Alamance county on behalf of the said city of Burlington, making defendants the parties over whose land the said right of-way is desired. and such petition shall set forth in detail the lands over which said right of-way will run and the terminal of said street, and such proceedings as to notice and time of hearing shall be governed by the laws governing other special proceedings, and upon the hearing the clerk shall appoint three disinterested persons, citizens and freeholders of the city of Burlington, as commissioners, who shall view the premises and shall ascertain and report to the clerk under their hands and seals what amount or sum shall be paid to the land owner or owners, and the order of the clerk of the superior court, together with the report of the commissioners, shall be spread upon the minutes of the city of Burlington, and shall pass the title of said land to the city of Burlington, and shall have the force and effect of a judg ment in favor of said land owner or owners against said city of Burlington. Order of clerk shall be spread on minutes. Sec. 22. That all property the subject of taxation by the state Property subject and county shall be likewise subject to taxation by the city of to taxation. Burlington, and it shall be the duty of the mayor of said city to obtain from the office of the register of deeds for Alamance county the assessed value of all property belonging to citizens of the city of Burlington, and to compute the tax upon the same and have it ready to turn over to the tax collector by the first Monday in October of each year, at which time the taxes of said Tax, when due. city shall be due and payable. Owners of lots fronting streets may be required to improve side walke. to make improve ment as directed. Sec. 23. That every owner of a lot which shall front any street on which a sidewalk has been established shall improve it in such manner as the aldermen may direct such sidewalk, as far as [it] may extend along such lot, and on failure to do so within twenty Failure of owner days after written notice from the board of aldermen served by the chief police officer of the city upon the said owner, or if he be a non resident of the county of Alamance, upon his agent; or if such non-resident have no agent in said county or personal notice can not be served upon the owner or agent, then after publication of a notice by the chief of police for thirty days in some newspaper published in Alamance county, calling on the owner to make such repairs, the aldermen may cause the same to be repaired either with bricks, stone or gravel, at their discretion, and the expense shall be paid by the person in default. Said expense shall be a lien upon said lot, and if not paid within six months after completion of the repairs, such lot may be sold, or enough of the same to pay such expenses and cost; and it shall be lawful for and the duty of the mayor of said city, after advertising time and place of sale for thirty days in some newspaper published in Alamance county, to offer said lot for sale to the highest bidder Lot may be sold for cash. The [owner] shall have twelve months from day of sale for expenses incurred by com. in which to redeem said lot by paying the amount expended in the missioners. Conflicting laws repealed. Officers governed by chapter 62 of The Code. repairs and ten per centum interest to the last and highest bidder at said sale upon the amount expended in repairs and costs of sale. In case said owner fails to redeem said lot in twelve months, upon the payment to him of the purchase-money and costs the mayor shall make a good and fee simple deed to the purchaser: Provided, no owner of any lot as above set out shall pay more than one-third of the cost of such improvement. Sec. 24. That all acts and parts of acts in conflict herewith are hereby repealed. Sec. 25. That in addition to the powers herein contained, the said officers shall be governed in their powers and duties by chapter sixty-two, volume two, of The Code of North Carolina. Sec. 26. That this act shall be in force from and alter its ratifi cation. Ratified the 6th day of March, A. D. 1899. Corporators. Corporate name ers. Capital stock. CHAPTER 201. An act to incorporate the Salisbury Savings Bank. The General Assembly of North Carolina do enact: Section 1. That John S. Henderson, M. S. Brown, L. H. Clement, P. B Beard, D. R. Julian, A. H. Boyden and E. H. Cuthrell, their associates, successors and assigns, are hereby constituted and declared a body politic and corporate by the name and style of "The Salisbury Savings Bank," with its principal place of business in the city of Salisbury, and by that name may sue and be sued plead and be impleaded in any court of the state, and have a continual succession for the term of thirty years, with the rights, powers and privileges of corporations and banks under the general laws of the state. Sec. 2. The capital stock of said corporation shall not be less than ten thousand dollars, in shares of one hundred dollars each, May be increased. and such capital stock may be increased from time to time as said corporation may elect by a vote of its shareholders to a sum not exceeding one hundred thousand dollars. When company may be organized. Sec. 3. Whenever five thousand dollars shall be subscribed and one-half paid in the capital stock of said corporation, the abovenamed corporation or a majority of them shall call a meeting of the subscribers to said stock at such time and place and on such notice as they may deem sufficient to organize said corporation; and such stockholders shall elect such directors as are herein after provided by section four of this act, who shall hold their office for one year and until their successors shall be chosen; and said directors shall elect a president and such other officers as they may think proper, to serve during their continuance in office. The remaining half of said subscribed capital shall be paid within one year after bauk begins business. Sec. 4. The officers of this corporation shall consist of a presi- officers of said corporation dent, vice-president cashier, teller, and such other officers as may be provided in the by-laws, and a board of directors of not less than seven nor more than nine directors, who are to be elected Directors. annually by the stockholders. and are to hold office until their successors are duly chosen; the directors so elected shall appoint the officers aforesaid. It shall be lawful for one person to perform the duties of more than one office in said corporation, and at all meetings of stockholders each share shall be entitled to one vote. Sec. 5. It shall be the duty of the board of directors and they are hereby empowered to make rules and regulations and by- o laws for the government of the said corporation and for the conduct of its business; also to fix the salaries of its officers and to fill vacancies on its board. A majority of said board shall constitute a quorum to do business. They may adopt and use a com- Quorum. mon seal and alter the same at pleasure. Directors shall make by-laws, Purpose of cor Sec. 6. The corporation is especially invested with