profits shall be made and declared. They may call a meeting of stockholders whenever they think proper; and any number of stockholders holding one-tenth of the stock may call a special meeting on giving thirty days notice in some newspaper published in the city of Wins ton. At all meetings stockholders may be represented by proxy, each Stock-vote. share being entitled to one vote, but such proxy must be a stockholder. SEC. 10. That branches or agencies of said corporation may be Branch banks. established at such times and places as the president and directors may designate; and such branches or agencies may be removed at any time and shall be subject to such rules and regulations as may be prescribed by the president and directors of said corporations. SEC. 11. That said corporation shall have power to negotiate loans Authorized to on mortgages of real or personal estate at a rate of interest not exceeding the legal rate of interest. loan on mortgages. Proviso. SEC. 12. The powers and privileges granted herein shall not be Corporate powers not forfeited deemed forfeited by non-user: Provided, the corporation is organized by non-user. within three years from date of ratification of this act. SEC. 13. That in case of the insolvency of the bank hereby created, Liability of stockholders. or ultimate inability to pay, shareholders shall be held individually responsible, jointly and severally, for all contracts, debts and engagements of the bank to the extent of the amount of their stock therein at the par value thereof. SEC. 14. That this act shall be in force from and after its ratification. CHAPTER 195. An act to amend chapter two hundred and seventy-three, laws of eighteen hundred and ninety-one, ratified March seventh, eighteen hundred and ninety-one, in relation to the Harper Fabric Company. The General Assembly of North Carolina do enact: amended. SECTION 1. That section four of chapter two hundred and seventy- Chapter 273, prithree of the acts of the general assembly, ratified March seventh, eighteen hundred and ninety one, be amended by striking out the proviso in said section. SEC. 2. That section seven of said act be amended so as to read: "The said company shall have an office at their works near Spray, and may have an office or offices elsewhere." SEC. 3. That this act shall be in force from and after its ratification. vate laws 1891, Proviso prohibiting consolidation repealed. Offices. Incorporators. Corporate name. ers. Organization Quorum. Capital stock. Proviso. Non-liability of stockholder for corporate debts. Stockholders meetings. Stock-vote. Directors. CHAPTER 196. An act to incorporate the Southern Metallurgical and Mining Company. The General Assembly of North Carolina do enact: SECTION 1. That J. J. Newman, F. B. Arendell, H. McCoy, junior, T. H. Vanderford, Richard Eames, junior, C. M. Hawkins, J. M. Tieman and F. B. Dancy, and such other persons as shall be associated with them, their successors and assigns, be and they are hereby created a body politic and corporate by the name and title of "The Southern Metallurgical and Mining Company," by which name said corporation may sue and be sued, plead and be impleaded in any court of law and equity, and shall have power to make such by-laws and regulations not inconsistent with the laws of the state, as may be deemed necessary for the government of the company. It shall have perpetual succession and enjoy all the rights and privileges, powers, liberties, immunities and franchises usually pertaining to corporations. SEC. 2. That this company shall be organized by any one of the resident corporators giving twenty days notice in writing to the other corporators to meet in the town of Salisbury, North Carolina, in person or by proxy, within two years from the passage of this act, and a majority of the corporators shall constitute a quorum for the transaction of business. SEC. 3. That the capital stock of said company may be divided into such number of shares and of such amount for each share as the stockholders in general meeting may determine: Provided, that the capital stock of said company shall not exceed one million dollars and the shares shall be personal property and are transferable as the by-laws may determine; said shares shall be non-assessable, and the stockholders shall not be individually, nor in their private property, liable for the debts of the corporation. SEC. 4. That a general meeting of stockholders may be held at any time determined by the by-laws, and that to constitute a meeting there must be present, in person or by proxy, the proxy being a stockholder, a number holding a majority of the stock, each share of which shall be entitled to a vote, and all acts shall require the sanction of a majority of the votes present. SEC. 5. The affairs of said company shall be managed by a board of not less than three nor more than seven directors as the stockholders by their by-laws shall determine, who shall all be stockholders, and one of whom shall always be a resident of the state; they shall be elected by ballot within one year from the passage of this act, and annually thereafter at such times and places as the by-laws may prescribe, and hold their offices for one year and until their successors are elected. Each share of stock shall entitle the holder to one vote ers. SEC. 6. That said company shall have the right to build and operate Corporate powmatallurgical works, acid chambers, cotton oil-mills, mining and milling plants, reduction, chlorination and other works for the purpose of working, exploring and manufacturing all kinds of ores, minerals, chemicals, cotton-seed products, and for the manufacture and sale of sulphuric or other acids, and for the manufacture and sale of ammoniated or other phosphates and commercial fertilizers at such place or places in the state as said company may select; may also buy, sell and hold, in fee-simple, under lease and otherwise, any number of acres of mineral, timber or other lands in the county of Rowan and any other counties within this state, with power to mortgage, lease or otherwise dispose of the same; may buy, sell, treat and deal in gold, copper, silver or other ores and their products. ers. SEC. 7. That the said company shall have the right, power and Corporate powauthority to lay out, build and construct roads, whether rail, tram, plank or turnpike, for the transportation of gold, silver or other ores, minerals, timber and other