1891_public laws_263_3
CHAPTER 262 An act to incorporate the West Asheville and Sulphur Springs Railway Company. The General Assembly of North Carolina do enact :
That the capital stock of said company shall be fifty thousand dollars, with liberty to increase the same at any time, or from time to time, to any sum not exceeding three hundred thousand dollars as a majority of said stockholders may determine, the said capital stock to be divided into shares of one hundred dollars each; and the said company shall have the right to borrow money, to make, dispose of, and negotiate its promissory notes, drafts or bonds, and to mortgage, its property, franchises and effects to secure their payment upon resolution of the board of directors of the corporation created by this act.