Corporators. CHAPTER 129. An act to incorporate The Bank of Wadesboro, Anson county, North The General Assembly of North Carolina do enact: SECTION 1. That Charles M. Burns, F. C. Allen, T. J. Covington, T. R. Tomlinson, W. K. Boggan, J. L. Adams, K. W. Ashcraft, H. D. Pinkston, L. D. Robinson, H. Williams and J F. Medley, their present and future associates, successors and assigns, Body corporate. are hereby declared to be a body politic and corporate by the Corporate name. name and style of "The Bank of Wadesboro," situate in WadesPlace of business. boro, North Carolina, and shall so continue for the period of Corporate powers. twenty-five years, with capacity to take, hold and convey real and personal estate; to sue and be sued, and with all the powers, rights and privileges granted to any bank or banking institution by this or any preceding legislature of this state, together with the rights, powers and privileges incident or belonging to corporations of a like character, set forth or referred to in the first, second and third sections or any other section contained in chapter sixteen, volume one, of The Code, entitled "Corporations," and chapter four, volume two of The Code, entitled "Banks." Capital stock. Stock may be increased. Officers. Omcers shall give bonds. Stockholders' meeting. When books for subscription open. SEC. 2. The capital stock of said bank shall be twenty-five thousand dollars, divided into shares of twenty-five dollars each, and such capital stock may be increased from time to time by the stockholders or a majority of them as said stockholders may elect to a sum not exceeding fifty thousand dollars. The office and place of business of said bank corporation shall be Wadesboro, North Carolina; and its officers shall consist of a president, vice-president, cashier and a board of not less than five nor more than nine directors, exclusive of the president and vice-president, who shall be ex officio members of said board. The said directors may if they see proper elect a teller who, together with the cashier and president, shall be required to give bonds with approved security for the faithful performance of their respective duties. The stockholders shall meet annually and at such other times as their directors may designate, and shall elect a board of directors at their said annual meeting, who shall serve for a period of twelve months and until their successors are elected and qualified; the directors so elected shall immediately elect the officers aforesaid and fix the term of their offices and their compensation. SEC. 3. The corporators named in the first section, or a majority of them, are hereby empowered to open books of subscription to the capital stock of said bank at such time and place and for such a period of time as they shall determine whenever twenty five thousand dollars are paid in The said corporators or a majority of them may call a meeting of the stockholders in the town of Wadesboro and the stockholders shall proceed to adopt bylaws and regulations for the government of said bank not inconsistent with the laws of the state, and may elect such number of directors as may be necessary, to serve for one year and until their successors shall be chosen, or for such term as they may prescribe. SEC. 4 The said board of directors may adopt and use a seal, Seal. and break and alter the same at pleasure; may prescribe the manner of paying for stock and transferring the same; may regulate the method of conducting the business of the said bank; may do a general banking business and exercise all the powers, Corporate powers. rights and privileges conferred by the public laws of the state on banks and corporations of a like character; may lend money upon such rates of interest as may be agreed upon, not to exceed the legal rate; may discount, buy and sell notes, drafts and all other securities or evidence of debt; may loan money on mort- Corporate powers. gages of real and personal property; may buy, build or lease a banking house and sell or exchange the same at pleasure, may negotiate loans on mortgages, real or personal estate, or both, and they shall direct when dividends or profits shall be made and declared: Provided, said bank shall not charge a greater rate of Proviso. interest than is allowed by law, to wit: six per centum. SEC. 5. That to aid planters, manufacturers and others the said Advances to banking company shall and may have power to advance or loan planters. to any planter, farmer, manufacturer or other person any sumn or sums of money, and to secure the payment of the same, take a lien in writing on the crop or crops to be raised, whether planted or unplanted, or upon any article then existing or thereafter to be inade, purchased, manufactured or otherwise acquired, and any lien so taken shall be good and effective in law. SEC. 6. That if any subscriber shall fail to pay for his or her Unpaid substock hereafter or heretofore subscribed or any part thereof as scriptions. the same may be required of him or her, the same or any part thereof remaining unpaid may be recovered in the name of the corporation by ordinary civil action or the entire stock of such delinquent may be sold by order of the directors for cash at the banking house of the said corporation, after three months' notice of such sale in writing to the said delinquent, and after ten weeks' advertisement published in some newspaper in said town ̧ and the proceeds of such sale may be applied to the payment of the balance of the unpaid subscription; and if the proceeds shall not be sufficient to discharge the amount of the unpaid subscrip. tion, with all costs of sale, the balance may be secured by civil action as herein before provided. PRIV-17 Corporate pow ers. SEC. 7. The said corporation shall have the power to own, maintain or lease warehouses and carry on the business of warehousemen and forwarders, in case the said corporation by stock vote shall so determine; to receive on storage or deposit all kinds Corporate powers. of produce, merchandise or other personal property; to make advances in money or merchandise or produce, and to carry on and transact all kinds of business usually transacted by warehousemen; also to advance money and take legal liens for all such advances, and collect and receive interest and commissions, compensation for storage and all labors and expenses incident thereto. All advances made by said corporation or property received for storage or deposit and compensation for all charges and expenses thereon shall be a preferred lien on said property. which shall be satisfied and paid before said corporation can be required to deliver said property. Advances, etc., on property a preferred lien. Deposits by married women or minors. Corporate pow ers. Individual responsibility. Stockholders' SEC. 8. That when married women, minors or apprentices deposit money or anything of value in said bank, either generally or specifically to their own credit, they or any of them may draw the same on their check or order and be bound thereby, and such married woman, minor or apprentice shall be bound by such individual check or