Arrests. When ordinances to take effect. parties offending against the town ordinances and endeavoring to make their escape within the limits of the town without a warrant. SEC. 24. That no ordinance passed by the commissioners shall be in force until the same has been advertised at three public places in said town for a period of ten days. SEC. 25. That this act shall be in force from and after its ratification. Chapter 106, prlvate laws 1891, amended. CHAPTER 296. An act to amend the charter of the Glendon and Gulf Mining and Manufacturing Company. The General Assembly of North Carolina do enact: SECTION 1. That the act to incorporate the Glendon and Gulf Mining and Manufacturing Company, private laws of eighteen hundred and ninety-one, chapter one hundred and six, be amended by adding thereto an additional section as follows: "Section 11. That the said company is hereby empowered to lease, sell or convey its Durham & Char- railroad right-of-way and franchises to construct and operate a rail Authorized to lease, &c., to lotte R. R. Co., &c. road to the Durham and Charlotte Railroad Company, retaining and SEC. 2. That this act shall be in force from and after its ratification. Incorporators. CHAPTER 297. An act to incorporate the Trustees of the Bellwood Institute, Cleveland county. The General Assembly of North Carolina do enact: SECTION 1. That L. J. Hoyle, Melvin P. Gautt, J. B. Ivey, John Nowlin, A. G. Gautt and their successors in office be and they are hereby declared a body corporate and politic under the name and Corporate name. style of "The Trustees of Bellwood Institute," with the privileges of a common seal, to be altered at pleasure; and with power to sue and ers. be sued, implead and be impleaded, contract and be contracted with, Corporate powacquire and hold by lease, donation or purchase such real and per sonal property as may in their judgment be deemed necessary for the equipment and maintenance of said institution, and make such rules, regulations and by-laws for the government and perpetuation of their corporate body as may be necessary, and shall enjoy all the privileges usually exercised by similar corporations. SEC. 2. That the individual property of the trustees shall not be Non-llability of liable for the debts of said corporation. trustees for corporate debts. sale of spirituous liquors prohibited within three SEC. 3. That the manufacture and sale of all spirituous liquors is Manufacture and forever prohibited within three miles of said institution. SEC. 4. That this act shall be in force from and after its ratification. Ratified the 6th day of March, A. D. 1893. miles. CHAPTER 298. An act to renew chapter three hundred and fourteen of the private laws of one thousand eight hundred and ninety-one, and to extend the time for the corporation chartered thereby to organize. The General Assembly of North Carolina do enact: Chapter 314, private laws 1891 SECTION 1. That chapter three hundred and fourteen of the private laws of one thousand eight hundred and ninety-one be and the same (incorporating is hereby re-enacted, and the corporation thereby chartered is allowed two years from and after March ninth, one thousand eight hundred and ninety-three, to organize. SEC. 2. That this act shall be in force from and after its ratification. the United CHAPTER 299. An act to incorporate the Mercantile Banking and Trust Company. The General Assembly of North Carolina do enact : SECTION 1. That D. Y. Cooper, James H. Lassiter, J. F. Harris, Incorporators. T. M. Pittman, Owen Davis, A. J. Harris and W. B. Shaw, their associates and successors, are hereby created a body politic and corporate by the name of "The Mercantile Banking and Trust Com Corporate name. ers. Capital stock. Corporate pow ers. Corporate powers as trustee. Corporate powers as guardian, administrator, &c. pany," and as such shall be entitled to all the rights, powers and privileges conferred upon corporations by chapter sixteen of The Code entitled "Corporations," so far as the same are applicable and not inconsistent with this act. SEC. 2. The capital stock of the corporation shall be divided into shares of one hundred dollars each, and the powers herein conferred may be exercised when twenty-five thousand dollars of the capital stock shall be subscribed. Subscriptions may thereafter be received and stock issued at the pleasure of the corporation to an amount not exceeding one million dollars. SEC. 3. The said corporation shall have the right to do a general banking business, to receive deposits, make loans and discounts, buy and sell exchange, and to lend its own or its depositors' funds; to obtain loans for any person, firm or corporation, and to do all things necessary towards mediating between borrower and lender, either with or without guarantee, and to charge for such service such commission as may be agreed upon between the borrower and said company; to lend and borrow money on its own account, and to give or receive such security as may be lawful and expedient, and generally to do and perform any other act or thing authorized by law to be done and performed. SEC. 4. The corporation shall have power to receive money in trust and accumulate the same at such legal rate of interest as may be obtained or agreed upon, or to allow interest not exceeding the legal rate; to accept and execute trusts and fiduciary engagements of every description, as fully as a natural person could which may be committed to it by any person or corporation, or by any order, decree or authority of any court upon such terms as may be agreed upon or provided therefor; to act as agent for the purpose of issuing, registering or countersigning certificates of stock and bonds, or other evidence of debt of any person, state, corporation, association, municipality or public authority on such terms as may be agreed upon; to sell, lease and rent real estate; 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. 