Execution of bonds. May conduct an ment. stipulation or undertaking is required or permitted to be made, given, tendered or filed with one surety or with two or more sureties, the execution of the same, or the guaranteeing the performance of the conditions thereof, shall be sufficient when executed or guaranteed by said company, and any and all heads of departments, courts, judges, boards and municipalities, and all public officers, state, county, town or municipal, all corporations and private individuals whose duty it may be or shall hereafter be to accept or approve the sufficiency of any such bond, recognizance, obligation, stipulation or undertaking, may accept and approve the same when executed or guaranteed by said company; and said company is hereby vested with full power and authority to execute or guarantee such bonds, recognizances, stipulations, obligations or undertaking, whether given under the law of this state or of the United States, or of any state or county. Sec. 22. That this company may also conduct an insurance insurance depart department and act as the agent of any insurance company, whether life, fire, accident or other kinds of insurable risks, for the protection of itself and its patrons, the same as a natural person or firm may do, charging the legal rates and commissions for the same. May construct safes, etc. May act as fiscal agent, etc., for counties, towns, etc. Capital stock of said company taken as security in its undertakings. Officers or agents of company applying tunds otherwise than as provided guilty of embezzlements. Sec. 23. That the said company may construct, erect, purchase or lease such fire- and burglar-proof buildings, vaults, iron and composition safes or other buildings or means which may be or become necessary, and generally to transact and perform all the business relating to such deposit and safe keeping or preservation of all such articles or valuables as may be deposited with the said company; may act as the fiscal or transfer agent of or trustee for any state, county, municipality, body politic or corporation, or for any person or persons, and in such capacity may receive and disburse money, and negotiate, sell, transfer, register and countersign certificates of stock, bonds or other evidences of indebtedness. Sec. 35. Whenever the said company shall be appointed to any place of trust enumerated in any of the foregoing sections, or whenever deposits of money or valuables of any kind shall be made with said company, the capital stock and its property and effects shall be taken and considered as security required by law for the faithful performance of its duties, and shall be absolutely liable therefor, and no other security shall be required from it, on the execution of the bond required, where one is now required of any natural person acting in such capacity. Sec. 26. That any officer or employee of said company who shall apply any of the deposits of any kind of said company to his own use or to the use of any person or persons not entitled thereto, shall be deemed guilty of embezzlement, and upon con viction shall be punished by imprisonment in the penitentiary for a term of not less than one nor more than five years, and shall be responsible in any suit at law for injury, loss, expense or damages incurred by reason of its prosecution or in consequence of said act, either to the company or to any party aggrieved, damaged or injured thereby. company. Sec. 27. That whenever any business is transacted or service When compensarendered by such company,' where fees, interest, discount, commis- tion is not agreed sions or other charges are not specifically stated or agreed upon, upon charges by the said company is empowered to charge and collect such fees, interest, discounts, commissions or other charges as may be established by the directors or allowed by the laws of the state. Sec. 28. That said company shall exist and be in force and effect, with all the powers herein before conferred, for the term charter. of ninety-nine years (99) from and after the ratification of this act. Ratified the 6th day of March, A. D. 1899. Duration of CHAPTER 337. An act to amend the charter of The Bank of Carthage. The General Assembly of North Carolina do enact: Section 1. That section one of chapter one hundred and section 1, chapter eighty-six of the private laws of North Carolina, passed at the 186. private laws of 1889, amended. session of eighteen hundred and eighty-nine, be, and the same is hereby amended as follows: After the word "that" and before the words "James D. McIver" in the first line insert "W. W. Mills, W. A. Mills, William Hayes." Sec. 2. In line one of section three after the word "or" strike section 3 out the words "a majority" and substituting the words "any three amended. or more." Sec. 3. That section four be and the same is hereby amended Section 4 as follows: In line four after the word "or" and before the amended. word "of" strike out the words "a majority" and substitute the words "any three or more." and in line five after the word "or" strike out the words "a majority" and substitute the words "any three or more." is hereby Section 13 Sec. 4. That section thirteen be, and the same amended as follows: In lines six and seven strike out the words amended "twenty-five cents" and substitute the words "ten cents." Sec. 5. That the time for the organization of the Bank of Carthage, under said charter, be, and the same is hereby extended six months from the ratification of this act. Sec. 6. That that [this] act shall be in force and effect from and aner its ratification. Ratified the 6th day of March, 1899. Time for organi zation extended. Preamble. Preamble con tinued. Charter of Linville River Railroad Company confirmed. Corporators. Body corporate. Corporate rights and privileges. May consolidate with other roads. CHAPTER 338. An act to validate, ratify and confirm the charter granted by the secretary of state to the Linville River Railaoad Company, and to validate the transfer of the corporate rights, franchises, privileges and property of said company to the Linville Railway Company, and to charter the same. Whereas, on the thirtieth day of July, eighteen hundred and ninety-six, the secretary of state granted letters of incorporation to the Linville River Railroad Company, and the said company was organized under said charter and began the construction of a railroad in Mitchell county, North Carolina, and failed, and the properties, franchises, etc., of the said company were sold at a judicial sale, and Isaac T. Mann became the purchaser of the same, and is now the sole owner of the same, And whereas, the said Isaac T. Mann has associated with himself certain parties, and wishes to complete the said road and to extend the same, and desires for the purpose of the organization to become incorporated under the name