t 5.e .r f'
(i. the year or our Lard, one thousand , dgtit hunderd and tLe bank or (akef i paymcHt of debts, shall ihcreafter founded. Ji i ,1 2 a- g.g'g JT S"g
rsi str. 2' ft iIAft naPr of the eanital stock of said bank.''. Sec. 7. The nresident and directors of the bank may is 5 ? S B 2f fS-S 2 3 si 2 51
and director snau convene, oy puu ie no.ne, uie siock- -j, , au(Uority lo deal in such puUio debt as BOW is,
llliers OI UIB "iinn., 111. BUHic uuit V1b l.oi..nn la .rMlMl hir liia Sat
this act and the first day of Apm nextf for the; purpose rftitfti t..-. i&nr i . -
Ok USPl'I litllliU -S Tin"'"' ""-J i ii'iPLhsv vuiumi
stock of the gaid batiki and in case they determine to in-, , ;, . i:rivr.u- c.i i.iw
ciTitsc the capital stock, tlicro shall .be ailded seven thou., of h;( LouisTilIe cAnaU n& Charleston Kail ;
saad shares, of one hundred dollars , each, so a to make n d Company, on certain terms and conditions.
uiecapuai w i- - '7"": , V"""i- If ft ,nrfI 6h the General Asoemhiu of the SttUe
. ill niHUi i. - . w
eiiiie thicef "Vorfc Caroliiia.andil i hereby enacteiby the author
Inn, the pp.1'' of ihemme. .That, the Ka ltoad Company incorpo-
t CnA ApGniiih rarAlinfl XnfMi I urTtlin'i anil
Tennessee, by the name of "The Cincinnati and Charles-
ton Kail ltoad uomranyj" anu in iiic Diaie oicmucity,
"lit iTJwrVKef' ehaelilt, Trrarihe"saIJTan second, iostalmcnri
eents, upon the capital or the bank, as soon alter tueir 3
elections as theyt ma deem proner, upon civing one g r-S -
mnnlli'i MAf!.. ik..P ' U-mi niil.l!.ai:i. In at IotsI Inn . n u: t
newspapers in each of the States assenting thereto: the " rTv .2 2 .2 9 2 3 s'
m i" u " a1-.; c
thousand dollars of which , increased caniial, the State.
of -'Aortii -Viirouna snau.uc enuiicu i snose
i thousand shares, and individual! and Corporations
,8r.c. 3. . Jie it further enacted, That if the stockhold
ers shall assent to the increase of the capital slock afore
said, the president and directors shall, within one month
after the acceptance of this charter, open books of sub-
IstwptiftnJiader'the directionsof twn oimoro commission
rle'hiheW;ltreg
;n tin. tnvvni of "Wilminjrton. FaveUevillev .'Newbcrn. E-
fdenton, Ilillsboro , balem, bahsbury, Charlotte, li-Uza-
hv the name of.f'Tho Louisville, Cincinnati and Charles
ton Kail ltoad Com inanr.?1 shall bewailed and known as a
bodv : 'cornorate. in nlL'lhe States uRiresaidr by- the name
l' 1 UO JJUU19IIIC ...... . ,
Companyj' and that the corporators in the said Kail
Road Company shall form a separate body corporate, J.n!
Ku'tlicrfwrdtoB, and, Uxtoru, and thciajaetOuJfip-open
iWWoscTrptionortCiTlIa6i andji it iuall happen,-when
the hooks shall bc'opciied as aforesaid, that a greater
number than fu:ir thousand jdiarcsL shall le subscribed by
subsequent instalments they may call for in such sums as ST0 oS,
they may deem necessary provided, that similar . notice bc 5' 5 2. S e '' 5
given, and the payment be at least sixty days apart;', ant '
proviaeu siso, uiai no cun iur any insiaimcnis uum'1"-
to the two nrst snau ue maue, until an amount equal io
such call shall have .been previously called in by 'the
Kail Road Company, and shall have been actually ex
pended in constructing the rail road, or shall be nccessa
ryto. meet contracts actually made on account of the
samel, When the instalments paid in for the capital of
3
5 2 fjj
r 3
" &
Kentekv.asshallssen4"4hcrtevnd;iiefaile
known by the name of the Soutli Western Kail Road
liank:" Provided, that the assent of not less than three
of the said States shall be given hereto, before the bank
capital shall not be further increased until six millions
tI dollars shall have Bees eigaye"cailcain and expTOTeb!
