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Annual meetings, &c.

Quorum.

Election of principals, professors, &c.

Removal.

Vacancies.
Proviso.

Faculty.

Certificates.

Trustees to constitute board of education, &c.

Powers of board.

be necessary for the management of the work of the board, whose duties shall be such as are defined and designated by the board for its government and work.

SEC. 7. The said board shall fix the time and place of its annual meeting, but the president may call a meeting at such time and place as he may think best for the transaction of such business as may be necessary at the time.

SEC. 8. That five members shall constitute a quorum for the transaction of business.

SEC. 9. That the said board of trustees shall have the exclusive right to elect principals and presidents of such schools and colleges as they may establish, and to elect such professors and tutors and other offi cers as they shall deem qualified and necessary for the proper management of said schools and colleges, and may remove them for misbehavior, inability or neglect of duty or other cause which shall be deemed advisable to said trustees; and shall fill all vacancies occurring in the faculties of said school or colleges: Provided, they may delegate the power to so elect such professors, tutors, teachers and officers and to fill such vacancies to the president or principal of said schools and colleges.

SEC. 10. That the president or principal of such colleges or high schools and the professors or teachers and officers shall constitute the faculty thereof, and with the advice and consent of the educational board shall have power to grant certificates of merit and proficiency in any of the branches taught therein.

SEC. 11. The said trustees and their successors so elected shall constitute "The Board of Education of the Buncombe County Missionary Baptist Association," and are to remain under its control and direction.

SEC. 12. That the said board are hereby empowered to receive donations and to hold property both real and personal for educational purposes; to establish high schools, colleges, industrial and other schools of learning at such times and places within the bounds of said association as they may deem expedient, and to procure charters for the same, and to take all legal and other action for the furtherance of education within the said association. The said board shall report their acts and recommendations to the meetings of the annual association for ratification and approval. The said board shall have no power to purchase property and to contract debts or pledge its credit or the credit of the association without the authority and consent of a two-thirds vote of the association in its annual meeting; but with the consent of the association so obtained, the said board may exchange, sell, convey or lease any of its property, real or personal, pledge its faith and credit, borrow money for the necessary expenses of its schools and colleges or for the purpose of making improvements in its property or advancing the cause of education within said associa

tion, to execute notes for sums borrowed and to secure the same by mortgage or deed of trust.

SEC. 13. That the trustees of said board shall not be individually Non-liability of trustees, &c. liable for the debts of said corporation. SEC. 14. That all laws and clauses of laws in conflict with this act Conflicting laws repealed. are hereby repealed so far as the said corporation is concerned and no further.

SEC. 15. That this act shall be in force from and after its ratification.
Ratified the 6th day of March, A. D. 1893.

CHAPTER 289.

An act to incorporate the "Mutual Mercantile Company."

The General Assembly of North Carolina do enact:

SECTION 1. That J. P. Allison, W. L. Hill and A. B. Young and Incorporators. such other persons as they may associate with them, and their suc

cessors and assigns, are hereby created and constituted a body politic

ers.

and corporate by the name and title of "Mutual Mercantile Com- Corporate name. pany," and under that name and style may sue and be sued, implead Corporate powand be impleaded, contract and be contracted with, adopt and use a common seal, and enjoy all the rights and privileges, powers and immunities usually pertaining to corporations.

SEC. 2. That the capital stock of said corporation shall be fifty Capital stock. thousand dollars ($50,000), divided into five hundred shares of the par value of one hundred dollars each, with the privilege of increasing said capital stock from time to time to any sum not exceeding in the

aggregate five hundred thousand dollars ($500,000).

SEC. 3. That said corporation is hereby authorized and empowered Corporate pow

to conduct and carry on the mercantile business in all its branches, ers.

and may buy, sell and deal in goods, wares and merchandise of every

description.

SEC. 4. That said corporation shall have power to lease, purchase, Corporate powhold, sell and convey real estate and personal property of every kind ers. and description necessary for its business, and shall have the power to borrow money and issue bonds or other evidences of indebtedness

for the same.

SEC. 5. That said corporation shall be managed by a board of five Directors. directors to be elected by the stockholders, two of whom shall be the president and treasurer.

SEC. 6. The officers of said corporation shall consist of a president, officers. a vice-president, a secretary and a treasurer, to be elected by the

By-laws.

Corporate exist

ence.

When stock certificate to be

issued.

No assessment.

Offices.

Stockholders meetings.

Stock-vote.

Books of subscription.

Organization.

board of directors, but the said board of directors may elect one person to fill the offices of secretary and treasurer.

SEC. 7. That the said stockholders of said corporation may make all such by-laws, rules and regulations for the conduct and management of the corporation and its business as they may deem necessary or expedient and not inconsistent with the laws of the state.

