First board of directors elected pointed by said board. The number of directors shall not be less than five nor more than twenty-five persons, and each director shall hold at least five shares of stock in the company. Sec. 7. The first board of directors shall be elected by the stockby stockholders. holders after said stock has been subscribed for and before the said corporation shall begin to transact any business of insurance, at an election to be held at such time and place as may be determined by a majority of the corporators named in section one of these articles of incorporation, due notice of which shall be given by mail or otherwise to each stockholder. Said board of directors shall hold their office for one year or until their successors are elected and qualifie 1. Representation of stock holders in ors. Sec. 8. There shall be an annual election of said board of directors at the principal office of the company. Sec. 9. In the election of directors every stockholder in the voting for direct company shall be entitled to one vote for every share of stock held by him, and such vote may be given in person or by proxy. Sec. 10. The board of directors shall immediately after their organization and annually after each election elect from their number a president and a vice-president, who shall hold office one year and until the election of their successors. Election of officers. Capital stock. Policies ex pressed to be for women. Sec. 11. The amount of the capital stock of said corporation shall be one hundred thousand dollars, and the said stock shall be divided into one thousand shares of one hundred dollars each. with the privilege of increasing it to one million dollars. Sec. 12. Any policy issued by the Carolina Mutual Life Insurbenefit of married ance Company on the life of any person, expressed to be for the benefit of any married woman, whether the same be effected originally by herself or her husband or by any other person, or whether the premiums thereafter be paid by herself or her husband or any other person as aforesaid, shall inure for her sole special use and benefit, and that [of] her husband's children, if any, as may be expressed in said policy, and shall be held by her free from the control or claim of her husband or his creditors or of the person effecting the same and his creditors. May lend money. Individual liability. May hold real estale. Such as directors may deem necessary. Sec. 13. The company shall have power to lend money to policy holders on such terms as the directors of said company may prescribe, not inconsistent with the laws of this state. Sec. 14. The individual stockholders of this company shall not be personally liable for any loss or damage beyond the amount of stock subscribed respectively by thein, and any undivided profits accruing from said stock. Sec. 15. That it shall be lawful for said corporation to purchase, hold and convey real estate as follows: (1) Such as the board of directors may deem necessary in the transaction of the business of the company. (2) Such real estate as shall have been mortgaged to it by way Mortgaged. of security for loans personally contracted or for money due. (3) Such real estate as shall have been purchased upon judg- Purchased upon judgment. ment, decree or mortgage obtained or made for such debts. (4) Such real estate as shall have been conveyed to said com- Conveyed in pany in satisfaction of debts previously contracted in the course of its dealings. Sec. 16. That this act shall be in force from and after its ratification. Ratified the 6th day of March, A. D. 1899. satisfaction of a debt. CHAPTER 350. An act in aid of the public schools of the city of Asheville. The General Assembly of North Carolina do enact: ter 163, private Section 1. That section thirty-seven of chapter one hundred Section 37, chapand sixty-three of the private laws of eighteen hundred and laws of 1857, ninety-seven, entitled “An act to amend chapter three hundred amended. and fifty-two private laws of eighteen hundred and ninety-five," entitled "An act to amend, revise and consolidate the charter of the city of Asheville," be and the same is hereby amended by striking out in the seventh line of said section thirty-seven after the word "exceed" and before the word "cents" the word "twenty" and inserting instead thereof the word "thirty"; and by striking out in the eighth line of said section after the word "and" and before the word "cents" the word "sixty" and inserting in lieu thereof the word "ninety." Act shall be submitted to quailfed voters of Asheville. Sec. 2. That before this act shall go into effect the same shall be submitted to the qualified voters of the city of Asheville for the approval of the majority thereof. and the mayor and board of aldermen of said city are hereby directed to submit the same to the qualified voters of said city at the next election to be held therein for the election of mayor and aldermen, and under the When voted same rules and regulations as are now or may hereafter be pre- upon. scribed for said election; and at such election those who favor the school tax authorized by this act shall cast ballots having Form of ballot. the words "For schools" written or printed thereon, and those opposed to said school tax shall cast ballots having the words "Against schools" written or printed thereon; and if at such election a majority of the qualified voters of said city shall cast ballots having the words "For schools" written or printed thereon, then the said board of aldermen shall levy and collect the said taxes as aforesaid for the purposes specified in this act and the acts of which the same is amendatory, and thereupon this act shall go into immediate effect. Conflicting laws Sec. 3. That all laws and parts of laws in conflict herewith are repealed. hereby repealed. Sec. 4. That this act shall be in force from and after its ratifi cation. Ratified the 6th day of March, A. D. 1899. Body corporate. Corporate name.. Corporate pow. ers. Corporate limits. Town officers. CHAPTER 351. An act to incorporate the town of Cedar Falls, North Carolina. The General Assembly of North Carolina do enact: Section 1. That the town of Cedar Falls, in the county of Randolph be, and the same is hereby incorporated into a body politic and corporate, under the name and style of the Town of Cedar Falls, and under this name may acquire and hold for the purpose of its government, welfare and improvement, by purchase, gift, devise or otherwise, any real estate or personal property, in the same manner and to the same extent that private persons may or can, and shall have the right to contract or be contracted with, sue and be sued, plead and be impleaded, and hold and convey real or personal property. Sec. 2. That the corporate limits of said town shall embrace the