on the rail" road j after Mhich, the capital of the bank
sbaljMu)eJneTcas Tor instalments equal f
in amount to those which may be called for by the Kail I
ttoad'tmpahyTlantit
liuilt oX twelve miuioaiu-i'roTJddf the capital oitheimnk
shall 'not exceed six millions, . until the rail road shall
have been extended to the State of .Tennessee: and 'that
it shall not exceed nine millions, until the road shall bo
... I a j i ' . a . i j -m m
i .a - I avi AniiAii tn inn bai inApn iiAiimi'iivv.Af niitMfvrnnn
individnals or bodies corporate, it shall be lawM
i& a a w i . '
piHsidetttaluVdiiettoiiito ac--oiiIins
to W scale bv theia to be established for that "pur
'pose, to 4he;jnforcsaid number of four thousand shares:
J'roriaVd, that no ubscnptions of two shares or upder,
shall he scaled unt il all larger subscriptions shall he redu
ced to an equality with them: Prorfdfd 1, that If the
four thousand shares be not subscribed within tfn dkys as
aforesaid, it shall bo lawful for the stockholders; at any
future tiihc; to opehbobks of subscription, at the same
pTaTesTrinac
v;l. ilmt nothimr herein contained shall compel the
urcVidcul, id dU'cctow tojonjnjjks . foj. a jubscw.lo '"
lucre than tww tliousaad shares,. until after the first day
ofjanuarjvtm, . 4 . ' " ,
Skc. 4. He it farther enacted, That Avhen thceapUal
stock shall be increased as aforesaid, the said president,
ainiM.fm-s riuI eoniTianv of , the . Rank of Cape r Fear,
I are hereby, made able and 'capable-in law to have, pur
chase, roccire, "possess, enjoy, and retain to themselves,
. i ... ...... .. . . .Mnu lo.afla ttii i a 4pnMminle tip.
iiieii suvccssui uim nsBijnn, iiti . v"', -...m,
rcditaments, goods, chattels and effects to an amount not
exceeding three millions of dollars.' exclusive of their
eanital stock aforesaid, with the same privileges as are
prescribed in the act of 1833. ; "
fi nt: 5; He it further enacted, , That when the said
seven thousand shares shall be fully paid for, according
SEC: H7Ee U further enacted. TTiat the said Ranking
Company shall be Toi:iicd in the following manner, and
he vested with, the following powers, and be subject to
the following restrictions: that is to says .lst-i Each of
the present stockholders, and every person who may here
after become a stockholder in the said Rail Road Com
nanv. until the capital thereof shall be increased by re
gular subscriptions to twelve millions of dollars, shall be
entitled, for ev cryshare intheBaid Rail Road Company
O a tm
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shull be extended-to Ijcxington in Kentucky: rron'Jed
also, that any share in the hank, on which any instalment
shall not be paid, when called for, shall, with all the pa v
ments made thereon, be forfeited to the bank but such
defaults shall not induce a forfeiture of the corresponding
Tail road'sharcs.'.. '-.-"V fvr-iv. s,j
; Sec." 8. The board of directors of the iailjroaA- and
of the bank, shall be distinct and separate bodicB; and thq
SIS'! J p E:? .itln, . .:.
3
f one hundred doUarsrto take one share inthe1 bank oficapital of the rail road and of the bank shall also be kept
- .. . ... j -i-m .1-rllT. s: -VXr.."J7'"I'T JI..t';.'ln'ntiii.- 1A l.a ntr .knit I.
