transaction of all business. The number of shares necessary to constitute a quorum or for the transaction of any business may be changed at any regular general meeting of the stockholders. Sec. 4. That a regular general meeting of the stockholders Regular general meetings. shall be held once in each and every year, at a time and place to be fixed by the by-laws, at which meeting the officers and directors shall be elected, and who shall serve until their successors are elected. The president may call meetings of the stockholders for general or special purposes, and may appoint the time and place for said meeting.

Sec. 5. That the principal office anu place of business of sa. Principal office. corporation shall be in Louisburg, Franklin county, North Carolina, but the directors may establish other offices and conduct their business wherever it may be found convenient and useful for the corporation.

Sec. 6. That said corporation shall have full power to buy and Corporate powers. sell goods, wares and merchandise of every kind and description, fertilizers, farm supplies, horses, mules, wagons, buggies, carriages, and vehicles of every kind; shall have power to buy, sell, lease, contract for, own and hold real estate, and personal property of all kinds; to improve such real estate as it may purchase or acquire, by constructing any and all such buildings as it may deem expedient, or in any other lawful manner, for the purpose of enhancing its value, or utilizing the same; may build and equip stores and warehouses, and other business houses and residences; may borrow and lend money, and make, accept, issue and purchase promissory notes, bonds, deeds and mortgages: may mortgage and pledge its property, both real and personal, to secure loans, and may do any and all things necessary or desirable for the profitable conduct of the business, if the same be not prohibited by law.

Sec. 7. That said corporation is hereby authorized to pay for such real estate and personal property as it may purchase or otherwise acquire, with and by its capital stock; and it shall be lawful for the said corporation to receive in full or part payment Payment of capital of subscription to the capital stock, money, lands, buildings, labor, leases, materials, stocks, bonds, or other property.

stock.

Sec. 8. That the duration of the said corporation shall be fif- Duration of corteen years from the ratification of this act.

poration fifteen

years.

Sec. 9. That the corporators and stockholders of said corpora- Individual liability tion, and their successors and assigns, shall not be individually or personally liable or responsible for the debts, liabilities, contracts, engagements, or torts of this corporation.

Sec. 10. This act shall be in force from and after its ratification.

Ratified the 4th day of March, A. D. 1899.

Corporators.

Body corporate.
Corporate name.

Capital stock.

Individual liability.

Books of sub

opened.

CHAPTER 217.

An act to incorporate the Wilson Savings Bank.

The General Assembly of North Carolina do enact :

Section 1. That J. F. Farmer, W. D. Hackney, John E. Woodard, E. K. Wright, M. T. Moye, S. C. Wells, B. F. Lane, W. D. P. Sharp, W. M. Farmer, S. H. Crocker, W. W. Farmer, Silas Lucas, A. B. Deans, John D. Daws and K. H. Watson, and their associates, successors and assigns. be and they are hereby created a body politic and corporate under the name and style of "The Wilson Savings Bank," and by such name may acquire, hold and convey real and personal property, sue and be sued, plead and be impleaded in any courts of the state, and have a continual succession for sixty years, and a common seal, for the purpose indicated in the title.

Sec. 2. That the capital stock of said corporation shall not be less than ten thousand dollars, which may be increased from time to time to a sum not exceeding one hundred thousand dollars in shares of twenty-five dollars each, payable as follows: Ten per centum of each share in cash and ten per centum per month for each month thereafter until the full sum is paid; said corporation may, however, commence the business of banking when five thousand dollars of the capital stock aforesaid has been paid in. The stockholders shall be liable to the extent of the par value of their stock and nothing more for any debt, contract or engagement of said corporation.

Sec. 3. The corporators in the first section named or any three scription may be of them are hereby authorized and empowered to open books of subscription to the capital stock of said bank at such time or times, at such places and for such periods 'as they shall determine, until the same be wholly subscribed.

Organization.

Sec. 4. Whenever the whole number of shares of the capital stock shall have been subscribed, the before-named corporators or any three 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, and such stockholders shall elect nine directors, who shall hold office for one year and until their successors are qualified: Provided, that no person shall be a director in said Qualification for corporation without having subscribed and taken at least five shares of said stock.

Election of directors.

Proviso.

director.

Directors shall prescribe rules, regulations, etc.

Sec. 5. It shall be the duty of the board of directors to prescribe rules, regulations and by-laws for the government thereof: to choose officers, fix salaries, fill vacancies and generally do and perform such duties as the rules, regulations and by-laws of this corporation shall prescribe, when the same shall have been rati

fied by a majority in numbers and value of the stockholders voting thereon in person or by proxy.

Sec. 6. The principal office or banking house of this corpora- Principal office. tion shall be located in the town of Wilson and state of North Carolina.

powers.

Sec. 7. That this corporation shall have the power to receive Corporate and pay out the lawful currency of the country, to deal in exchange, gold and silver coin, stocks, bonds, notes, and other securities; to loan money to, or receive deposits of money or other property or evidences of debt from, corporations, minors, appren. tices, femes covert or other persons on such terms and time and manner and collection and payment as may be agreed upon between the parties, and for the use and loan of money may charge interest at the rate of six per centum per annum, and may take and receive said interest at the time of making said loan, free from all other control, contract or liability whatever; to invest in the stocks, bonds or other securities of this or any other state or of the United States, or of any corporation under the laws thereof, and to take such real and personal property conditioned in such form for the payment of the principal and interest of money loaned, advanced or expended, as may be deemed most safe, expedient and beneficial; and may purchase and hold real estate for their own use, to cost not exceeding ten thousand dollars, in addition to such real estate as may be conveyed to said corporation for security or in payment of debts due said corporation.

