Corporate powers as bank of issue. Change of name. By-laws. Lien on stock. Remedy against subscriber failing to pay. SEC. 3. That said corporation on complying with such rules, regulations and requirements as are or may be prescribed by law with regard to the issue and circulation of money by state banks, shall have, enjoy and exercise all such privileges and powers as may be allowed by law. SEC. 4. That in the event said corporation enter upon the banking business the board of directors thereof shall have the power to adopt another name for said corporation, and to adopt and declare all needful and proper rules and regulations for carrying on said banking business not inconsistent with the laws of this state. SEC. 5. That said corporation shall have a first lien on all stock of any person therein for all arrearages on said stocks, fines, dues and interest imposed or accrued thereon according to any rules or regulations prescribed by the directors; and if any subscriber shall fail to pay his stock, or any part thereof as the same is required by the rules and regulations of said association, including interest in case of loan and such fines as may be imposed for such default for four consecutive weeks, then the entire stock of such subscriber, together with such securities as may be given said association in case of a loan, may be sold for cash at the banking house of said corporation, after giving twenty days notice of same by written notice to such subscriber, and by posting notice thereof at some conspicuous place in said banking house. SEC. 6. That this act shall be in force from and after its ratification. Chapter 6, private laws 1891, amended. CHAPTER 278. An act to amend the charter of Trinity College. The General Assembly of North Carolina do enact: SECTION 1. That the charter of Trinity College, chapter six, private acts of eighteen hundred and ninety-one, be amended by adding to section three thereof the following: The board of trustees shall have power at any annual or any regularly called meeting at which a board of trustees, majority of the board shall be present to declare any place on the Vacancies in how declared filled. Trustees elected by graduates subject to approval by Conference, &c. board vacant and proceed to fill the same until the next annual conference in which the appointee shall reside, when the vacancy shall be filled for the unoccupied term in the manner herein before provided. All trustees elected by the graduates of said college shall be elected subject to approval and confirmation by the conference in which such trustees shall respectively reside, and if not approved the graduates SEC. 2. That this act shall be in force from and after its ratification. CHAPTER 279. An act to incorporate "The Commercial and Savings Bank" of Goldsboro, North Carolina. The General Assembly of North Carolina do enact : SECTION 1. That A. F. Page, W. F. Kornegay, Ed. B. Barbee, H. L. Incorporators. Miller, B. S. Jerman, their associates, successors and assigns, are hereby constituted and declared a body politic and corporate by the ence. name and style of "The Commercial and Savings Bank," and shall Corporate name. continue for a term of sixty years, if accepted by the stockholders Corporate existwithin five years of the date of its ratification, with capacity to take, hold and convey real and personal estate, with all of the powers, Corporate powrights and privileges granted any bank or banking institution incident to or belonging to corporations, banks or banking institutions, as set forth or referred to in the general laws of North Carolina. ers. SEC. 2. The capital stock of said corporation shall not be less than Capital stock. fifteen thousand dollars ($15,000), but may be increased from time to time by the stockholders as may be agreed upon to a sum not exceed ing two hundred thousand dollars ($200,000), divided into shares of one hundred dollars ($100) each. SEC. 3. The corporators named in the first section of this act or a Books of subscription. majority of them are hereby empowered to open books of subscription to the capital stock of said bank at such time and place, and for such period or periods as shall be determined. officers. SEC. 4. Whenever fifteen hundred dollars or over shall have been Organization. subscribed 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 deem sufficient, and such subscribers shall elect from among their number such directors and officers as they Directors and may deem proper, who shall hold office for one year and until their successors are appointed; said directors shall have authority to fill all vacancies that may occur in their own body and in any office or position of the bank until the next annual meeting of the stockholders. The corporation shall do a general banking business in all of its forms and branches, and take interest or discount in advance as may be agreed upon, not in the excess of the legal rate. The corporation PRIV-27 Corporate banking powers. Proviso. Savings bank department. Deposits by minors, &c. Corporate pow ers. Non-liability of stockholders for corporate debts. may receive on deposit moneys held in trust from executors, administrators, guardians and others, and may issue certificates of deposit bearing such legal rate of interest as may be agreed upon between the parties; executors, administrators, guardians and others making such deposits are hereby authorized and empowered to accept certificates: Provided, that nothing in this section shall be construed as releasing any executor, administrator, guardian or any other person who has the custody of any trust fund from liability under their bond or bonds. SEC. 5. The corporation shall have authority to establish a savings bank department and operate same and receive deposits of sums of money of one dollar ($1.00) and upwards and pay the same with interest as may be agreed upon by the depositors. SEC. 6. When any deposits shall be made by any person being a minor or feme covert the said corporation may, at its discretion, pay to such minor or feme covert, and such payment shall be to all intents and purposes valid in law to fully discharge the said corporation from any and all liability on account thereof. SEC. 7. This corporation shall have all the rights, powers and privileges conferred upon the Citizens Trust Company in chapter thirtyeight, laws of North Carolina of eighteen hundred and eighty-three, not inconsistent with this act. SEC. 8. The stockholders in this corporation shall not be individually liable for any debts or liabilities of this corporation. SEC. 9. This act shall be in force from and after its ratification. Incorporators. CHAPTER 280. An act to incorporate the "Carolina Pyrites