Charter not forfeited by failure to elect directors. Copy of by-law prima facie evidence, &c. directors at the proper time shall not have the effect to dissolve the corporation. SEC. 14. A copy of any by-law or regulation of the corporation under its corporate seal and purporting to be signed by the president or vice-president shall be received as prima facie evidence for and against the corporation in any judicial proceeding. SEC. 15. That this act shall be in force from and after its ratification. CHAPTER 308. An act to incorporate Bethel Lodge, Order of Love and Charity, of Perquimans county. The General Assembly of North Carolina do enact : SECTION 1. That the present officers of Bethel Lodge, Order of Love and Charity, of Perquimans county, and their successors in office, be and they are hereby incorporated a body politic under the name and style of "Bethel Lodge, Order of Love and Charity, of Perquimans county." SEC. 2. The officers of said corporation shall consist of a president, a secretary, a chaplain and a degree master. SEC. 3. The name of said corporation shall be the Bethel Relief and Burial Association, and shall have power to sue and be sued, contract and be contracted with, buy and sell, and such other powers as are granted such associations chartered under the laws of this state. SEC. 4. That this act shall be in force from and after its ratification. Incorporators. CHAPTER 309. An act to incorporate the Wilmington Fair Association at Wilmington, The General Assembly of North Carolina do enact: SECTION 1. That E. S. Latimer, O. A. Wiggins, Isaac Bates, John H. Barnard, John Daniels, Edward Daniels, B. R. Moore, M. W. Merrell, R. H. McKoy, Brook, Empie, Berry Gleaves, Seymour W. Merrell, C. Barnes Southerland, Joseph H. Watters, John D. Bellamy, Jr., John J. Fowler, Fred. Kidder, R. M. Emmerson, Albert Gore, H. G. Smallbones, A. D. Brown, Joseph Merritt, T. C. James, J. H. Sharp, W. H. Barnard, A. J. Howell, Jr., E. G. Jones, R. C. Orrell, all of the city of Wilmington and state of North Carolina, together with such 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 "Wilmington Fair Association," and under Corporate name. that title may sue and be sued and be impleaded in any courts of this Corporate powstate, and be contracted with and adopt and use a common seal, which ers. they may establish and alter at their pleasure; shall exist for a term of sixty years, and shall enjoy all the rights and privileges, powers, immunities, liberties and franchises pertaining to corporations under the general laws of the state. SEC. 2. That the capital stock of said company shall be ten thou- Capital stock. sand dollars ($10,000), with the privilege of increasing it to an amount not exceeding fifty thousand dollars ($50,000), to be divided into shares of ten dollars ($10) per share par value. SEC. 3. That as soon as two thousand [dollars] (2,000) shall have been Organization. subscribed to the capital stock, the said incorporators and subscribers shall meet and perfect the organization by the election of nine directors; the said board shall elect from among their number a president and also a vice-president, the term of office of the said board and the said offices of president and vice-president shall be for one year, and until their successors are duly elected. The said board shall elect such other officers as they may deem necessary and shall prescribe their terms of office and compensation. SEC. 4. That said stockholders, at their first or any subsequent Principal office, meeting, may fix the place and location of their principal office any where in the county of New Hanover. ers. SEC. 5. That said company shall have power: (1) to buy, lease, Corporate powexchange, own, sell and convey real and personal property, with all the rights and privileges connected therewith; to issue bonds and secure the same by a mortgage or deed of trust on its property; (2) to encourage the mechanical arts, and to stimulate improvements in agriculture and in the breeding and raising of live stock by offering as prizes money, medals, certificates, etc., which prizes may be raised in whole or part by the subscription of individuals who may share in the benefits; (3) to make and pass all necessary by-laws for its government. SEC. 6. That all laws and clauses of laws in conflict with this act Conflicting laws are hereby repealed. SEC. 7. That this act shall be in force from and after its ratification. Ratified the 6th day of March, A. D. 1893. repealed. Incorporators. CHAPTER 310. An act to incorporate the Thomasville, Yadkin and Pee Dee River Mining, The General Assembly of North Carolina do enact: SECTION 1. That P. C. Thomas and H. C. Thomas, of Thomasville, North Carolina; John P. R. Polk, of Wilmington, Delaware; N. Allen Stockton, of Montgomery county, Pennsylvania, and Robert Polk, of New York City. New York, together with all other persons and corporations who shall be associated with them and become stockholders in the incorporation hereby incorporated, their successors and assigns, be and they are hereby created and constituted a body politic and Corporate name. corporate by and under the name and title of " Thomasville, Yadkin and Pee Dee River Mining, Manufacturing, Railway, Electric Light and Power Company," by which name the said corporation may sue and be sued, plead and be impleaded, appear, prosecute and defend in any court whatsoever all suits and actions, may contract and be contracted with, and shall have all the privileges hereby specifically granted, and such others as may be necessary to the full exercise and enjoyment of the same. Corporate pow ers. Corporate pow. ers. Corporate seal. Corporate pow ers. Corporate pow ers. Proviso. SEC. 2. That the said corporation shall enjoy all the rights, privileges, liberties, immunities, franchises and powers usually conferred upon corporate bodies and not forbidden by the laws of the United States and of North Carolina. SEC. 3. That said corporation shall have the right to and may make and use a common seal and alter the same at pleasure. SEC. 4. That the said corporation shall have the right, power and authority to build, erect and maintain any dam or dams across the Yadkin or Pee Dee rivers, or their tributaries, not navigable at any point or points south of the Richmond and Danville Railroad bridge, for the purpose of utilizing the water-power; to maintain and operate, construct, equip and conduct one or more factories at one or more places for making electricity, etc., which factory or factories shall be operated by water-power, steam or other power, and may apply the same to all manufacturing purposes, or may furnish such power to others for