Perpetual succession. Officers. First meeting. when held. By-laws. Capital stock. Division of shares. All questions decided by majority of stockholders. President may call meetings. When corpora tion may contract. Individual liability. Appointment of instructors Land held for benefit of school exempted from taxation. as compensation for his services such sum as may be determined upon by said trustees. Sec. 3. That the members of said corporation shall have perpetual succession, shall elect their officers, and may, if they deem it advisable, have a common seal. Sec. 4. That the officers of said corporation shall be a president, vice-president, treasurer, secretary and five directors, three of whom shall constitute a quorum for the transaction of business, and all of whom shall be elected by the stockholders annually. Sec. 5. That the first meeting for the election of officers shall be held within sixty days from the ratification of this act, and these shall continue to hold their offices until their successors are elected; and the annual meeting of stockholders shall be on the first Monday in June of each year, unless otherwise ordered by the stockholders. Sec. 6. That at the first regular meeting of the stockholders they shall have power to make such by-laws not inconsistent with the laws of the state as shall be deemed necessary to promote the object of the corporation, and from time to time to make such charges [changes] as they may deem best. Sec. 7. That the capital stock of said corporation shall not be less than five thousand nor more than ten thousand dollars and shall be divided into shares of twenty-five dollars each, and to be paid at such times and in such manner as the board of directors may direct. Sec. 8. That at the meetings of stockholders all questions may be decided by a majority vote, each share being entitled to one vote, and a majority of all the stock shall be represented in person or by proxy, to constitute a legal meeting of stockholders. Sec. 9. That the president of said corporation, with the advice and consent of the directors, shall have power to call a meeting of the stockholders whenever he may deem it proper. Sec. 10. That except for building purposes said corporation shall have no power to contract indebtedness exceeding three hundred dollars, nor shall it have power to execute any mortgage or to create other lien than mechanics' and laborers' liens upon its property; and the stockholders shall not be individually liable for any indebtedness of said corporation. Sec. 11. That the said board of directors shall have power to appoint such teachers as may be necessary in and over said school, and may remove the same for misbehavior, inability or neglect of duty; they shall also have power to make all necessary rules and regulations for the government of said school, not inconsistent with the laws of this state. Sec. 12. That land held by any of the officers of said corpora tion for the benefit of said school shall be and the same is hereby exempted from all kinds of public taxation. within three miles prohibited. demeanor. Sec. 13. That any license to retail spirituous, vinous or malt sale of liquor liquors at or within three miles of said school shall be void. Sec. 14. That if any person shall sell, give or carry to any stu- Persons giving dent or students of said institute or school at or within three guilty of a misstudents liquor miles thereof any spirituous or intoxicating liquors, also wines, beers or cordials, by whatsoever name the same may be called, without special permission in writing from the president of said school, he shall forfeit and pay the sum of two hundred dollars, to be recovered in any court of record, one-half to the use of the informant and the other half to the use of said school, and the offender shall furthermore be guilty of a misdemeanor, and upon conviction thereof in the superior court of Swain county shall be fined at the discretion of the court. Sec. 15. All laws or clauses of laws in conflict with this act are Conflicting laws repealed. hereby repealed. Sec. 16. This act shall take effect from and after its ratification. CHAPTER 245. An act to amend chapter fifty-eight, laws of eighteen hundred and seventy-nine. The General Assembly of North Carolina do enact : Section 1. That chapter fifty-eight of private laws of eighteen hundred and seventy-nine, entitled "An act concerning Rock Spring Camp Ground," state of North Carolina, be amended as follows: Chapter 58, private laws of 1879, amended. Sec. 2. That the trustees of Rock Spring Camp Ground, on the Election of first Monday in May, eighteen hundred and ninety nine, and officers. annually thereafter, elect a mayor and three commissioners and a marshal. Sec. 3. That it shall be the duty of the mayor and commis- officers shall sioners and marshal elected to meet before some justice of the take oath. peace or other officer authorized to administer oaths and take the oath usual for such officers. Sec. 4. That the said commissioners shall have power to pass Commissioners all by-laws and rules for the good government of the camp ground empowered to pass by-laws. not inconsistent with the laws of the state and United States. Sec. 4. That the mayor shall have the same power and author- Power of mayor ity to issue process and try all cases that may come before him to issue processes. as is given to other mayors of incorporated towns and cities, and shall retain all fines collected by him for the use of the aforesaid camp ground. The election of the aforesaid officer shall be held as for other municipal officers. Sec. 6. That this act shall be in force from and after its ratification. Ratified the 6th day of March, A. D. 1899. Corporators. CHAPTER 246. An act to incorporate Asheville Tobacco Company The General Assembly of North Carolina do enact : Section 1. That J. A. Porter, R. R. Porter and C. L. Porter, their associates, successors and assigns, are hereby created a body Corporate name. politic and corporate under the name of Asheville Tobacco Company, and under that name and style may have a corporate seal, Corporate powers. sue and be sued, plead and be impleaded, contract and be contracted