SEC. 11. That the said company shall have a common seal, which Common seal. they may adopt and alter at pleasure. SEC. 12. The affairs of said company shall be managed by a presi- Officers to mandent, secretary and treasurer and the directors of the company. SEC. 13. The company shall have power to borrow money and mortgage its property to secure the same. SEC. 14. That this act shall be in force from and after its ratification. age company. Authorized to borrow money on mortgage. CHAPTER 186. An act to amend the charter of the American Home Mineral and Timber The General Assembly of North Carolina do enact: amended. ence. SECTION 1. That chapter one hundred and thirty-eight of the pri- Chapter 138. private laws of one thousand eight hundred and ninety-one, entitled vate laws 1891, "An act to incorporate the American Home Mineral and Timber Land Company," and ratified the twenty-eighth day of February, anno Domini one thousand eight hundred and ninety-one, be amended by striking out in the sixth line of section one after the word "for" Corporate existand before the word "years "the word "thirty" and inserting in lieu thereof the words "ninety-nine," by striking out in the ninth line of section one after the word “and” in the eighth line of said section and before the word "the" in the ninth line of said section May reserve comthe word “reverse” and inserting in lieu thereof the word “reserve.” SEC. 2. That the president and treasurer of said corporation may be Officers. one and the same person, and a secretary of said corporation may be elected or appointed by the president and treasurer, and said officers may hold their offices until their successors are elected and installed. "mon seal. SEC. 3. That said corporation may issue twenty thousand dollars Preferred stock. worth of preferred stock in shares of ten dollars each, upon such terms and under such regulations as a majority of the common stock may adopt; and no officer of said corporation shall receive any salary When salaries may be paid. for any year until eight per centum per annum is paid on such preferred stock as may have been issued. That the president and treas- Issuance of stock urer of said corporation shall sign all stock certificates as president only and shall impress the same with the corporate seal of said corporation, and shall also have all stock certificates attested by the secretary of the corporation. All other contracts shall be signed by the Execution of president and treasurer. certificates. contracts. Conflicting laws repealed. SEC. 4. That all sections or parts of sections of chapters sixteen and forty-nine of The Code of North Carolina, or of statutes amendatory thereof, or other laws in conflict or inconsistent with the powers, privileges or rights of this corporation herein conferred as conferred in the original charter are hereby repealed. SEC. 5. That this act shall be in force from and after its ratification. Incorporators. Corporate name. Capital stock. Increase of capital stock. Corporate pow ers. Corporate pow ers. Powers of stockholders. CHAPTER 187. An act to incorporate the Asheville Tobacco Works and Cigarette The General Assembly of North Carolina do enact : SECTION 1. That J. M. Campbell, P. McNaughton, R. Muser, Wright Stedman, D. H. Miller and D. C. Waddell, junior, their associates, successors and assigns, are hereby created a body politic and corporate under the name of the "Asheville Tobacco Works and Cigarette Company," with a capital stock of one hundred thousand dollars, which shall be divided into one hundred shares of the par value of one hundred dollars each. SEC. 2. The stockholders shall have power to increase the capital stock from time to time to any sum not exceeding in the aggregate five hundred thousand dollars. SEC. 3. The said corporation is hereby authorized and empowered to conduct, transact and carry on in all its branches the business of manufacturing, buying and selling tobacco; and said corporation may buy, sell and deal in goods, wares and merchandise of every kind and description, of its will and pleasure. SEC. 4. That said corporation shall have power to lease, purchase, hold, sell and convey real estate, and to purchase personal property of any kind and description necessary for its business, and to issue the whole or any part of its capital stock in payment therefor; and to borrow money and issue bonds or other evidences of any indebtedness so created, and to secure the payment of the same by mortgage of its property, franchises and effects, or otherwise; and it may make such bonds or other evidences of its indebtedness convertible, and provide for their conversion into the capital stock of said corporation at such rate of interest and upon such terms as to said corporation may seem best. SEC. 5. That the stockholders of said corporation shall have power to make all rules and regulations for the government of said corpora tion and transaction of its business; they shall have power to elect, in such manner as a majority of the stock may prescribe, such officers as they deem necessary; prescribe their duties, compensation and terms of service; and in general such stockholders may make such by-laws and regulations for the government and conduct of said corporation and its business not inconsistent with the laws of this state and the laws of the United States, as they may consider best calculated to serve their interest. SEC. 6. As such corporation they may have a common seal, which Common seal. they may break or alter at pleasure. SEC. 7. That no notice or publication whatever of the first meeting No notice of first meeting required. of said corporation shall be given or required: Provided, all the cor- Proviso. porators waive such notice or publication in writing and fixing a time for the first meeting of said corporation. stockholders for SEC. 8. That the corporators and stockholders of said corporation, Non-liability of and their successors and assigns, shall not be individually or person- corporate debts. ally liable or responsible for the debts, liabilities, contracts, engagements or torts of the corporation. SEC. 9. That this act shall be in force from and after its ratification. CHAPTER 