interest at the legal rate; to accept and execute trusts of every description as fully as a natural person could which may be committed to said corporation by any person or persons, corporation or corporations whatsoever, or by order or decree or authority of any court of record, upon such terms as may be agreed upon, provided or declared in regard thereto; to act as agent for the purpose of issuing, registering or countersigning certificates of stock, bonds or other evidences of debt of any state, corporation, association, municipality or public authority, on such terms as may be agreed upon; to lease and rent real estate, and collect rents from the same, upon commission, to be agreed upon between the parties; to accept and execute trusts for married women in respect to their separate property or estate, and to act as agent for them in the management, sale and disposition of their property or properties, real and personal. Courts may appoint company guardian, ad Sec. 8. That in all cases where an application may be made in a court having jurisdiction to appoint a guardian of an infant, committee of an idoit, lunatic or insane person, administrator of ministrator, etc. any person dying intestate or executor of any person dying testate, trustee or receiver, such court shall have power to appoint such corporation as such guardian, committee, executor, administrator, trustee or receiver, upon the like application that any natural person might be so appointed. And it shall be lawful for any person, by deed, will or any other writing, to appoint said corporation trustee, executor, guardian, assignee or receiver; Said corporation and as such executor, administrator, assignee or receiver, guar- may be ap pointed trustee, dian of an infant, committee of an idiot, lunatic or insane person, etc. said corporation may lawfully act, and as such shall be subject to all the obligations and liabilities of a natural person acting in like capacity, and subject to be removed like natural persons, and subject to all the laws of North Carolina applicable to natural persons holding such fiduciary positions. Sec. 9. That it shall be lawful for any individual, executor, administrator, guardian, committee, receiver, assignee, trustee, pub. lic officer or other person having custody of any bonds, stocks, securities, moneys, funds, credits or other valuables to deposit the same for safe keeping with said corporation: Provided, that the deposit shall not exonerate such individual from liability. Sec. 10. That every court wherein said corporation shall be appointed or shall be allowed to qualify as guardian, committee, executor, administrator, trustee or receiver, or in which it may be made a depository of moneys or other valuables, shall have power to make all orders and compel obedience thereto, and require such corporation to render all accounts which such courts might lawfully make or require, as if such corporation was a natural person; and the court, if it deem necessary, may from time to Persons having etc., may deposit' custody of bonds, same with cor poration. Courts making said corporation guardian, etc., may compel obedience to orders. Authorized to invest moneys received in trust, etc. Bonds given by said corporation time appoint suitable persons to investigate the affairs and man. agement of said company, or the court may, if it deem necessary, examine the affairs of said company under oath or affirmation as to the security aforesaid. Sec. 11. That said corporation is authorized to invest moneys received in trust or deposit, loan or otherwise, and to take, have and hold estate and property, real and personal or mixed, obtained with the money aforesaid, or with funds belonging to said corporation, and to sell, grant. mortgage, convey, by way of deed of trust or otherwise, encumber, lease or dispose of the same, and to that end may execute all deeds or other instruments concerning the same; to deal in exchange, foreign or domestic, securities, mortgages, notes, bonds or other evidences of debt, certificates of indebtedness, stocks of incorporated companies, loans, bonds of the United States or of any city, county or other municipality or of any incorporated company or individual. Sec. 12. Whenever any bond, undertaking, recognizance, oblimay be approved. gation or stipulation, municipal or otherwise, or the rules or the regulations of any board, body corporate, municipal or otherwise, required or permitted to be made, given, tendered or filed for the security or protection of any person or persons, corporation, municipality or other organization whatsoever, conditioned for the doing of or not doing of any act or thing whatsoever, as specified in such bond, recognizance, obligation, stipulation or undertaking specified, any and all heads of departments, public officers, said county, town or municipality, and any and all boards, courts, judges and municipalities now and hereafter required or permitted to accept or approve the sufficiency of any such bond or recognizance, obligation, stipulation or undertaking, may in the discretion of such head of department, court, judge, public officer or municipality, accept such bond, recognizance, obligation, stipulation or undertaking, and approve the same whenever the same is executed or the conditions thereof are guaranteed by such corporation. Officers and Sec. 13. Whenever any such bond, recognizance, obligation, stipulation or undertaking is so required or permitted to be made, given, tendered or filed with any surety, or with two or more sureties, the execution of the same or the guaranteeing the performance of the conditions thereof shall be executed when executed or guaranteed by said corporation, and any and all heads of departments, courts justices, boards and municipalities, and any and all pubiic officers, state, county, town or municipal, whose duty it might be or shall be hereafter to accept or approve the sufficiency of any such bonds, recognizance, obligation, stipulation or undertaking, may accept and approve the same when executed or guaranteed by said corporation; and said corpora tion is hereby vested with full power and authority to execute or guarantee such bonds, recognizance, stipulations, obligations or undertakings, whether given under the laws of this state or of the United States, or of any state or county. etc. May receive deposits etc., upon storage. Sec. 14. That said corporation shall have power to guarantee, Shall have power endorse and secure the payment and punctual performance and to endorse notes, collection of notes, debts, bills of exchange, contracts, bonds, accounts. claims, rents, annuities, mortgages, choses in actions, evidences of debt, certificates of property values, checks, and the title to property, real and personal, indebtedness of companies, individuals, partnerships, cities, counties, municipalities in this state, on such terms or commission as may be agreed upon or established by said company and the parties dealing therewith. Sec. 15. That said corporation may receive upon storage, deposit or otherwise, merchandise, moneys, funds. credits, specie, plate, stock, promissory notes, mortgages