with, and enjoy all the rights, privileges and immunities given to corporations under chapter sixteen of The Code of North Carolina and the acts amendatory thereof. Capital stock. Sec. 2. That the capital stock of said corporation shall be five thousand dollars, with the privilege of increasing the same at May be increased. any time and from time to time to any sum not exceeding fifty thousand dollars, divided into shares of the par value of one hundred dollars each. Nature of business. May lease, purchase and hold real estate. Affairs of corporation, how governed. Offices of corporation Sec. 3. That said corporation is hereby authorized and empow ered to conduct, transact and carry on in all its branches the business of manufacturing, buying and selling tobacco, and may buy, sell and deal in goods, wares and merchandise of every kind and description at its will and pleasure, either as jobbers, wholesalers or retailers. Sec. 4. That said corporation shall have the power to lease, purchase, hold, sell and convey real estate, and to borrow money and issue bonds or other evidences of indebtedness so created, and secure the payment of the same by mortgage of its property, franchises and effects or otherwise. Sec. 5. That the affairs of said corporation shall be managed by its stockholders, but they may make such by-laws, rules and regulations for the conduct and management of the corporate affairs and its business as they may deem necessary and expe dient not inconsistent with the laws of the state. Sec. 6. That the offices of said corporation shall consist of a president, secretary and treasurer, and the last two officers may be filled by one person to be elected as prescribed by the by-laws, rules and regulations of the corporation, but until such rules and Sec. 7. That the duration of said corporation shall be thirty Duration of years. Sec. 8. That the said corporation shall have the right to purchase the business, good-will, machinery, fixtures and furniture of any existing firm or concern, and to pay for the same by the issuance of stock to the seller; and when the sum of five thousand dollars is paid in, whether in cash or otherwise, the said stock may be issued to the stockholders. charter. May purchase plants from other concerns. Sec. 9. That the said stockholders and members of said corpo- Individual ration shall not be personally liable for the debts and liabilities of the corporation. liability. Sec. 10. That the principal office of the said corporation shall Principal office. be in Asheville, North Carolina, but the said corporation may establish branches at other places or by a majority vote of its stockholders may move to some other place Sec. 11. This act shall be in force from and after its ratification. CHAPTER 247. An act to incorporate The Asheville Savings Bank. The General Assembly of North Carolina do enact : Section 1. That G. W. Purefoy, J. H. Tucker, O. D. Revell and Corporators. J. D. Murphy, and their associates, successors and assigns, be and they are hereby created a body politic and corporate under the Body corporate. name and style of "The Asheville Savings Bank," and by such Corporate name. name may acquire, hold and convey real and personal property, ers sue and be sued, plead and be impleaded in any of the courts of Corporate powthis state, and have a continued succession for ninety-nine years, and a common seal, and shall have all the powers, rights. and privileges granted to any banking institution under the laws of the state of North Carolina. Sec. 2. That the capital stock of said corporation shall not be Capital stock. less than ten thousand dollars, which may be increased from time May be increased. to time to a sum not exceeding one million dollars, in shares of one hundred dollars each. Said corporation may commence its When corpora tion may commence business. Board of direct ors. Adoption of by laws. Nature of business. May charge interest. May guarantee payment of notes, bonds, etc. Compensation allowed. May receive money in trust. business when ten thousand dollars of the capital stock aforesaid has been paid in. The stockholders shall not be individually liable for the debts or torts of the corporation, except as provided by law. Sec. 3. That five persons shall constitute a board of directors of this corporation, to be selected when said corporation shall be organized, who shall continue in office until their successors are chosen: Provided, that no person shall be a director in sail corporation without having first subscribed and taken at least two shares of said stock. Sec. 4. It shall be the duty of the board of directors to prescribe rules and 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 duly ratified by a majority in number and value of the stockholders voting thereon in person or by proxy. Sec. 5. That this corporation shall have power to receive and pay out the lawful currency of the country; 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, apprentices, femes coverts or other persons, on such terms and time and manner of collection as may be agreed upon between the parties; and for the use and loan of money may charge legal interest, and may take and receive such interest at the time of making such 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 of the United States, or of any corporation created under the laws thereof or any municipality of this or any other state, 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. Sec. 6. That said corporation shall have the power and authority to guarantee the payment of principal and interest of notes, bonds, bills of exchange and other securities and evidences of debt, including the obligations of such corporations, individuals and municipalities as may have secured their payment by deed of trust made to this corporation for such special purpose, and to receive for any guarantee such compensation as the parties may agree upon, and may charge interest therefor, and may take and receive such interest and compensation at the time of making such transaction or transactions. Sec. 7. That said corporation shall have power to receive money in trust and accumulate the same, at legal interest, and to allow |