sanitary purposes and extension of sewerage and water-works sysElection, how held. tem two miles from the corporate limits. The said election shall

Form of ballots.

Bonds: form, maturity, interest rate, etc.

Disposal of bonds and use of proceeds.

be held and conducted under the same rules and regulations and penalties as are now prescribed by law for the election of municipal officers of said town, as prescribed for in sections 5, 6 and 9 of chapter 180, Acts 1899, and at said election each voter shall vote a printed or written ballot, with the words "For Bonds" or "Against Bonds."

SEC. 9. That the Board of Aldermen are authorized and empowered to prepare the said bonds in denominations to be fixed by them, and running for a period or periods of years not exceeding 40 years, and at the lowest rate of interest attainable, not exceeding 5 per cent. per annum, and the bonds shall not be sold below par. The Board of Aldermen shall place the same upon the market and dispose of same to the best interest of said town, and the moneys derived from said sale of said bonds shall be used under the direcExecution of bonds tion of the said Board of Aldermen. That the bonds authorized to and coupons. be issued by this act shall be deemed to be duly executed when signed by the Mayor and countersigned by the clerk of the Board of Aldermen under the corporate seal of said town, and the coupons thereto attached shall have lithographed fac similes of the Mayor and Clerk's signature.

Town treasurer to hold and disburse proceeds of bonds.

Treasurer's bond.

SEC. 10. That all moneys derived from sale of said bonds and from any source whatever pertaining to the said system of waterworks, sewerage, electric fire alarm system, electric light and street improvements shall be paid to the Treasurer of said town, who shall disburse the same under the direction of said Board of Aldermen, and the said Treasurer shall execute a bond payable to the town of Kinston for the faithful and proper discharge of all compliances with his duties, and the amount of said bond shall be fixed at the discretion of said Board of Aldermen, and an account of these funds shall be kept separate from other city funds, and the When funds paid said funds shall be paid out only on the order of said Board of Aldermen, and said Treasurer shall receive such remuneration for his services as the Board of Aldermen may allow.

Amount.
Account.

out.

Treasurer's

remuneration.

Conflicting laws repealed.

SEC. 11. That this act shall take effect from and after the date of its ratification.

SEC. 12. That all laws and clauses of laws inconsistent with or in conflict with the provision of this act are hereby repealed.

In the General Assembly read three times and ratified this 5th day of March, A. D. 1903.

CHAPTER 283.

AN ACT TO INCORPORATE THE CAROLINA COAST RAILROAD
COMPANY.

The General Assembly of North Carolina do enact:

SECTION 1. That Thomas Duncan, Christopher D. Jones, George Corporators. Charles Speight and William L. Thomas of Carteret County, State of North Carolina, John L. Roper, George W. Roper and W. B. Roper of Norfolk, in the State of Virginia, and their associates, successors and assigns, be and are hereby constituted and created a

body politic and corporate under the name and style of the "Caro- Corporate name. lina Coast Railroad Company," and as such may sue and be sued, Corporate powers. plead and be impleaded in the courts of the State, and shall have the powers herein granted, and is hereby invested with all the rights, privileges, immunities and powers conferred upon railroad companies by chapter 49 of The Code of North Carolina, entitled "Railroads and Telegraph Companies," and the amendments thereto. Said company may make ordinances, by-laws and regulations consistent By-laws. with the laws of this State and the laws of the United States for the government of all under its authority and for the management of its estate and for the due and orderly conduct of its affairs.

SEC. 2. The said company shall have power and authority to buy, Corporate powers. hold, use, sell, mortgage or otherwise transfer all such real and personal estate as may be necessary to and will advance the interest of the said company; to elect or appoint all necessary officers and prescribe their powers and duties; and to have and use a common seal, which it may change at pleasure, and to have and exercise all and every power, privilege, franchise and right common or necessary to similar corporations and not inconsistent with the laws of the State or the provisions of this act.