the power and authority to carry on, conduct and operate a savings bank poration. business in all its branches, and may receive deposits in very smail sums, the limits to be fixed by its board of directors, and may pay interest thereon by the way of dividends out of the net earnings or at fixed rates, according as it may be agreed between the company and its depositors; and the board of directors are hereby authorized to make all needful by-laws and regulations for conducting and carrying into effect the different features of this branch of its corporation; and shall also have a right to conduct a general banking business. and hold real Sec. 7. Said corporation may purchase and hold all such real May purchase and personal property as may be necessary for its own business estate. purposes and such as may be conveyed to it to secure or satisfy any debt due to it or for any other purpose; and such as may be sold under a foreclosure of any mortgage made to said corporation or sold under execution or order of any court to satisfy any debt due to it, and may sell and convey and exchange the same at pleasure, and use or reinvest the proceeds thereof as may be deemed best; and said corporation is hereby authorized and empowered to invest the capital stock or funds of said company or such money and funds as may be deposited with said company for that purpose from time to time in the stocks, bonds or other securities of the United States or of this or any other state of the United States, or of any corporation under the laws thereof or May receive deposits of money, etc. Empowered to accept trusts from courts, etc. Stock of corpora tion, how transferred. any other stock or property whatsoever, and to dispose of the same in such manner as may appear to said company most advantageous. Sec. 8. Said corperation may receive a [on] deposit all sums of money which may be offered it for the purpose of being invested in such sums and at such times and on such terms as the board of directors may agree upon; and if money be deposited by a minor or feme covert, such money may be withdrawn by the minor or feme covert without the consent of the parent or guardian or husband of said minor or feme covert; and his or her check or receipt shall be binding upon said minor or feme covert as if he or she were of full age, and fully discharge said corporation from any and all liability therefor. Sec. 9. Said corporation shall have power to receive moneys in trust, and shall have power 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, desire [devise] or bequest and hold any personal or real estate in trust created in accordance with the laws of this state, and then to execute the same on such terms as [may] be established and agreed upon by its board of directors; and said corporation is hereby authorized and empowered to act as trustee or assignee, and to receive on deposit all funds in litigation in the various courts in this state, and pay therefor such interest as may be agreed on, not exceeding the lawful rate. It shall have power and authority to receive for safe keeping on deposit all money, bonds, stock, diamonds and silver plate and other valuables and charge and collect a reasonable compensation for the same, which charges shall be a lien upon said deposit until the same be paid; and generally to do and carry on the business of a safety and deposit company; and any receiver, executor, administrator, assignee, guardian or committee of a lunatic, and any public officer is hereby authorized to deposit with the said company for safe keeping any money or bonds. stocks, securities or other valuables which have or may come into his possession or under his control by virtue of his office or appointment aforesaid. Sec. 10. The stock of this corporation shall be transferred only on the books of the company, either in person or by power of attorney; and no stockholder shall transfer his stock except by the consent of the directors of the corporation, if he be indebted to the corporation as principal, security or otherwise, until such indebtedness is paid off and discharged; and for all such indebtedness said corporation shall have a lien superior to all other liens upon the stock of said stockholder. Sec. 11. This act shall be in force and effect from and after its ratification. Ratified the 6th day of March, A. D. 1899. CHAPTER 202. An act to incorporate the Commercial and Savings Bank of Goldsboro, The General Assembly of North Carolina do enact: Section 1. That G. A. Norwood, Jr., K. E. Bizzen, S. W. Isler, Corporators. W. W. Crawford, G. C. Royall and L. D. Gully, their associates, successors and assigns, are hereby constituted and declared a body politic and corporate by the name and style of The Com- Corporate name. mercial and Savings Bank, and shall continue for a term of sixty years, if accepted by the stockholders within five years of the date of its ratification, with capacity to take, hold and convey Corporate powers. real and personal estate with all of the powers, rights and privileges granted any bank or banking institution incident to or belonging to corporations, banks or banking institutions as set forth or referred to in the general laws of North Carolina. Sec. 2. The capital stock of said corporation shall not be less Capital stock. than fifteen thousand dollars ($15,000), but may be increased from time to time by the stockholders as may be agreed upon to a sum not exceeding two hundred thousand dollars ($200,000), divided into shares of one hundred dollars ($100) each. tion to stock may Sec. 3. The corporators named in the first section of this act, or Books for subscripa majority of them, are hereby empowered to open books of sub- be opened. scription to the capital stock of said ban.. at such time and place, and for such period or periods as shall be determined. Sec. 4. Whenever fifteen hundred dollars or over shall have When meeting of stockholders held. been subscribed and paid in, the before-named corporators, or a majority of them, shall call a meeting of the subscribers to said stock at such time and place and on such notice as they deem sufficient, and such subscribers shall elect from among their number such directors and officers as they may deem proper, who shall hold office for one year and until their successors are appointed; said directors shall have authority to fill all vacancies Corporate powers. that may occur in their own body and in any office or position of the bank until the next annual meeting of the stockholders. The corporation shall do a general banking business in all of its forms and branches, and take interest cr discount in advance as may be agreed upon, not in excess of the legal rate. The corporation may receive on deposit moneys held in trust from executors, administrators, guardians and others, and may issue certificates of deposit bearing such legal rate of interest as may be agreed upon between the parties; executors, administrators, guardians and others making such deposits are hereby authorized and empowered to accept certificates: Provided, that nothing in this section shall be construed as releasing any executor, admin Priv 36 |