the said purpose of manufacturing or any other purpose for which power may be needed; and they may engage in the manufacture, by steam, water-power, or any other power, of any article or material under the same rights and privileges accorded to any other manufacturing corporation in this state. SEC. 5. It may buy, sell and convey real and personal property and issue in payment therefor in part or in whole any part of the capital stock of the company: Provided, that said company may not hold at any one time more than one hundred thousand acres of land. The said company may divide any part of their land into town lots suitable for business or residence sites, sell or lease the same; erect mining. plants, factories or houses thereon, sell or lease the same on the installment plan or otherwise, taking mortgages for deferred payments or loaning money on the same; they may purchase the mineral rights in other lands than those owned in fee by the company or stock of other corporations; and may do any and every other act necessary to be done for the successful carrying on of their business. ers. SEC. 6. They shall have the power to further develop the resources Corporate powof the said lands by building, mining or otherwise; to aid, encourage and promote immigration into the property or properties of the company; to deal with, manufacture and render saleable the timber found on said property; to subscribe to the capital stock of any and all enterprises which may be projected in this state; to construct mills, workshops, hotels, dwellings or other lawful buildings; to buy, manufacture and sell all kinds of goods, chattels and effects acquired by the company; to seek mines for the purpose of mining minerals; to build and operate rail, tram, turnpike or other roads, and to that end may build bridges, dams and culverts across streams and depressions; to establish and maintain telephone and telegraph lines, canals, aqueducts, reservoirs, streets, gas-works, electric-light and power-works, sewers, and any other works that may be necessary and convenient for the corporation; and to further each and all of these ends this corporation has conferred upon it the powers, rights, privileges and immunities conferred upon railroad companies and telegraph companies by chapter forty-nine of The Code of North Carolina, entitled "Railroads and Telegraph Companies;" and whenever it may be necessary for the purpose of constructing their roads, canals and dams to enter upon any lands to which they may not have the right of possession, and if unable to agree with the owners thereof for the compensation therefor the mode of procedure to secure the condemnation of such land shall be as prescribed by law. SEC. 7. They shall have the power to manufacture, produce, lease Corporate powand sell light, heat and power made from or by the use of gas, elec- ers. tricity, coal-oil, steam, water or any other product or material, or a combination of any product or material, for any or all of said purposes; and said company shall have the power to erect, maintain and operate such plant or plants and appliances as may be necessary to manufacture and distribute for sale or use, light, heat and power from the sources above named, and to do any and all things that may be necessary for the proper conduct of said business; and also to lease, purchase, hold, sell and convey patents relating to or in any way identified with the said business. SEC. 8. That the capital stock of said corporation shall not be less Capital stock. than forty thousand dollars, but the said corporation shall have authority to organize and transact business whenever twenty thou- Organization. sand dollars of the capital stock shall have been subscribed and five per centum thereof paid either in money or in such property as said Issuance of stock. corporation is authorized to hold. That the said corporation may issue stock, both common and preferred, with such regulation as to the issue and payment therefor as may be prescribed by a majority of the stockholders. The certificates for the shares of stock shall be issued only when the same are paid for, and shall not thereafter be Transfer of stock. liable to assessment for any purpose whatsoever. The share of stock shall be deemed personal property and be transferable upon the books of the said company, or otherwise, in the method provided by the by-laws made in their behalf; but no share shall be transferable until all previous calls thereon shall have been fully paid in, or until declared forfeited for non-payment of calls thereon; and the directors may refuse the entries of transfers of any share into the books whereon any call has been made which has not been paid in. Shares of stock may be issued and granted for money or in payment for lands, minerals, materials, services, labor, work, buildings, easements, machinery, wages, rights, franchises, and any real and personal property, and upon such rates and terms as the said corporation by its board of directors may deem proper. The capital stock of thę corporation may be increased from time to time to an amount not exceeding five million dollars by the consent of a majority of the Increase of capi- stockholders: Provided, that an increase in the capital stock of the company shall be agreed upon by not less than two-thirds of the entire stock in any general or special meeting of the stockholders. Subscriptions, how made. tal stock. Location of railroad. Liability of stockholders. Liability of stockholders. SEC. 9. That the main line of railroad may extend from Thomasville, in Davidson county to Wadesboro in Anson county, or to Hamlet, in Richmond county, with branch roads not exceeding forty miles in length from any point on the main line. SEC. 10. Each shareholder, until the amount of his stock has been paid up, shall be individually liable to the creditors of the company to an amount equal to that. not paid up thereon; but shall not be liable to an action therefor by any creditor before an execution against the company has been returned unsatisfied in whole or in part, and the amount due on such execution shall be subject to the provisions of the next section, the amount recoverable with cost against such shareholder; any shareholder may plead by way of defence in whole or in part any set-off which he could set up against the company. SEC. 11. The shareholders of the company, as such, shall not be held responsible for any act, default or liability of the company, or for any engagement, claim, payment, loss, injury, transaction, matter or thing whatsoever related to or connected with the company beyond the unpaid amount of their respective shares in the capital stock thereof. |