CHAPTER 118. An act to amend the charter of the Roanoke and Southern Railway Company. The General Assembly of North Carolina do enact: SECTION 1, That chapter eighty-seven, section twenty-five of the Chapter 87, laws laws of one thousand eight hundred and eighty-seven be amended 1887, amended. by inserting after the word bonds in line sixteen the following words: Provided, that if any such city or town fail or neglect to duly Sheriff to collect special tax in appoint a tax collector on or before the thirtieth day of May of any cities and towns year, in that case it shall be the duty of the sheriff of the county in failing to appoint which such city or town is situated to collect all such taxes as have been or shall be duly levied upon the property and polls of such city or town. SEC. 3. That this act shall be in force from and after its ratification. tax collector. CHAPTER 119. An act to amend the charter of the Roanoke and Southern Railway Company. The General Assembly of North Carolina do enact: sell to other eom SECTION 1. That the Roanoke and Southern Railway Company, with Authorized to the authority and approval of a meeting of its stockholders, may pany, to consolilease and sell its railroad property and franchises to any other rail- date, &c. road company operating or authorized to operate a connecting line of railroad in North Carolina or Virginia, and with like authority or approval may consolidate or merge its stock, railroad property and franchises with or into those of any such other railroad company or companies; such lease, sale and consolidation or merger to be made upon such terms as may be agreed upon by the boards of directors of the companies so contracting; and for that purpose power is hereby given to the Roanoke and Southern Railway Company and to such other railroad company or companies to make and carry out such deeds or contracts as will facilitate or consummate such lease, sale and consolidation or merger: Provided, however, that no power herein Proviso. contained shall authorize any lease, sale, consolidation or merger with Proviso. any company owning, operating or controlling a competing line: SEC. 2. That this act shall be in force from and after its ratification. Chapter 170, private laws 1891, amended. Normal department for teachers. Appropriation. CHAPTER 120. An act to amend chapter one hundred and seventy, private laws eighteen hundred and ninety-one, amending charter of the Cullowhee High School. The General Assembly of North Carolina do enact: SECTION 1. That section one, chapter one hundred and seventy, private laws of eighteen hundred and ninety-one, be amended by adding at the end of said section the following: And there shall be established in connection with said high school a normal department to fit and train young men and women for the position of teachers in the public schools of the state; and the sum of fifteen hundred dollars is annually appropriated for this purpose. Said normal department shall be under the supervision of the superintendent of public instruction of the state; and said superintendent shall have power to prescribe rules for the regulation and management of the same; said superintendent shall also have power, upon being satisfied that said Discontinuance. normal department is inefficient or unnecessary, to discontinue the Supervision of Normal department. Certificates. To entitle holders to teach in public schools, &c. Proviso. same, and the appropriation herein provided for shall thereupon cease. SEC. 2. That this act shall be in force from and after its ratification. CHAPTER 121. An act to incorporate The Bank of Laurinburg. The General Assembly of North Carolina do enact : SECTION 1. That A. L. James, T. I. Gill, W. H. Neal, J. A. McBryde, Incorporators. * Mark Morgan, R. D. Phillips, J. P. McRae, W. G. Quackenbush and Rod McRae, their present and future associates, successors and assigns, are hereby constituted and declared to be a body politic and corporate ers. by the name and style of The Bank of Laurinburg, with its principal Corporate name. place of business at Laurinburg, North Carolina, and by that name Corporate powmay sue and be sued, plead and be impleaded in any court of the state, and shall have a continual succession for thirty years, with capacity to take, hold and convey real and personal estate, with the rights, powers and privileges incident to or belonging to corporations as set forth or referred to in sections six hundred and sixty-three, six hundred and sixty-four, and six hundred and sixty-five of chapter sixteen of The Code, entitled "Corporations." SEC. 2. That the capital stock of said corporation shall not be less Capital stock. than twenty thousand dollars in shares of twenty-five dollars each, and such capital stock may be increased from time to time as said corporation may elect to a sum not exceeding one hundred thousand dollars. SEC. 3. That A. L. James, T. I. Gill and W. H. Neal, the corpor- Books of subators named in the first section, are hereby empowered at any time scription. within two years from the ratification of this act to open books of subscription to the capital stock of said corporation at such time or times, at such places and for such periods as they shall determine, and the stockholders at any general meeting held after the organization of said corporation may .at their discretion from time to time re-open books of subscription to the said capital stock until the same as herein limited be wholly taken. SEC. 4. Whenever the sum of twenty thousand dollars shall have Organization. . been subscribed the before-named corporators, or a majority of them, shall call a meeting of the subscribers to said stock at such time