domestic and foreign; deal in exchange, gold, silver and other coins, bullion, uncurrent paper, public and other securities, including the bonds and other securities of the United States, this state, and other states of the Union; also county bonds, township bonds, town bonds, or other municipal bonds or other evidences of debt of any corporation chartered by this or any other state of the Union; may loan money to any person or corporation and take such security, either personal, individual or real, or personal property or mortgage on real [and] personal property to secure the same as may be agreed upon; may purchase and hold such real and personal property as may be necessary for conducting its business, and also may purchase and hold such real and personal property as may be conveyed to secure debts and liabilities to said corporation, or in which said corporation may be inter. ested, or which may be sold under execution, mortgage or other lien, or by order of any court to satisfy any debt or liabilities to said corporation, and may sell and convey the same at pleasure; may receive deposits of money and other property from corporations, minors without guardians, feme covert guardians, executors, admin. istrators, traders or other persons upon such terms and times and manner of payment and collection as may be agreed upon, and when any deposit shall be made by any minor, or feme covert, the said corporation may at its discretion pay such minor or feme covert such sums as may be due to him or her, and the receipt or acquittance of such minor or feme covert shall be to all intents and purposes valid in law and fully discharge said corporation from all liabilities or account thereof.

SEC. 7. That the president and directors shall exercise all the necessary authority and power for the proper government of the business of the corporation; they shall direct when dividends shall be paid to the stockholders, they may call meetings of the stockholders when they may deem it proper, giving ten days notice; and any number of stockholders holding one-fourth of the capital stock paid up may call a special meeting, giving ten days notice of such meeting in a newspaper published in Lexington, North Carolina. At all meetings each share of stock shall be entitled to one vote, and any stockholders not present may be represented by proxy, the proxy being a stockholder.

SEC. 8. That if any subscriber shall fail to pay for his stock or any part thereof as the same is required of him, the entire residue of his stock shall be deemed to be due and may be recovered in the name of the bank by a civil action, or the entire stock of such delinquent may be sold by order of the directors for cash, after advertisement of sale for twenty days in some newspaper published in Lexington, North Carolina, and if at such sale the price paid shall not be sufficient to pay and discharge the amount unpaid and all cost of sale, the residue may be recovered in a civil action against the subscriber.

SEC. 9. That if any subscriber shall assign his stock before it is fully

paid, he and his assigns and subsequent assignees shall be liable for Remedy against assignee of stockthe payment and may be sued jointly or severally in any court having holder. jurisdiction, and the liability in every case of such delinquency shall be deemed a promissory note payable to the corporation, both in respect to the remedy for recovering the same and in the distribution of the assets of any deceased subscriber.

authorized to

SEC. 10. That any receiver, executor, administrator, trustee, assignee, Fiduciaries
guardian, committee of a lunatic, clerk of the superior court, treas- deposit, &c.
urer of a county, sheriff, tax collector, or other public officer is hereby
authorized to deposit with said corporation any money, securities or
other valuables that may come in his possession or under his control

by virtue of his said office or appointment aforesaid: Provided, noth. Proviso.
ing herein contained shall be construed to discharge any such deposi-
tors in case of loss from liability for such loss and their legal liability
for the same shall be the same as now exists.

SEC. 11. That said corporation shall have authority to establish and Savings bank department. operate a savings bank under such rules and regulations as its by-laws may prescribe, and such savings bank may receive deposits and pay the same, together with such interest as may be agreed upon with the depositors; deposits may be received from married women, minors without guardians, and apprentices, and the same may be paid out on their receipt, order or check, unless restrained by law. And deposits may be made in the name of married women, minors without guardian, by their husbands, parents or others, and the same may be drawn out by the person making the deposit. But said cor. poration shall take and receive only such interest as is allowed by law or shall hereafter be allowed.

SEC. 12. The president and directors shall cause to be published Semi-annual statement by during the first week in January and July of each year a statement president, &c. of the financial condition of the bank, unless required by law to make and publish such statements at other times.

SEC. 13. That this act shall be in force from and after its ratification.
Ratified the 25th day of February, A. D. 1893.

