1889_public laws_93_3
CHAPTER Q2. An act to amend an act entitled An act to incorporate the East Carolina Land and Railway Company, being chapter 198 of the laws of 1887 The General Assembly of North Carolina do enact:
That for the purpose of aiding in the construction and equipment of the said railroad, it shall be lawful for the said East Carolina Land and Railway Company to issue its coupon bonds in such denominations and running for such time, not exceeding thirty years, and bearing interest at a rate not exceeding six per centum per annum, and payable at such times and places as its board of directors may direct, to be sold or hypothecated by the directors of the said company, and to secure the payment of the same the said East Carolina Land and Railway Company may execute a mortgage to such person or persons as their board of directors may select on its entire property, road-bed, stock and franchise, or, in case the road be divided and built in sections, which the said company is hereby authorized to do if they should so decide, such mortgage may be placed upon such separate sections in such manner as the company may direct: Provided, the said mortgage bonds shall not exceed the sum of twelve thousand dollars per mile, and the same shall be first mortgage bonds. 5