Organization

holders shall have the right to organize and commence business whenever fifty thousand dollars in stock shall have been subscribed Non-liability of for and paid in as the board of directors shall direct. No stockholder

stockholders.

Officers.

Bond of cashier and teller.

Duties and pow-. ers of directors.

Corporate pow

ers.

shall be individually liable for the debts of this corporation after they shall have paid in the par value of the stock held by them, and shall in no event be held accountable, either to the bank or its creditors, for any sum beyond the par value of the said stock so purchased and held by them.

SEC. 4. The officers of this corporation shall consist of a president, vice-president, cashier and teller, and a board of not less than five nor more than thirteen directors who are to be elected annually by the stockholders; the directors so elected shall choose officers aforesaid and shall require the cashier and teller each to give a bond with approved security for the faithful performance of their respective duties.

SEC. 5. It shall be the duty of the board of directors and they are hereby empowered to make rules and regulations and by-laws for the government of the said corporation and for the conduct of its business; also to fix the salaries of its officers, and to fill vacancies on the board of directors. Said board of directors shall be chosen by a majority of the corporators herein named at the first meeting to be called by them, which said board of directors shall hold office for one year and until their successors are duly elected, and a majority of said board shall constitute a quorum for the transaction of business. Said president and board of directors may adopt and use a common seal and alter the same at pleasure, appoint all necessary officers and agents and prescribe their duties, and may, when they shall deem it for the interest of the bank, discharge any or all of them and appoint others to fill their place; and said president and directors shall cause to be published during the first week in January and July in each and every year a statement of the financial condition of the bank, unless required by the general laws of the state to publish a statement at other times.

SEC. 6. The said corporation shall have the right to do a general banking business, to receive deposits, make loans and discounts; to obtain and procure loans for any person, company, corporation or copartnership; to invest its own money or the money of others; to lend or invest money in or upon the security of mortgage, pledge, deed of trust or otherwise, or any land, hereditaments or personal property or interest therein of any description, situate anywhere; to lend money upon or purchase or otherwise acquire bills of lading or the contents thereof, bills, notes, choses in action, or any and all negotiable or commercial paper, or any crops or produce whatever; or any stock, bullion, merchandise or other personal property; or the same to sell or otherwise dispose of, and to charge any rate of interest on all such loans, not exceeding the rate allowed by law.

ers.

SEC. 7. That said company may subscribe to, purchase, acquire or Corporate powlend money upon any stock, shares, notes, bonds, debenture or other securities of any government, state, municipality, corporation, company, copartnership or person; and hold, deal in, sell or distribute the same among the stockholders; may negotiate or place in behalf of any corporation, company, copartnership or person shares, stocks, debentures, notes, mortgages or other securities, with or without guaranty or collateral obligation by this company; and may sell or subscribe any of the property, real or personal, or any interest acquired therein by it to any other corporation for any portion of its bonds, securities or capital stock as may be agreed upon, without liability on such stock so purchased or subscribed for beyond the agreed terms of such purchase or subscription.

SEC. 8. That said corporation may receive on deposit all sums of Corporate powers as to deposits. money which may be offered it for the purpose of being invested in such sums and at such times and on such terms as the board of directors may agree upon; and if money be deposited by a minor, either Deposits by as an investment or otherwise, such money may be withdrawn by the minor without the consent of the parent or guardian of such minor, and his or her check or receipt therefor shall be as binding upon such minor as though he or she were of fullage.

minors.

SEC. 9. That said company shall have the right to act as agent, Corporate powers as agent, &c. factor or trustee for any state, county, town, municipal corporation, company or individual on such terms as to the agency and commissions as may be agreed upon, in registering, selling and countersigning, collecting, acquiring, holding, dealing in and disposing of on account of any state, county, town, municipal corporation, company or person, bonds, certificates of stock of any description or property, real or personal, or for guaranteeing the payment of any such bonds, certificates of stock, etc., and generally for managing such business, and may charge such premium, commissions or rate of compensation as may be agreed in and for any of the matters and things authorized by this section.

