thousand dollars, payable at such times and places as the board of aldermen may prescribe: Provided, that the time of payment of such bonds shall not be less than thirty years and more than sixty years from their date. of bonds. fled. Sec. 2. That the said bonds shall bear interest at no greater Rate of interest rate than five per centum per annum, and the interest shall be made payable annually or semi-annually, as the board of aldermen may prescribe, and said bonds shall in no case be sold, hypothacted or otherwise disposed of for less than their par value. Sec. 3. The said bonds shall be signed by the mayor, attested Bonds, how certiby the city secretary and treasurer, and sealed with the corporate seal of the city, and shall have interest coupons attached thereto, which said bonds and their coupons shall be exempt from city taxation until after they become due and the coupons shall be receivable in payment of city taxes. That for the purpose of paying said bonds at maturity, and the said coupons as they become due, it shall be the duty of the board of alder men, and they are hereby empowered so to do, to levy and collect each year a sufficient special tax upon all subjects of taxation which are now or may hereafter be embraced in the subjects of taxation under the charter of said city, and in the manner and at the same time as other taxes are collected under said charter: Provided, that the total rate of taxes, both general Proviso. and special, shall never exceed one dollar and fifty cents on each hundred dollar valuation of property: Provided further, that Maximum tax the taxes collected under this act for the payment of said bonds Proviso. and interest coupons as aforesaid shall be used for no other purpose, and it shall be the duty of the city treasurer, as said coupons are paid off and taken up, to cancel the same, and report not less than twice a year to the board of aldermen, the number and amount of coupons so cancelled. Aldermen em powered to levy special tax for redemption of bonds as they become due. rate. Taxes collected shall be used only for certain purposes. under this act Bonds shall be issued only after election. Sec. 4. That the board of aldermen shall not issue said bonds, nor any of them, nor collect said tax until they shall have been authorized and empowered so to do by a majority of the qualified voters of said city, at an election or elections to be held at such times and places as the said board shall appoint, of which notice shall be given for twenty days in some newspaper published in said city; and at the said election or elections, those favoring the issue of said bonds, or of any of them as specified in the call of such election or elections, and the levy and collection of the tax for the payment of said bonds and coupons, shall vote "Issue," and those opposed to it shall vote "No Issue": Pro- Form of ballot. vided, that the said board may, in its discretion, order a new registration of voters. Sec. 5. That said board may call an election under this act at When election may be called. any time it may see fit, after giving the proper notice and Succeeding elec tions may be held. Purpose of issuance of bonds. Electric lights. Waterworks. Sewerage. Street improvemenis. Aldermen shall have entire supervision of works thus constructed. Conflicting laws repealed. observing the general election laws of the state; and the rejection by the voters of any proposition submitted to them under this act, shall not prevent a submission of the same or other propositions to the said voters at any other time that the board of aldermen may appoint, and that the said board may continue to call élections under this act until the whole amount of fifty thousand dollars shall have been issued. Sec. 6. That said bonds may be issued for the purpose of building or buying, conducting and operating an electric light plant and electric power plant, gas plant, or both, and to furnish lights to the streets of said city, and lights for private use to its citizens, if the board of aldermen see fit, and to charge for said lights and power furnished for private use, and to erect, build, buy and operate waterworks, and to supply private citizens water, and charge for same, and to maintain and operate waterworks and to furnish for the use of the city; to build, construct, enlarge and maintain the sewer system; to build a city hall and market house, and other necessary buildings, and to rent stalls or other parts of public buildings, and to grade, curb, macadamize, pave, and improve the streets of the city: Provided, however, that the said board of city aldermen shall, in the resolution calling the election and the notice of the people of said election, state the maximum amount of bonds to be issued under said election, and the purpose or purposes for which the said bonds are to be issued, specifying the maximum amount to be issued for each purpose, and the bonds shall be issued for no other purpose than that specified as aforesaid, provided that the purchaser of said bonds shall not be required to see to the application of the purchase money. Sec. 7. That the said board of aldermen shall have entire supervision and control of any and all of the parts or works, now established, or hereafter established under this act, and is hereby authorized to elect all such agents, servants and employees as it may deem proper, and pay the same from any of the revenues of the city not otherwise appropriated, and do all other proper things to carry into effect the true intention of this act. Sec. 8. All laws or parts of laws in conflict herewith are hereby repealed. Sec. 9. This act shall be in force from and after its ratification. CHAPTER 158. An act to amend and supplement the articles of incorporation granted Robert L. Steele, Thomas C. Leak, Henry C. Wall, Walter L. Steele, Alfred M. Scales and William Entwistle, under the corporate name of "The Roberdell Manufacturing Company," by the clerk of the superior court of Richmond county. North Carolina, on or about the eleventh day of May, Anno Domini eighteen hundred and eighty-two. The General Assembly of North Carolina do enact: Section 1. That H C. Wall, T. C. Leak, W. I. Everett, R. L. Steele, G. S. Steele, William Entwistle, James P. Leak, and Corporators. their associates, successors and assigns, who are and will be the associates, successors and assigns of the original incorporators of "The Roberdell Manufacturing Company," shall be and are hereby declared a body corporate and politic, under the name and style of "The Roberdell Manufacturing Company," for the Body corporate. purpose of using and erecting mills and machinery for the man- Corporate name. ufacturing of yarn and fabrics of cotton, woolen and other textile fabrics, and manufacturing the same into clothing of any kind they may deem expedient, near the town of Rockingham, Richmond county, North Carolina; and shall have all the cor