. . . .! .. , i.'.iL.' . P ..!'!! r Inla Jtf illA-lift!! Dnoil Cnnno.v. Knl Hall T. .1
Ulll Oil III 10 IIIC - SUIII Ul HA IIIIIUVUI l UIO uui. vmimimj uuv HIV ItUitU
the first instance.
dollars- 2d, The directors of the said company $ shall
cause books to be opened to jthd community at large, in
all the States of South' Carolina, Xorth Carolina, Ten
nessee and Kentucky, at nil places m here looksvvere
opened for the first subscriptions of stock in said Rail
Road Company, and such other places as the said direc
tors may disignatei by such commissioners as the said ell-j
rectors may appoint, from ten o'clock in the morning to
two l'clock in the afternoon of each day, for a period not
less than thirty days, except Sundays, for the purpose ofi
. . . . ... ; . I - J . l'
incrcasingtiicsiocKOi inesaiu raurwau rwiuiiauy luiwmc
millions of dollars nnd if, on closing the books; on the
last day of December, eighteen hundred and thirty seven,
the Rail Road capital shall have, been Increased by rcgu
. I . i .1-11 iL.
. . ; . ,, a.T. lar subserinuons 10 ciziti millions oi uvtiArs, or uium, uie
tfi.llp. shall desisrnatc. may appoint four directors of
sxid bank, who rc stockholders! .and the indivdiml stock"
lioldcri Tmay appoint sev in nil general
Imeetinin of the stockholders,'; the representative of the
Stale appointed as aforesaid, shall bo entitled te three
votes for every six'given by individual stockholders.
... fere. C lie it farther enacted, Tliatthe said bank,
Within one year from the payment of the subscriptions by
"the State aforesaid, shall establish two or more additional
branches in this State? neither or which shall be less than
Hone hundred-miles' distant from the" principal bank, and
Jbae of which 'shall be west of the Tadkin f.-,
lKc,:7r-,'BeWt'plnr.'tnacled,tat not Jcssjhan
three dircctoiintalrco transac
tion of business at the principal bank of whom the pie
sident sliall be one, unless in case of sickness or necessary
nhsenpet when be shall annoint. by a written instrument,
a director to fill bjs plaee, A
sigaation7"or : removal from the State, or any director, his
place shall bo filled by a new appointment for the re
mainder of the year, br a maiority of the directors: Pro-
ridedt that no pel son shall.be cligiblejis a dircrtori,who
i not the owner of ten shares or more of the capital stock
of tltobank. 'J - ' - ' ' -'
Sec. 8. "Re it further enacted, That the i lotaFamouht
of debt, which the said corporation shall at any time owe
stockholders therein shall be a body corporate in all the
States asscntins thereto, by the name of ,v 1 be outh
Weitct-n ilail Road Rank:" Provided, at! least three of.
the said States shall assent thereto. 3rd. If, oh closing
the books, the subscriptions shall have inrreased the cap
ital of the Kail Road Company beyond twelve millions of
dollars, the same shall be reduced to that sum, by redu
cinss the subscriptions made after the first day of Decern
ber, -eighteen hundred and uuriy-six, in me nianner pre
scribed by the seventh section of the Rail Road charter.
