school committee of the city of Durham is hereby declared to be an officer of the city, for the purposes of this section. Sec. 66. That all laws and parts of laws in conflict with this Conflicting laws act are hereby repealed: Provided, nothing contained in this repealed. act shall be construed as altering or changing the term of office of any persons elected on the first Monday in May, eighteen hundred and ninety-seven, and the several persons elected at that time as the officers of the town of Durham shall continue in their respective offices as officers of the city of Durham until the election and qualification of their successor, under this charter. Sec. 67. That it shall be the duty of the board of aldermen, on the first days of July, October, January and April of each year, to publish, at the court-house door of Durham county and in some newspaper published in the city of Durham, an itemized statement of the receipts and disbursements of said city, from each and every source, and said board of aldermen shall annex to said July and January quarterly statements, a statement of the total indebtedness of said city, how evidenced and when due. Sec. 68. That this act shall be in full force and effect from and after its ratification. Ratified the 6th day of March, A. D. 1899. Annual state ment of receipts ments shall be and disburse made. CHAPTER 236. An act to amend the charter of the city of Asheville. The General Assembly of North Carolina do enact: ter 352, private laws of 1895, amended. Section 1. That subsection four of section forty-two of chapter Subsection 4, three hundred and fifty-two of the private laws of eighteen hun- section 42. chapdred and ninety-five be and the same is hereby amended by striking out the first line of said subsection and the second line down to and including the word "annum" in said second line and inserting in lieu thereof the following words: "On every omnibus carrying persons for hire, and on every street hack or carriage being on the street of said city at any place other than the passenger depot for the purpose of obtaining business, a license tax not exceeding fifteen dollars per annum." Sec. 2. That said subsection four be and the same is hereby Further amended. further amended by inserting between the word “every” and the word "hack" in the second line of said subsection four the word "other." Sec. 3. That this act shall be in force from and after its ratification. Ratified the 6th day of March, A. D. 1899. Corporators. Body corporate. Corporate rights and powers. Seal. Nature of business to be conducted. May acquire lands, etc. CHAPTER 237. An act to incorporate the Yadkin Power Company. The General Assembly of North Carolina do enact: Section 1. That John A. Ramsay, F. E. Boardman, M. A. M. Armstrong, J. Lee Maxwell, together with all other persons and corporations who shall be associated with them and become stockholders in the corporation hereby incorporated, their successors and assigns, be and they are hereby created and constituted a body politic and corporate by and under the name and title of the Yadkin Power Company, by which name the said corporation may sue and be sued, plead and be impleaded, appear, prosecute and defend in any courts whatsoever all suits and actions; may contract and be contracted with, and shall have all privileges hereby specially granted, and such others as may be necessary for the free enjoyment of the same, and said corporation shall continue for sixty years. Sec. 2. That the said corporation shall enjoy all the rights and privileges, liberties and franchises and powers conferred upon and pertaining to other corporations or corporate bodies and not forbidden by the laws of the United States and of North Carolina. Sec. 3. That the corporation shall have the right to make a common seal and alter the same at pleasure. Sec. 4. That the corporation is hereby authorized and empowered to conduct, transact and carry on in all its branches the manufacture of any kind of material they so choose, either woodworking, cloth or any textile industry they may see fit, either of iron, wood, leather or any material, and sell its merchandise at will or pleasure, or may create, maintain or lease any flouring mill, sawinills or any kind of mills or buildings, machine shops or private dwellings and other business premises, and may maintain them as may be necessary to carry on its business. Sec. 5. The said corporation, its successors or assigns, is hereby authorized and empowered to buy or own, lease or deal in or otherwise acquire lands, tenements, hereditaments and all manner of real and personal property, including cotton mills, factories, houses, water powers, mineral rights, roads, bridges and railroads and tramways, and other kind of personal property or real property whatsoever to such an extent as may seem proper, and as fully as citizens of the state may do, and may sell and convey or lease the same to other persons or corporations, and said corporation is authorized to pay for such real estate and personal property as it may purchase or otherwise acquire with and by its capital stock, and may issue bonds and execute mortgages to secure the payment thereof. It may also subscribe to the stock of any May subscribe other corporation. to stock of other corporations. Empowered to build dams. Sec. 6. That the said corporation shall have the right and authority to build, erect and maintain any dam or dams across the channels of the Yadkin river at or near Mott's Falls, between the counties of Rowan, Davidson, Stanly and Montgomery, in the state of North Carolina or any other place on the Yadkin river and its tributaries for the purpose of utilizing water power, and may also build, construct, maintain and operate canals, bridges. aqueducts, waterways, waste ways, wells and reservoirs as shall be needful for its mills and manufactories, water systems, power plants or other works or for any other purpose found necessary or expedient. It shall have the right to lay water mains for the Empowered to lay water mains. purpose of supplying water to any town, village or city in the state; to construct, maintain and operate, either above or underground, suitable wires, conductors or tubes for the conducting or transmitting electricity to any city or town or village within the state for the purpose of lighting such city or towns or for other purposes, such as heating or any use that electricity may be put to, and for the purpose of constructing railways. The. said corporation when unable to purchase at an agreed price may May condemn enter upon and condemn private property for right-of-way and necessary. for necessary plants and stations by paying a reasonable price therefor, and in case such price can not be agreed upon the said corporation may have the same condemned as is provided under the general law for the condemnation of private property for said road purposes. land when May locate works deemed prac as soon as Sec. 