Section 3, chapter

198. private laws

CHAPTER 314.

An act to amend the charter of the town of North Wilkesboro, chapter one hundred and ninety-eight, private laws of eighteen hundred and ninety-one.

The General Assembly of North Carolina do enact :

Section 1. That section three of said act shall be amended as of 1891, amended. follows, viz: After the word "treasurer" in the last line thereof add the words "town constable."

Section 4, chapter 198, laws of 1891, amended.

Annual election of town officers

Section 10 amended.

Section 16 amended.

Tax on express and telegraph companies.

Section 17 amended.

Sec. 2. That section four of said act [be] and the same is hereby repealed and the following put in the place thereof, viz: That there shall be an election for mayor and five commissioners on the first Tuesday in May, in the year eighteen hundred and ninety nine, and every year thereafter, under the same restrietions and regulations that state and county elections are held. with this proviso: That at their first meeting in March each year the town commissioners shall appoint one registrar and two judges of election, who are to hold said election; and the result shall be declared by the mayor of said town.

Sec. 3. That section ten of said act shall be amended as follows: That in line five of said section the word "ten" shall be substituted in place of the word "twenty."

Sec. 4. That section sixteen of said act shall be amended by striking out the words "not exceeding" in line five thereof and inserting between the word “dollar” and the word “and” in line six the following, viz: "To be paid quarterly in advance to the town treasurer without compensation to the tax collector"; and by adding at the end of said section the following words: “Upon every express company doing business in said town a tax of twenty-five dollars per annum, and upon every telegraph company a tax of ten dollars per annum."

Sec. 5. That section seventeen of said act be amended as follows: "That all license taxes shall be applied toward keeping in repair the streets of said town instead of being applied to the support of the schools."

Sec. 6. That this act shall be in force from and after its ratification.

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

CHAPTER 315.

An act to change the name of “Falls Manufacturing Company.”

The General Assembly of North Carolina do enact :

amended.

Section 1. That section one of chapter one hundred and ninety- Section 1, chapter six of the laws of eighteen hundred and ninety-one be and the 196, laws of 1891, same is hereby amended by striking out the words "Falls Manufacturing Company" in line six of said section and inserting in place thereof the words "Neuse River Milling Company."

Sec. 2. That the incorporators and subscribers to the capital Time in which to stock of said Falls Manufacturing Company are hereby granted begin work.

two years from the date of the ratification of this act to reorgan

ize and begin work, under the provisions of this act.

Sec. 3. That this act shall be in force from and after its ratification.

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

CHAPTER 316.

An act to incorporate "The Merchants and Farmers Bank of Dunn."

The General Assembly of North Carolina do enact :'

Section 1. That W. A. Erwin, F. L. Fuller, E. F. Young, M. T. Corporators. Young, V. L Stephens, D. H. McLean and their associates and

successors be and they are hereby constituted and declared to be

Duration of

charter.

Corporate pow.

a body politic and corporate under the name and style of "The Body corporate. Merchants and Farmers Bank of Dunn," shall not continue for a Corporate name. period of sixty years, and under such name may acquire, hold and convey real and personal estate, may sue and be sued, plead and be impleaded in any of the courts of this state or elsewhere; ers. may make by-laws and regulations for its own government and the due and orderly conducting of its affairs and the management of its property: Provided, the same be not inconsistent with the laws of this state or of the United States; and may conduct, transact and carry on in its full scope and import a general banking business, with all the rights, powers and privileges and immunities hereby specially granted, and those contained in chapter four, volume two, of The Code of North Carolina, entitled "Banks," as well as in the constitution and laws of this state as now existing.

Sec. 2. That the capital stock of said corporation shall be not Capital stock less than ten thousand dollars, in shares of one hundred dollars may be increased. each, and said capital stock may be increased at any time or

Books of subscription may be opened.

When company may be organ. ized.

from time to time as said corporation may elect, to any sum not exceeding five hundred thousand dollars.

Sec. 3. That the incorporators in the first section named or a majority of them are hereby authorized and empowered to open or cause to be opened books of subscription to the capital stock of said corporation at such time or times, at such place or places. and for such periods as they may deem proper; and the stockholders at any general meeting called after the due organization of said corporation may, in their discretion from time to time, re-open books of subscription to the capital stock of said corporation until the same as herein limited shall be taken.

Sec. 4 That when ten thousand dollars shall be subscribed to the capital stock of said corporation and fifty per centum of that amount shall be paid to two commissioners, who shall be ap pointed by the above-named incorporators or a majority of them. shall call a meeting of the subscribers to said capital stock at such time and place and upon such notice as they may deem sufficient; and said stockholders shall elect such directors as they Election of direct- may see proper to elect, not exceeding five, who shall hold office for one year and until their successors shall be elected and qualified; and said directors shall elect at their first meeting and anElection of presi- nually thereafter, one of their number president of the bank, and dent. fix his compensation and prescribe his duties, and he shall be ex-officio chairman of the board of directors; whereupon said bank may commence the transaction of its business.

ors.

Seal.

officers.

Sec. 5. That the president and directors of said bank may adopt and use a common seal and alter the same at pleasure; Compensation of may appoint all necessary officers, fix their compensation and take security for the faithful discharge of their duties; prescribe the manner of paying for stock and the transfer thereof; may do [a] general banking business on such terms and rates of discount and interest as may [be] agreed on, not inconsistent with the laws of this state or of the United States. The bank shall have a lien on stock for debts due it by the stockholders in preference to the claims of all other creditors of equal dignity.