SEC. 3. The said company upon its organization as hereinafter Location of road. provided, shall have power to survey, lay out, construct, maintain and operate, by steam, electricity or any other motive power, a railroad with one or more tracks and telegraph and telephone lines from some point at or near Beaufort, in the county of Carteret, State of North Carolina, to deep water on Neuse River at or near Adams' Creek in said State, and shall also have the power to survey, lay out, construct, equip, maintain and operate, by steam or any

other motive power, one or more branch lines from such point or Branch roads. points on the main line as said corporation may desire, the said branch roads to run in such direction and to such points or places

as the said corporation may desire: Provided, that no one branch

line shall exceed twenty miles in length. That said company shall Location of other also have the power and authority to survey, lay out, construct, part of road.

Priv-42

Telegraph and telephone lines.

Barges, steamboats and other vessels.

Right to enter lands of another to survey, etc.

Grants of property to aid in construction.

Purchase or lease of property for construction and maintenance.

Amount of land company may take.

Where company may construct

road.

equip, maintain and operate, by steam, electricity or any other motive power a railroad with one or more tracks, running from some point on the northern side of Neuse River, opposite or nearly opposite the termination of the said road on the southern side of said Neuse River, to such point or points on Pamlico River as the said company may deem advisable.

SEC. 4. The said company is authorized to construct and operate, at its option, one or more lines of telegraph or telephone along its railroads, and to charge and collect such remuneration for messages or dispatches as the board of directors may determine; and the said company may connect said lines of telegraph or telephone with the lines of any other company, and may lease or sell the same: Provided, said company shall be subject to all of the provisions of the law governing telegraph and telephone companies.

SEC. 5. The said company shall have the right to build, construct or purchase or own barges, steam-boats or other vessels, and may separately and in connection with the said railroad operate one or more steam-boat lines; and may, in operating said boats of any kind, become common carriers.

SEC. 6. That for the purpose of surveying, constructing, maintaining and operating said lines of railroad, said company is hereby empowered:

First. To cause such examination and surveys to be made as may be necessary to the selection of the most advantageous route or routes, and for such purpose its officers, agents, servants and employees may enter upon the land or water of any persons or corporations.

Second. To take and hold such voluntary grants of real estate or other property as may be made to it to aid in the construction, maintenance and operation of its roads.

Third. To purchase, hold and use all such real estate and other property as may be necessary for the construction and mainte nance of roads, stations and all other accommodations necessary to accomplish the objects of its corporation, and to lease or buy land necessary for its use.

Fourth. To lay out its roads not exceeding one hundred feet in width, and to construct the same; and for the purpose of cutting any embankment and for maintaining gravel and other material may take as much land as may be necessary for the proper construction, operation and security of the roads, or to cut down any trees that may be in danger of getting on the track or obstructing the right of way.

Fifth. To construct its road across, along or upon any stream of water, water-courses, streets, highways, canals, etc., which the route of the road will intersect or touch.

Sixth. To cross, intersect or join or unite its road with any other Rights relative to railroad heretofore constructed or hereafter to be constructed at railroads. property of other any point on its route or upon the ground of any other railroad company with the necessary turnouts, sidings and switches or any other conveniences necessary in the construction of its road, and may run over any part of any other railroad right of way necessary or proper to reach its freight depot in any city or town, or to reach any other point of its right of way otherwise inaccessible through or near where its road may run, and may lay and use Rights relative to tracks through or into any town or city along its proposed lines by and with the consent of the corporate authorities of such town or city.

towns and cities.

Seventh. To take and convey for persons or property over their Passengers and freight:, tolls, etc. road by use of steam or any mechanical power, and to receive a compensation therefor, and to do all things incident to the railroad business; and to take and convey persons or property on their boats, and to do all things incident to a shipping business.

Eighth. To erect and maintain convenient buildings, warehouses, Buildings, waredocks, stations, fixtures and machinery, whether within or without a stations, etc. houses, docks, city, town or village, for the accommodation and use of the passengers and freight business.