CHAPTER 112.

An act to amend an act amended at the session of eighteen hundred and sixty and eighteen hundred and sixty-one, passed at the session, of eighteen hundred and fifty-eight and eighteen hundred and fifty-nine, to incorporate Mars Hill College in the county of Madison.

The General Assembly of North Carolina do enact:

SECTION 1. That P. M. Hudgins, J. C. Pritchard, John Ammons, Incorporators. T. M. Honeycutt, J. R. Sams, W. P. Jervis, L. C. Huff, Wm. Bryan,

L. B. Ramsay, J. F. Tilson, W. C. Sprinkle, James A. Ramsay, J. B.

Corporate name.
Corporate exist-

ence.

Corporate pow

ers.

Powers of trustees, &c.

Number of trustees.

Vacancies.

Powers.

Trustees to appoint president, professors, &c.

By-laws.

Proviso.
Proviso.

Sprinkle, J. P. Sams, H. J. Carter, W. M. Jervis, John Briggs, W. T. Bradley, G. M. Hackler, T. J. Murray, T. M. Hufham, John W. Anderson, George W. Anders; W. O. Connor and J. H. Metcalf shall be and they are hereby declared to be a body politic and corporate, to be known and distinguished by the name and style of Mars Hill College, and by that name shall have succession and a common seal, and continue for the term of ninety-nine years, and that the said trustees and their successors or a majority of them by the name aforesaid shall be able and capable in law to receive and possess all moneys, goods and chattels and choses in action that shall be given them for the use of the college, and by gift, purchase or devise may take and hold to them and their successors any lands, tenements, rents and hereditaments of whatever kind, nature or quality soever in special trust and confidence that the sum and profits thereof shall be applied to and for the use and benefit of said college; and the said trustees shall have such other powers and enjoy such other privileges and rights as are usually incident to corporate bodies of a like character.

SEC. 2. That the said trustees or their successors or a majority of .them by the name aforesaid shall be able and capable in law to bargain and sell and convey the purchasers any such lands, rents, tenements and hereditaments to which they may be entitled as aforesaid; and further, that the said trustees or a majority of them and their successors for the term aforesaid shall be able and capable to sue and be sued, plead and be impleaded in all courts whatsoever, either of law or equity or record or otherwise.

SEC. 3. That there shall not be less than five nor more than twentyfive trustees for said college at any time; and that on the death or resignation or refusal to act of any of the trustees for the time being, or removal from office by the concurrence of two-thirds of the trustees for the neglect of duty or other cause, the vacancy so happening shall be filled by the said board of trustees; and the trustees so appointed shall be vested with the same powers, rights, trusts and authority as those appointed by this act.

SEC. 4. That the trustees and their successors shall have the power of appointing a president and such other professors and tutors as to them shall appear necessary and proper for said college, whom they may remove at any time for misbehavior, inability or neglect of duty, and may from time to time make such by-laws and regulations as they may deem necessary for the government of the college: Provided, the same are not inconsistent with the constitution or laws of the state: Provided further, that if a majority of the said trustees shall not convene for the purpose aforesaid, it shall be lawful for five of the trustees or their successors to form a quorum for the transaction of business, and may from time to time make all necessary by-laws and regulations.

SEC. 5. That the whole amount of real and personal estate belong- Limitation of ownership of ing to said college shall not exceed one hundred and fifty thousand property. dollars in value. SEC. 6. That it shall not be lawful for any person to erect, keep, or Unlawful to keep maintain at Mars Hill College, or within three miles of said college, within three tippling house in the county of Madison, any tippling house or establishment or miles or to sell liquor within two place whatsoever for the manufacture or sale of spirituous liquors or miles. wines; nor shall it be lawful for any person to sell any wines or spirituous liquors within two miles of said college.

SEC. 7. Any person or persons violating the provisions of section Misdemeanor. six shall be guilty of a misdemeanor.

SEC. 8. That this act shall be in force from and after its ratification, Former laws repealed. and all laws and clauses of laws relating to Mars Hill College not

contained in this act are hereby repealed,

Ratified the 25th day of February, A. D. 1893.