7. That said corporation shall have the right, power and authority, as soon as they deem practicable, [to] proceed to locate the works of the said company, and may change the said location ticable. from time to time if they consider it expedient to do so; also to construct and maintain and equip with rolling stock and railroads or tramways, plank roads or turnpikes; to operate vehicles, by elec tricity, water moters or compressed air on any or all roads, and also maintain [and] operate such telegraph or telephone poles or lines and apparatus as may be necessary, and shall likewise have the right, power, franchise, to charge such tolls, fares or fees or compensations as is reasonable for the use service or travel over such roads, turnpikes or bridges, canals, telegraph or telephone lines as it may erect, construct or operate. Sec. 8. That the capital stock of this company shall not be less Capital stock. than twenty-five thousand dollars ($25,000), but the said corporation shall have authority to organize and transact business whenever the sum of twenty-five thousand dollars of its capital When company stock shall have been subscribed and five per centum thereof paid may be organeither in money or property, which corporation is authorized to ized. Stock may be increased. Individual liability. Principal place of business. Property of com. pany liable for taxes. Affairs of com pany, how managed. Term of office. hold. The said corporation may issue bonds, stock, both common and preferred, with such regulation as to the issue thereof as may be prescribed by a majority of the stockholders. The stockholders, by a two-thirds vote at any election, may increase the capitalization to any amount as they may see fit, but not to exceed one million dollars. The certificates of shares shall be issued in the said corporation only when the same are paid for the par value of the stock to be one hundred dollars each, and said shares shall not be liable thereafter for any assessment for any purpose whatsoever. The said company's shares shall be deemed personal property and be transferable upon the books of the company in the method provided for in its by-laws. But no shares shall be transferred until all previous calls thereon shall have been fully paid or declared forfeited for non-payment of calls thereon. Sec. 9. That the directors and stockholders and incorporators, their successors or assigns, shall not be individually or personally liable or responsible for the acts, debts liabilities, contracts, engagements, defaults, commission or torts of the corporation, or for any claim, payment, loss, injury, transaction, matter or thing whatsoever related to or connected with the company, and no stockholder shall be liable to pay for more than he subscribed for. Sec. 10. That the principal place of doing business of the said company shall be in Salisbury, N. C., but said corporation shall have the privilege of holding its meetings at any place as the board of directors may designate. Sec. 11. That all property of the company shall be liable for taxes under the general law of North Carolina. Sec. 12. That the affairs of the company shall be managed by a president, vice-president and a board of directors, and persons named in the first selection are constituted provisional directors of the corporation, of which majority shall constitute a quorum, and they shall hold office as such directors until the first election of directors under the provision of this act, and shall have power forthwith to open stock books and procure subscriptions of stock to said corporation as soon as shares to the amount of twenty-five thousand dollars shall be subscribed. Any one or more of the Called meetings. directors may call a meeting of the subscribers at Salisbury, North Carolina, for the purpose of organizing the corporation, electing directors, etc., etc., giving at least five days' notice in writing to the subscribers of the time and place and 'purpose of the meeting of directors. At such meeting the shareholders may choose not more than seven nor less than three persons from among the shareholders as directors of the company, three of whom shall always constitute a quorum. The directors shall annually be elected by ballot at regular meetings of the stock hall be held. holders and shall act under such by-laws and regulations as the corporation may from time to time adopt; and shall hold office until their successors are elected. Thereafter the regular meet- Annual elections ings of the stockholders for the election of directors and other general purposes shall be held once in each and every year in such place and on such day and upon such notice as the by-laws may direct. All vacancies in the board of directors shall be filled by officers of the company. The capital stock of said corporation Vacancies aris ing. shall be divided into shares of one hundred dollars each, and at all meetings the stockholders shall be entitled to as many votes as he owns shares of the stock of the corporation to be cast in person or by proxy, and at all meetings any shares represented by proxies shall be dated for the said annual meeting or any meeting of the corporation within one year from date, and not to be held over from time to time or voted upon after being used at any previous annual meeting. The majority of the stock shall constitute a quorum. The stockholders of the corporation shall have full powers to make all by-laws, rules, regulations not provided by law for the government of the affairs of the company, for meetings, calls upon stock subscribed, and for the enforcements of such calls, by forfeitures of stock or otherwise. officers. Sec. 13. That the board of directors at their first meeting and Election of annually thereafter shall elect from among their number a president and vice-president. They shall also elect a secretary and treasurer, and shall have the right to name his salary and term of office, and may require of him a satisfactory bond. The failure to elect directors shall not dissolve the corporation. That this act shall be deemed and taken as a public act, and a copy of any by-laws or regulations of the corporation under its corporate seal and purporting to be signed by the president and vicepresident shall be received as a prima facie evidence for or against the corporation in any judicial proceeding. Failure to elect directors shall not dissolve the company. An act to authorize J. T. Benbow to reinter certain dead bodies. The General Assembly of North Carolina do enact: move certain Section 1. That J. T. Benbow be authorized and empowered to J. T Benbow remove certain dead bodies now buried in his field, in Yadkin authorized to recounty, and to properly and decently reinter the said bodies in dead bodies. the cemetery of the Baptist church in the town of East Bend, in said county of Yadkin. Sec. 2. That this act shall be in force from and after its ratification. Ratified the 6th day of March, A. D. 1899. |