Excerpt from History of the Raleigh and Augusta Air-Line R. R. Co., Known Originally as the Chatham Railroad Company: Including All the Acts of the General Assemblies of North and South Carolina Relating Thereto
Sec. 20. Be itfarther enacted, That the board of directors may call'for the payment of the sums subscribed, as stock in said company, in such instalments as the interest of saiid company may in their'opinion require; the call for each payment shall be published in one or more news papers ih thestate for'the space of one month before the day of payment, and on failure of any stockholders to pay each instalment as thus required, the directors may sell at public auction, on previous notice often days, for cash, all the stock subscribed 7 for in said company by such stockholder, and convey the same to the purchaser at said sale, and if such sale of stock do not produce a sum suf ficient to pay off the incidental expenses of the sale, and the entire amount owing by such stockholder to the com pany for such subscription of stock, then and in that case the whole of such balance shall be held and taken as due at once to the company and may be recovered of such stockholder, his executors, administrators and assigns at the suit of said company either by summary motion In any court of superior jurisdiction In the' county where the delinquent resides, on a previous notice of ten days to said subscriber, or by the action of assumpsit in any court of competent jurisdiction, or by warrant before a justice of the peace where 'the sum due does not exceed one hundred dollars, and in all cases of assignment of stock before the whole amount has been paid to the com pany, then for all such sums due on such stock, both the original subscribers and the first and all subsequent as signees, shall be liable to the company and the same may be recovered as above described.
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