Instruments of

corporation, how signed.

Individual

liability of stockholders.

Principal office

When company may issue notes to pass as money.

and issue in the transaction of its business all papers, receipts, certificates, vouchers, bonds and contracts which shall bear the impress or stamp of the seal of the company, and shall be signed by the president or vice-president and countersigned by the secretary or cashier.

Sec. 17. The stockholders of said company shall be individually liable, equally and ratably, and not one for another, for all contracts, debts, bonds, recognizances, obligations, stipulations and undertakings of said company to the extent of the amount of their stock therein at the par value thereof, in addition to the amount invested in such stock.

Sec. 18. The officer for the transaction of the business of the company shall be in Durham, Durham county, in the state of North Carolina, and the said company shall exist for sixty years.

Sec. 19. Whenever by any general banking law of the state, state banks shall be allowed to issue notes to pass as currency or money, this company shall have power to issue such notes in the same proportion and upon the same terms and conditions as provided for other state banks in said general law.

Sec. 20. 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 name. Duration of charter.

Corporate powers.

CHAPTER 259.

An act to incorporate the Bank of East Carolina.

The General Assembly of North Carolina do enact :

Section 1. That George Green, N. M. Jurney and Thomas G. Hyman, and their present and future associates, successors and assigns, be and they are hereby constituted, created and declared to be a body politic and corporate under the name and style of "The Bank of East Carolina," and shall so continue for the period of thirty years, with capacity to sue and be sued, maintain and defend actions and special proceedings in its corporate name; to take, hold, buy, sell, lease and exchange and convey real and personal estate, and to conduct, transact and carry on in its full scope and import a general banking business, with all the powers, rights, privileges and immunities hereby specially granted, and in addition those contained in chapter four (4, volume two (2) of The Code, entitled "Bauks," and all such laws as may in the future be passed relative to banks.

Sec. 2. That the capital stock of said bank shall be twenty-five thousand dollars in shares of one hundred dollars each, with liberty to the stockholders or a majority of them to increase said capital stock from time to time to one hundred and twenty-five thousand dollars.

Sec. 3. That the office and place of business of said banking Place of business. company shall be in the city of New Bern, state of North Caro

lina, and its officers shall consist of a president, vice-president, Officers. cashier and teller, and board of not less than three (3) nor more

of directors.

than nine (9) directors, who are to be elected annually by the Annual election stockholders- the directors so selected to choose the officers aforesaid, and shall require the president, the cashier and the teller each to give bond with approved security for the faithful Bond of officers. performance of their respective duties.

ration.

Sec. 4 That it shall be the duty of the board of directors, and Rules of corpothey are hereby fully empowered to make rules, regulations and by-laws for the government of said corporation and for the conduct of its business; also to fix the salaries of its officers and to

fill vacancies on the board of directors; said board of directors Board of directshall be chosen by a majority of the corporators named herein ors, how chosen, at the first meeting to be called by them, which said board of directors shall hold office for one year and until their successors

are duly elected, a majority of said board to constitute a quorum for the transaction of business.

business.

Sec. 5. That the said company shall have the right to do a gen- Nature of eral banking business, to receive deposits. to make loans and discounts; to obtain and procure loans for any person, company, partnership or corporation; to invest its own money or the money

of others; to lend and invest money in or upon the security of Corporate powers. mortgage, pledge, deed or otherwise on any lands, hereditaments or personal property or interest therein of any description, situ. ated anywhere; to lend money upon or purchase or otherwise acquire bills of lading or the contents thereof, bills, notes, choses in action, or any and all negotiable or commercial papers, or any crop or produce whatever; or any stock, bullion, merchandise or other personal property, and the same to sell or in anywise dispose of, and to charge any rate of interest on all such loans not exceeding the rate allowed by law.

Sec. 6. That said company may subscribe to, purchase, acquire Corporate powers. or lend money upon any stock, share, note, debenture or other securities of any government, state, municipality, corporation, company, partnership or person, and hold, deal in, sell or distribute the same among the stockholders; may negotiate or place in behalf of any corporation, company, partnership or person, shares, stocks, debentures, notes, mortgages or other securities, without guaranty or collateral obligation by this company; and PRIV-48

Liability on stock.

May receive sums of money on deposit.

May act as agent, etc., for state, counties or municipalities.

Power to receive and execute trusts.

may sell or subscribe any of the property, real or personal, or any interest acquired therein by it to any corporation for any of its bonds, securities, obligation or capital stock as may be agreed upon without liability on such stock so purchased or subscribed for beyond the agreed terms of said purchase or subscription.

Sec. 7. Be it further enacted: that said corporation may receive on deposit all sums of money which may be offered it for the purpose of being invested in such sums and at such times and on such terms as the board of directors may agree upon; and when married women, minors or apprentices deposit money or other things of value in said bank, either generally or specially to their own credit, they or any of them may draw the same out on their check or order and be bound thereby, and such minor, married woman or apprentice shall be bound by said individual check or order, and the said check or order shall be a valid and sufficient release to said corporation against said minors, married women or apprentices, and all persons whatever.