CHAPTER 113.

An act to incorporate The Atlantic and Ohio Railroad Company.

The General Assembly of North Carolina do enact:

SECTION 1. That Chas. M. Steadman, M. E. Carter, J. C. Pritchard, Incorporators. A. G. Halliburton and H. Justice, of North Carolina; W. J. Maulden,

ers.

of South Carolina; Samuel Thomas, of Ohio; J. M. Bass, of Indiana, and J. C. Brice, of Kentucky, and such other persons as they associate with them, are hereby declared a body politic and corporate with perpetual succession under the name and style of The Atlantic and Ohio Railroad Company, and in that name may sue and be sued Corporate name. Corporate powin any court in the state, and shall be competent to purchase, or acquire by gift, devise or otherwise such real and personal property as shall be necessary for carrying out the intent and object of this charter, and in addition thereto shall have power and authority to acquire, hold, own, operate, or lease any quarries, mines, lumber yards or furnaces in any of the counties through any part of which its road or branches may extend or pass, and build branch roads from any part of its main line not exceeding twenty miles in extent. SEC. 2. That said company, upon organization as herein provided Authorized to for, shall have power to construct, maintain and operate a railroad and telegraph and telegraph line from some point on the line of the states of North and South Carolina in the counties of Henderson or Transylvania, and through the counties of Transylvannia, Henderson, Buncombe, Madison, Yancey and Mitchell to a point on the Tennessee state line.

build railroad

line.

Route.

Capital stock.

Stock-vote.

Organization.

Books of subscription.

When books to be opened, &c.

Organization.

Notice of meeting of stockholders to organize.

Directors.

SEC. 3. That the capital of the said Atlantic and Ohio Railroad Company shall not exceed two million dollars, to be divided into shares of one hundred dollars each. Each share subscribed shall be entitled to one vote in all meetings of the stockholders of said company, and fifteen thousand dollars shall be the minimum subscription on which said company may be organized.

SEC. 4. That for the purpose of raising the capital stock of said company it shall be lawful to open books in any county in which the line of said road will run under the direction of the following commissioners, Chas. M. Steadman, M. E. Carter, A. G. Halliburton, and at such places and under the direction of such other persons as a majority of the commissioners above named may deem proper for receiving subscriptions to the capital stock of said company.

SEC. 5. That the commissioners above named, and all other persons who may be appointed as aforesaid to open books for subscriptions, shall open the same at any time after the ratification of this act, first giving twenty days notice thereof of the time and place in one or more newspapers printed in North Carolina; and the said books, when opened, shall so remain as long as the commissioners above named shall deem necessary and direct.

SEC. 6. That whenever the sum of fifteen thousand dollars shall have been subscribed in manner and form aforesaid, and five per centum thereof shall have been paid in to the said commissioners, the subscribers, their executors, administrators and assigns, together with persons named as corporators in this act, shall be authorized to organize said company, with all the rights, powers and privileges heretofóre enumerated, and shall have the right to have and use a corporate seal which they may change as often as necessary.

SEC. 7. That it shall be the duty of the commissioners named in this act for receiving subscription as aforesaid, or a majority of them, so soon as a sum of fifteen thousand dollars has been subscribed in manner aforesaid, to give public notice thereof and at the same time to call a general meeting of the stockholders, giving at least ten days notice of the time and place of such meeting; and at such meeting a majority of the stockholders being represented in person or by proxy shall proceed to elect nine directors out of the number of stockholders; and the said directors shall have power to perform all the duties necessary for the government of the corporation and the transaction of its business; and the persons elected as aforesaid shall serve such periods, not exceeding one year, as the stockholders may direct; and at each meeting the stockholders shall fix on the time and place or places where the next subsequent election of directors shall be held, Annual meetings and such stockholders meeting shall take place annually, and such election of directors shall thenceforth be annually made. But if the dissolved by fail- day of the annual election of directors should, under any circum

Corporation not

ure to elect.

directors.

stances pass without an election, the corporation shall not thereby be