Conveyances by town. Certain general laws applicable. SEC. 48. That the town of Littleton may convey land and all other property which is transferable by deed of bargain and sale or other proper deed, sealed with a common seal, signed by the mayor and attested by a witness. SEC. 49. That the provisions of the general laws of the state of North Carolina in regard to cities and towns as are not in conflict with this charter are made part thereof and supplementary to it. SEC. 50. That this act shall be in force from and after its ratification. Incorporators. Corporate name Corporate existence and powers. CHAPTER 172. An act to incorporate The High Point Loan and Trust Company. The General Assembly of North Carolina do enact: SECTION 1. That William H. Ragan, J. Henry Millis, Robert R. King, Arthur H. Coffin, Charles Ragan, their present and future associates, successors and 'assigns, are hereby declared to be a body corporate by and under the name and style of "The High Point Loan and Trust Company," and shall so continue for a period of sixty years, and as such be capable in their corporate name to sue and be sued, appear, prosecute and defend to final judgment and execution in all actions in any courts or elsewhere; to have a common seal, which they may alter at pleasure; to elect in such manner as they shall determine to be proper all necessary officers, and define their duties and obligations; to fix their compensation; to take bonds, with security, payable to said Loan and Trust Company for the faithful performance of their duties; and to make by-laws and regulations not inconsistent herewith, the laws of this state and the United States for the due and orderly conduct and government of themselves and management of the affairs, business and property of the said company, and alter the same as they may provide in said by-laws; to determine the manner of calling and conducting all meetings, the number of members that shall constitute a quorum, the number of shares that shall entitle the members to one or more votes, the mode of voting by proxy, the mode of selling and transferring stock, the term of office of the several officers, the manner in which vacancies in any of the offices shall be filled till a regular election, and such other things as may be for the best interest of said Trust Company, and to do any and all things exercised by or incident to other cor porations of similar character and purpose by force of the common or statutory laws of the state. SEC. 2. The capital stock of said Loan and Trust Company shall not Capital stock. be less than fifty thousand dollars, divided into shares each of the par value of one hundred dollars, with power in said corporation to increase the same from time to time to an amount not exceeding five hundred thousand dollars, divided into shares of the par value as above. ers. SEC. 3. That said Loan and Trust Company shall have power to Corporate powbuy, take, acquire, hold and own all kinds of real, mixed and personal estates and properties in the name and right of the said Trust Company and as owner thereof, or in trust for said company or for others, and convey and incumber the same or any part thereof as natural persons can or are authorized to do under the laws of this state, and to and with the same effect; and it shall be competent for the said Loan and Trust Company to convey or encumber real estate or any interest therein by a deed executed in the name of said company by its president or other chief officer with the corporate seal affixed thereto, as well as the modes now exercised by other corporations, and the same may be admitted to probate and registration on the acknowledgment of the said president or other chief officer signing the same or proof by any subscribing witness thereto, as in case of natural persons before the proper officers. agent, &c. ers as to trustee, SEC. 4. The said company shall have power to receive money in Corporate powtrust and accumulate the same at such legal rate of interest as may be obtained or agreed on or to allow interest not exceeding the legal rate; to accept and execute trusts of every description as fully as natural persons could which may be committed to said company by any person or persons whatsoever, or by any corporation, or by order, decree or authority of any court of record, upon such terms as may be agreed upon, provided or declared in regard thereto; to act as agent for the purpose of issuing, registering or countersigning certificates of stocks, bonds or other evidences of debt of any state, corporation, association, municipality, or public authority, on such terms as may be agreed upon; to lease and rent real estate and collect rents from the same; to accept from and execute trusts for married women in respect of their separate property or estate, whether real, personal or mixed, and to act as agent for them in the management, sale and disposition of their properties. SEC. 5. That in all cases where an application may be made to any Corporate powcourt having jurisdiction to appoint a curator, guardian of an infant, administrator, ers as guardian, committee of an idiot or insane person, administrator of any person &c. dying testate or intestate, trustee or receiver, such court shall have power to appoint said company as such curator, guardian, committee, administrator, trustee or receiver upon the like application that any person might be so appointed; and it shall be lawful for any person, Capital stock to be security for trust fund, &c. Deposits by executors and other fiduciaries. Courts to make orders, require accounts, &c. Corporate pow ers. natural or artificial, by deed, will, or other writing to appoint said company a trustee, executor, guardian of an infant, committee of an idiot or insane person, administrator, trustee, executor, assignee or receiver. Said company may lawfully act, and as such shall be subject to all the obligations and liabilities of natural persons acting in like capacities. SEC. 6. Whenever the said company shall be appointed to any place of trust enumerated in the last foregoing sections, or whenever deposits of money or valuables of any kind shall be made with said company, the capital stock and its property and effects shall be taken and considered as security required by law for the faithful performance of its duties and shall be absolutely liable therefor, and no other security shall be required from it on the execution of the bond required, where one is now required of any natural person acting in such capacity. SEC. 7. That it shall be lawful for any individual, executor, administrator, guardian, committee, receiver, assignee, trustee, public officer or other person having the custody of any bonds, stocks, securities, moneys or other valuables to deposit the same for safe keeping with said company. SEC. 8. That every court wherein said company shall be appointed or shall be allowed to qualify as guardian, committee, executor, administrator, trustee or receiver, or in which it is made the depository of moneys or other valuables, shall have power to make all orders and compel obedience thereto, and require said company to render all accounts which such court might lawfully make or require if such company were a natural person. SEC. 9. That said company is authorized to invest moneys received in trust on deposit, loan or otherwise and to take, have and hold