Sec. 8. That said corporation shall have power and authority Corporate powers. to guarantee the payment of principal and interest of notes, bonds, bills of exchange and other securities or evidences of debt, including the obligations of such corporations and individuals as may have secured their payment by deed of trust made to the corporation for such special purpose, and to receive for any guarantee such compensation as the parties may agree upon, and may charge therefor interest at the rate of six per centum per annum, and may take and receive the interest at the time [of] making said transaction.

Sec. 9. That this act shall be in force from and after its ratification.

Ratified the 6th day of March, A. D. 1899.

Corporators.

Duration of charter.

CHAPTER 218.

An act to incorporate the Surety Banking Company.

The General Assembly of North Carolina do enact:

Section 1. That B. S. Jerman, J. J. Thomas, Josephus Daniels, George Allen and H. W. Jackson, their associates, successors or assigns, are hereby created and declared a body politic and corCorporate name. porate by the name and style of the "Surety Bonding Company," with right of sixty years succession, and with capacity to take, hold, rent, lease and convey real and personal estate; and may Corporate powers. exercise and enjoy all the privileges, franchises, powers and immunities granted to corporations by the general laws of this state; and by which name they may sue and be sued, plead and be impleaded, complain and defend in all the courts of the land, whether of law or of equity, of record or otherwise.

Capital stock. Sec. 2. The capital stock of said company shall be one hunMay be increased, dred thousand dollars, which may be increased from time to time at the option of the stockholders of said company to any amount not exceeding five hundred thousand dollars. So soon as twenty five thousand dollars of said capital stock shall have been subscribed and ten per centum thereof paid in cash or in bonds. stock or other property taken in lieu of cash, it shall be lawful for said company to organize and commence business. The capmay be organized. ital stock of said company shall be divided into shares of one

When company

Division of

shares.

Books of subscription may be opened.

Measures for collection of stock.

Election of officers.

hundred dollars each; shall be deemed personal property; shall be transferable in the manner prescribed by the by-laws of said company, and each share shall entitle its holder to one vote in all meetings of the stockholders, to be cast in person or by proxy as the by-laws may prescribe.

Sec. 3. That the corporators named in the first section of this act or a majority of them, are empowered to open books of subscrip tion to the capital stock of said company at such times and places as they shall determine, and when the required amount of capital stock is subscribed and paid as provided in section two of this act, they may call a meeting of the stockholders in the city of Raleigh, and if at such neeting the stockholders who are present have a majority of the votes (if not another meeting shall be called) they may proceed to take proper measures for the collection of the stock subscribed for and to adopt such by-laws and regulations for the government of the company as they may deem proper and may elect such number of directors as they may deem necessary to serve for one year and until their successors shall be chosen or for such other term as they may prescribe.

Sec. 4. That the directors shall elect such officers for said company and shall employ such clerks and employees as may be pro

vided for by the by-laws of said company to serve during such term as the by-laws of said company shall prescribe. The directors and other officers and employees of said company shall per- Duties and compensation. form such duties and receive such compensation as may be prescribed or provided for in the by-laws.

become surety on

Sec. 5. That said company shall have the power to become Company emsurety for and guarantee the faithful performance of all duties powered to and obligations of persons holding places of public or private bonds. trust or responsibility; to execute as surety all bonds or undertakings of any official or any private person; to guarantee the faithful performance of any trust, contract or agreement (other than life, fire or accident insurance policies); to act as surety on any bonds or undertakings required or permitted in all actions or proceedings in law or equity; to guarantee, endorse and secure the payment of notes, bonds, bills of exchange, checks, rents, annuities, certificates of stock, choses in action and other evi dences of indebtedness and guarantee titles to property.

Sec. 6. That the said company shall have the right to act as agent, factor or trustee for any state, county, city, town, township or any other municipality, corporation or individual in registering, selling, countersigning, collecting or otherwise dealing with or disposing of any bonds, certificates of stock, notes or any other description of property, real or personal; may accept and execute trusts of any and every description which may be committed or transferred to them, with the consent by any person or persons, company or corporation, or by authority of law.

Sec. 7. That said company may accept the office or appointment of executor, trustee, mortgagee, assignee or guardian when such office or appointment is created and made by the last will and testament of any person or persons or by any conveyance or other assignment in writing of any individual, firm, company or corporation, and may be specially committed, assigned or given by such last will and testament, conveyance or instrument in writing or such as may be generally conferred by law, which official appointment shall, however, be exercised, subject to the laws of North Carolina.

May act as agent for states, cities, towns, etc.

May accept the office of executor, trustee, etc.

Sec 8. That the said company may charge and receive for do- Empowered to ing and performing all of the matters and things authorized by make certain this act, such premiums, commissioners or other rate of compensation as may be agreed upon or as may be fixed by law.

charges.

Sec. 9. That no incorporator or stockholder shall be in any wise Individual individually liable or responsible for any debt, obligation, con- liability. tract, engagement or tort of said company.

Sec. 10. That the principal office of said company shall be at Principal office. Raleigh, North Carolina, but the company may have branch Branch offices offices or agencies anywhere in the state of North Carolina or lished. may be estab