Sec. 8. That said company shall have the right to act as agent, factor or trustee for any state, county, town, municipality, corporation, company or individual on such terms as to agency and commission as may be agreed on in registering, selling and countersigning, collecting, acquiring, holding, dealing and disposing of on account of any state, county, town, municipality, corporation, company or person, bonds, certificates of stock or any description of property, real or personal, or for guaranteeing the payment of such bonds, certificates of stock, etc., and generally Charges allowed. for managing such business, and may charge such premiums, commissions or rates of compensation as may be agreed on in and for any of the matters and things authorized by this charter. Sec. 9. That said corporation shall have power to receive money in trust, and shall have power to accept and execute any trust that may be committed to it by any court, corporation, company, person or persons; and it shall have power to accept any grant, assignment, transfer, devise or bequest, and to hold any real or personal estate or trust created in accordance with the laws of this state, and then to execute the same on such terms as may be established and agreed upon by its board of directors; and said corporation is hereby fully authorized and empowered to act as trustee or assignee and to receive on deposit all funds in litigation in the various courts of this state, and pay therefor such interest as may be agreed upon not exceeding the lawful rate. It shall have power and authority to receive for safe keeping on deposit all money, bonds, stocks, diamonds, and silver plate and other valuables and charge and collect a reasonable compensation for the same, which said charge shall be a lien on

May act as trustee or assignee

May receive deposits, etc, safe keeping.

on

such deposits until paid, and generally to do and carry on the business of a safety deposit and trust company.

Sec. 10. That said company is hereby given the right to insure May insure or or guarantee the payment of any dividends, bonds, notes, under- guarantee payment of bonds, takings, mortgages or other securities or evidences of indebted- etc. ness of any person, partnership or corporation for any price and in any consideration agreed on.

Sec. 11. That this company is specially invested with the powers Additional corand privileges usually incident to savings banks; may receive porate powers. deposits in very small sums, the limit to be fixed by the board of directors, and may pay interest thereon by way of dividends out of the net earnings or by fixed rates according as may be agreed between the company and its depositors; and the board of directors are hereby fully authorized to make all needful by-laws and regulations for conducting and carrying into effect the savings bank features of this corporation.

of debtors is sold.

Sec. 12. That when this bank shall sell the property of its When property debtors on which it has a lien to secure a debt, or when such property shall be sold for its benefit, it may bid for, buy and hold any and all such property free from lien or incumbrances. and its title thereto shall be absolute and unconditional, and shall be in all respects valid and binding against all persons. Sec. 13. That the board of directors shall by the by-laws fix Annual meetings the time of the annual meeting of the stockholders of this corpo

ration and how the said meeting shall be called, and also provide

for special meetings, and at all general or special meetings the Special meetings. stockholders may be represented in person or by proxy, and each

share of stock shall be entitled to one vote.

Sec. 14. That the stockholders of this corporation shall not be Individual individually liable for any of the debts, contracts or liabilities of liability. the corporation except as is prescribed by law.

Sec. 15. That the stock held by any one shall be transferred Stock, how transonly on the books of said corporation, either in person or by

power of attorney.

Sec. 16. That this act shall be in force from and after its ratification.

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

ferred.

CHAPTER 260.

An act to incorporate the town of Manly, Moore county, North Carolina.

The General Assembly of North Carolina do enact:

Incorporated.

Section 1. That the town of Manly, in the county of Moore, be and the same is hereby incorporated under the name and style of "Manly," and that S. J. Ellington, M. G. Hatcher, W. K. Corporate name.

Commissioners.

Corporate title.

Mayor.

Term of office.

Corporate limits.

Wood, Alexander Cameron and A. B. Gunter, of said town, and their successors in office shall be and are hereby declared a body corporate and politic, with succession during the corporate existence of said town, and shall be styled the "Commissioners of the town of Manly," and as such shall have power to sue and be sued. plead and be impleaded, and have and use a common seal. That D. D. F. Cameron shall be mayor of said town, and with the commissioners aforesaid shall continue in office as such and perform all the duties pertaining to their offices of mayor and commissioners of said town until their successors shall be elected and qualified as hereinafter provided.

Sec. 2. That the corporate limits of said town shall be and hereby [are] declared included within and up to the following boundaries, to-wit: Beginning at a point one-half mile north fifty-three and one-half degrees west from a point in the center of the Seaboard Air Line Railroad track, opposite the center of the Manly passenger depot (the said beginning being one half Corporate limits. mile away from the said point near the depot, at a right-angle from the railroad), running thence north thirty-six degrees thirty minutes east parallel with said railroad two thousand six hundred and forty feet (or one-half mile); thence (turning a rightangle) south fifty-three degrees thirty minutes east two thousand six hundred and forty feet to the center of said railroad track. one-half mile northeasterly from the center of Manly depot: thence continuing south fifty-three degrees thirty minutes east two thousand six hundred and forty feet; thence south thirty-six degrees thirty minutes west parallel with the railroad five thousand two hundred and eighty feet, or one mile, to a stake; thence south fifty-seven west two thousand feet to a corner of Southern Pines' new incorporate boundary; thence with it north thirty-four degrees eight minutes twenty seconds west two thousand six hundred and thirty three and one-tenth feet; thence north two thousand nine hundred and fifty-eight and four-tenths feet to the Yadkin road; thence continuing north about five hundred and thirty feet to an intersection of the reverse of the first line; thence as it north thirty-six degrees thirty minutes east nine hundred and twenty five feet to the beginning. Description of boundaries given by magnetic bearings, bearing date of this charter.

Town officers.

Election of town officers, where held.

Sec. 3. The officers of said town shall consist of a mayor and five commissioners, to be elected by the qualified voters of said town annually on the first Monday in May.

Sec. 4. Said election of said mayor and commissioners shall be held at the mayor's office in said town, and no person shall be entitled to vote at said election or at any election in said town for municipal purposes unless he shall be an elector of the state