estates, real, personal and mixed, obtained with the moneys aforesaid or with funds belonging to said company, and to sell, grant, mortgage or otherwise encumber, lease or dispose of the same, and to that end may execute all deeds or other instruments concerning the same as hereinbefore provided; to subscribe for and and take stock in any other incorporated companies; to borrow and lend money and give or take notes therefor, as the case may be; discount, buy and sell notes, bonds, drafts and other securities or evidences of debt; to lend money at such rates of interest as may be agreed upon, subject to the general laws of the state as to the rate, with privilege to charge and retain same in advance and secure the repayment thereof by mortgage or deeds in trust made directly to said company or to others in trust for it on all kinds of property; to act as agent for others in borrowing and lending money, charging such compensation therefor by way of commissions as may be agreed upon by the said company and the party for whom it is acting; to deal in exchange, foreign or domestic, securities, mortgages, lands, certificates of indebtedness, stock of incorporated companies, notes, loans, bonds of the United States or of any city, county or any incorporated company or individual. &c. SEC. 10. That the said Loan and Trust Company be and is hereby Corporate powauthorized and empowered to insure the fidelity of persons holding pany, ers as surety complaces of trust or responsibility, public or private, or both, or of any incorporation, company, person or persons whatsoever; to endorse for and become the security for the faithful performance of any trust, duty, contract or agreement; to go upon any bond for appeal or to go upon any injunction, attachment or other bond required by law of any person, individual or official, and in every such case the capital stock of the said company shall be taken and considered as sufficient security therefor, subject to the approval of the court or officer taking such bond; and it shall be lawful for the said company to stipulate and provide for indemnity from the parties aforesaid for whom it shall so become responsible, and to enforce any bond, contract, agreement, pledge or security made or given for that purpose. SEC. 11. That said company shall have power to guarantee, endorse Corporate powers as guarantor, and secure the payment and punctual performance and collection of &c. notes, debts, bills of exchange, contracts, bonds, accounts, claims, rents, annuities, mortgages, choses in action, evidences of debt, certificates of property of value, checks and the title to property, indebtedness of companies, partnerships, cities, counties, municipalities et cetera, in this state and others, on such terms or commissions as may be agreed upon or established by said company and the parties dealing therewith. SEC. 12. That said company may receive upon storage, deposit or Deposits. otherwise, merchandise, specie, plate, stocks, promissory notes, certificates and evidences of debts, contracts, and all other personal properties whatsoever; take charge and custody of real and personal estates and securities and advance money thereupon on such terms as may be established or approved by said company; that in all cases in which public officers of municipal or private corporations are authorized to deposit money, stocks, bonds or evidences of debt, such deposits by such officers or corporations may be made with said company: Provided, that nothing in this act shall change the rule of law now in force as to the liability of public officers. SEC. 13. That as to all property held by said company as security, it shall be lawful for the said company to sell at public auction or private sale in its discretion all property of what kind soever mentioned or specified in any contract or agreement between the company and the other parties, real estate excepted, after ten days shall have elapsed from the time of maturity of an obligation under said contract or agreement, or immediately upon the discovery of any fraud, misrepresentation or concealment in regard to the ownership or otherwise which might jeopardize the rights of the company or its security after ten days advertisement of the time and place of sale by bills Sale of property held as security, &c. Corporate powers as to execu tion of papers, &c. Deposits, &c., by married women, &c. &c. posted at the court-house door in Greensboro, North Carolina, and three other public places in Guilford county; and to reimburse itself out of the proceeds of such sale for the money due it, with interest, storage, costs, and other charges of all kinds, and to indemnify itself for any loss it may have sustained by the non-fulfillment of such contract or by reason of said misrepresentation, fraud or concealment. SEC. 14. That the said company is authorized to make, execute and issue in the transaction of its business all papers, receipts, certificates, vouchers, obligations and contracts, and the same shall be binding if signed for and in behalf of the company by the president or other chief officer thereof, except for sale or transfer of real estate, which is hereinbefore provided for unless otherwise provided for in the by-laws. SEC. 15. That when married women, minors or apprentices lend money to or deposit same or other things of value with said company in the course of the business herein provided for, or in the course of doing a banking business hereinafter provided for, either generally or specifically, in their own or to their own name or credit, they or any of them may collect or draw the same on their own name or on their own check or order, and they and all other persons be bound thereby; and such collection, settlement, draft, check or order shall be a valid and sufficient release and discharge to said company. Corporate powSEC. 16. That said Loan and Trust Company is hereby authorized ers as to banking, and empowered at any time hereafter, by a resolution of the stockholders and a full compliance with the laws of this state relative thereto in force at the time of the adoption of such resolution, to do a general banking business with all such rights, powers and privileges as are then recognized, authorized or granted to banks under the laws of this state, including the right and power to organize in connection with its general business a department for savings, and do a savings bank business for the convenience of small depositors, and to make such regulations in regard thereto as will enable said company to receive small deposits in the savings department, and to give certificates or other evidence of deposits, paying such interest thereon as may be agreed upon, consistent with the laws of the state as to the rate, and to regulate the time of payment and notice of demand. Principal office. Branches. Organization. SEC. 17. That said Loan and Trust Company shall have its chief office at High Point, Guilford county, North Carolina, with branch offices at such other places as the stockholders may fix upon at any time. SEC. 18. Whenever fifty thousand dollars of the capital stock of the said company is bona fide subscribed for and ready to be paid in, then by agreement signed by the said corpcrators and subscribers a meeting for the purpose of organization of the company may be held at such time and place as the said corporators and subscribers may |