1883 public laws – Ch.190 Sec.4

That immediately after the ratification of this act by the general assembly of the state of North Carolina, a general meeting of the stockholders of said company shall be called, to which meeting shall be submitted this act as an amendment to the charter of said company for ratification or rejection by vote of the stock other than the stock hereinbefore mentioned, and if the said company in said meeting shall accept the said amendment to its charter, and the said grantees or purchasers shall within the next thirty days thereafter pay over to the state treasurer the fifty-five thousand dollars as the purchase money for said stock, and pay over the mortgage bonds of the Cape Fear and Yadkin Valley Railway Company held by the state, as set forth in section two of this act, then the transfer and assignment of the states stock shall at once be made to the said grantees or purchasers, and at the next meeting of the stockholders of the Cape Fear and Yadkin Valley Railway Company there shall be a reorganization of said company by the election of twelve directors; the said grantees being entitled in said reorganization to vote upon the said stock as private stock, as hereinbefore provided, and the said directors shall elect one of their number president, and such other officers as they nay deem proper and necessary for the management of the affairs of said company.