Empowered to establish savings bank.

Deposits by minors and femes covert.

Corporate powers and rights.

istrators, guardian or any other person who has the custody of any trust fund from liability under their bond or bonds.

Sec. 5. The corporation shall have authority to establish a savings bank department and operate same and receive deposits of sums of money of one dollar ($1) and upwards, and pay the same with interest, as may be agreed upon with depositors.

Sec. 6. When any deposits shall be made by any person being a minor or feme covert, the said corporation may, at its discretion, pay to such minor or feme covert, and such payment shall be to all intents and purposes valid in law to fully discharge the said corporation from any and all liability on account thereof.

Sec. 7. This corporation shall have all the rights, powers and privileges conferred upon the Citizens Trust Company in chapter thirty-eight, private laws of North Carolina, of eighteen hundred and eighty-three, not inconsistent with this act: Provided, this act shall not authorize the establishment of branch banks, and provided nothing herein shall authorize the charging of a greater rate of interest than that prescribed by law.

Sec. 8. This act shall be in force from and after its ratification.
Ratified the 28th day of February, A. D. 1899.

Corporators.

Corporate name.

Books of subscription may be opened

CHAPTER 203.

An act to incorporate the Raleigh Banking and Trust Company.

The General Assembly of North Carolina do enact:

Section 1. That Charles E. Johnson, Charles H. Belvin, W. A. Linehan, James A. Briggs, Charles Root, Charles M. Busbee, Thomas B. Crowder, Joseph B. Batchelor, Julius Lewis, F. O. Moring, Perrin Busbee, J. W. Harden Jr., F. H. Briggs, and their associates and successors, are hereby created a body politic and corporate under the name and style of The Raleigh Banking and Trust Company, and by such name shall have all franchises, rights and privileges incident to a corporation.

Sec. 2. The corporators above named, or any five of them, may open books of subscription, and after four hunderd shares of fifty dollars each shall have been subscribed, upon ten days' notice issued by said corporators, or any five of them, the subscribers may meet and organize by the election of a board of not less than five directors, who shall manage the affairs of the company for one year, or until their successors are elected, and Election of officers. who shall elect a president and all other necessary officers, employees and agents. The company shall have authority to trans

act business whenever four hundred shares have been subscribed,

and fifty per centum thereof paid.

Sec. 3. The capital stock of the said corporation shall not be Capital stock.

less than twenty thousand dollars ($20,000), but the same may be May be increased. increased from time to time to an amount not to exceed five hun

dred thousand dollars, to be divided into shares of the par value

of fifty dollars each.

Sec. 4. The principal office and place of business of said cor- Principal office. poration shall be in the city of Raleigh, state of North Carolina; and its officers shall consist of a board of at least five directors,

a president, vice-president, cashier, and such other employees as the board shall from time to time deem necessary to properly conduct the business of the bank. The board of directors shall Directors and officers, when elected be elected annually by the stockholders; the directors so elected shall choose the officers aforesaid, and may require the cashier, and such other employees as they may think advisable, to give Bond may be rebond, with approved security, for the faithful performance of quired.

their respective duties. At all stockholders' meetings each share

of stock shall be entitled to one vote, either in person or by

proxy.

Sec. 5. The corporation hereby created shall have power to Corporate powers. make contracts; to have and use a common seal; to sue and be sued in the courts as fully as natural persons; to buy, hold, possess and convey real, personal and mixed property; to make bylaws for the regulation and management of the business of the company; and to do all lawful acts and things and exercise all lawful powers and privileges which a corporate body may do.

Sec. 6. That said corporation shall have the right to do a gen- Corporate rights eral banking business, to receive deposits, to make loans and dis- and powers. counts, to obtain and procure loans for any person, company, partnership or corporation; to invest its own money or the money of others; to lend and invest money in or upon the security of mortgage, pledge, deed or otherwise, on any lands, hereditaments, or personal property, or interest therein of any description, situate anywhere; to lend money upon, or purchase or otherwise accept bills of lading or the contents thereof, bills, notes, choses in action, or any and all negotiable or commercial papers, or any crops or produce whatever, and what is known as cash credits, or any stock, bullion, merchandise or other personal property, and the same to sell or in anywise dispose of, and to charge any rate of interest on any such loans not exceeding the rate allowed by law.

Sec. 7. That said corporation may subscribe to, purchase, May make certain acquire or lend money upon any stock, shares, notes, bonds, agreements. debentures, or other securities of any government, state, municipality, corporation, company, partnership or person, and hold, deal in, sell or distribute the same among the stockholders; may

negotiate or place in behalf of any corporation, company, partnership or person, shares, stocks, debentures, notes, mortgages or other securities, with or without guaranty or collateral obliCorporate powers. gation by said company; and may sell or subscribe any of the property, real or personal, or any interest acquired therein by it, to any other corporation for any portion of its bonds, securities, obligations or capital stock as may be agreed upon, without liability on such stock so purchased or subscribed for beyond the agreed terms of said purchase or subscription. That said corporation may also receive 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 to, as an investment or otherwise.

Invested with pow

Sec. 8. The said corporation shall be invested with all the ers usually given to powers and privileges usually incident to banking institutions banking institu

tions.

Deposits of minors and femes covert.

May become surety on bonds.

May act as agent, factor or trustee.

and to savings banks, with the right to receive deposits, the limit to be fixed by its board of directors, and to pay interest thereon at fixed rates or by way of dividends out of the net earnings, according to the terms to be agreed upon between the corporation and its depositors; and the board of directors are hereby fully authorized to adopt all other rules and regulations for conducting and carrying into effect the savings bank feature of this corporation.