188. An act to continue in force chapter four hundred and eighty-three of the laws of eighteen hundred and ninety-one, entitled "An act to amend the charter of the Atlantic and North Carolina Railroad." The General Assembly of North Carolina do enact: SECTION 1. That section thirteen of chapter four hundred and eighty- Chapter 483, laws three (483) of the acts of eighteen hundred and ninety-one, entitled 1891, amended. "An act to amend the charter of the Atlantic and North Carolina Railroad," be amended by striking out in line two of said section the Company to elect words "its ratification" and insert in lieu thereof the words "the to exercise powninth day of March, anno Domini eighteen hundred and ninety years from March three." SEC. 2. That this act shall be in force from and after its ratification. ers within two 9, 1893. Chapter 66, private laws 1876-'77 (to incorporate Cumberland Lodge, K. of P.) amended. Additional corporate powers. Conflicting laws repealed. CHAPTER 189. An act to amend chapter sixty-six, laws eighteen hundred and seventysix and seventy-seven. The General Assembly of North Carolina do enact: SECTION 1. That chapter sixty-six of the acts of the general assembly of North Carolina, ratified eighth (8) day of March, eighteen hundred and seventy-seven, by adding after section two (2) the following section: SEC. 2. That said corporation shall have the right to borrow money and to make, issue and negotiate its bonds in such sums and in such amounts, not exceeding twenty thousand dollars, as the officers and members of such corporation may deem necessary. Said bonds to run for thirty years and to bear interest at the rate of six per centum per annum, payable semi-annually, but the said corporation shall have the right at any time after the expiration of ten years, to call in and pay said bonds, and when said call shall be duly advertised and the bonds are to be paid at a time mentioned in said call, the interest on the same shall cease at the time stated for their payment; and to secure the payment of the principal and interest of said bonds the said corporation may make and execute a mortgage or a deed of trust upon all its property, real estate and personal effects on such terms and to such trustees as the officers and members of said corporation may direct, and said mortgage or deed of trust, when duly registered in Cumberland county, shall have precedence over all other liens on said property. SEC. 3. That this act shall be in force from and after its ratification. All laws and parts of laws in conflict with this act are hereby repealed. Ratified the 3d day of March, A. D. 1893. Incorporators. CHAPTER 190. An act to incorporate the Stone's Bay Oyster Company. The General Assembly of North Carolina do enact : SECTION 1. That Hugh MacRae, Donald MacRae, J. F. Divine, E. S. Tennent, J. A. Taylor, Walker Taylor, W. G. Whitehead, Charles E. Borden, J. C. Higgins, Walter L. Parsley, F. W. Gardner, M. W. Divine, and such other persons, companies or corporations as may hereafter be associated or consolidated with them and their succes sors, be and are hereby created a body corporate under the name of ers. the "Stone's Bay Oyster Company," and by that name may sue and Corporate name. be sued, plead and be impleaded, contract and be contracted with; Corporate powshall have a continual succession for the term of ninety-nine years, and shall have and enjoy all the rights, powers and privileges of a corporate body under the laws of the state. SEC. 2. That the capital stock of said company shall be fifty thou- Capital stock. sand dollars, divided into shares of fifty dollars each, with power to increase the same to a sum not exceeding two hundred and fifty thousand dollars by consent of the stockholders owning two-thirds of the stock issued. The principal place of business of this corporation Place of business. shall be at Wilmington in New Hanover county, North Carolina, with power to the board of directors to change the same or have other places of business as the interests of the stockholders may appear. SEC. 3. That whenever five thousand dollars shall have been sub- Organization. scribed to the capital' stock it shall be the duty of the incorporators, or any three of them, to call a meeting of the stockholders, and at such meeting the stockholders present, if representing a majority of the stock subscribed, may proceed to organize said company and adopt such by-laws as they may determine upon, and elect a board of directors who shall hold office for one year and until their successors Directors. are elected, and said directors shall elect one of their number to be President. president. dent and direc ers. SEC. 4. The president and directors may adopt a common seal and Powers of presi. alter the same at pleasure, may appoint all necessary officers and tors. agents, fix their compensation and establish rules and regulations not in conflict with the by-laws passed by the stockholders. SEC. 5. Said corporation shall have the right to engage in the busi- Corporate pow ness of planting, cultivating, buying and selling vegetables and fruit products, oysters, clams and all kinds of shell or migratory fish; and to carry on in all its branches the business of packing, pickling, preserving, canning and marketing the same; and to catch and fish for any or all kinds of shell and migratory fish in any of the waters of the state for any or all the objects and purposes of its business, in accordance with the laws of the state. ers. SEC. 6. Said corporation may acquire, hold, possess and enjoy, Corporate poweither by purchase, gift or in exchange for stock, real and personal estate, and shall have power to sell and convey the same, and may utilize in the planting and cultivating of oysters and other shell-fish all such oyster area or private gardens, not exceeding fifteen (15) acres to each corporator and stockholder, as shall have been or may be granted to the above-named corporators or to any person who may hereafter become a member of said corporation or acquired by them according to the laws regulating the acquisition of oyster bottom or ground, and not exceeding in the aggregate at any one time one |