Section 12 of Gaston Railroad, CHAPTER 107. An act to amend section twelve of the act to amend the charter of the The General Assembly of North Carolina do enact : SECTION 1. That in line three, section twelve, after the word "company" add the words "or any other name that may be selected and agreed upon.” SEC. 2. This act shall be in force from and after its ratification. Corporators. Body politic. Corporate name. Duration of charter. Corporate powers. Seal. Corporate power. CHAPTER 108. An act to incorporate The Fire Insurance Company of Robeson county. SECTION 1. That B. Godwin, L. R. Hamer, E. F. McRae, K. M. Barnes, J. A. McAllister, B. Stansel, A. H. McLeod, A. C. Oliver, Sr., John H. McEachern, L. Shaw and R. R. Barnes, and all others who may become members thereof be and they are hereby constituted a body politic and corporate under the name of "The Fire Insurance Company of Robeson County" for a period of fifty years, and under that name shall have all the powers, privileges and franchises incident to such corporation under the laws of North Carolina. SEC. 2. That said corporation shall have the right to mutually insure the respective dwelling houses, barns and other property, real and personal, of its members in the said county of Robeson in said state against loss by fire, wind and lightning, upon such terms as and under such conditions as may be fixed by the bylaws of said corporation. The said corporation may sue and be sued in any court in this state, and may have and use a common seal, and may acquire and own such real estate and erect such buildings thereon as may be necessary for its use in carrying on its business not exceeding ten thousand dollars in value. SEC. 3. That the said corporation may make by-laws fixing the number of its board of directors and other officers and defining the duties and powers of the directors and officers. The said corporation may also make rules and regulations for governing the conduct of its business: Provided, the same be not inconsistent with the laws of this state or the United States. for losses and ex SEC. 4. That every member of said corporation shall be bound Members liable to pay his pro rata share (in proportion to the amount of insur- penses. ance held by him), and no more, of all losses and expenses that may accrue against the same while he shall be a member thereof: Provided, that any member may at any time surrender his in- Proviso. surance therein by paying up his pro rata share of the losses and expenses accrued up to the time of surrendering his policy. SEC. 5. That the principal office of said company shall be at Principal office. Lumberton, North Carolina, and it may have branch offices at other places in Robeson county. SEC. 6. That this act shall be in force and effect from and after its ratification. Ratified the 27th day of February, A. D. 1899. CHAPTER 109. An act to incorporate the R. J. Reynolds Tobacco Company. The General Assembly of North Carolina do enact : SECTION 1. Richard J. Reynolds, William N. Reynolds, Walter Corporators. R. Reynolds and Robert C. Critz, of Winston, North Carolina, and John F. Parlett, of Baltimore, Maryland, their successors and assigns, are hereby created a body politic and corporate un- Body corporate. der the name of "R. J. Reynolds Tobacco Company," with the Corporate name. capital stock of one million two hundred thousand dollars, with Capital stock. the liberty and authority to increase the same from time to time or at any one time not to exceed twelve million dollars, to be divided into shares of one hundred dollars each; said stock shall Division of stock. be common and preferred stock, issued in the proportion of two shares of common stock to one share of preferred stock. Said preferred stock shall entitle the holder to receive in each year a dividend to be fixed at the time of the issue of the stock, of not more than eight per centum, payable half-yearly, before any dividend shall be set apart or paid on said general or common stock, and if the net proceeds in any year shall not be sufficient to pay the dividend aforesaid on said preferred stock, that such dividend shall be paid thereon as the net profits of the year will suffice to pay. The holders of the preferred stock shall have a preference on the assets of the company, but the dividends thereon are not to be cumulative, but shall be payable each year out of the profits of that year or out of any unused surplus of subsequent years; and on payment of the preferred stock at its par value with all dividends due thereon, said preferred stock shall not further participate in the assets of the corporation and may be called in and paid as prescribed by the by-laws. Said preferred Holders of preferred stock shall have preference on assets. Corporate pow. ers. Books may be opened for subscription. Individual liability. Corporate pow ers. Corporate pow. ers. Seal. Certain powers granted the R. J. Reynolds To bacco Company. stock and the certificates therefor may be issued by the board of directors by resolution. Said corporation shall have the privilege and rights hereby specifically granted, and also those conferred upon corporations by the laws of North Carolina. SEC. 2. That any three of the persons herein incorporated to effect the purpose of this act may open books of subscription and receive subscription to the capital stock of the company at such time and place as they may appoint, and when twenty-five per centum of the capital stock herein first authorized, to-wit: One million two hundred thousand dollars shall have been subscribed and paid in, then the stockholders may organize the company. That property of every kind may be received in payment of the capital stock at such valuation as may be agreed upon between the subscriber or subscribers and said stockholders. The stockholders shall not be individually liable for debt or liabilities of the corporation. SEC. 3. That said corporation is hereby authorized and empowered to conduct, transact and carry on in all its branches and in every manner or form the business of curing, manufacturing. buying and selling tobaccos; and said corporation may manufacture, buy, sell