ers. porate power now possessed by said "The Roberdell Manufactur- Principal office. ing Company," and by said corporate name may sue and be sued, Corporate name. plead and be impleaded, defend and be defended unto, answer and be answered in any of the courts of this state; may have and use a common seal, alterable and renewable at Corporate powtheir pleasure; may establish such by-laws, rules and regulations for the government of said corporation as they may deem proper, not inconsistent with the law of the land; may purchase and hold real estate for the use of said corporation, so the same shall not exceed five hundred (500) acres in quantity; may acquire and hold personal property and effects to whatever extent may be necessary, profitable and convenient for the purposes of their organization; and may do and corry on a general mercantile business in their corporate capacity; may gin cotton, grind grain and generally shall have authority to do all acts and things for the proper and convenient carrying on of the business for which they were established, including a mercantile business, and which other corporate bodies of like character have under the general law, not inconsistent with or contrary to the constitution and laws of this state or of the United States. Sec. 2. That the capital stock of said corporation may be as Capital stock. much as two hundred thousand dollars, but shall not exceed that amount, and shall be divided into shares of one hundred Corporate liabilities. Election of directors. Election of officers. Compensation of officers Annual meetings, when and where held. Empowered to build dams, etc. Corporate pow ers. dollars each, with only corporate liabilities until the first day of January, 1940; stockholders in said corporation shall not be personally liable for the debts or contracts of said corporation. Sec. 3. That the stockholders in said corporation shall elect at the end of the term of the present board of directors, not less than five nor more than seven in number for a board of directors, who shall manage the affairs of the corporation for one year from the date of their election, and until their successors shall be chosen, and said board of directors, as early as practicable, shall elect one of their number president, and appoint such other officers, agents and employees as in their judgment the said corporation may require, and shall have power to do all other acts and things for the ordering and management of the affairs of said corporation, incident to the position and ancillary to the purpose for which the corporation is created, subject always to the law of the land. Sec. 4. That compensation to the president and directors shall be fixed by the stockholders, and to the other officers and employees by the board of directors; and the said board of directors shall have authority to take bond of any officer or officers having in charge the finances of the corporation, and bring action upon a breach thereof. Sec. 5. That an annual meeting of the stockholders shall be held at such time and place as the stockholders may direct, and the board of directors shall have power to call a meeting of the stockholders at such times and places as they may deem to the interest of the corporation; and one-fifth in interest of the stockholders in said corporation may call a meeting of the stockholders when they see proper to; and at each and any meeting of the stockholders of said corporation each stockholder shall be entitled to one vote for each share of stock held by him in said corporation. Sec. 6. That said corporation shall have authority to construct dams, buildings, walls, and all other works necessary for the purpose for which they are established, and may purchase, make and use all machinery, tools, implements and fixtures necessary and convenient for such ends, and may use any motive power which may be deemed conducive to the interest of said corporation. Sec. 7. That said corporation shall have power to borrow money for the purposes of their business to an amount not exceeding one hundred thousand lollars, at such rate of interest as may be agreed upon, not exceeding that allowed by law per annum, and to issue under their corporate seal obligations to pay the same, which said obligations shall be assignable by endorsement. Sec. 8. That the board of directors shall have authority to Books may be keep open their books of subscription until the whole of the Kept open for subscriptions. capital stock shall be subscribed, and may prescribe the terms upon which new stockholders may be admitted, so they respect the legal rights of old stockholders. Sec. 9. That this act shall take effect and be in force from and after its ratification, and remain in force until the first day of January, Anno Domini 1940. Sec. 10. All laws and clauses of laws and all acts of the clerk Conflicting laws of the superior court for Richmond county, North Carolina, in repealed. conflict with this act are hereby repealed. Ratified the 28th day of February, A. D. 1899. CHAPTER 159. An act to authorize the City of Raleigh to issue bonds for public improvements and to levy a special tax. The General Assembly of North Carolina do enact: Aldermen of Raleigh empow ered to issue bonds for certain improvements. bonds. Section 1. That for the purpose of paving, macadamizing and otherwise improving such of the public streets of the city of Raleigh, as the board of aldermen of said city may determine to improve, and for making such other public improvements as the said board of aldermen may determine to make, the City of Raleigh is hereby authorized and empowered to issue its bonds to an amount not 'exceding one hundred thousand dollars, of such Amount of denominations and in such proportions as the board of aldermen may deem advisable, bearing interest from the date thereof at a rate not exceeding five per centum per annum, with interest coupons attached, payable half yearly, at such times and at such place or places as may be deemed advisable by said board of aldermen, said bonds to be of such form and tenor and transferable in such way, and the principal thereof payable or redeema- Bonds, when ble at such time or times not exceeding thirty years from the redeemable. date thereof, and at such place or places as the board of aldermen may determine. Aldermen shall set aside certain proceeds. Sec. 2 That the board of aldermen shall set apart for the special purpose of paving, macadamizing and otherwise improving the streets of the City of Raleigh, the whole of the proceeds arising from the sale of the bonds authorized by this act: Provided, that not more than fifty thousand dollars may be expended in any one year. Sec. 3. That none of the bonds authorized by this act shall be Bonds, at what disposed of either by sale, exchange, hypothecation or otherwise price to be sold. for a less price than their par value, nor shall said bonds or Proviso. |