Company." The General Assembly of North Carolina do enact: SECTION 1. That E. B. Springs, Frederick Oliver, D. A. Tompkins, John Oliver, Thomas Oliver, George Oliver and William Oliver, and such other persons as are now or may hereafter be associated with them, and their successors, be and they are hereby created and made Corporate name., a body politic and corporate under the name and style of the "CaroCorporate puw- lina Pyrites Company," and by such name they are hereby made capable in law to carry on and conduct the business of mining from the ground any cres, minerals or metals, to manufacture the same into any shape or shapes and prepare the same or the manufactured product for home or foreign market; to erect such mills, buildings, machine-shops, stores, dwellings and houses and other works or struc ers. tures, as may be requisite or necessary to carry on such kinds or branches of industry as this act may provide for; to acquire and own mines and mining lands and rights of entrance to and outlets from the same; to lay out, construct and operate such roads, tramroads or railroads as may be necessary or convenient for the transportation of the product of their mines or for the transaction of their business, the said roads or railroads to extend from the lands of said company to any point on the line of any railroad or watercourse. The said company hereby incorporated may operate the said roads, tramroads or railroads, charging tolls for the transportation of freight and passengers according to such rate as may be fixed by any law or regulation of this state. ers. SEC. 2. The said company may carry on and conduct any mercan- Corporate powtile or manufacturing business which is not forbidden by the laws of this state, and subject to all rules, laws and regulations governing the said business, and may acquire by gift or purchase any real or personal property and sell, mortgage or lease the same, and have all the rights and privileges incident to the ownership or control thereof. SEC. 3. That the said company, by its corporate name, may sue and Corporate powbe sued, plead and be impleaded in the courts of this state; make and use a corporate seal, and change or alter the same at will or pleasure, and may make, alter or amend such by-laws, rules or regulations as may be deemed proper and which are not repugnant to the laws of this state. ers. SEC. 4. That the capital stock of said company shall be twenty-five Capital stock. thousand dollars, but the same may be increased by the stockholders from time to time as they may determine, and in such amounts as they may deem best to an amount not exceeding five hundred thousand dollars; that the said stock may be divided into any number of shares, that the par value of which shall be one hundred dollars, and certificates shall be issued for the shares in such manner as the directors may prescribe, or as may be provided in the by-laws of the company. Said stock shall be deemed personal property and shall be transferable on the books of the company. In all meetings of the Stock-vote. corporation each share of stock shall be entitled to one vote. The Non-liability of stockholders are not to be individually liable for the debts or liabilities of the company. Books of subscription may be opened by any three Books of subscription. of the corporators at such time and place as they may agree upon. That the corporators, or a majority of them, acting in person or by Organization proxy, after the sum of five thousand dollars has been subscribed, may call a meeting of the subscribers to the stock for the purpose of completing the organization of the company upon such notice to them stockholders. as they may deem proper. That at such meeting the stockholders Directors. Officers. Authorized to borrow money on mortgage. Registration of mortgage. Stockholders meetings, &c. Where business may be conducted. Corporate pow ers. Condemnation of land. Corporate exist ence. Change of name. May subscribe to stock of other companies, &c. board of directors shall elect a president and such other officers of the company as may seem to them to be necessary. SEC. 5. That said company may borrow such sums of money from time to time as may be necessary for its purposes, and for such loans may issue its bonds or promissory notes, bearing interest at a rate to be fixed by the directors and not exceeding the rate allowed by law; and may sell, exchange or hypothecate said bonds or notes on such terms as it may deem advisable; and to secure the said bonds, notes or other obligations of the said company it may execute deeds of trust or mortgage upon its property and franchises or any part or portion thereof, which mortgages or deeds of trust shall be valid and sufficient in law, if duly probated under the laws of this state and registered in any one of the counties where the property of the company or any part thereof is situated. SEC. 6. That the said company may provide and direct in its by-laws how the meetings of the stockholders shall be held and how its officers shall be elected and its servants and agents appointed, and also how the business and affairs of the company shall be managed and conducted. SEC. 7. That the said company may establish and carry on or conduct its business or any branch thereof in the county of Gaston or in any other county of this state. SEC. 8. That the said company shall have the right to contract and of being contracted with, and shall also have all the rights and powers usually possessed by corporations under the laws of this state. SEC. 9. That for the purpose of locating and constructing its road or roads, as hereinbefore provided, the said company shall have the power and right to acquire land and other property or privileges, as provided by chapter forty-nine of The Code; and shall have all the rights, powers and privileges granted in said chapter to railroad corporations, and shall be subject to all the provisions of the said chap. ter, and except such as are inconsistent with the provisions of this act. SEC. 10. That the said company or corporation shall exist for sixty years, and may change its corporate name and use any other selected and authorized by resolution of its stockholders, which change of name shall be advertised in some newspaper published in the county wherein the said company may have its principal office or place of business. SEC. 11. That the said company is hereby authorized to subscribe to the capital stock of any other corporation or company, and any other corporation or company is authorized to subscribe to its capital stock. SEC 12. That this act shall take effect and be in force from and after its ratification. Ratified the 6th day of March, A. D. 1893 |