and the business of the said corporation shall be confined to the county of Hyde. Sec. 3. That the officers of this corporation shall hold their re- Term of officers of corporation. spective offices for a period of one year; and at the expiration of their term of office an election shall be held for the election of their successors, who shall hold office for a period of one year, and there shall be held every year thereafter an election for offi- Annual election cers for the corporation. of officers Sec. 4. That the objects of the corporation shall be to unite for Objects of cormutual benefit all acceptable white persons, citizens and resi- poration. dents of the state of North Carolina and the county of Hyde, of every profession, business and occupation; to give all possible moral and material aid in its power to its members and those depending on its members; to promote benevolence and charity by establishing a benefit fund, out of which, on satisfactory evi- Benefit fund. dence of the death of a member who has complied with all its lawful requirements, the corporation is to pay to the family of the deceased member, or as such deceased members may have recommended in his application for membership, a sum of money, which sum of money shall be such an amount as may be derived from or produced by the levy of an assessment upon each and every member in good standing with the said corporation at the time of such death. The manner of making such levy and the amount of the same to be regulated by the constitution, by-laws and regulations of the said corporation. Sec. 5. That the private property of the members of the corpo- Individual ration shall be exempt from the debts of the corporation. liability. Sec. 6. That said corporation shall have power to collect, hold Corporate powand disburse the funds named in its objects for the benefit of its ers. members, and said funds shall be exempt from execution, and under no circumstances shall be liable for the debts of any of its living or deceased members, except when a deceased member shall have directed in his application for membership that the benefit accruing at his death shall be paid to his estate. Sec. 7. That said corporation shall be exempt from any privil- Exempt from ege, state, county, city or town taxes. Sec. 8. That this act shall be in force from and after its ratification, and shall remain in force ninety-nine (99) years. Ratified the 6th day of March, A. D. 1899. taxes. Section 11, chap. ter 271, private acts of 1895, amended. Trustees of certain funds may convey same to Methodist orphanage. Responsibility CHAPTER 223. An act to amend chapter two hundred and seventy-one of the private acts of eighteen hundred and ninety-five. The General Assembly of North Carolina do enact: Section 1. That section eleven of chapter two hundred and seventy-one of the private acts of the general assembly of eighteen hundred and ninety-five be amended by adding thereto the following: Provided, that the said trustees may, by and with the written consent of J. S. Wynne, Esq., and upon such terms as may be agreed upon, transfer, deliver and convey unto the trustees of the Methodist Orphanage the funds and property now in their hands or that may hereafter come to their hands or within their control, to be used and employed by the said trustees of the Methodist Orphanage in the establishment or support (so far as said property may avail for such purpose) of a hospital or sanitarium for the care of the sick children in said orphanage or the sick inmates of any of the homes or departments under the control of said trustees of the Methodist Orphanage, and after such transfer and conveyance the trustees named in this act shall cease to be responsible therefor. Sec. 2. This act shall be in force from and after its ratification. Additional cor- DA. Tompkins CHAPTER 224. An act to amend the charter of the D. A. Tompkins Company of Charlotte, The General Assembly of North Carolina do enact : Section 1. That the D. A. Thompkins Company, a corporation organized under the laws of this state and now having its principal office at Charlotte, shall have the following enumerated powers in addition to those already conferred upon it by law and the terms of its charter, to-wit: To acquire and hold, by subscription or purchase, stock in any other industrial corporation organized under the laws of this state or of any other state; to erect and operate mills for the manufacture of yarn or cloth out of any material and to acquire and hold land for the purposes of such manufacturing; to construct and operate railroads and tramways from any railroad track to the site of such mill or mills as may be erected by it; and to acquire and hold rights-of-way for the purpose of constructing such railroads or tramways; to operate, in connection with such manufacturing establishments, stores for the sale of goods, wares and merchandise; to establish warehouses and make and collect charges for the storage of goods therein, and to advance money on property deposited in such warehouses; to construct and operate street railways under contract with the proper authorities of any city or town; to construct and operate plants for the furnishing of light for any of the cities or towns of the state under contract with the proper authorities thereof, and to have, use and hold all such property, real or personal, as may be convenient or necessary for the successful conduct of any business which it may lawfully engage in under the powers hereby conferred upon it. Sec. 2. This act shall take effect whenever at a regular or spe. When this act is effective. cial meeting of the stockholders of said corporation the same shall be duly accepted by the said stockholders as an amendment of the charter of the corporation. Ratified the 6th day of March, A. D. 1899. CHAPTER 225. An act to repeal chapter one hundred and eighty-four, of the private laws of eighteen hundred and ninety-seven, entitled "An act to incorporate the Iverson Lumber and Broom Company of Yancey and Mitchell