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dividual check of such minor, married women or apprentice shall be a valid and sufficient release and receipt to said corporation against said minors, married women and apprentices and all other persons.

of debtor is sold.

SEC. 8. When said bank shall sell the property of its debtors When property on which it has a lien to secure a debt, or when such property shall be sold for its benefit, it may bid for and buy and hold any and all such property free from lien or incumbrance, and its title thereto shall be absolute and unconditional and shall be in all respects valid and binding against all persons.

SEC. 8. This act shall be in force from and after its ratification.
Ratified the 27th day of February, A. D. 1899.

CHAPTER 121.

An act to amend the charter of the town of Mount Olive, in Wayne county.

The General Assembly of North Carolina do enact:

of Mount Olive amended.

Commissioners

have power to open streets, etc.

SECTION 1. That the charter of the town of Mount Olive be Charter of town amended as follows: That the board of commissioners of said town of Mount Olive shall have power to lay out and open new streets within the corporate limits of the said town whenever by them deemed necessary, and shall have power at any time to widen, enlarge, change, extend or discontinue any street or streets or any part thereof within the corporate limits of the said town, and shall have full power and authority to condemn, ap- Shall have power propriate or use any land or lands necessary for any of the pur- to condemn land. poses named in this section, upon making a reasonable compen

ages.

chosen.

sation to the owner or owners thereof. But in case the owner of When disagreethe land and the said board of commissioners can not agree as to ment as to dam. the damages then the matter shall be referred to arbitrators, each party choosing one, who shall be a freeholder and a citizen Arbitrators to be of the said town; and in case the owner of the land shall refuse to choose such arbitrator, then the sheriff of the county shall in his stead select one for him; and in case the two chosen can not agree, they shall select an umpire, whose duty it shall be to examine the land condemned and ascertain the damages sustained and the benefits accruing to the owner in consequence of the change, and the award of the majority of those so chosen shall be conclusive of the rights of the parties, and shall vest in the board of commissioners the right to use the land for the purposes specified, and all damages agreed upon by the board of commissioners or awarded by a majority of the arbitrators and umpire shall be paid as other town liabilities, by taxation: Provided, Proviso. PRIV-16

Corporate limits extended.

Corporate limit extension.

that either party may appeal to the superior court as now provided by law.

That the corporate limits of said town be extended on the north so as to include the following land, to-wit:

Beginning at the present northwestern corner of the corporate limits and runs thence north thirty-eight degrees forty minutes east two hundred and forty feet; then parallel with the present northern boundary line of said town south fifty-one degrees twenty-one minutes east two thousand six hundred and forty feet to a stake; then south thirty-eight degrees forty minutes west two hundred and forty feet to the present corporate limits; then with said corporate limits to the beginning.

SEC. 2. That this act shall be in force from and after its ratifi cation.

Ratified the 27th day of February, A. D. 1899.

Corporators.

Body corporate.
Corporate name.
Capital stock.

CHAPTER 122.

An act to incorporate Cooleemee Water Power and Manufacturing

Company.

The General Assembly of North Carolina do enact :

SECTION 1. That F. L. Fuller, Frank C. Hairston and Robert W. Winston and their associates, successors and assigns be and they hereby are created a body politic and corporate under the name and style of "Cooleemee Water Power and Manufacturing Company," with capital stock of ten thousand dollars ($10,000), divided into one hundred shares of the par value of one hundred dollars each, with liberty and authority to the majority of the stockholders to increase said capital stock at any time or from time to time to any amount not exceeding in the aggregate five hundred thousand dollars ($500,000), divided into shares of the par value of one hundred dollars each, and with privilege to said When authorized company to commence business when one thousand dollars

May increase stock.

to commence business.

Term of succession.

Corporate pow.

ers.

($1,000) of its capital stock has been subscribed for and paid in; and by unanimous vote of all the stockholders the capital stock of said company, after it has been increased, may at any time or from time to time be reduced: Provided, it shall never be less than its original capital stock of ten thousand dollars ($10,000).

SEC. 2. That said corporation shall have perpetual succession for the term of sixty years. It may adopt a common seal, which it may break or alter at pleasure. In its corporate name it may sue and be sued, prosecute and defend actions and special proceedings in all courts of the land; it may divide its capital stock

ers.

into such classes and issue it upon such terms and conditions as its stockholders may desire, and after the original or any increase thereof has been issued its stockholders may by unanimous consent convert one class of stock into another or modify and change the terms and conditions upon which any or all of it has been issued; it may issue the whole or any part of its capital stock in payment for property acquired for the company upon such terms and conditions as its board of directors may deem advisable; it may buy, lease, exchange, hold, sell and convey real and personal property at its will and pleasure: Provided, that it shall not at any time [own] more than twenty thousand (20,000) acres of land in fee; it may construct, build and erect such buildings, works and improvements upon property of its own or of others by their permission as may be deemed proper, and may equip, operate, use and maintain the same; it may purchase, lease, use Corporate powand maintain any works or improvements connected or intended to be connected with the works and improvements of said company; it may consolidate or unite with any other company now created or to be hereafter under the laws of this or any other state, retaining its own name or that of the company united or consolidated with, or by a vote of those holding a majority of its outstanding share capital, adopt a new name; it may borrow money and as security therefor it may issue its notes, bonds or other obligations, and if deemed advisable secure the payment of the same by a mortgage or deed of trust upon its franchises and property or any part of it; it may acquire, hold, own and enjoy stock in the capital of any company now in existence or hereafter to be created under the laws of this state or any other state or country, and stock in its capital may be owned, held Corporate powand enjoyed by any company now created or to be hereafter created; for the purposes of its business it may build, equip and maintain a railroad or railroads operated by such motive power as it may see fit to adopt; it may acquire, construct, equip and operate telephone and telegraph lines and electric light and power plants; and it may construct or in any other way acquire, maintain and operate boats or vessels of such character as it may deem best or in any other way provide means for transportation of persons and goods.

ers.

