missioners of said town may order, and notice thereof shall be given Notice. by publication in the "Robesonian" newspaper and by posting the same at the door of the court-house in said town for four successive weeks preceding said election. The returns of such election shall, Returns. within ten days after the same shall have been held, be made to the board of commissioners of said town who shall canvass the same, and on the day of return declare the result at the door of the courthouse in said town, and except as the same is herein modified the said election shall be held in the manner provided for the election of Election, how held. mayor and commissioners of said town. If a majority of the quali- Subscription to fied voters of said town shall vote for subscription, then he shall, for be made on vote said town, subscribe the amount so voted to the capital stock of said qualified voters. road.

of majority of

township sub

SEC. 11. That in payment of any subscription that may be made by Commissioners any of said townships the board of commissioners of the county in to issue bonds for which such township is situated shall issue coupon bonds, bearing scription. interest at the rate of six per centum (6 per centum), payable on the first day of January in each year by the treasurer of the county in which such township is situated, for the full sum subscribed by said townships, to be paid by the tax-payers thereof. Said bonds shall express on their face by what authority and for what purpose they were issued. They and the coupons shall be signed by the chairman of the board of county commissioners in which said township is situated and countersigned by the clerk of the superior court of said county. Said bonds shall be sealed with the seal of office of said clerk, and shall be payable twenty years from date of issue, and may be redeemed at any time after the expiration of one year from the date of their issue.

Special tax in townships.

SEC. 12. That to provide for the payment of the interest on said bonds and for their redemption at maturity the board of commissioners in which is situated the township on account of which said bonds have been issued shall, in addition to other taxes, compute and levy upon the proper subjects of taxation in such township a sufficient tax to pay the interest on said bonds and to create a sinking fund for the purpose of paying off and discharging the principal thereof when it shall become due. The amount so levied to create a sinking fund to pay the principal of said debt shall be annually invested by the said board of commissioners as the same may be paid in to the county treasurer in such solvent securities as may be approved by said board, and shall be set apart by said board for the purpose of paying off and discharging the subscription of said township when the sum secured by the bonds shall become due. The taxes herein provided for shall Collection of tax, be collected by the sheriff of the county in which is situated the township making such subscription under the same rules and regulations as are provided for the collection of other taxes, and he and his sureties shall be liable to the same penalties and subject to the same reme

Town commissioners to issue bonds for sub

berton.

dies as are now provided by law for the faithful collection and paying over of the state and county taxes.

SEC. 13. That in payment of any subscription that may be made by the town of Lumberton the board of commissioners of the said town

scription by Lum- shall issue coupon bonds, bearing interest at the rate of six per centum (6 per centum) per annum, payable on the first day of January in each year by the town clerk and treasurer of said town, for the full sum subscribed by said town, to be paid by the taxpayers thereof. Said bonds shall express on their face by what authority and for what purpose they were issued. They and the coupons shall be signed by the mayor of said town and countersigned by the town clerk and treasurer of said town, and shall be sealed with the official seal of said board of commissioners of said town, and may be redeemed at any time after one year from the date of their issue. Said bonds shall mature twenty years from date of issue.

Special tax in
Lumberton.

Proviso.

SEC. 14. That to provide for the payment of the interest on said bonds and for their redemption at maturity the board of commissioners of said town shall, in addition to other taxes, compute and levy upon the proper subjects of taxation in such town a sufficient tax to pay the interest on said bonds and to create a sinking fund for the purpose of paying off and discharging the principal thereof when it shall become due: Provided, however, that the total of taxes levied by said town shall not exceed the amount levied for state and county purposes upon the same objects of taxation. The amount so levied to create a sinking fund shall be set apart by the commissioners of said town and shall be invested by them in such solvent securities as meet their approval, the principal of said sinking fund and all interest accruing thereon to be kept for the redemption of said bonds at maturity or at such other time or times after one year from date of issuing same as the said commissioners of said town may deterCollection of tax. mine upon as hereinafter provided. The taxes hereinbefore provided for shall be collected by the constable of said town under the same rules and regulations as are provided for the collection of other taxes of said town, and he shall be liable to the same penalties and subject to the same remedies as are now provided by law for the faithful collection and paying over of the other taxes of said town.

Condemnation of

land.

Authorized to

borrow money on mortgage.

SEC. 15. That said company shall have the right to have land condemned for right-of-way and for necessary warehouses and other buildings according to existing laws; and shall have full power and authority to sell or lease its road-bed, property and franchise to any other corporation or person, and to purchase or lease and hold the bonds or stock of any other railway in the state, or to consolidate with any connecting line of railway.

SEC. 16. That said company shall have the right to borrow money, and to make, to issue, negotiate and sell its bonds in such sums and to such amount, not exceeding two thousand five hundred dollars

($2,500) for every mile of said railway in operation, as to the directors may seem expedient; and said bonds shall bear interest at the rate of eight per centum (8 per centum) per annum, and shall be payable at such times and places as the board of directors may determine; and said company shall have power to cause the payment of the same, principal and interest, to be secured by one or more mortgages or deeds of trust on its property, estate, rights and franchise, including its road-bed, superstructures and real estate, and personal estate of whatever kind, on such terms and to such trustee or trustees as the board of directors may think proper; and said mortgage or deed of trust, when duly registered, shall have precedence over all other liens on said property.

SEC. 17. That all laws in conflict with this act are hereby repeeald. Conflicting laws repealed. SEC. 18. That this act shall be in force and effect from and after its ratification.

Ratified the 6th day of March, A. D. 1893.

CHAPTER 318.

An act to incorporate the town of Biltmore.