Ninth. To regulate the time and manner in which passengers and Time and manner of transferring freight shall be transferred, and the compensation to be paid there- freight and pasfor, subject to any laws of this State upon the subject.

sengers.

Tenth. To borrow such sums of money at such rates of interest not Right to borrow money and secure contrary to law, upon such terms as said company or board of direc- the same by morttors agree upon, and may be necessary or expedient, and may execute gage or otherwise. one or more trust deeds or mortgages, or both, if occasion may require, on its road, branches, or both, or upon its other property or upon all of its property, whether the said road and branches have been completed or may be in process of construction by said company for the amount or amounts borrowed or owing by said company as its board of directors shall deem expedient. The said company may make deed or mortgage for transferring their railroad track or tracks, depots, grounds, rights, privileges, franchises, immunities, machine houses, rolling stock, furniture, tools, implements, appendages and appurtenances used in the connection with its road in any manner then belonging to said company or which shall thereafter belong to it as security for any bonds, debts or sums of money as may be secured by said deeds of trust or mortgages as they shall think proper.

SEC. 7. The capital stock of said company shall be ten thousand Capital stock. dollars, and the same may be increased from time to time as the majority of the stockholders may determine up to one million dol

lars: Provided, such increase of capital stock shall only be made upon Increase of capital stock, how made. application to the Secretary of State and leave granted by him, such

Shares.

Voting power.

tion.

application to be accompanied by a receipt from the State Treasurer of the taxes required by section 97 of chapter 2 of Public Laws of 1901. The stock of said company shall be in shares of one hundred dollars each, for which, when fully paid for, certificates shall be issued which shall be non-assessable, and each share shall entitle the holder to one vote, and the stockholder shall not be individually liable for the debts of the corporation; said shares of stock shall be transferrable in such manner as the by-laws of the company may Books of subscrip- provide. The books of subscription shall be opened by the incorporators, or a majority of them, at such time or times, place or places, and under such rules and regulations as they or the majority of them may prescribe. The said corporators, or a majority of them acting in person or by proxy, after the sum of ten thousand dollars shall have been subscribed, shall call a meeting of the subscribers to the said capital stock for the purpose of completing the organization of the company, and at such meeting the said subscribers to Board of directors. the capital stock shall elect a board of directors consisting of not less than three and not more than eleven members, who shall immediately elect one of their members president of said company. The stockholders of the company shall elect the directors, and the directors shall elect the president, vice-president and other officers of the company, and none of them except the directors, president and vice-president need be stockholders. The principal office of said company shall be within the State of North Carolina.

Completion of organization.

President.

Election of directors and other officers.

Principal office.

Subscriptions, in what made.

subscriber fails to

SEC. 8. The subscription to the capital stock of said company may be made in money, land or materials, or in bonds, stocks, or other valuable credits in such manner and upon such terms as may be agreed upon by the president and directors of the said comProceedings when pany, and if any subscriber shall neglect or refuse to pay any pay installment of installment when it becomes due, if required by the directors, subscription. said board may declare his stock forfeited, as well as all previous payments thereon, to the benefit and use of said company, but before so declaring it forfeited, said stockholder shall have served upon him a notice in writing, in person or by depositing said notice in the post-office (post-paid), directed to him at the postoffice nearest his usual place of abode, stating that he is required to make such payment in sixty days from the date of said notice, shall be served or mailed sixty days prior to the day on which payment is required to be made. The directors of the company may, if they see proper, authorize the treasurer or secretary of said company to sell at public auction the stock of any delinquent subscriber, and the same shall be sold subject to the payment of the balance due on said stock, which shall be a first lien thereon and on the proceeds thereof.

May sell stock of delinquent subscriber.

Company may con

solidate with other SEC. 9. The said company is hereby authorized and empowered to survey and consolidate its capital stock, estate, real and personal

railroad or steam

boat companies.