and deal in wares and merchandise of every kind and description; shall have the power to own, hold, lease, purchase, sell and convey real estate and all other kinds of property wherever situate, and own and conduct any business at its will and pleasure; banking, insurance and operating a railroad excepted. The company proposes to carry on its operation in all the other states and territories in the United States, and in all foreign countries and territories. SEC. 4. That the stcokholders of the said corporation shall have the power to make all rules and regulations for the government of said corporation and transaction of its business. They shall have power to elect, in such manner as the majority of the stock may prescribe, such officers as they deem necessary, prescribe their duties, compensation and term of service; and, in general, said stockholders may make such by-laws and regulations for the government and conduct of the said corporation and its business, not inconsistent with the laws of this state and the laws of the United States, as they may consider best calculated to serve their interest. SEC. 5. As such corporation they may have a common seal, which they may break, change and alter at their pleasure. SEC. 6. That the present corporation, known as the R. J. Reynolds Tobacco Company, chartered under the general law of North Carolina by articles of agreement duly filed in the office of the clerk of the superior court of Forsyth county and doing business in Winston, North Carolina, shall have power and authority to sell, convey and transfer to a corporation formed under this act all its assets, franchise and property of every kind, and to merge itself therein. And the corporation organized under this act shall have power and authority to purchase, receive, take Corporate power. into possession and hold all the assets, franchise and property of every kind belonging to said existing corporation. SEC. 7. That this act shall be in force from and after its ratifi. cation. Ratified the 27th day of February, A. D. 1899. CHAPTER 110. An act to amend chapter two, private laws of eighteen hundred and eighty-three, entitled "An act to perfect the organization of the Odell Manufacturing Company." The General Assembly of North Carolina do enact: SECTION 1. That section seven (7), chapter two (2), private Section 7, chapter 2, private laws of laws of eighteen hundred and eighty-three (1883), be and the 1883, amended. same is here [hereby] repealed, and the following be substituted in lieu thereof: "The general meeting of the stockholders shall Time of meeting. be held at such times as may be prescribed by the by-laws of said corporation." SEC. 2. That this act shall be in force from and after its ratification. Ratified the 27th day of February, A. D.'1899. CHAPTER 111. An act to amend section two, chapter one hundred, private laws of eighteen hundred and seventy-four and eighteen hundred and seventy-five, in regard to the Bank of Reidsville, in the county of Rockingham. The General Assembly of North Carolina do enact : SECTION 1. That section two of chapter one hundred, private Section 2, chapter laws of eighteen hundred and seventy-four and eighteen hun- of 1874 and 1875, 100, private laws dred and seventy-five, entitled "An act to incorporate the Bank amended. of Reidsville, in the county of Rockingham," be and the same is hereby amended as follows: Strike out the word "five" in line seven of said section and insert "seven." SEC. 2. That this act shall be in force from and after its ratfiication. Ratified the 27th day of February, A. D. 1899. Incorporated. Corporate name. ers. Corporate limits. Officers. Temporary officers. Election, when held. Vacancies occurring. Powers of aldermen. Mayor empow ered to impose fines. Fines, how applied. Treasurer and marshal shall give bond. CHAPTER 112. An act to incorporate the town of Union City, in Robeson county. The General Assembly of North Carolina do enact: SECTION 1. That the village now known as Ashpole, in Robeson county, be and the same is hereby incorporated under the name and style of "Union City,” and shall be subject to all the provisions of chapter sixty-two (62) of second volume of The Code of North Carolina. SEC. 2. That the corporate limits of said town shall be as follows, viz: Beginning at the point where the Inman and Ionia roads intersect and runs north one-half mile; thence east onehalf mile; thence south one mile; thence west one mile; thence north one mile; thence east one-half mile, making one mile square. SEC. 3. That the officers of said town shall consist of mayor, five aldermen, a marshal and a clerk and treasurer. SEC. 4. That until their successors have been duly elected and qualified the following-named persons shall fill said offices, towit: Mayor, Robert E. Lee; aldermen, Dr. John P. Brown, Charles B. Thompson, Prof. G. E. Lineberry, A. L. Jones and A. A. Floyd; clerk and treasurer, F. S. Floyd; marshal, Henry G. Braswell. SEC. 5. That there shall be an election held on the first Monday in May, eighteen hundred and ninety-nine, and annually thereafter for said officers under the rules and regulations governing other elections in North Carolina. SEC. 6. That whenever a vacancy occurs in said offices the aldermen shall appoint one of their number mayor pro tem. SEC. 7. That the aldermen of said town shall have power to pass ordinances, rules and by-laws for the government of the town not inconsistent with the laws of the state of North Carolina and of the United States. SEC. 8. The mayor is hereby empowered with the right to impose fines and penalties for the violation of the ordinances established by the aldermen of said town. SEC. 9. That all fines collected for the violation of the ordinances established by the aldermen for the government of said town shall be paid into the treasury of said town for the use and benefits of said town. SEC. 10. That the treasurer and marshal shall each be required to enter into a bond in the sum of two hundred dollars ($200) for the faithful performance of their duty, payable to the state of North Carolina, subject to the approval of the board of aldermen of said town. |