5. That in all cases where an application may be made to any court or other public authority having jurisdiction to appoint a curator, guardian, collector, committee, administrator, trustee, commissioners, receiver, fiduciary or agent of any character, such court shall have power to appoint such corporation upon the like application, terms and conditions that any natural person might be so appointed, and it shall be lawful for any person by deed, will or other writing to appoint said corporation a trustee, executor, guardian, assignee, fiduciary or agent of any character, and as such it shall be subject to all the obligations and liabilities and vested with all the authority and power of natural persons acting in like capacity. SEC. 6. That it shall be lawful for any individual, executor, ad- Deposits by fiduciaries. ministrator, collector, guardian, committee, commissioner, receiver, assignee, trustee, public officer, fiduciary or other person having the custody of any bonds, stocks, securities, moneys or other valuables to deposit the same for investment or safe keeping with said corporation: Provided, nothing in this act shall be construed as releasing Proviso. from liability on his bond or the sureties thereon such executor, administrator, collector, guardian, committee, commissioners, receiver, assignee, trustee, public officer or fiduciary when any bonds, stocks, securities, moneys or other valuables so deposited shall be lost, destroyed or misapplied while on deposit with said corporation or the same shall depreciate in value during such time on account of the performance or non-performance of some act of said corporation. SEC. 7. That such corporation is authorized to invest money received in trust or deposit by loan or otherwise, and to take, have and hold real, personal and mixed estate obtained with such moneys or with its own funds; and to sell, grant, mortgage or otherwise encumber and dispose of the same, and to that end may execute all deeds or other instruments respecting the same; to deal in exchange, securities, mortgages, lands, certificates of indebtedness, stocks of incorporated companies, notes, loans and bonds. Corporate pow ments, &c. ers as to invest SEC. 8. That such corporation may insure the fidelity of persons Corporate powers as surety, &c. holding public offices or places of trust or responsibility, or of any corporation, company, person or persons whatsoever; to endorse for and become surety for the faithful performance of any trust, duty, contract, agreement, bond or undertaking required or permitted by law, and in every such case it shall be lawful for the corporation to stipulate and provide for indemnity from the parties for whom it shall so become responsible, and to enforce any bond, contract, agreement, pledge or security made or given for that purpose. &c. SEC. 9. That such corporation shall have power to guarantee, Corporate powendorse and secure the payment or punctual performance, and enforce ers as guarantor, and make collection of any debt, evidence of debt, chose in action, contract, certificate of value of property, the title to property, and any liability fixed or contingent of any person, corporation or municipality on such terms or commissions as may be agreed upon or established by said company. as warehouse man, &c. SEC. 10. That such corporation may receive upon storage, deposit Corporate powers or otherwise merchandise, specie, plate, stocks, certificates and evidences of debt, contracts and other personal property or thing of value; take charge and custody of real and personal estate and securities, and advance money thereon on such terms, not exceeding legal rate of interest, as it may establish or approve; that in all cases in which public officers of municipal or private corporations are author PRIV-29 No loans to officers, &c., of corporation. Penalty. Liability of capi funds, &c. ized to deposit money, stocks, bonds or evidences of debt, such deposits by such officers or corporations may be made with this corporation, but nothing herein shall be construed as releasing such public officers or officers of municipal or private corporations on their bonds from any liability imposed by law. SEC. 11. That no loan shall be made directly or indirectly to any officer or employee of said corporation, and on any violation of this provision every person making or consenting thereto directly or indirectly, or receiving the same, shall be liable to the corporation for the amount so loaned, and in addition thereto shall be guilty of a crime and punished as for larceny. SEC. 12. That whenever the said company shall be appointed to any tal stock for trust place of trust, or is appointed to or undertakes any fiduciary employment, or whenever deposits of money or valuables of any kind shall be made with such corporation, the capital stock and its property and assets shall be taken and considered as security required by law for the faithful performance of its duties and shall be liable therefor, and no other security shall be required from it on the execution of the bond or undertaking required of any natural person acting in such capacity: Provided, however, that no court shall be required to accept such bond or undertaking if on examination of the officers and affairs of the corporation or otherwise the court shall become satisfied that the property and effects of such company are not sufficient security for such bond or undertaking. And in case of a dissolution of said corporation the debts, obligations or money due from it in its fiduciary capacity shall have preference: Provided, nothing in this act shall be construed to release or relieve any clerk of the superior court or other clerk or officer from any liability or duty imposed by law in respect of the care and faithfulness now required to be observed in making such appointments. Proviso. Sale of property pledged, &c. Consolidation with other company. SEC. 13. That it shall be lawful for said corporation to sell by public auction or private sale, in its discretion, all property or choses in action mentioned or specified in any contract or agreement with it after ten days shall have elapsed from the time of maturity of an obligation under such contract or agreement; or immediately upon the discovery of any fraud, misrepresentation or concealment which might jeopardize the rights of the corporation or its security sale may be made upon five days public notice. Out of the proceeds of sales it may reimburse itself the money due, with interest, storage, costs and charges, expenses of sale, and indemnify itself for any loss or expense it may have sustained or incurred by or on account of such misrepresentation, fraud or concealment, or the non-fulfillment of such contract. SEC. 14. That said corporation and any banking institution, trust or fidelity company in this state may consolidate and unite under this charter upon such terms as may be agreed, provided the capital stock |