tion or within which the township or town is situated and prosecuted with diligence through the same within five (5) years from the date of such subscription, then the said subscription shall be void and of no further binding force or effect. SEC. 6. That said company shall have the power and authority to Consolidation consolidate its said line of railroad with other lines of railroad con- with other roads. necting with or intersecting it in this state. SEC. 7. That said company may make by-laws for the government By-laws, &c. of the company and prescribe the duties of its officers and the mode in which it may contract and convey property; and that said company may adopt a gauge and change the same at its pleasure. Gauge. ers. SEC. 8. The company shall have power in its corporate name to sue Corporate powand be sued, to own real and personal estate, to condemn land for right-of-way, depot, stations and other like railroad purposes in the same manner as the North Carolina Railroad Company, and to farm out or lease its railroad to any other person or corporation. SEC. 9. That said company may mortgage its road and other prop. Authorized to issue mortgage erty and issue bonds thereon for the purpose of constructing said road bonds. or extending its lines. SEC. 10. That it may enter upon lands to survey its route and locate Entry of lands. the road as it thinks proper and beneficial to the company: Provided, Proviso. it does not run through yards, gardens and graveyards, unless absolutely necessary to secure a grade: And provided, that when they Proviso. locate on a highway they shall make another highway equally good, and shall place crossings wherever the road intersects the highway. SEC. 11. That the said corporation may take by purchase, devise or Corporate powotherwise all such real estate as may by its directors be considered necessary or convenient for its roadway or for sites for one or more hotels or houses of entertainment, with suitable yards, parks, gardens and grounds adjacent or near to the same, and may sell and convey the same at pleasure; and may make and construct its roads and the branches thereto of any such different materials and in such manner and form as to its directors may seem best. SEC. 12. That this company shall have the power to construct or operate a telegraph line or telephone line between such points in the counties aforesaid as its directors shall designate. ers. Authorized to build telegraph, &c., line. SEC. 13. That the private property of the stockholders of this com- Non-liability of pany shall not be liable for the debts of the corporation. SEC. 14. That this act shall be in force from and after its ratification. stockholders for corporate debts. Chapter 239, private laws 1889, amended. Work on streets by persons convicted; under supervision of chief police; rate of wages allowed. Chief of police to give two bonds, one as chief of police and the other as tax collector. License taxes on trades, professions, &c., repealed. Cherokee county to keep up certain bridges. Taxes, how expended. CHAPTER 140. An act to amend the charter of the town of Murphy, Cherokee county, The General Assembly of North Carolina do enact: SECTION 1. That section eleven (11), chapter two hundred and thirtynine, private laws of eighteen hundred and eighty-nine, be amended by adding after the word "town" in line thirteen the words "under the supervision of the chief of police or street overseer, until at a rate of wages, ranging from fifty cents to one dollar per day, such person or persons shall have worked out the full amount of judgment and costs of proceedings. SEC. 2. That section nineteen be amended by striking out that portion beginning with "A" in line nine and ending with the word “collected" in line twelve and inserting in lieu thereof the words "two several bonds payable to the state of North Carolina, the one conditioned for the faithful performance of his duties as chief of police in the sum of five hundred dollars, and the other conditioned for the faithful collection and proper payment of all the general and special taxes of the town in a sum not less than the double of said taxes for said year, said bonds to be approved by the board of aldermen of said town." SEC. 3. That subsection six of section twenty-six be stricken out. SEC. 4. That section thirty-five be amended by adding after the word "require" in line four the words "except the bridges on the Hiawassee and Valley rivers, which are to be kept up by the county of Cherokee." SEC. 5. Amend section twenty-six by adding after the word "dollars" in subsection six of the same the following: "Provided, that three-fourths of all taxes levied and collected by the town authorities of the town of Murphy upon property and subjects of taxation in said section provided, situate, lying and being in that part of the town of Murphy, north of the Valley river, owned by bona fide residents of said territory, be expended by the said town authorities exclusively for the benefit of that part of said town, all other taxes to go to other parts of said town. SEC. 6. That this act shall be in force from and after its ratification. CHAPTER 141. An act to amend the charter of Carteret Lodge. The General Assembly of North Carolina do enact : SECTION 1. That the charter of Carteret Lodge, a corporation formed Charter of Carteret Lodge before the clerk of the superior court of Durham county, be and the amended. same is hereby amended by the insertion therein of the following: "Said corporation may own in fee and hold land in said state to any Authorized to amount not exceeding ten thousand acres." SEC. 2. That this act shall be in force from and after its ratification. hold land. CHAPTER 142. An act to incorporate the Commercial Bank of Rutherfordton. The General Assembly of North Carolina do enact : SECTION 1. That D. F. Morrow, K. J. Carpenter and Frank Reynolds, Incorporators. and their associates and successors, and such other persons as may hereafter become associated with them for the purposes mentioned and intended in this act, shall be and are hereby declared to be a body politic under the name and style of "The Commercial Bank of Ruther- Corporate name fordton," and as such shall have corporate existence for the term of and