territory within the following boundaries, beginning at a stake on south bank of Deep river, the Cedar Falls Manufacturing Company's corner; thence north and northeast on the outside lines to the hickory corner; thence northwest to J. M. Pound's northeast corner; thence west on his line to his and J. M. Campbell's corner; thence on J. M. Campbell's outside line to Cedar Falls Manufacturing Company's line; thence on the line to the corner on south bank of Deep river; thence west to J. M. Jummy's northwest corner; thence south on the lines of J. H. Allred and A. H. Ridding to A. H. Ridding's southwest corner; thence east to P. M. and J. F. S. Julisu's line; thence north on their line to Cedar Falls Manufacturing Company's line; thence east out the line to beginning. Sec. 3. That the officers of said town shall consist of a mayor, five commissioners, a constable, treasurer and clerk; that the mayor and five commissioners shall be elected on the first Monday in May, in the year eighteen hundred and ninety-nine, and annually thereafter, who shall hold their offices until the [their] successors are qualified, and all other officers created by this act shall be appointed by the town commissioners for a term not extending beyond the term of office for which said commissioners are elected. officers. Sec. 4. That Geo. L. Leonard, W. C. Richardson, A. H. Ridding, Temporary J. T. Williams and J. M. Campbell are hereby constituted and appointed a board of commissioners, and O. R. Cox is hereby appointed mayor, who, upon their taking the oath of office, shall have full power to exercise and perform such duties as are hereinafter prescribed by the provisions of this act, until their successors shall be duly elected and qualified. oath of office. Sec. 5. That all the officers herein provided for, before enter- Officers shall take ing upon their duties as such officers, shall take an oath before some justice of the peace of said county, or other officer authorized to administer oaths, to faithfully and impartially discharge the duties of their offices; and the treasurer and constable or chief of police, before entering upon their duties, shall also file a bond with the board of commissioners, payable to the town of Cedar Falls, in such sum as the commissioners may determine: Proviso. Provided, the same shall not be less than four hundred dollars, conditioned upon the faithful performance of the duties of their office. Sec. 6. That the board of commissioners of said town, each Appointment of year at least forty days prior to the first Monday in May, shall registrar and juuges of election. appoint a registrar, who shall give ten days' notice at three public places in said town, of the registration of voters of said town, specifying time and place, and shall be furnished with registration books at the expense of the town; and it shall be the duty of the registrar to open the books at the time and place mentioned, which shall be at least twenty days before the election, and to register therein all persons applying for registration, who are ascertained to be entitled to registration under Persons entitled the general election laws of the state, and at the time of the to register. appointment of said registrar the board of commissioners shall appoint two judges of election, who with the registrars shall open the polls and superintend and conduct the same on the day of election, which shall be held at the mayor's office in said town, and shall be conducted in accordance with the general laws Election, how conducted. of the state regulating the election of the members of the general assembly not inconsistent with this act; and returns of said election shall be made as provided in section thirty-seven hundred and eighty-eight (3788), chapter sixty-two (62) of The Code. Sec. 7. That on Thursday succeeding the day of election the mayor and commissioners shall qualify by taking the oath as prescribed by law, and when organized shall have all the duties, When mayor and commissioners shall qualify. Powers of commissioners. Mayor consti tuted an interior court. Jurisdiction of mayor. Mayor shall preside over meetings of commis sioners. Quorum Orders drawn on treasurer, how signed Levying and collection of taxes. rights, powers and privileges prescribed in chapter sixty-two (62) of The Code not inconsistent with the provisions of this act. Sec. 8. That among the powers conferred upon said board of commissioners, they may provide for and have opened streets through said town, provide for the working, repairing and cleaning said streets, regulate the markets, take all proper means to prevent and extinguish fires, regulate the town police force, suppress and remove all nuisances, pass ordinances for the regulation of the peace and order of the town, and for carrying out of the provisions of this act, and may appoint such officers as the board of commissioners may fix and pre scribe the pay of all officers, either elected or appointed. Sec. 9. That the mayor of the town is hereby constituted an inferior court, with like powers of a justice of the peace in all criminal cases, according to the general law regulating towns and cities, contained in volume two (2) chapter sixtytwo (62) of The Code, and the general laws and the laws amendatory thereto regulating the duties of justices of the peace in criminal cases, and to execute the by-laws, rules, ordinances and regulations made by the board of commissioners. Sec. 10. That the mayor when present shall preside at all meetings of the board of commissioners, and shall vote only when there is a tie; and at the first meeting after organization the commissioners shall appoint one of their number a chairman pro tempore, who shall in the absence of the mayor preside at the meetings and perform all the duties of mayor. Sec. 11. That a majority of the commissioners shall constitute a quorum for the transaction of all business; within five days after election they shall convene for the transaction of business and then shall fix monthly meetings for the board and call meetings of said board or [on] call of the mayor, and a majority of the commissioners may adopt by-laws enforcing the attendance of the members of the board. Sec. 12. That all orders drawn on the treasurer by the clerk or the order of the commissioners, shall be signed by the mayor and countersigned by the clerk, and the treasurer shall file all such orders as his vouchers, and at the expiration of the term of the office of treasurer he shall deliver to his successors all moneys, securities or other property entrusted to him for safe keeping or otherwise. Sec. 13. That the commissioners of said town may provide for the listing, levying and collection of a tax upon the property and polls in said town in accordance with the general laws regulating towns and cities. |