order, and the same shall be valid relative to said corporation against such married woman, minor or apprentice and all other persons whatsoever. SEC. 9. That said corporation shall have the right to act as agent, factor or trustee for any state, county, township, town or other municipality or corporation, company or individual, on such terms or compensation and commission as may be agreed on, in registering, selling, countersigning, collecting, acquiring, holding, dealing and disposing of, on account of any county, township, town, municipality, corporation, company or individual, any bond, certificate of stock, note or any description of property, real or personal, or for endorsing or guaranteeing the payment of said bonds, certificate of stock, notes, etc., and generally for managing such business, and for doing any of the matters and things authorized by this charter. The said corporation may charge such premium, commissions or rate of compensation as may be agreed upon. SEC. 10. All stockholders shall be held individually responsible, equally and ratably, and not one for another, for all contracts, debts and engagements of said bank to the extent of the amount of their stock therein at the par value thereof in addition to the amount invested in such shares, and no more. SEC. 11. That each stockholder shall be entitled in all meetings representation in of the stockholders to cast one vote for each share of stock of the meeting. par value of twenty-five dollars owned by him or her. Transfer of stock. SEC. 12. That the stock held by any one shall be transferred only on the books of said corporation either in person or by power of an attorney. SEC. 13. That said corporation shall have power to receive Corporate power. money in trust and to accept and execute any trust that may be committed to it by any court, corporation, company, person or persons; and it shall have power to accept any grant, assignment, transfer, devise or bequest, and to hold any real or personal estate or trust created in accordance with the laws of this state, and then to execute the same on such terms as may be established or agreed upon by the board of directors. And said corporation is hereby fully authorized and empowered to act as trustee or assignee and to receive any deposit of funds in litigation in the various courts of this state and pay therefor such interest as may be agreed upon not exceeding the lawful rate. In case its stockholders shall so elect it shall have power and authority to receive for safe keeping on deposit all money, bonds, stocks, diamonds and silver plate and other valuables and collect reasonable compensation for same, which charge shall be a lien on such deposit until paid, and generally do and carry on the business of a safe deposit and trust company. ment for savings. SEC. 14. That said bank is authorized to organize in connection Authorized to with its general banking business a department for savings and organize departdo a savings bank business for the convenience of small depositors, and to make such regulations in regard thereto not inconsistent with the laws of the state as will enable said bank to receive small deposits in the earnings department, and to give certificate or other evidence of deposit and to pay such interest and to regulate the time of payment and notice of demand. SEC. 15. That when this bank shall sell the property of its Sale of company's debtors on which it has a lien to secure a debt, or when such property. property shall be sold for its benefit, it may bid for, 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. clerks. SEC. 16. The directors of said bank are empowered to appoint Directors empowsuch other clerks as they may see fit and proper, to serve at the ered to appoint discretion of the directors. The directors shall prescribe their duties and shall take them [their] bonds with security for the faithful discharge of their duties and shall fix their compensation. SEC. 17. Any vacancy in the board of directors shall be filled Vacancies in by appointment by the remaining directors, and any director so appointed shall hold his place until the next election. board of directors. SEC. 18. Said corporation may be organized under this act at Time for organi zation. any time within five years from the date of its ratification. Ratified the 27th day of February, A. D. 1899. Corporators. Body politic. Corporate name. Purpose of organization. Corporate pow ers. Proviso. Certificates of proficiency. Capital stock. Control of corporation. Proviso. Empowered to create debts. Individual liability. CHAPTER 130 An act to incorporate Buies Creek Academy and Commercial College in The General Assembly of North Carolina do enact : SECTION 1. That J. A. Campbell, J. V. De Veany, P. D. Woodall, J. S. Pearson and their associates and successors be and are hereby created a body politic and corporate under the name and style of "Buies Creek Academy and Commercial College," and by that name to remain for sixty years for the purpose of maintaining a school of high grade in Harnett county, and in that name may acquire, hoid and convey property, real and personal, may sue and be sued, contract and be contracted with, plead and be impleaded. in their corporate capacity; may exercise such rights and acts as may be deemed needful for the promotion of education as aforesaid; may have and use such a common seal, may make and alter from time to time such by-laws as they may deem necessary for the government of said institution: Provided, such by-laws shall not be inconsistent with the constitution and laws of the United States and of this state. SEC. 2. That the corporation shall have power to issue to students who complete the prescribed course of study certificates of proficiency. SEC. 3. This corporation and its stockholders may, as they see proper from time to time, in order to best promote the interest of the institution, issue, offer for sale and sell shares of the capital stock of the corporation, which may if so desired be divided into dividend bearing and non-dividend bearing shares: Provided, that each share shall be of the par value of twenty dollars. SEC. 4. That the members of this corporation. together with such stockholders as may be admitted from time to time by sale of shares of stock, shall control the affairs of the corporation, elect such officers as they see fit, fix times of meetings and transact such business as may be incident to the success of the corporation: Provided, that in all meetings of the corporation and stockholders all questions shall be decided by a majority vote of the stock represented, each share having one vote: Provided, that a majority of the whole stock shall be represented in order to constitute a legal meeting of the corporation or stockholders. SEC. 5. That in order to make improvements or advance the purposes of the corporation this corporation shall have power to create a debt or debts, and if so desired to secure the same by a mortgage or mortgages or deed or deeds of trust. SEC. 6. That the stockholders shall not be individually liable for the contracts or torts of this corporation. |