Sec. 3. As soon as the said bank lias become a body cor
poratc as aforesaid, the directors of the. said Rail Road
Company, by publication, in two or ;more newspapers in
Company shall be liable for the debts of the bank, in ease
of failurcr Except, that shares in the rail road, which
have-no corresponding shares in the bank,- shall not be
liable to the debts of the bank. .1 ' jf : s v iir
Sec 0. The president and directors of the bank shall
make up, annually, a full statement of the aflairs thereof,
as they mayt stand on the first day of, October and also
of the affairs of each of the branches on that day as ren
dered to them by the president and directors of such
branch and shall send one ropy thereof, certified by the
president and cashier, -to each of the Governors of the
said States to be laid before their respective legislatures,
Sec. 10. ' The mother, or prindpal bandc shall bc
cated at Charleston and the said JianlTmay establish
branches, or have agencicstliercof; in any State, with
:fli consent it Js hereby
declared,' that the said bank shall not have corporate ex-1
nesseo and Kcntucky .shall consent to the establishment
of branches therein... .... tt . ?,y.,;jt'
Sec.' 11. i The bank shall never issue any note, or d raw
a check which in' payable to order, or bearer, of a less
denomination than five dollars,, until the road is comple
ted, nor less than ten dollars after the completion of said
road., 'Nor shall it ever put In circulation notes payable
to order or bearer, to an amount exceeding double its cap
ital: and in ease it shall not redeem its notes in current coin
of the United States, when demanded, at the bank' or
branch where such notes; are payable, such notes shall
eaeirof the said St
instalment or.per annum. : r - , . -i u. v : '
in the Rail Road Comnaarr to paylhe firsl
twelve dollars and fifty cents on each share towards form
ing the capital of the bank, which sum shall be paid into
some speck pajiog bankt in tlieJState: where the payment
is made, to the credit of the "'South Western Rail Road
Dank" and each stockholder in the Rail Road Company,
who shall, within one month after the day fixed for , the
iaidpajmcntV.payoLtke
he owns, in specie, or the notes of specie paying banks in
the said States, the instalment so called fog shall be re
garded and taken as a stockholder in the said bank,? for
. . i f.i. ' i ' . ii.-n i
kliill avamaJ livlnA llin omnnnf aP iia ltkfifat ' fll'nl Anil
above its capital stock; and the sum then actually depos- body corporate as aforesaid, the directors of tbe Kail Koad
n!ft nnntrarf innf rnmtiflnv ftli&li ftDDOlOt R time ftnd I)IaCC for ihe ldck
any crcater debt shall have been prcv iously authorised by holders in the bank to meet by themselves, or proxies, and
a law of the Slate; ',fc' v:; ""' ' give notice thereof, by publications in two or! more new s-
4 n . -i !:' i imi.ii li''.. 'i;.:.."ie in vn..l. a!t HI at pa' at' laui Ann nlTi(Iar
month before such 'meeting. In all meetings of the stock-
Sec,'' 12.T Neither, the banlt lior its branches shall
lend money on the pledge of its own, or the stock of the
rail-road, nntil thrce"
Road Company shall have been paid in and then only' to
one half of the said stock and. the bank shall ncvar er
mit the Rail lload company , t'ovjerdraw4ifelU;..
8 ec. 13. , Each branch of the said bank shall be an
office of discount and deposit. It sha'l have a board, to
consist of a president, and not less than six-director, with
a cashier, and such other officers as the business of the
i .... "7." - r. - r- r. l..'.v , l.t.t. . n i'.i
the number of, shares oa .which such payment snail beiorancn may require iirawsra mmn cooiarm iu un writers
made, t - And as sooit. as the,:. said, bank has r became a ; u may receive iroin ws presiuenr. anu uirccip.rs oi me
Sep, !). . Jle it further tHacteilJ That the nresidcnf or
' Saul bank;shall give notice to the Governor, ot this btatc,
or, the acceptance or 'this charter, as amended, by the
i stockholders thereof, at such tiinens they may prescribe,
I before thc-first day. f April next.; i;r.,v f;,..i;?i..Vuf
; Sec. 10. Je. it further enacted, that upon such no
tice being given to the Governor of this Slate as is herein
required, by the president of said bank, it shall and may
le lawiui lor uie presiueni anu uireciors-oi vuo saiu uant,
nnd they
Treasurer
1 whole amount m hei-tbre-tbonsantt-sharcsreaTn'
tal stock
of this
made as
at the
In'mety days thereafter; till full payment bb made: Pro- for the remainder of the year. ;
I vldcd, that if the rublic Treasurer
bank, and shall possess such powers as the said president
and directors may confer on them,' consistently with this
charter,1" thi ll'J 't Ti--rf--
. I,Sec? 11, ; And the said bank corporation, by its said
name, and style, , shall be, and is hereby made capable in
law. to have. Durchase. receive, nossess. eninv and retain.