and SEC. 5. The president and directors of the bank may adopt and use Powers of presia common seal and alter the same at pleasure, appoint all necessary tors. dent and direc Corporate pow ers. Powers and duties of president and directors. officers and agents, fix their compensation, prescribe their duties and take security for the faithful discharge of the same, and may, when they deem it to the interest of the bank to do so, discharge any or all of them and appoint others to fill their places; they shall prescribe the manner of paying for stock and the transfer thereof, may do a general banking business, discount promissory notes, bills of exchange, domestic and foreign, and take interest or discount in advance at a rate not greater than is allowed by law. The corporation may invest in bonds of this state or other states and of the United States, or in the bonds or obligations of any corporation or county in this state. SEC. 6. The said corporation may receive and pay out the lawful currency of the country, deal in exchange, gold, silver and other coins, bullion, uncurrent paper and public or other securities, including the bonds or other securities of the United States, this state and other states of the union, also county bonds, township bonds, town bonds or municipal bonds and the bonds or other evidences of debt of any corporation chartered by this or any other state of the Union; may purchase and hold such real and personal estate and property of any kind as may be conveyed to secure debts or liabilities to the said corporation or in which the said corporation may be interested or which may be sold under execution, mortgage or other liens, or by order of any court to satisfy any debt or liability to said corporation, and may sell and convey the same at pleasure; may purchase and hold real estate suitable for the transaction of its business, and at pleasure sell or exchange the same; may discount bills, bonds, notes, drafts and other evidences of debt, and lend money on such terms as may be agreed on, not to exceed the legal rate of interest, and may take and receive interest at the time of making such loan. It may receive deposits of money or other property or evidences of debt from corporations, minors without guardians, feme coverts, guardians, executors, administrators, trustees and other persons on such terms and time and manner of collection and payment as may be agreed upon;, and when any deposit shall be made by any person being a minor without guardian or feme covert the said corporation may at its discretion pay to such minor without guardian or feme covert such sums as may be due him or her, and the receipt or acquittance of such minor without guardian or feme covert shall be to all intents and purposes valid in law, fully discharge the said corporation from any and all liability on 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 stockholders; they may call meetings af 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 of stockholders. special meeting, giving ten days notice in a newspaper published in Special meetings the town of Laurinburg; and at all meetings stockholders not present may be represented by proxy, each share of stock being entitled to one vote. pay. SEC. 8. That said corporation shall have power to loan money on a Authorized to loan money on pledge or mortgage of real or personal property. pledge, &c. SEC. 9. If any subscriber shall fail to pay for his stock or any part Remedy against thereof as the same is required of him the entire residue of his stock person falling to shall be deemed to be due, and may be recovered in the name of the bank, either by motion in superior court of the county where the delinquent may reside, upon giving him ten days notice of the motion, or by civil action, or the entire stock may be sold by order of the directors for cash, after advertisement of sale for twenty days in a newspaper published in Laurinburg, North Carolina; and if at such sale the price shall not be sufficient to discharge the amount unpaid, with all costs of sale, the subscriber shall be liable for the deficiency in a civil action. SEC. 10. If any subscriber assign his stock before its full payment, Remedy against he and his assigns and all subsequent assignees thereof shall be lia- assignee of stockholder. ble for its payment, and may be sued jointly or severally by motion, as aforesaid, or by civil action; and in every case of delinquency in a subscriber or others the subscription shall be deemed a promissory note payable to the corporation, as well in respect to the remedy for recovering the same as in the distribution of the assets of any deceased subscriber. SEC. 11. Any receiver, executor, administrator, trustee, assignee, Fiduciaries may guardian, committee of a lunatic, and any clerk, clerk of the superior deposit, &c. court, treasurer of a county, sheriff, tax collector or other public offi. cer is hereby authorized to deposit with the said corporation any money, security or other valuables which may come in his possession or under his control by virtue of his said office or appointment aforesaid: Pro- Proviso. Deposits by mar SEC. 12. Said corporation shall have authority to establish and Savings bank operate a savings bank under such rules and regulations as its by-laws department. may prescribe, and such savings bank may receive deposits and pay the same, together with such interest as may be agreed on with 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 also be made in the name of married women, minors without guardians and apprentices by their husbands, parents, guardians and masters, and the same may be drawn out by the person making the ried women, minors, &c. |