Corporate pow ers. Proviso. Corporate pow ers. Corporate pow ers. Proviso. Remedy against subscriber failing to pay. thousand acres of oyster area or bottom to be held by said corporation. And said corporation may lease from individuals or other corporations such areas of oyster bottom as they may have become legally possessed of upon such terms as may be mutually agreed upon: Provided, the total area so leased does not at any time exceed two thousand acres. SEC. 7. Said corporation may transplant to its private oyster gardens or area from the natural oyster and shell-fish beds of the state oyster and other shell-fish for cultivation: Provided, such removal shall be done in accordance with the laws of the state regulating the transplanting of oysters and shell-fish: Provided always, that whenever such transplanting and cultivation is done in or from the waters and oyster area of Onslow county, then such transplanting and cultivation shall be in accordance with the law, special or general, regulating the same. SEC. 8. Said corporation may construct, build, own and maintain, in the promotion of its interests, factories, buildings, warehouses, wharves, machinery, railways and tramways upon its own property or upon any property it may acquire the right so to do; and purchase or lease boats or vessels of any kind for freighting or transportation in connection with its business. SEC. 9. Said corporation shall have full power to buy, lease, exchange, hold, own, sell and convey real estate to an amount not exceeding five thousand acres of land, exclusive of oyster area or bottom mentioned in section six, with all rights and privileges therewith to improve and turn to account any land acquired or in which the company is interested; to sell, mortgage, lease or otherwise dispose of any of the property of the company upon such terms as it may elect, and to issue bonds or sell its stock either for the purpose of buying land or promoting its business: Provided, that no bonds shall be issued except upon the affirmative vote of two-thirds of the stock issued, and to take subscription for shares of the capital stock either in money, real estate, personal property, or in personal services actually rendered or to be rendered to said corporation. SEC. 10. If any stockholder shall fail to make any payment on his shares of stock, that may be provided by the by-laws of said company, the entire balance unpaid on said shares shall be due and payable, and the company may sell the said shares after notice to the stockholder and apply the proceeds to the payment of the amount then unpaid on the same; and if there shall still remain unpaid any balance the company may recover the said balance in a civil suit Remedy against against such stockholder, and the company may have the same reme dies against any purchaser or assignee of unpaid shares of stock, or instead of a sale of such unpaid stock the company may in the first instance recover the balance unpaid in a civil suit against the defaulting stockholder. assignee. corporate debts. SEC. 11. That the corporators and stockholders of said corporation, Non-liability of their associates, successors or assigns, shall not be individually liable stockholders for for the debts, contracts, obligations and engagements of said corporation. SEC. 12. That this act shall be in force from and after its ratification. CHAPTER 191. An act to repeal chapter two hundred and twenty-two, laws of eighteen hundred and ninety-one, authorizing the town of Greenville to issue bonds. The General Assembly of North Carolina do enact: SECTION 1. That chapter two hundred and twenty-two, private laws Chapter 222, pri⚫ of eighteen hundred and ninety-one, entitled "An act to authorize vate laws 1891, repealed. the councilmen of the town of Greenville to issue bonds," be and the same is hereby repealed. SEC. 2. That this act shall be in force from and after its ratification. CHAPTER 192. An act to amend chapter twenty-nine, private laws of eighteen hundred and ninety-one, on pages seven hundred and eight and seven hundred and eleven of said acts. The General Assembly of North Carolina do enact: amended. SECTION 1. That chapter twenty-nine of the laws of eighteen hun- Chapter 29, pridred and ninety-one, being entitled "An act to enable the board of vate laws 1891, commissioners of the town of Washington to procure a railroad for said town," be amended as follows: road to cross That section two of said act be amended by adding after the word Commissioners "law" in the last line of the said section the following: "The said may permit railboard of commissioners shall also have authority in case they see fit certain streets. to do so to give permission to such railroad to cross Second and Main and Gladden streets so as to reach the wharf known as the DeMills wharf on Pamlico river." Election on question, if commissioners refuse to give permission. Ballots. Permission granted on majority vote. Election, how held, &c. When ordered. In case said board shall refuse to do so they shall, upon petition of one-fifth of the voters of said town, order an election immediately upon the presentation of said petition, and submit the proposition to the voters of said town. Those in favor of giving such permission shall vote a ticket upon which shall be written or printed "For permission," and those against, a ticket upon which shall be written or printed "Against permission." In case a majority of the votes cast at said election shall be "For permission" the right to cross said streets shall be and is hereby granted to said railroad. The method of holding said election shall be the same as is provided in section nine of said act, except that the tickets shall be as herein before provided, and the result shall be determined by a majority of the votes actually cast, and that the election shall be ordered immediately whenever the petition hereinbefore referred to shall be presented to said board. SEC. 2. That this act shall be in force from and after its ratification. Chapter 196, private laws 1891, CHAPTER 193. An act to amend chapter one hundred and ninety-six of the private laws of one thousand eight hundred and ninety-one, relative to the charter of the Falls Manufacturing Company. The General Assembly of North Carolina do enact : SECTION 1. That section two of chapter one hundred and ninetysix, private laws of one thousand eight hundred and ninety-one, be Increase of capi- amended by striking out the word "one" in line four thereof and amended. tal stock to $5,000,000. Authorized to build railroads, telegraph