clusive of right-of-way: And provided further, that lines and ap. purtenances hereinbefore authorized for distributing power and light are to be constructed when on public streets or highways of any county, city or town under such reasonable regulations as the authorities respectively thereof shall, upon application from the company, prescribe. Sec. 5. That the said company shall have power, in addition to May sell electrithe powers herein before enumerated, to carry on and conduct cal power. the business of generating, making, trausmitting, furnishing and selling electricity for the purposes of lighting, heat and power and transmission of power, and to furnish and sell and contract for the furnishing and sale to persons, corporations, towns and cities of electricity for illuminating purposes or as motive power for running and propelling engines, cars, machinery and appara tus, and also for all other uses and purposes for which electricity Corporate pow is now or may be hereafter used, and to construct, maintain and ers. operate a plant or plants for manufacturing, generating and transmitting electricity; to deal in, generate, furnish, supply and sell electricity, gas and all other kinds of power, forces, fluids, currents, matter and materials used or to be used for the purpose of illumination, heat and power; to carry on any and all business in any wise appertaining to or connected with the manufacturing and generating, distributing and furnishing of elec. tricity for light, heat and power purposes, including the transaction of any and all business in which electricity is now or hereafter may be utilized, and all matters incidental or necessary to the distribution of electric light, heat and power; to manufacture and repair, sell and deal in any and all necessary appliances and machinery used in or which may be required or deemed advisable for or in connection with the utilization of electricity or in anywise appertaining thereto or connected therewith; to purchase, acquire, own, use, lease, let and furnish any and all kinds of electric machinery, apparatus and appliances; to purchase, acquire, own, hold, improve, let, lease, operate and maintain Corporate powwater rights and privileges and water powers; to supply water ers. to persons, corporations, factories, towns and cities, for domestic purposes, and for use as power and for manufacturing purposes, and to charge, receive and collect such charges and rates therefor as may be deemed advisable or expedient; to construct, acquire, build and operate, maintain and lease in the state of North Carolina canals, ditches and flumes and pipe lines for the conducting of water; to maintain and operate railroads, street railways, motor lines and tramways, carry freight and passengers or freight or passengers thereon, and to charge, collect and receive tolls or fares for the same: to construct, build, purchase, buy, own, hold, lease, maintain and operate telegraph and telephone lines May lease property. Corporate pow. ers. May enter enter upon certain lands for par ticular purposes. wherever it may be deemed expedient, and to charge, receive and collect such charges and rates for the use of its telegraph and telephone lines and for the transmission of messages thereon as may be deemed reasonable; to construct, acquire, own, hold, lease, maintain and operate lines of wires, underground conduits, subways and other convenient conduits or appliances for the transmission of electricity and other energies, fluids, forces and currents as may be deemed advisable or expedient; to lease any part or all of its railroads, street railroads, motor lines and tramways to any other company or companies incorporated for the purpose of maintaining and operating a railroad, street railroad, motor line or tramway, and to lease or purchase, maintain and operate any part or all of any other railroad constructed by any other company upon such terms and conditions as may be agreed upon between said companies respectively; to apply to the proper authorities of any incorporated city or town or of the county in the state of North Carolina in which the railways, street railways, motor lines, tramways, telegraph lines, telephone lines, electric light and power lines, plants, underground conduits, subways, wires, poles and appliances of this corporation may extend or be designed or intended now or hereafter to extend, for a grant of any rights powers, privileges and franchises for the maintenance or operation thereof; to accept, receive, own, hold, lease, all and singular, the same; to acquire by contract, purchase, lease or otherwise, and to accept, own and hold any rights, privileges or franchises heretofore granted to any person, firm, company or corporation, or which may be hereafter so granted by the proper authorities of any such incorporated city or town, or of any county in the state of North Carolina, to pur chase, acquire, lease, rent, own, hold and improve real property in such quantities as may be deemed expedient; to build dwelling houses, and to build and operate stores, mills, schools, factories, warehouses and any and all other buildings or structures desirable or convenient; to sell and dispose of the same on such terms as may be desirable or convenient: to lay out and plot any real property belonging to or acquired by the corporation into lots, blocks, squares factory sites and other convenient forms, and to lay out, plat and dedicate to public use streets, avenues, alleys and parks; to purchase, possess, own, hold rent, lease and improve all and any property, real, personal and mixed, necessary, desirable or convenient for the use of the corporation or the transaction of its business or any part thereof; and to do and perform all and other matters and things necessary, proper or convenient for the accomplishment of the objects above specified. Sec. 6. It shall be lawful for the president and directors, their agents, superintendents, engineers or others in their employ to necessary real enter at all times upon all lands or water for the purpose of exploring or surveying the works of said company and locating the same, doing no unnecessary damage to private property; and when the location of said works shall have been determined upon and a survey of the same deposited in the office of the sec retary of state then it shall be lawful for the said company, by the officers, agents, engineers. superintendents, contractors and May enter upon others in its employ, to enter upon, take possession of, have, possession of hold, use and excavate any such lands, and to erect all the struc. estate. tures necessary and suitable for the completion or repairing of said works, subject to such compensation as is hereafter provided: Provided always, that payment or tender of payment of all de- Proviso. mands for the occupancy of all lands upon which the said works may be laid out be made before the said company shall enter May tender payupon or break ground upon the premises, except for surveying or locating said works, unless the consent of the owners be first had and obtained: And provided further, that such locating of Proviso. its works and filing of its surveys in the office of the secretary of state shall not preclude said company from making from time to time