Corporate powers.

May purchase and hold real estate.

Sec. 6. That said bank may pay out and receive the lawful currency of the country, deal in exchange, gold and silver coin, bullion, current paper and public and other securities; may purchase and hold such personal and real estate and property as may be conveyed to secure debts to the bank, or may be sold under execution to satisfy any debt due the bank, and may sell and convey the same at pleasure; may purchase and hold real estate for the transaction of business, and at pleasure sell or exchange the same; may discount notes and other evidences of debt, and may lend money on such terms as may be agreed on not inconsistent with the laws of this state or of the United States. It may

receive on deposit money on terms such as may be agreed on by the officers and depositors, and issue certificates of said deposits. which certificates may be assignable and transferable under such regulations as may be prescribed by the president and directors; all such certificates signed by the proper officers of the bank shall be as binding as if under the seal of said bank.

Sec. 7. That said bank shall have power to make loans upon mortgage of real estates and personal property, or upon liens upon crops planted or unplanted, [with] power of sale inserted upon default in payment; to advance or loan any farmer, planter, manufacturer or other person or persons any sum or sums of money, and to secure the payment of the same by taking in writing a lien upon the prospective products of any manufacturing operations or upon any article then existing or thereafter to be made, purchased, manufactured or acquired, and lien so taken shall be good and effectual in law, provided the same shall be duly re corded under the existing laws of registration; and said bank shall have power to receive in storage or warehouse any cotton, spirits of turpentine, wheat, corn or any other produce, or any manufactured articles whatsoever, as a pledge or pledges for the repayment of money loaned upon the faith of the same, and said liens, pledges or mortgages being duly recorded as in the case of mortgages and deeds of trust made under the general law, and any sales made thereunder according to the terms therein recited shall be good and valid in law: Provided, that nothing contained in this act shall be construed to authorize the taking or receiving a greater rate of interest than the legal rate.

Empowered to

make loans upon mortgage of real estate.

stock.

Stock may be

See. 8. That if any subscriber shall fail to pay for his stock or Failure of subany part thereof as the same may be required of him, the entire scriber to pay residue of his stock shall be deemed due, and may be recovered in the name of the bank either by motion in the superior court of the county wherein the delinquent resides, upon giving him ten days' notice of the motion, or by civil action in said court, or the entire stock may be sold by order of the board of directors sold. for cash at the banking house in Dunn, North Carolina, after advertising said sale for thirty days in a newspaper published in Harnett county or in North Carolina; and if at such sale the price should not be sufficient to discharge the amount unpaid, with all costs attending the sale, the subscribers shall be liable for the deficiency in the [a] civil action.

Sec. 9 That if a subscriber shall assign his stock before paying for the same in full, he and his assignees, and all subsequent assignees thereof, shall be liable for its payment, and may be sued jointly or severally by motion as aforesaid or by civil action. And in every case of a delinquency in a subscriber or other person, the subsciption shall be deemed a promissory note, payable

Subscribers

liable for deficiency. Assignment of stock not paid

for, liability.

Individual liability.

Deposits by minors and feme coverts.

Powers of prestdent and direct ors.

to the bank, as well in respect to the remedy for recovering the same as in the distribution of the assets of any deceased subscriber.

Sec. 10. That the stockholders of said bank shall be liable individually, equally and ratably, and not for one another, for all contracts, debts and agreements of said bank 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. 11. That when married women or minors deposit money or other property in said bank to their own credit, they may withdraw the same on their own order or check and be bound thereby, and such individual check or order of such minor or married women shall be valid and sufficient release and receipt to said bank against themselves and all other persons.

Sec 12. That the president and directors shall be capable of exercising all such powers and authority as may be necessary for the better government of the affairs of said bank; shall have power to prescribe rules for the conduct of said bank, the same being consistent with the by-laws, rules and regulations established by the stockholders; may regulate the terms and rates on which discounts and loans may be made and deposits received by said bank, and shall direct when dividends of profit shall be Special meetings declared. They may call a meeting of the stockholders whenever they may think proper, and any number of stockholders owning and holding one fifth of the stock may call a special meeting by serving a personal notice, and twenty days' notice in some newspaper circulated in said county, on a majority of the other stockholders. At all meetings stockholders may be represented by proxy, each share being entitled to one vote.

Authorized to organize a sav. ings bank.

Charter not forfeited by non

use.

Sec. 13. That said bank is authorized to organize in connection with its general banking business a department for savings, and to do a savings-bank business for the convenience of small depos itors, and to make such regulations in regard thereto not inconsistent with the laws of this state or of the United States as will enable said bank to receive small deposits in savings department, not less than fifty cents in any single case, and to give certificates or other evidences of deposit, and to pay such interest as may be agree 1 on, not exceeding the legal rate, and to regulate the time of payment and notice of demand. But the said limit of deposit shall apply only to the savings department and not to the general business of the bank.

Sec. 14. The powers and privileges granted herein shall not be deemed forfeited by non use: Provided, the corporation is organized within five years from date of ratification of this act.

Sec. 15. That said corporation shall have power to negotiate