Sec. 9. The said corporation may receive deposits from minors and married women, and open accounts with them in their own name, whether for investment or otherwise; and when any deposit shall be made in the name of any minor or married woman the said company may deal with such minor or married woman in reference thereto as though he or she were sui juris, and payment made to such minor or married woman, on his or her receipt or acquittance, or his or her check drawn against such deposit, shall be a valid and sufficient release and discharge to such corporation for such deposit and any interest thereon, or any part thereof.

Sec. 10. That said corporation shall have power to become surety on the bond of any state, county, city or town official, or on the bond of any administrator, guardian, trustee, corporation or natural person, or on undertakings of all kinds in any court of justice as fully as a natural person, by the signature and justification of any of its executive officers authorized by the rules and regulations of the company to do so.

Sec. 11. That said corporation shall have the right to act as agent, factor or trustee for any state, county, town, municipality, corporation, company or individual, on such terms as to agency and commission as may be agreed upon, in registration, selling and countersigning, collecting, acquiring, holding, dealing in and disposing of, on account of any state, county, town munici

pality, corporation, company or person, bond, certificates of stock, or any description of property, real or personal, or for guaranteeing the payment of such bonds, certificates of stock, etc., and generally for managing such business; and may charge such premiums, commissions or rate of compensation as may be agreed on, in and for any of the matters and things authorized by this charter.

stock.

Sec. 12. That the stock of said corporation shall be transferred Transferral of only upon its books, either in person or by proxy, and no stockholder shall transfer his stock, except by consent of the board of directors, while he is indebted to the corporation as principal, security or otherwise; and for all such indebtedness said corpora- Lien of corporation tion shall have a lien superior to all other liens upon the stock on stock. of said holder.

Sec. 13. That said corporation shall have power to receive May become executor and adminismoney in trust; to become executor or administrator of any trator. estate, and to accept and execute any other trust that may be committed to it by any court, corporation, company, person or persons; and it shall also have power to accept any grant or transfer, devise or bequest, and hold any real or personal estate, or trust created in accordance with the laws of this state, and to execute the same on such terms as may be established and agreed upon by the board of directors.

etc.

Sec. 14. That in all cases when application shall be made to Said corporation may be appointed any court of this state for the appointment of any receiver, trustee, receiver, trustee, administrator, assignee, commissioner, or guardian of any minor or of any lunatic or insane person, it shall be lawful for such court, if it shall think fit, to appoint the Raleigh Banking and Trust Company such receiver, trustee, administrator, assignee, commissioner or guardian, and the accounts of such corporation in such fiduciary capacity shall be regularly settled and adjusted as if it was a natural person, and upon such settlement or adjustment all proper, legal and customary charges, cost and expense shall be allowed to said corporation for its services, care and management in the premises, and the said corporation, as such receiver, trustee, administrator, executor, assignee, commissioner or guardian, shall be subject to all orders or decrees Shall be subject to orders and decrees. made by the proper tribunal under the laws of this state: Provided, that any oath required by law to be taken, in order for qualification to any of the offices or trust above mentioned, may be taken by any officer of said company, and the oath prescribed by law may be so modified as to apply to corporations instead of individuals.

Sec. 15. The said corporation is hereby fully authorized and May act as trustee or assignee for inempowered to act as trustee or assignee for any insolvent person, solvent persons. firm or corporation, and to receive on deposit all funds in litigation in the various courts of this state, and pay therefor such

Additional powers and privileges conferred.

Receipts issued by said company nego

tiable instruments.

Proviso.

When receipt contains no stipulation.

Powers set forth in this act not for

feited by non-use. Proviso.

Shall organize within five years.

interest as may be agreed upon, not exceeding the lawful rate. 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 charge and collect a reasonable compensation for the same, which said charge shall be a lien upon such deposit until paid, and generally to do and carry on the business of a safety deposit and trust company. Said corporation shall also have power to issue bills or notes to circulate as currency in such denominations as the board of directors may authorize, and under such regulations as may be hereafter authorized and provided by the laws of this state and the United States.

Sec. 16. That in addition to the powers above conferred, said corporation may build, erect, maintain, conduct and operate one or more warehouses or depots for the storage of goods, wares, merchandise, cotton and other products, and to charge and receive commissions, rents and compensation for the storage and keeping thereof, which charge shall constitute a first lien upon the property so stored; make rules, regulations, contracts and by-laws fixing terms and prices for storage, manner of inspection, forms of receipts, insurance of property stored, and all other matters affecting the safe and prudent conduct of such business; make advances of money or credit upon cotton or other product and merchandise stored as aforesaid, and do all such things as may be wise and profitable in and about said storage business as are not contrary to law; and the receipts issued by said company shall be and are hereby declared to be negotiable instruments and pass by endorsement and delivery, and to entitle the holder thereof to the property marked and designated therein, in like manner as the original holder would be had not such an assignment been made: Provided, that in the absence of any stipulation in the receipt or any contract between the said company and any disposition of property in said warehouses, the said company shall be held and deemed to be liable to exercise only ordinary care in the custody and protection of such property.

Sec. 17. That the powers and privileges set forth in this act shall not be deemed forfeited by non-user: Provided, the said corporation is organized within five years from the date of the ratification of this act.

Sec. 18. This act shall be in force from and after its ratification.

Ratified the 28th day of February, A. D. 1899.