other location of works and filing surveys of the same as its business of development requires. ment for lands. When disagree ment as to value of real estate, arbitrators may be appointed. Either party may appeal. Sec. 7. When any land or right-of-way may be required by said company for the purpose of constructing and operating its works, and for want of agreement as to the value thereof or for any other cause the same can not be purchased from the owner, the same may be taken at a valuation of five commissioners or a majority of them, to be appointed in term time on petition by the judge of the superior court of the county where some part of the land is situated: Provided, nevertheless, that if any per- Proviso. son or persons on whose land the works may be located, or if the said company shall be dissatisfied with the valuation of the commissioners, then in that case the party so dissatisfied may file exceptions to the valuation in the pending proceedings, subject to the rules and regulations prescribed by law or the course and practice of the court. The proceedings of the said commissioners, with a full description of the land, shall be returned under the hands and seals of a majority of them to the court from which the commission issued, there after confirmation by the judge to remain a matter of record, and also to be registered in the office of the register of deeds of each county wherein the land condemned lies, and the land so valued shall vest in the said company as soon as the valuation shall have been paid or tendered: Provided, that upon application for the appointment Proviso. of commissioners under this section it shall be made to appear to the satisfaction of the court that at least ten days' notice had been previously given of the application to the owner or owners with certain conditions. of the land so proposed to be condemned, or if the owner or owners be under disability, then to the guardian, if any, of such Failure to comply owner or owners, as well as to such owner or owners, or if the owner or owners who are not under disability, or the guardian of such owners as are under disability can not be found within the county, or the owner or owners is or are not known then that such notice of such application had been published once a week for at least four weeks in some newspaper printed in the county in which the application is made: And provided further, that the valuation provided for in this section shall be made on oath to the commissioners aforesaid, which oath may be adminbe made on oath. istered by any clerk of the court, justice of the peace or other person authorized by law to administer oaths: Provided further, that the right of condemnation herein granted shall not authorize said company to remove or invade the burial ground of any individual without his or her consent. Proviso. Valuation shall Proviso. May not invade burial ground. Sec. 8. The right of the said company to condemn land in the manner aforesaid shall extend to the condemning of strips of land not exceeding twenty-five feet in width, with necessary additional width in deep cuts and fillings required by the company for its roadways, power, transmission lines and all other lands necessary for the construction and operation of its own works, as well as the necessary water, including in the land and water thus described water powers, water privileges and land overflowed or submerged with water accumulated by the company's damns. Sec. 9. A part of the works of said company may be constructed without completing its entire works, and the said works may be operated and electric current transmitted and delivered and charges collected therefor, notwithstanding the entire works of the company have not been completed. Sec. 10. Every stockholder in the company shall at all meetings or elections be entitled to one vote for every share of stock registered in his name. The stockholders of the said company may enact such by-laws, rules and regulations for the management of the affairs of the company as they may deem proper or expedient. Meetings of the stockholders and directors may be held at Lockville, in Chatham county, where the principal office of the company shall be, or elsewhere in the state of North Carolina, at such times and places as the stockholders may in the by-laws or otherwise prescribe. Sec. 11. The board of directors shall be elected from the stockholders of said company and shall consist of such number as the stockholders shail prescribe from time to time by the by-laws, and shall be elected at the stockholders' annual meeting, to be held on such days as the by-laws of the company may direct, and shall continue in office for the term of one year from and after the date of their election and until their successors are elected and qualified; and they shall choose one of their number president; and in case of death, resignation or incapacity of any member of Election of presithe board of directors during his term of office, the said board shall choose his successor for the unexpired term. dent. dence. Sec. 12. That a copy of any by law or regulation of the said Copy of by-laws company under its corporate seal, attested by the secretary and prima facie eviby the president, shall be received as prima facie evidence for and against the said company in any judicial proceeding. Sec. 13. This act shall be in force from and after its ratification. CHAPTER 161. An act to incorporate The Bank of Alamance. The General Assembly of North Carolina do enact: Section 1. That E. S. Parker, J. L. Scott, Jr., McBride Holt, Corporators. J. B. Thompson, B. S. Robertson, Charles A. Scott, and their associates and successors and assigns, be and they are hereby created a body politic and corporate under the name and style Body corporate. of "The Bank of Alamance," and by such name may acquire, hold Corporate name. and convey real and personal property, sue and be sued, plead Corporate powers. and be impleaded in any of the courts of the state and have a continuous succession for thirty years and a common seal for the purposes indicated in this act. When commence erned. Sec. 2. That the capital stock of said corporation shall not be Capital stock. less than four thousand dollars, which may be increased from time to time to a sum not exceeding fifty thousand dollars in shares of fifty dollars each. Said corporation may commence shares. business when four thousand dollars shall have been paid in. business. Sec. 3. That the affairs of the corporation shall be governed by Affairs of corpoa board of not more than nine nor less than five directors, who ration, how gov shall be elected annually by the stockholders. The directors so elected shall choose from their own number a president and a Officers. vice-president, who shall serve for one year and until their successors shall have been elected. A majority of the board shall have power to fill vacancies in its body until the next succeeding annual meeting, to make rules, regulations and by-laws for the government of said corporation and for the conduct of its business, also to appoint its officers and fix their salaries. Sec. 4. That the office or banking house of the corporation Banking house shall be located in the town of Graham, North Carolina. at Graham. |