SEC. 8. That the duration of said corporation shall be thirty years. SEC. 9. That no certificate of stock shall be issued unless the par value thereof has been paid, and when any certificate shall have been issued for one or more shares, no assessment shall thereafter be made upon such share or shares.

SEC. 10. That said corporation shall have its principal office and place of business at Charlotte, North Carolina, with the privilege of establishing branch offices and places of business at its will and pleasure within the state of North Carolina.

SEC. 11. That the stockholders of said company shall meet annually, and at said meeting each stockholder may be represented in person or by proxy, and shall be entitled to cast one vote for each share of stock held by him.

SEC. 12. That the corporators hereinbefore named shall have power to open books of subscription at any time after the ratification of this act, and shall have the power to call the first meeting of the stockholders at such time and place as they may determine after the stock shall have been subscribed.

SEC. 13. That this act shall be in force from and after its ratification.
Ratified the 6th day of March, A. D. 1893.

Incorporators.

Corporate name.
Corporate pow-

ers.

CHAPTER 290.

An act to incorporate Mount Pleasant Academy in Wake county, state of
North Carolina.

The General Assembly of North Carolina do enact:

SECTION 1. That G. W. Ray, J. L. Pough, J. R. Ray, W. C. Rogers, J. D. R. Allan and J. D. Broadwell, and their associates and successors, are hereby incorporated a body politic for educational purposes under the name and style of "Trustees of Mount Pleasant Academy" in the county of Wake, state of North Carolina, and as such may have all the powers of the like institutions and may sue and be sued, plead and be impleaded. Said corporation shall have corporate existence for a period of fifty years.

ers.

SEC. 2. That said corporation may purchase and hold such property, Corporate powreal and personal, as they may deem necessary for the purposes above named and may convey the same at pleasure.

SEC. 3. That the said Mount Pleasant Academy is hereby empowered May grant certificates, &c. to grant such certificates of proficiency and merit as may be deemed advisable.

SEC. 4. That this act shall be in force from and after its ratification.
Ratified the 6th day of March, A. D. 1893.

CHAPTER 291.

An act to change the name of the "C. E. Graham Manufacturing Com

pany" to "Asheville Cotton Mills."

The General Assembly of North Carolina do enact :

SECTION 1. That chapter four hundred and twenty-five, laws eigh- Chapter 425, laws 1887, amended. teen hundred and eighty-seven, be amended by striking out the words "The C. E. Graham Manufacturing Company" whenever they may appear and insert in lieu thereof the words "Asheville Cotton Mills," Name changed. and that said manufacturing company be hereafter known as "Ashe

ville Cotton Mills."

SEC. 2. That all laws and clauses of laws in conflict with this act are Conflicting laws repealed. hereby repealed.

SEC. 3. That this act shall be in force from and after its ratification.
Ratified the 6th day of March, A. D. 1893.

CHAPTER 292.

An act to re-enact chapter four hundred and eighty-two of the laws of eighteen hundred and ninety-one, and to extend the time for the operation of same.

The General Assembly of North Carolina do enact:

SECTION 1. That chapter four hundred and eighty-two of the laws of eighteen hundred and ninety one be and the same is hereby re-en

acted.

Chapter 482, laws ting the Cape 1891 (incorpora

Fear and Northern Railway Co.) When work to be commenced.

SEC. 2. That the work on said railroad shall be commenced within re-enacted. two years from the ratification of this act.

SEC. 3. That this act shall be in force from and after its ratification.
Ratified the 6th day of March, A. D. 1893.

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CHAPTER 293.

An act to allow the city of Asheville to issue additional sewer bonds.

The General Assembly of North Carolina do enact:

SECTION 1. That the mayor and board of aldermen of the city of Asheville have leave, authority and power to issue twenty-five thousand dollars of sewer bonds of same series and tenor in addition to those already issued, upon the same conditions as the sewer bonds were issued under an act to amend the charter of the city of Asheville, ratified February twenty-eighth, eighteen hundred and ninety

one.

SEC. 2. That the mayor and board of aldermen shall submit the question of approval or non-approval as to the twenty-five thousand dollars of sewer bonds herein provided for at the next general election for officers of said city.

SEC. 3. That this act shall be in force from and after its ratification.
Ratified the 6th day of March, A. D. 1893.

Chapter 47 ante

(repealing chapter 52, private laws 1883, incorporating town of Killquick) not to affect subsisting retail liquor licenses.

CHAPTER 294.

An act relating to the sale of spirituous liquors within the limits of
Killquick, Edgecombe county.

The General Assembly of North Carolina do enact:

SECTION 1. That the act enacted at the present session of the general assembly repealing the charter of the town of Killquick in Edgecombe county shall not have the effect to forbid or prevent those who are at present engaged in the sale of spirituous liquors within the former limits of said town from continuing their said business until the expiration of the licenses heretofore granted, and no longer.

SEC. 2. That this act shall be in force from and after its ratification.
Ratified the 6th day of March, A. D. 1893.

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