SEC. 3. That the principal office of said company shall be in Principal office. Davie county, North Carolina, but it may establish and maintain branch offices, agencies, factories, depots, warehouses, stores,

and works anywhere in the United States or elsewhere that its directors may deem advisable.

SEC. 4. That it may make such by-laws, rules and regulations By-laws and as the stockholders may desire not inconsistent with the consti- rules. tution and laws of this state.

Individual liability.

Notice of first meeting not required.

SEC. 5. That the corporators and stockholders of said company and their associates, successors and assigns shall not be individually or personally liable or responsible for the debts, contracts. obligations, engagements or torts of said corporation.

SEC. 6. That no notice or publication whatever of the first meeting of said corporation shall be given or required: Provided, all of the corporators named herein waive in writing such notice and fix a time and place for such meeting.

SEC. 7. That this act shall be in force from and after its ratification.

Ratified the 27th day of February, A. D. 1899.

Corporators.

Body corporate.
Corporate name.
Capital stock.

May increase capital stock.

Proviso.

Term of succession.

Corporate power.

CHAPTER 123.

An act to incorporate Cooleemee Cotton Mills.

The General Assembly of North Carolina do enact:

SECTION 1. That F. L. Fuller, Frank C. Hairston and Robert W. Winston and their associates, successors and assigns be, and they hereby are created a body politic and corporate under the name and style of Cooleemee Cotton Mills, with capital stock of ten thousand dollars ($10,000), divided into one hundred shares of the par value of one hundred dollars each, with liberty and authority to the majority of the stockholders to increase said capital stock at any time and from time to time to any amount not exceeding in the aggregate five hundred thousand dollars ($500,000), divided into shares of the par value of one hundred doliars each, and with privilege to said company to commence business when one thousand dollars ($1,000) of its capital stock has been subscribed for and paid in; and by unanimous vote of all the stockholders the capital stock of said company, after it. has been increased, may at any time or from time to time be reduced, provided it shall never be less than its original capital stock of ten thousand dollars ($10,000).

SEC. 2. That said corporation shall have succession for the term of sixty (60) years; it may adopt a common seal which it may break or alter at pleasure; in its corporate name it may sue and be sued, prosecute and defend actions of special proceedings in all courts of the land; it may divide its capital stock into such classes and issue it upon such terms and conditions as its stockholders may desire, and after the original or any increase thereof has been issued its stockholders may, by unanimous consent, convert one class of stock into another or modify and change the terms and conditions upon which any or all of it has been issued; it may issue the whole or any part of its capital stock in payment for property acquired for the company upon

such terms and conditions as its board of directors may deem advisable; it may buy, lease, exchange, hold, sell and convey real and personal property at its will and pleasure; it may construct, build and erect such buildings, works and improvements upon property of its own or of others, by their permission, as may be deemed proper, and may equip, operate, use and maintain the same; it may in any way it may desire manufacture, handle and deal in cotton, wool, jute, hemp, silk or any Corporate power. other textiles, either singly or in combinations of two or more of them; it may buy, sell and exchange goods, wares and merchandise of all kinds; it may purchase, lease, use and maintain any works or improvements connected, or intended to be connected with the works and improvements of said company; it may consolidate or unite with any other company now created or May consolidate. to be hereafter created under the laws of this or any other state, retaining its own name or that of the company united or consolidated with, or by a vote of those holding a majority of its outstanding share capital, adopt a new name; it may borrow money May borrow and as security therefor it may issue its notes, bonds or other money. obligations, and if deemed advisable, secure the payment of the same by a mortgage or deed of trust upon its franchises and property or any part of it; it may acquire, hold, own and enjoy stock in the capital of any company now in existence or hereafter to be created under the laws of this state or any other state or country, and stock in the capital may be owned, held and enjoyed by any company now created or to be hereafter created; it may acquire, construct, equip and operate telephone and telegraph lines and electric light and power plants.

SEC. 3. That the principal office of said company shall be in Principal office. Davie county, North Carolina, but it may be establish and

maintain branch offices, agencies, factories, depots, warehouses, stores and works anywhere in the United States or elsewhere

that its directors may deem advisable.

rules.

SEC. 4. That it may make such by-laws, rules and regulations By laws and as the stockholders may desire not inconsistent with the constitution and laws of this state.

SEC. 5. That the corporators and stockholders of said company Individual and their associates, successors and assigns shall not be indi- liability. vidually or personally liable or responsible for the debts, contracts, obligations, engagements or torts of said corporation.

SEC. 6. That no notice or publication whatever of the first Notice of first meeting not meeting of said corporation shall be given or required: Pro- required. vided, all of the corporators named herein waive in writing such notice and fix a time and place for such meeting.

SEC. 7. That this act shall be in force from and after its ratification.

Ratified the 27th day of February, A. D. 1899.

Proviso.

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