CHAPTER 243. An act to incorporate the town of Black Mountain in Buncombe county. The General Assembly of North Carolina do enact: SECTION 1. That the town of Black Mountain in the county of Buncombe be and the same is hereby incorporated by the name and style of "The Town of Black Mountain," and it shall be subject to all the provisions of the law now existing in reference to incorporated towns. SEC. 2. That the incorporate limits of the said town shall be as follows: One mile north and south, east and west from the center of the Western North Carolina Railroad depot in said town. SEC. 3. That the officers of said town shall consist of a mayor, three commissioners and a town constable, and the following-named persons shall fill said offices until the first Monday in May one thousand eight hundred and ninety-three, viz.: Mayor, T. K. Brown; commissioners-P. Briggs, J. M. Stepp, S. F. Daugherty; and the mayor and commissioners shall have power to appoint a constable. SEC. 4. There shall be an election for officers mentioned in this act on the first Monday in May, eighteen hundred and ninety-three, and every year thereafter under the same restrictions that county and state elections are held. All male citizens over twenty-one years of age who have resided in the state twelve months and ninety days in said corporation previous to the day of election shall be entitled to vote in said election. SEC. 5. The said commissioners shall have and exercise all corporate powers and duties as are conferred upon commissioners of incorporated towns under The Code, and in addition thereto they shall have power to pass by-laws, rules and regulations for the government of the town, not inconsistent with the laws of the state or the United States, and to impose fines and penalties for the violation of the town ordinances and collect the same, and that said chapter shall be applicable in every respect to said town, and they shall have power to levy a tax not exceeding sixty-six and two-thirds cents on every hundred dollars worth of property and two dollars on every poll. SEC. 6. That all fines collected for the violation of any town ordi nance shall go to the town treasury for the benefit of the town. SEC. 7. That this act shall be in force from and after its ratification. CHAPTER 244. An act to incorporate Chowan and Aulander Railroad Company. The General Assembly of North Carolina do enact: SECTION 1. That William N. Camp, Paul D. Camp, Benjamin F. Incorporators. Camp, Robert J. Camp, James L. Camp, George Cowper, W. P. Tay lor and C. W. Mitchell, and their associates and successors, be and poses. they are a body politic and corporate by the name "Chowan and Aulander Railroad Company," for the purpose of acquiring and own. Corporate name. ing timber and lands in the state of North Carolina and conducting a Corporate purgeneral lumber business in all its departments and branches, especially owning and purchasing timber and lands, and of cutting, preparing for market and manufacturing pine, oak, gum, cypress, juniper and other kind of timber for home and foreign markets; and by that name and style the said company shall have perpetual succession Corporate powand all other powers and privileges of a corporation aggregate at ers. common law, not inconsistent with the general laws of the state, and shall also have the power of acquiring rights-of-way as provided in chapter forty-nine, the first volume of The Code. SEC. 2. That said company may build and construct and operate. Authorized to the line of a railroad from some point at or on the Chowan river near road. build, &c., railthe town of Harrellsville, North Carolina, to some point at or near Termini. Aulander, Bertie county, North Carolina, and may build and con- Branch roads. struct branch roads or tracks from any points on the main line, not exceeding ten miles in length, to be operated by steam or otherwise. companies. estate. SEC. 3. The capital stock of the said company shall not be less than Capital stock, thirty thousand dollars, divided into shares of one hundred dollars each, and the capital stock may be increased to two hundred thousand dollars by the stockholders at a meeting called for that purpose, and May subscribe the said company is hereby authorized to subscribe to and hold stock for stock in other in any other incorporated company. SEC. 4. That said company may acquire and hold real estate in this May hold real state, not to exceed at any time twenty-five thousand acres. SEC. 5. That said company shall have authority to make from time By-laws, &c. to time such by-laws and regulations as it may deem necessary for the proper management of its affairs, fix the number of its directors and elect a president and such other officers as may be considered necessary by the stockholders. It shall hold its annual meetings in the town of Winton, Hertford county, or at such other place as may ings. be agreed upon by a majority of its directors. The president shall be President. elected by the stockholders and shall be ex officio a member and chairman of the board of directors. The directors, not exceeding five, Directors. shall also be elected by the stockholders at their annual meetings. Annual meet All vacancies shall be filled as provided in the by-laws. A treasurer Vacancies. Treasurer and secretary. Term of office. Voting. May issue mortgage bonds. May acquire property. Transportation powers. and secretary shall be elected by the directors, and one person may be president and treasurer or treasurer and secretary, but no person shall be both president and secretary. All officers shall be elected for the term of one year and until their successors shall be elected and qualified. The president shall be entitled to vote at all meetings, and each stockholder present in person or by proxy shall be entitled to one vote for each share of stock held. SEC. 6. The said company shall have the right to issue bonds for the purpose of borrowing money, and to secure the payment thereof by deed in trust or other lien upon its real estate and personal property, not exceeding in amount the paid-up capital of the company. SEC. 7. The said company shall have the right to purchase and acquire property, both real and personal, from any person or persons or associations or corporations chartered under the laws of this