lines, inserting in its place the word "five." SEC. 2. That section ten (10) of said chapter be amended by striking out the words "said county of Wake: Provided, no line of railroad shall exceed forty miles in length" in lines seven and eight and other place, &c., inserting in place thereof the words "North Carolina." &c., from place of business to any in North Caro lina. Time for organi SEC. 3. That the time for organizing the company under said chapzation extended. ter one hundred and ninety-six of the private laws of one thousand eight hundred and ninety-one as amended by this act be and is hereby extended two years from and after the third day of March, one thousand eight hundred and ninety-three. SEC. 4. That this act shall be in force from and after its ratification. CHAPTER 194. An act to incorporate the Exchange Bank of Winston, North Carolina. The General Assembly of North Carolina do enact : SECTION 1. That W. A. Whitaker, C. Hamlin, Whit Pegram, Eugene Incorporators. Ebert, S. E. Allen, Starbuck & Eller, V. O. Thompson and John Boyer, and their associates and successors, are hereby constituted and declared a body politic and corporate by name and style of "The Exchange Bank of Winston," and shall so continue for the term of Corporate_name. thirty years, with capacity to take, hold and convey real and personal Corporate existence and powers. estate with the rights, powers and privileges incident 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 sixtyfive 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 fifty dollars each, and such capital stock may be increased from time to time as said corporation may elect to a sum not exceeding three hundred thousand dollars. SEC. 3. That the corporators in the first section named, or a majority Books of subof them, are hereby empowered to open books of subscription to the scription. capital stock of said corporation at such time or times, at such places and such periods, as they shall determine, and the stockholders at any general meeting called for after due organization of said corporation may at their discretion from time to time re-open books of subscription to said capital stock until the same as herein limited by wholly taken. SEC. 4. That whenever twenty thousand dollars shall have been Organization. subscribed and ten thousand dollars paid into the capital stock of said corporation, the before-named corporators, or a majority of them, shall call a meeting of the subscribers to said stock at such time and place and on such notice as they may deem sufficient, and said stockholders shall elect such directors as they may think proper, who shall Directors. hold office for one year or until their successors shall be chosen; and said directors shall elect a president and such other officers as may be officers. provided for by the by-laws of said corporation. tors. SEC. 5. That the president and directors of said corporation may Powers of presiadopt and use a common seal and may alter the same at pleasure; dent and direcmay make and appoint all necessary officers and agents, fix their compensation and take security for the faithful discharge of their duties, and may discharge any and all of them at their pleasure; may prescribe the manner of paying for stock and the transfer thereof; may do a general banking business on such terms and rates of discount and interest as are provided by law. The said corporation shall Lien on stock. Corporate pow ers. Remedy against subscriber failing to pay. Subscription sory note. have a lien on its stock for debt due it by the stockholders before and in preference to other creditors of the same dignity. SEC. 6. That the said corporation may receive and pay out the lawful currency of the country, deal in exchange, gold and silver coin, uncurrent paper and public or other securities, including the bcnds or other securities of the United States, this state and other states, also county bonds, township bonds or other municipal bonds; may purchase and hold such real and personal estate and property as may be conveyed to secure debts to said corporation, or may sell under mortgage or other lien to satisfy any debt due to said corporation, and may sell and convey the same; may purchase and hold real and personal estate and property: Provided, such real estate shall not exceed at any one time in value two hundred thousand dollars, and at pleasure may sell and exchange the same; may discount notes and other evidences of debt and lend money on such terms as are provided by law, and may receive, deposit and issue certificates therefor, bearing interest, which certificates may be assignable and transferable under such regulations as may be prescribed by the president and directors; and all certificates and evidences of deposit signed by the proper officers of the said corporation shall be as binding as if under the seal of the same. SEC. 7. That if any subscriber shall fail to pay for his stock or any part thereof at the time the same is required of him the entire residue of his stock shall be deemed to be due and may be recovered in the name of the corporation, either by motion in the superior court, Forsythe county, upon giving ten days notice of the motion, or by ordinary civil action; or the entire stock of said delinquent may be sold by order of the directors for cash at the banking house of said corporation in the city of Winston after advertisement of such sale for twenty days in some newspaper published in said city, and if at such sale the price should not be sufficient to discharge the amount unpaid with all the costs of such sale the subscriber shall be liable for the deficiency in a civil action. SEC. 8. In every case of delinquency in a subscriber it shall be deemed a promis- deemed a promissory note payable to the said corporation, as well in respect to the remedy for recovering the same as in the distribution of the assets of any deceased subscriber. Powers of president and directors. SEC. 9. That the president and directors of said corporation shall exercise and have all such powers and authority as may be necessary in governing the affairs of said corporation. They shall have power to prescribe the rules for the conduct of said corporation, the same being consistent with the by-laws, rules and regulations established by the stockholders, not inconsistent with the laws of this state, and may regulate the terms and rates on which discounts and loans may be made and deposits received by the corporation, not inconsistent with the laws of this state; and they shall direct when dividends of |