counties." The General Assembly of North Carolina do enact : Section 1. That chapter one hundred and eighty-four of the private laws of North Carolina of the session of eighteen hundred and ninety-seven, entitled "An act to incorporate the Iverson Lumber and Broom Company, of Yancey and Mitchell counties," be and the same is hereby repealed. Sec. 2. That this act shall be in force from and after its ratification. Ratified the 6th day of March, A. D. 1899. Chapter 184, private laws of 1897, repealed. CHAPTER 226. An act to extend the time for the organization of the Lumberton and Lumber River Railroad Company. The General Assembly of North Carolina do enact : Section 1. That the time for organizing and beginning the con- Time for beginstruction of the Lumberton and Lumber River Railroad Com- ning construction of Lumberton pany, under the terms of its charter heretofore granted, and the and Lumber amendments thereto, be and the same is hereby extended for extended two years from the ratification of this act. Sec. 2. This act shall be in force from and after its ratification. River Railroad Corporators. Body corporate. Capital stock. Proviso. Limitation to stock. CHAPTER 227. An act to incorporate the Merchants and Manufacturers Storage and The General Assembly of North Carolina do enact : Section 1. That Ashley Horne, Charles W. Horne, Charles H. Belvin, Frank K. Ellington, Ed. H. Lee and Charles G. Latta, or any three of them, and their successors, associates and assigns, are hereby constituted a body corporate by the name of "The Merchants and Manufacturers Storage and Warehouse Company," by which name said corporation shall have all the privileges, franchises and rights incident to a corporation. Sec. 2. The capital stock of said corporation shall be for such a total sum, and be divided into such number of shares and of such amount for each share, as the majority of the stockholders in general meeting may determine: Provided, that such capital stock shall be not less than seven thousand and five hundred dollars ($7,500) or more than fifty thousand dollars ($50,000), and that said corporation shall have authority to organize and transact business when seven thousand five hundred dollars ($7,500) of its capital stock is subscribed for and paid up, in cash or in property, to the value of seven thousand five hundred dollars ($7,500). The said corporation may issue stock, both common and preferred, with such regulations as may be prescribed by a majority of the stockholders; the certificates for this stock shall be issued only when fully paid for, and shall not thereafter be liable for assessment for any purpose whatsoever; the shares of stock shall be deemed personal property and be transferable on the books of said corporation in accordance with the by-laws made in that behalf. The capital stock may be increased from time to time may be increased. to such an amount as may be deemed proper, until the limit of fifty thousand dollars ($50,000) be reached. May issue stock. Capital stock Corporate pow. ers. Nature of busi ness Corporate pow. ers. Sec. 3. The corporation hereby created shall have power to make contracts, to have and use a common seal; to sue and be sued in any court 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; to do all lawful acts and things and exercise all lawful powers and privileges that a corporate body may do. Sec. 4. That said corporation may conduct warehouses and depots for the storage of cotton and other personal property and issue certificates or receipts therefor, which certificates or receipts shall be negotiable by endorsement and delivery, entitling the holder to the property mentioned in said certificates or receipts without regard to the depositor of the property, and the said company shall exercise ordinary care in the custody and care of the property stored with it, and may charge a reasonable compensation for such services. money. Sec. 5. It shall be lawful for said company to borrow such sums May borrow of money from time to time as the interest of the company may require, and to issue and dispose of its promissory notes or bonds; and said company may mortgage, pledge or hypothecate any part of its property or franchises to secure the payment of such bonds or promissory notes. Sec. 6. The stockholders in general meeting shall make and Shall make by establish such by-laws, rules and regulations, not inconsistent laws, etc. with the laws of North Carolina and the United States, as they may deem best for the management of the business of the company, and elect a board consisting of not less than three nor more than five directors, who shall hold their office for one year or Directors. until their successors are duly elected, and the said board of directors shall elect such officers and agents as they may deem necessary, and they may require any or all of such officers and agents to enter into bond, payable to the said company, in such sum as they may deem necessary, conditioned upon the faithful discharge of their duties. Term of office. Sec. 7. That the stockholders of the company shall not be in Individual dividually liable for any of its debts, torts or liabilities. liability. Sec. 8. That the principal office and place of business of said Principal office. company shall be in the city of Raleigh, North Carolina, but they may establish warehouses, offices and agencies for the transaction of business at such other places as they may deem proper. Sec. 9. That said corporation shall exist for thirty years and Duration of enjoy all such rights and privileges, liberties and immunities, franchises and powers as pertain to other corporate bodies. Sec. 10. That all rights, powers and privileges as set forth in this act shall not be deemed forfeited by non-user: Provided, the corporation is organized within five years from the date of the ratification of this act. Sec. 11. That this act shall be in force from and after its ratification. Ratified the 6th day of March, A. D. 1899. charter. Rights not forfeited by nonuser. Proviso. |