The General Assembly of North Carolina do enact:

SECTION 1. The inhabitants of the territory hereinafter described Incorporators. composing the existing settlement known as Biltmore in Buncombe county, and those who may hereafter reside within such boundaries,

are hereby incorporated as a town under the name and style of "Biltmore," and are hereby invested with all the rights, powers, Corporate name. privileges and immunities and are made_subject to all the provisions Corporate powof chapter sixty-two of The Code of North Carolina so far as the same are not inconsistent with the provisions of this act.

ers.

SEC. 2. The boundaries of this town shall be as follows: Beginning Corporate limits. at the south side of the Swannanoa river (near Biltmore station on the Western Carolina Railroad) where the same intersects the Hendersonville road, and running thence eastwardly up and along the southerly side of said river to a pine at the line of land of T. J. Reed; thence southerly along the line of land of said T. J. Reed to the northerly side of the Hickorynut Gap road; thence westwardly along the northerly side of said road to a locust at the corner of land of Samuel H. Reed; thence southerly and westerly along the line of land of Samuel H. Reed to the middle of the said Hendersonville road; thence due west fifteen hundred feet; thence due north to the southerly side of the Swannanoa river, and thence up and along the southerly side of said river to the point or place of beginning.

SEC. 3. The officers of said town shall consist of a mayor and three commissioners, a marshal and a treasurer, the two latter to be elected by the said commissioners. Until a mayor and commissioners shall be elected as hereinafter provided and qualified to act, O. B. Wheeler, junior, shall fill the office of mayor; J. T. Roberts, Daniel C. Champlain and M. E. Erwin the offices of commissioners of said town.

SEC. 4. There shall be an election held for the offices of mayor and commissioners on the first Monday in May in the year one thousand eight hundred and ninety-three, and each succeeding year, under the regulations prescribed in chapter sixty-two of The Code of North Carolina.

SEC. 5. The officers of said town above provided for shall have all the privileges, powers and rights conferred upon such officers respectively by chapter sixty-two of The Code of North Carolina, except as herein provided (and no electric or street railway shall have power to use or appropriate any public highway or any part of such highway in said town, or to pass through said town or any part thereof, whether upon a highway or not, nor to condemn any land or rights in saitl town for the use of any such railway, without first obtaining the consent thereto in writing of the mayor and board of commissioners of said town.)

SEC. 6. No license to sell spirituous or fermented liquors or any intoxicating beverages within the limits of said town shall be granted by any public authority or officer or officers, unless the consent thereto, in writing, of said mayor and commissioners shall be first had and obtained, and any license granted in violation of this section shall be absolutely void.

SEC. 7. Any act or acts or part or parts of any act or acts inconsis-
tent with any of the provisions of this act are to that extent hereby
repealed.

SEC. 8. That this act shall be in force from and after its ratification.
Ratified the 6th day of March, A. D. 1893.

Bank established.

Capital stock.

CHAPTER 319.

An act to charter The Bank of Kernersville.

The General Assembly of North Carolina do enact :

SECTION 1. That The Bank of Kernersville shall be established in the town of Kernersville, the capital stock of which shall not exceed one hundred thousand dollars, divided into shares of twenty-five dollars each, and that for the purpose of receiving subscription for said

stock, books shall be opened at any time after the ratification of this Books of subact and remain open for the space of sixty days at Kernersville, under scription, the superintendence of the following persons or a majority of them, to-wit: Tyre Glenn, J. C. Roberts, J. M. Greenfield, L. F. Davis, W.

H. Leak, W. A. Lowry, B. A. Brown, J. N. Leak and J. M. Guyer,

and such other places under the superintendence of such other persons as said commissioners may direct.

SEC. 2. That one share of stock shall be paid in gold or silver or Subscriptions, how paid. their equivalent to the commissioners above named at the time of subscribing; that another shall be paid thirty days thereafter; that another shall be paid in thirty days, and another shall be paid within thirty days, and another in sixty days, and that the remainder shall be paid as the president and directors hereafter provided to be elected may direct; and if any subscriber shall fail to pay any installment at Remedy against subscriber failing the time stipulated he shall pay interest thereon at the rate of eight to pay. per centum per annum, and his stock shall be forfeited and may be sold by the bank and the proceeds applied to the payment of the aforesaid deficient installment, and he shall be held responsible for the same at the option of the bank, and the balance, if any, of such sale to be paid over to said subscriber: Provided, that no dividend Proviso. shall be declared until the whole amount of stock subscribed shall be paid in gold or silver or their equivalent.

ers.

SEC. 3. Then when five hundred shares are subscribed and the sum When incorporated. of ten thousand dollars is actually paid to the commissioners, the subscribers to the said bank, their successors and assigns, shall be and are hereby created a body politic in law and in fact by the name and style of "The Bank of Kernersville," and shall continue until the Corporate name. first day of January, one thousand nine hundred and twenty-three, and by the name and style aforesaid they shall be and are hereby Corporate powmade able and capable in law to have, purchase, receive, possess, enjoy and retain to themselves and successors lands, tenements, rents, hereditaments, goods, chattels and effects, and the same to grant, devise, alien and dispose of, to sue and be sued, plead and be impleaded, answer and be answered, defend and be defended in courts of record or any other place whatever; and also to make, have and use a common seal and cancelling stamps, and the same to break, alter or renew at their pleasure; and also to ordain, establish and put in execution such by-laws, ordinances and regulations as shall seem necessary, proper and convenient for the government of said corporation, and for the making whereof general meetings of the stockholders may be called in the manner hereafter specified; and generally to do and execute all acts, matters and things which a corporation and body politic in law may or can lawfully execute, and be subject to the rules, regulations, restrictions and provisions hereafter prescribed and declared.