of the Linville Railroad Company: now, therefore, The General Assembly of North Carolina do enact: Section 1. That the charter of the Linville River Railroad Company, granted by the secretary of state of North Carolina and recorded in the Book of Railroad Companies in his office, pages two hundred and twenty-seven and two hundred and twenty-nine, bearing date of thirtieth day of July, eighteen hundred and ninety-six, be, and the same is hereby ratified, approved and confirmed. Sec. 2. That Isaac T. Mann, now owner as purchaser under a judicial sale of the property, franchises, rights-of-way, land an all other rights and properties of the said Linville River Railroad Company, Edwin T. Mann, James P. Taylor, and such other persons as they may associate with them, be, and they are hereby constituted and made a body politic and corporate, under the name and style of the Linville Railway Company; and such corporation shall have all the rights and powers of the Linville River Railroad Company, and shall succeed to all of its properties, franchises, rights and privileges, and in addition thereto the said corporation shall have all the rights and privileges conferred upon other railroad corporations in chapter forty-nine of The Code of North Carolina and the acts amendatory thereof. The duration of this corporation shall be sixty years from July thirtieth, eighteen hundred and ninety-six. Sec. 3. The said corporation shall have the power to consolidate with or lease or sell to any other railroad company, and it shall have the right to change its name by a vote of a majority of the board of directors: Sec. 4. After completing the line of road from Cranberry to Road may be Pineola the said corporation shall have the right to extend the extended. same to the town of Boone, in Watauga county, or to the town of Lenoir, or some other point in Caldwell county, or to either or both of them; and it may extend further to some point on the Western North Carolina division of the Southern Railway, at or near the town of Morganton. Sec. 5. The corporation by a vote of a majority of its stock Capital stock may from time to time increase its capital stock to a sum not may be increased. exceeding one million dollars; and it may issue bonds, not exceeding in amount ten thousand dollars for each completed mile of road, and to secure the same by mortgage or mortgages of all or any part of its line of railway. Sec. 6. This act shall be in force from and after its ratification. CHAPTER 339. An act to incorporate the town of Shallotte in the county of Brunswick. The General Assembly of North Carolina do enact: Section 1. That the town of Shallotte, in the county of Brunswick, be, and the same is hereby incorporated by the name and style of the town of Shallotte, and is hereby invested with all the powers, rights, privileges and immunities enumerated in chapter sixty-two of volume two of The Code of North Carolin, entitled, "Cities and Towns," and subject to the restrictions and liabilities specified in the same not inconsistent with this act. Sec. 2. That the corporate limits of said town shall be as follows: Beginning at the mouth of Charles branch; then about north so as to intersect with the line of James Holmes on the east; then with his line the same course to intersect with A. S. White's line; then with his line bearing an eastward course so as to include J. B. Gray and J. M. Stanley; then westward a direct course to Mulberry swamp; then with said swamp to Shallotte river; then with said river to beginning. Sec. 3. That the officers of said incorporation shall consist of a mayor five commissioners, marshal and treasurer, and the following persons shall fill said offices until the first Monday in May, eighteen hundred and ninety-nine, and until their successors in office have been elected and qualifid, viz: For mayor, Incorporated. (orporate name. Corporate limits Affairs of town, by whom managed. Temporary officeis. Annual elections. Qualified voters. Commissioners shall pass by. laws, etc. Fines and penalties. Tax levy. Election of secretary. Marshal empowered to make arrests. George Leonard; for commissioners, James Holmes, Charles Hemmingway, W. A. Frink, R. V. Leonard and F. P. White; for marshal, McD. Turner; for treasurer, John W. Moore. Said officers, before entering upon the discharge of their duties, shall go before some justice of the peace of said county and take the oath of office prescribed by law for such offices. Sec. 4. There shall be an election for officers mentioned in this act on the first Monday in May, eighteen hundred and ninetynine, and annually thereafter, under the same restrictions that state and county elections are held, and all qualified electors who have resided within the incorporate limits of said town for the period of sixty days next preceding the election shall be entitled to vote at said election. Sec. 5. That the commissioners of said town shall have power to pass all by-laws, rules and regulations necessary for the good government of said town, not inconsistent with the laws of this state, and shall also have power to abate all nuisances and may impose such fines and penalties as may be necessary to abate them, and they shall have power to levy and collect a tax not exceeding fifty cents on the poll and not to exceed sixteen and two-thirds cents on the hundred dollars valuation of all property, real, personal and mixed, and shall also have power to tax all other subjects of taxation, not to exceed one-half of the state taxes. Sec. 6. That it shall be the duty of the commissioners when organized to appoint one of their number as secretary, whose duty it shall be to keep a record of all proceedings of said commissioners, and said commissioners may require the treasurer and marshal each to enter into a bond approved by the commissioners, payable to the state of North Carolina, to the use of the town of Shallotte, conditioned for the faithful performance of their duties, approved by the commissioners. Sec. 7. That when it shall be necessary for the preservation of the public peace, good order and common decency, or the protection of life, liberty, person or property of individuals, the town marshal shall have the authority, and it shall be the duty of such marshal, to arrest the body of offending parties who have violated the law in the presence of such marshal, without warrant, and take such person or persons before the mayor of said town as early as practicable, to be dealt with as the law directs, and for every resistance of such authority by such offenders or others, the party so resisting shall be punished as the ordinances of said town shall provide, and if necessary the marshal shall have Marshal may call power. to call to his aid any bystander to assist in making any legal arrest, and any one so summoned or called, who refuses or by standers to his aid. |