state. SEC. 8. That the said company shall have the right to carry passengers and transport freight over and along said road and branches at reasonable rates, and shall have the right to connect the said road or any branch or branches thereof with any railroad or other transportation company that may have heretofore or may hereafter be chartered by this state and to interchange traffic upon reciprocal terms. SEC. 9. That this act shall be in force from and after its ratification. Ratified the 4th day of March, A. D. 1893. Incorporators. Corporate name and existence. Corporate pow ers. CHAPTER 245. An act to incorporate the Southern Trust and Guarantee Company. SECTION 1. That Ashley Horne, J. S. Carr, Charles H. Belvin, B. S. Jerman, R. B. Raney and William H. S. Burgwyn, their present and future associates and successors, are hereby constituted and declared to be a body politic and corporate by the name and style of "The Southern Trust and Guarantee Company," and as such shall have succession for the term of ninety-nine years; and by that name may sue and be sued, appear, prosecute and defend in any court or place whatsoever, and may make contracts, buy, hold, possess and convey real estate and personal property, and have and use a common seal and may break and renew the same at will, and may make, establish and put in execution such by-laws, rules and regulations, not contrary to the laws of North Carolina or of the United States, as may be necessary for the regulation and management of its affairs, and do all such acts and things as may be necessary to carry into effect the provisions of this act, and shall have all the powers, rights, and privileges granted to any bank or banking institution under the general law of the state of North Carolina. SEC. 2. The corporate powers of the company shall be vested in a Directors. board of directors to be elected by the stockholders annually, who shall hold their office for one year and until their successors have been appointed. Said board of directors shall consist of as many stockholders as the by-laws provide, but not less than five. A Quorum. majority of the board shall constitute a quorum to do business. The said board shall have each and every power necessary to carry out Powers. the business of this company and to enable it to exercise all the powers and franchises of the corporation. It may appoint an executive committee from their number, consisting of not less than three, having like power when the board is not in session, and shall have power to make all by-laws and prescribe such regulations for the transaction of its business as it shall deem necessary, not inconsistent with the laws of this state and of the United States, and may amend, alter, suspend or add to the same at pleasure subject to a like restriction. SEC. 3. The capital stock of said corporation shall not be less than Capital stock. fifty thousand dollars nor more than two million of dollars, to be divided into shares of fifty dollars each; and when not less than the minimum amount of stock has been subscribed the stockholders may Organization. elect a president, vice-president, a secretary and treasurer, and such other officers as it may deem expedient, and not less than five directors, which officers shall serve for one year, and thereafter until their successors are elected. Election of officers of the company shall be by ballot, unless the same be dispensed with, and a plurality of votes shall elect. At meetings of stockholders each stockholder shall be Stock-vote. entitled to one vote in person or by proxy fix [for] each share of the capital stock of the company held by him and transferred to him on the books of the company not less than thirty days immediately preceding such election. SEC. 4. The capital stock of said company may be invested in bonds, Investment of notes or other evidences of debt secured by deed of trust or mortgage capital stock. upon real or personal property, or otherwise, safely secured, or in securities or bonds of the United States or the bonds of the state of North Carolina or the bonds of any incorporated city or town or county in this state, or in real estate, as in the discretion of the board of directors shall seem best. If any subscriber shall fail to pay his stock or any part thereof as 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 to the court of the county where the delinquent may reside upon giving him ten days notice of the motion or by ordinary civil action, or the entire stock of such delinquent may be sold by order of the board of directors for cash at Remedy against subscriber failing to pay. Corporate powers as trustee, &c. Corporate powers as guardian, administrator, &c. Deposits by iduciaries. Proviso. Court may make orders, require accounts, &c. the office of said company, after advertisement of such sale for ten days in some newspaper published in said town; and if at such sale the price should not be sufficient to discharge the amount unpaid, with all costs of such sale, the subscriber shall be liable for the deficiency in a civil action. SEC. 5. The said company shall have power to receive money in trust and accumulate the same at legal rate of interest, and to allow interest not exceeding the legal rate; to accept and execute trusts of every description as fully as a natural person could which may be committed to said company by any person or persons whatsoever, or by any corporation, or by order or 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 stock, 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, and to act as agent for them in the management, sale and disposition of their properties. SEC. 6. That in all cases where an application may be made to any court having jurisdiction to appoint a curator, guardian of an infant, committee of an idiot or insane person, administrator of any person 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 by deed, will or any other writing to appoint said company a trustee, executor, guardian, assignee or receiver; and as such 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, and subject to be removed like natural persons. 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: Provided, that the deposit shall not exonerate such individual from liability. 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 |