&c.

SEC. 10. That said corporation shall have power to receive moneys Corporate powers as to trustee, in trust and shall have power to accept and execute any trust that may be committed to it by any court, corporation, company, person or persons, and it shall have power to accept any grant, assignment, transfer, devise or bequest and hold any personal or real estate in trust created in accordance with the laws of this state, and then to execute the same on such terms as may be established and agreed upon by its board of directors; and said corporation is hereby fully authorized and empowered to act as trustee or assignee and to receive on deposit all funds in litigation in the various courts in this state and pay therefor such interest as may be agreed on, not exceeding the lawful rate. It shall have power and authority to receive for safe keeping on deposit all money, bonds, stock, diamonds and silver

Corporate powers as guarantor, &c.

Transfer of stock.

Lien on stock.

Limitation of loans.

Discounts not considered money borrowed.

plate and other valuables, and charge and collect a reasonable compensation for the same, which said charges shall be a lien upon said deposit until paid, and generally to do and carry on the business of a safety and deposit company.

SEC. 11. That said company is hereby given the right to insure or guarantee the payment of any dividends, bonds, notes, undertakings, mortgages or other securities or evidences of indebtedness of any person, partnership or corporation for any price and on any consideration agreed on.

SEC. 12. That the stock of this corporation held by any one shall be transferrred only on the books of the company, either in person or by power of attorney, and no stockholder shall transfer his stock except by the consent of the directors of the corporation, if he be indebted to the corporation as principal, security or otherwise, until such indebtedness is paid off and discharged, and for all such indebtedness said corporation shall have a lien superior to all other liens upon the stock of said stockholder.

SEC. 13. The total liabilities to the bank of any person, company or corporation for money borrowed shall at no time exceed one-tenth part of the amount of the capital of said bank actually paid in, but the discount of bills of exchange drawn in good faith against existing values and the discount of commercial or business paper owned by any person negotiating the same and deemed good shall not be considered as money borrowed.

SEC. 14. That this act shall take effect from and after its ratification.
Ratified the 28th day of February, A. D. 1893.

Corporate purposes.

Incorporators.

CHAPTER 144.

An act to incorporate the North Carolina Monumental Association.

The General Assembly of North Carolina do enact :

SECTION 1. That for the purpose of erecting a monument to those who sacrificed their lives upon the altar of their country in the late war between the states and as an ever-loving reminder to succeeding generations of their value and patriotism of men devoted to principle, the following-named persons and such others as are now and may become their associates, to wit: Mrs. Armistead Jones, Miss Maggie Cowper, Mrs. John W. Hinsdale, Mrs. Garland Jones, Mrs. Bryan Grimes, Mrs. P. E. Hines, Mrs. Walter Clark, Mrs. C. T. Bailey, Mrs. Phil. H. Andrews, Mrs. A. W. Haywood, Mrs. Octavius Coke, Mrs.

Charles Root, Mrs. E. S. Trappier, Mrs. M. T. Norris, Mrs. W. J. Saunders, Mrs. E. E. Moffitt, Mrs. T. N. Richardson, Miss Lovie Park, Mrs. Spier Whitaker, Miss Janie Brown, General R. F. Hoke, Major R. S. Tucker, Colonel Octavius Coke, Captain S. A. Ashe, Captain B. F. Park, Colonel A. B. Andrews, Colonel Thomas S. Kenan, V. C. Royster, Esquire, Captain C. B. Denson, Major J. C. Winder, W. C. Stronach, Esquire, T. R. Jernigan, Esquire, R. H. Battle, Esquire, W. B. Grimes, Esquire, R. T. Gray, Esquire, N. W. West, Esquire, C. M. Busbee, Esq., Captain T. C. Williams, Colonel John W. Hinsdale, Armistead Jones, Esquire, D. G. Conn, Esquire, Colonel Eugene Harrell, Colonel J. M. Heck, Major J. B. Hill, Captain G. M. Allen, Colonel F. A. Olds, J. C. Birdsong, Esquire, Captain C. M. Roberts, Thomas Badger, Esquire, W. H. Hughes, Esquire, and Captain J. J. Thomas are hereby constituted and declared to be a body politic and corporate by the name and style of "The North Carolina Monumental Associa- and powers. tion,” with all the powers, rights and privileges incident or belonging to corporations as set forth in sections one and two of chapter sixteen

of The Code of North Carolina, except as herein provided.