and deeds of trust, certificates and evidences of debts, contracts and all other personal properties whatsoever; take charge and custody of real and personal estates and securities and advance money thereupon on such terms as may be established by such corporation and agreed upon between the parties: and in all cases in which public officers of municipalities, or the officers of private corporations are authorized to deposit moneys, funds, credits, stocks, bonds or other evidences of debt, such deposits by such officers or corporations may be made with said corporation, and said corporation may be appointed and is hereby authorized to act as redemption agent of any bank or banking association created or existing under the laws of this state. Sec. 16. That it shall be lawful for said corporation to sell at public auction or private sale all properties or securities of what soever kind mentioned or specified in any contract or agreement between the corporation and the other party or parties, after the maturity of an obligation under said contract or agreement, upon giving the party or parties in interest ten days' notice of its intention to sell such property or securities, and to reimburse itself out of the proceeds of such sale for the money due it, with interest, storage, costs and charges, and to indemnify itself for any loss it may have sustained for the non-fulfillment of such contract, or by reason of any misrepresentation, fraud or conceal ment. Authorized to tion agent of act as redemp banking institutions. May sell at pubsecurities held by them. lic auction discount and Sec. 17. That said corporation shall have power to discount and Empowered to endorse promissory notes, bills of exchange, domestic and foreign, endorse notes, and shall have all the powers, privileges and immunities which bills, etc. any bank or banking institution incorporated by the laws of this state has. Sec. 18. That said company or corporation shall have power to May borrow money, as directed by board of directors. Omce of corporation. borrow money in such amounts and at such rate of interest and payable at such time and places as the board of directors may determine, and issue its notes, certificates or registered or coupon bonds under its corporate seal. It may receive money on deposit or on open account or on certificate and deposit, and pay interest thereon or not, as may be agreed upon between the parties. Sec. 19. That the office for the transaction of business of said corporation shall be in Asheville, in the state of North Carolina, and the said corporation shall exist for sixty years. Sec. 20. That this act shall be in force from and after its ratification. Ratified the 6th day of March, A. D. 1899. Incorporated. Corporate limits. Term of officers. Temporary officers. Commissioners empowered to pass by-laws and ordinances. CHAPTER 248. An act to incorporate the town of Saratoga in Wilson county. The General Assembly of North Carolina do enact : Section 1. That the town in Wilson county now known as Saratoga, be and the same is hereby incorporated under the name and style of Saratoga, and it shall have the benefit of and shall be subject to all the provisions of law now existing in reference to incorporated towns not inconsistent with this act. Sec. 2. That the corporate limits of said town shall be as follows: Beginning at the crossing of the Plank road and the Tarboro road and runs along the Plank road north forty-seven west one hundred poles to a post; thence south forty-three west eighty poles to a post; thence south forty-seven east one hundred and sixty poles to a post; thence north forty-three east one hundred and sixty poles to a post; thence north forty-seven west one hundred and sixty-four poles to a post; thence south forty-three west eighty poles to a post at the Plank road, the beginning. Sec. 3. That the officers of said corporation shall be a mayor, five commissioners and a town constable, the constable to be selected by the commissioners, and the following-named persons shall fill the said offices until the next regular election for municipal corporations: John T. Moore, mayor; commissioners, Patrick Bailey, William Price, J. Lawrence Gay, Dr. C. B. Walton and R. E. Bynum. The said officers shall have all the rights, powers and duties conferred by law. Sec. 4. The said commissioners shall have power to pass by-laws, rules and regulations for the good government of the town not inconsistent with the laws of the state and of the United States, and to levy and collect a tax on all subjects of state taxation, and to impose fines for violation of town ordinances and collect the same, and also levy and collect such license and privilege taxes as are provided by law. be sold in corpo rate limits shall be submitted. Sec. 5. That at the next regular election for mayor and commis. At next regular election question sioners the question as to whether liquor shall be sold in said town as to whether or [shall] be submitted to the qualified voters of said town. Those not liquor shall favoring the sale of liquor shall vote a ticket with word "License" thereon, and those opposed will vote a ticket with the words "No license." If a majority shall vote for license, no license shall be granted by the commissioners of Wilson county unless the commissioners of said town shall endorse and approve the same. Sec. 6. That the following words of chapter four hundred and eleven, section one, of the laws of eighteen hundred and ninetyseven, to-wit: "Wilson county, within two miles of the Freewill Baptist church at Saratoga" be and the same is hereby repealed. Sec. 7. That this act shall be in force from and after its ratification. Ratified the 6th day of March, A. D. 1899. Portion of chap ter 411, section 1, laws of 1897, repealed. CHAPTER 249. An act to incorporate the Northampton Electric and Water Power Company. The General Assembly of North Carolina do enact: Section 1. That Nicholas D. Wilkins, of the county of North- Incorporated. ampton; William J. White and Benjamin S. Bronson, of the county of Warren, in the state of North Carolina, and such others as are now or may hereafter be associated with them, and their successors and assigns, are hereby constituted a body politic and Body corporate. corporate by the name and title of "Northampton Electric and Corporate name. Water Power Company," and under that name and style may ers. sue and be sued, implead and be impleaded, contract and be Corporate pow. contracted with, adopt and use a common seal, which it may alter at pleasure: shall have perpetual succession, and shall have and enjoy all the rights and privileges, powers, immunities, liberties and franchises pertaining to corporations. Sec. 2. That said company shall have full power: (1) To buy, lease, exchange, own, hold, sell and convey real property, situate in the counties of Northampton, Halifax and Warren, North Carolina, especially those lands along the Roanoke river between Gaston and Robinson's ferry, in any amount or quantity, in fee simple, or for a less interest, with all rights and privileges in connection therewith: Provided, the amount Corporate pow. ers. |