existence. thirty years with all the rights, powers, privileges and immunities Corporate powusually granted to banking corporations under the laws of North ers." Carolina and subject to all the duties and liabilities of such banking corporations, and shall have the right and capacity to take, hold and convey property, real, personal and mixed, shall have a common seal, and as a body politic shall have the right to adopt by-laws for its government and to enter into all lawful contracts incident to a banking corporation. SEC. 2. The capital stock of said corporation shall not be less than Capital stock. twenty thousand dollars, in shares of fifty dollars each. The capital stock may be increased to two hundred thousand dollars. SEC. 3. The corporators mentioned in section one of this act or a Books of subscription. majority of them are hereby authorized and empowered to open books of subscription to the capital stock of said corporation at such times and places and for such periods as they shall determine, and after the organization of said corporation it may direct and cause the books to be reopened for subscription to said capital stock under such rules and regulations as the board of directors may deem proper. SEC. 4. Whenever twenty thousand dollars shall be subscribed to the capital stock of said corporation and ten thousand dollars thereof paid in the corporators mentioned in section one of this act, or a majority of them, shall call a meeting of the stockholders of said corporation at such time and place as said corporators or a majority of them may designate after giving ten days notice to such stockholders of such meeting, at which meeting only the stock actually paid in shall be represented and allowed to be voted at the meeting provided for herein; it shall be the duty of said stockholders and they are hereby authorized and empowered to organize by the election of a president and secretary and treasurer and not less than three nor more than five directors and fix their terms of office, and unless so fixed by a resolution of the stockholders the terms of office of said directors, president and secretary and treasurer shall be one year, or until their successors shall be elected. SEC. 5. The president and board of directors may adopt and use a common seal and alter the same at will, and may adopt by-laws for their government; may make and appoint all necessary officers and agents, fix their compensation, take such security as they may deem necessary for the faithful performance of their duties and may discharge such officers and agents when they may see proper so to do, and do all other things lawful and proper to be done in accordance with the by-laws of said corporation, and said corporation is authorized and empowered to do a general banking business on such terms and rates of interest and discount as may be agreed upon in accordance with law. SEC. 6. The said banking corporation is authorized to deal in and exchange gold, silver and other coins and bullion, current and uncurrent paper, public or other securities of the United States or any state or county, also county and municipal bonds and bonds of corporations or any individual; may purchase and hold real and personal property, and may do all things necessary, proper and lawful to carry on the general banking and brokerage business; may purchase, hold and convey any real estate or any personal property as fully and well as could be done by any corporation or private individual; may receive money on deposit, lend money and do all other acts consistent with the law of the land to carry on a general banking business. SEC. 7. The said corporation by its president and board of directors and officers may discount notes and other paper and make rules and regulations for the government of said corporation; may call a meeting of the stockholders whenever they may deem it necessary. SEC. 8. Said corporation may be organized under this act at any time within two years from the date of its passage. SEC. 9. The stockholders shall be liable only to the extent of the Liability of stockstock subscribed for the default of said corporation. holders. SEC. 10. That this act shall be in force from and after its ratification. CHAPTER 143. An act to incorporate "The Loan and Savings Bank of Charlotte, North Carolina." The General Assembly of North Carolina do enact: SECTION 1. That J. D. Church, W. J. Davis, A. Brady, W. C. Incorporators. Dowd, J. H. Craig, J. J. Sims, E. T. Cansler and C. A. Misenheimer, their present and future associates, successors and assigns, are hereby constituted and declared to be a body politic and corporate by the ers. name and style of The Loan and Savings Bank of Charlotte, North Corporate name. Carolina," with its principal place of business at Charlotte, North Carolina, and by that name may sue and be sued, plead and be Corporate powimpleaded in any court of this state, and shall have a continual succession for the period of thirty (30) years, with the capacity to take, hold and convey real and personal property, with all the powers, rights, privileges and immunities granted to any bank or banking institution by any general law of this state, together 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." ers. SEC. 2. This corporation is especially invested with the power and Corporate powauthority to carry on, conduct and operate a savings banking business in all its branches, and may receive deposits in very small sums, the limits to be fixed by its board of directors, and may pay interest thereon by the way of dividends out of the net earnings, or at fixed rates, according as it may be agreed between the company and its depositors; and the board of directors are hereby fully authorized to make all needful by-laws and regulations for conducting and carrying into effect the different features of this branch of this corporation, and shall also have a right to conduct a general banking business upon or incident to state banks. SEC. 3. The capital stock of this company shall not be less than one Capital stock. hundred thousand dollars ($100,000), but may be increased from time to time to five hundred thousand dollars ($500,000), to be divided. into shares of one hundred dollars each: Provided, that the stock |