Corporate name

SEC. 2. That said corporation shall be located in the city of Raleigh, Location. North Carolina, and the corporate powers of the same shall be vested

in and examined by a board of lady managers to consist of not less Board of lady than fifteen persons, and the said board shall have the power at each managers. annual meeting to elect a president and secretary out of their own Officers. number, and the treasurer of the same shall be the public treasurer of North Carolina, and at all meetings of the said board five members Quorum. of the same shall constitute a quorum; and until the association is regularly organized under this act and elections regularly held the Temporary ladies named in section one of this act shall constitute the board of managers. managers, and they shall meet in the city of Raleigh at any time Organization. before the first Monday in June, eighteen hundred and ninety-three, and elect a president and secretary out of their own number; notice

of the time and place of meeting for thirty days prior thereto shall Notice.

be given by the public treasurer of North Carolina by publishing the

same in some newspaper in the city of Raleigh, and at said meeting

any five of the said ladies named in section one of this act shall con- Quorum.

stitute a quorum.

SEC. 3. That the membership fee of the said association shall be Membership fee. the sum of one dollar, and any person paying the same shall upon application become a member thereof.

SEC. 4. That there shall be a regular annual meeting of the said association on the first Tuesday in May of each year after the year eighteen hundred and ninety-three, and at such meeting a board of lady managers shall be elected by those present who shall have the management of the affairs of the association and elect the officers provided for except the office of treasurer, and the public treasurer of North Carolina shall perform the functions of treasurer of the

Annual meetings,

&c.

Quorum.

By-laws.

Subscriptions, how made.

Authorized to build monument.

Limitation of cost.

association until the object herein provided for is accomplished, and at all annual or other meetings of the association five persons shall constitute a quorum.

SEC. 5. That the said board of lady managers shall have power to make such by-laws, rules and regulations not inconsistent with this act for the government of the association and the management and disposition of its funds in the erection of a monument in the city of Raleigh, North Carolina as from time to time they may deem proper. SEC. 6. That the said association shall have power to receive subscriptions in money or property of any kind by donation or otherwise, and such subscriptions or donations of money or property shall be faithfully applied towards the erection of the said monument.

SEC. 7. That the said association shall have power to build and erect in the capitol square or at some other suitable place in the city of Raleigh, North Carolina, a monument to cost not exceeding one hundred thousand dollars, of such design and out of such material as shall be selected and agreed upon, and upon its completion the same shall be turned over to the state of North Carolina as a memorial to the brave To be built of N. soldiers of this state who lost their lives while in the service of the C. 'granite. confederate states: Provided, that the monument shall be built of granite quarried in the state of North Carolina.

To be turned

over to state.

Orders on treasurer.

SEC. 8. That all orders for money upon the treasurer shall be signed by the president and countersigned by the secretary and approved by the governor of North Carolina.

SEC. 9. That in order to aid in the laudable undertaking and to manifest to the world that the state cherishes the memory of her devoted fallen heroes, it is further enacted that the sum of ten thousand dollars be appropriated out of the public funds in the treasury towards the erection of the said monument; and when the public treasurer of North Carolina is duly notified of the first meeting of the association under this act, that a president and secretary have been elected, and that the association has been duly organized as herein provided, he shall of the public funds place the sum of ten thousand dollars to his credit as treasurer of said association, the same to be used under the authority of this act and the rules and regulations of the said association in erecting said monument. The monument shall be placed in the capitol square in the city of Raleigh. SEC. 10. This act shall take effect and be in force from and after its ratification.

Ratified the 28th day of February, A. D. 1893.