holders of the bank; votes may be given in person ;or by . q it and its successors, lands, rents, tenements, hercdita-
proxy, on the, same terms, and according to the same: ments, goods, chattels, promissory notes, bils of exchange,
scale as 1 prescribed for voting In person, or by proxy, land all other choscs in action, monies, and effects of what
in mecUngsof the; Rail Road Company except that no kind, nature or quality soever, to an amount not exceed-
person nci s x ', J . M i"ti5! "v " 7 ,,US wuuir, uiixc iuiiits 1110 gmvum 01 lllc capiiai
stockholder therein. 'T":r"-' ' ' v ' I : : (stock of the said corporation add the 'same'' to sell, alien
Sec 4. At the first meeting of the stockholders, and or dispose of and also to sue and be sued, p'ead and be
ifi. At . IN ......I. .I..U I.. l. 4Yn I ti-.I-J , i. ...I I . L.J ! Ji I . m , .
are Hereby Tcquireu 10 receive irom iue i'uuiic annuauy locrcaiirr, vu "j uc mm uj u impicaueu, unswer anu uo answereu, ueienu ana ue ue
a subseription in behalf of the State,' for the bank corporation, there suaii oe an election 01. tnineen Tended,- in the courts of any or the said States-or ef any
twieTs-OMiieHwniitim-uiowvriro'iirw-eiecira uy a iu- ouier , piace wnatsoever ana aiso 10 inaKe, have and use
, at any time within three months from the passing rality or votes snau e capame 01 serving as sucn omy a common seal, and the same to break, alter and renew
act payment for which to' the said bank shall bo for one year but shall Jic rc-cligil'le. iln case of death,' at pleasure and also to discount promissory notes; at a
follows! to wltr one fourth of the whole amount resignation, or removal from office by the stockholders, or rate of interest not -exceeding- one per cent, for sixty
imn r n1effiliin'. oni! nni Allien C.nll. omn a" iVipffinr. bin nlncfl maV.bC' filled bv. the Other directors dart' nnd also to ordain. PHtahlikh and mil In T.iil!nfi
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such bve-Iaws. ordinances., and rctrulation att hall seem
pay the whole of tin? L :. ; Bjbcu '5. , But should the day of annual election pass,", necessary and, convenient, ibr the government of the said
said subscription at the time of subscribing, or any greater without any elccaon ot director, the bank shull notbc corporation, not being contrary, to the laws of the said
fari thereof than is hereby required,' before the 'time .lira-, Oicrcby dissolved' but it shall be lawful on any other day Slates, ,r tof thelUnited States, or to the constitution
ted for the same, the State shall have interest at the rate to hold and make tucbi election n sucli manner as may thercofi and frenerally to do and execute, all and sinsru-
t of -six ner rent: m all navments made in advance, com bo Drescribed by a bye-law of the bank corporation, -.a Jar. such. acts, matters and thin-rs. ns mavbe deemed ni,
innting the same from the'time when mWmcnt is made to m, Sec J. j The directors at the bank.shall be resident eessarr and nroner for the trood trovernment and manasre.
J 5 the time when required to. Ie: madc:2ud prorided also, citizens of some of the said States, and stockholders of the ment of said corporation' subject, nevertheless; to such
f j fthat if the Public Treasurer fail it 0 pay the aid instal- bank and, at the first meeting after their election, thef regulations, restrictions," limitations and provisions as are
. jments, or any part of them, at the times appointed for the shall appoint one bf their number to be President of the herein prescribed and declared. " v " '
Pyineni,or the samet he shall pay interest, at the same said uanK tncy snau uppoini an me ouicers oi iue uanK, sec. id. t hat the total amount of debts which the
rale, on all instalments or parts thereof not punctually and the president; directors and cashier of its branches, said corporation shall at any time owe. shall hot exceed
paid, from the time the same should have been paid, until all of whom they may remove at pleasure, and may also'three times the amount of Us capital stock, exclusive of
V) mem u maae. -, -. . at pleasure remove au tne omcers mum orancncywoicn ine amount or money then actually deposited la the bans
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