materials, to, from or between their lands, mines, furnaces, mills and manufactories; and also to construct such canals or drains as may be needful or required for the supply of water to said furnaces, mills or manufactories, the drainage of their mines, of the transportation of coal, ores or other articles as aforesaid; to erect bridges over streams of water wherever necessary, and to connect such roads or canals with the railroad, canal or slackwater navigation of any company now incorporated or which may hereafter be incorporated by the laws of the state at any point the said company may select for such connection; and such roads, canals and drains shall be open to the use of the public upon the payment of such reasonable tolls and compensation and subject to such rules and regulations as said company may by their by-laws establish. SEC. 8. That when any land or right-of-way may be required by Condemnation of said company for constructing said roads, canals or drains, and for land. Proviso. Right of appeal. Proviso. Common seal. Authorized to issue mortgage bonds. want of agreement as to the value thereof, or for any other cause, the same cannot be purchased of the owners, the same may be taken and the value thereof ascertained as follows, viz.: on application by the company to any justice of the peace for the county where the said land or right-of-way may be situated, it shall be his duty to issue his warrant to the sheriff of said county to summons a jury of at least five freeholders to meet on the land on the day named in such warrant, not less than five nor more than twenty days thereafter, and the sheriff, on receipt of said warrant, shall summons the jury and notify the owner of the land of the time and place at which he has summoned the jury to meet, and when met, if three or more appear, shall administer an oath or affirmation to them that they will impartially value the land or right-of-way in question. The proceedings of said jurors, accompanied by a description of the land or right-ofway, shall be returned under their hands and seals, or a majority of them, by the sheriff to the clerk of the superior court, there to remain as a matter of record; and on the payment of the said valuation the lands or right-of-way so valued shall vest in said company so long as the same shall be used for the purposes of said road, canal or drain: Provided, that the location of said roads, canals or drains shall not interfere with any graveyard, house, house-lot or garden, without the consent of the owner thereof, and that no more land than thirty feet in width on either side from the center of said road, canal or drain shall be condemned for the purpose aforesaid: And provided further, that if any person or persons over whose land said road, canal or drain may pass, or said company, shall be dissatisfied with the valuation of said jurors, either party may have an appeal to the superior court of the county in which the land lies, but such appeal shall not delay or interrupt the use or enjoyment of said rightof-way by said company: Provided, that when the company shall appeal from the decision of the jurors aforesaid, the company shall be liable for all costs and execute their bond with sufficient surety, payable to the owners of the land in double the amount adjudged by said jury. SEC. 9. That the said company shall have power to adopt and use a common seal, with such device and inscription as they shall deem proper, and to change, alter and amend the same at pleasure; and certificates of stock and other official acts shall be authenticated by affixing the same. SEC. 10. That said company shall have the power to issue mortgage bonds on any or all of its real estate or other property, and use the funds arising from the sale of such bonds in the development of its property in such manner as the board of directors may prescribe; that said company may also subscribe for and hold stock in other corporate companies; that the stock in this company may be paid for in lands, minerals, machinery or other articles of value, as the by-laws May subscribe for may provide. SEC. 11. That this act shall be in force from and after its ratification. stock in other companies. CHAPTER 197. An act to amend the charter of the town of Dunn in Harnett county. The General Assembly of North Carolina do enact : SECTION 1. That chapter one hundred and ninety-one of the private Chapter 191, prilaws of eighteen hundred and eighty-nine be and the same is hereby vate laws 1889, amended by adding the following sections to said chapter. amended. SEC. 2. That the town constable or tax collector for the town of Powers of tax collector. Dunn is hereby invested with the same powers in all respects whatever in collecting the town taxes due the said town as sheriffs are now or may be invested with in collecting state and county taxes; and shall have the same rights and powers to seize and levy upon property, both real and personal, and sell the same for taxes under the same rules and regulations as are now prescribed for sheriffs in like cases, except all sales for taxes of property shall be in the said town of Dunn. SEC. 3. That the commissioners of the said town of Dunn are hereby Fire department. invested with the rights and power to establish, equip and maintain an efficient fire force or department in such a way and manner as to them may seem best, said force not to exceed thirty men in number, who shall be exempt from jury and road duty; and to the better enable them to equip said fire force and department the said commis. sioners of Dunn are hereby authorized to levy and collect a special Special tax. tax for the year of one thousand eight hundred and ninety-three of tên cents on the one hundred dollars worth of property and thirty cents on each taxable poll, which shall be used in equipping said fire force or department, and for nothing else. SEC. 4. All fines imposed and collected for the violation of any ordi- Fines, how applied. nance or regulation of the town of Dunn shall go to the common fund of the town and shell be paid to such officer of the town as the town commissioners may designate. SEC. 5. That the mayor may order any offender, upon conviction, Offenders may be to be worked on the streets of said town at reasonable wages per day worked on streets. until they shall work out any fine and costs with which they may be adjudged, or confined in the town prison or common jail of this county. |