Taxes to be kept separate, &c. Sinking fund, how used. How long taxes to be collected. Transfer of county and township stock. Stockholders meetings. President and directors. Officers. Quorum. Stock-vote. Quorum. By-laws. Meetings of directors in Norfolk. the taxes levied and collected for these purposes shall be kept sacred and distinct from each other and all other taxes, and each shall be used only for the purpose for which it was levied and collected. The sinking fund shall be used yearly in purchasing the identical bonds to pay the principal for which it was levied and collected if possible, but if it is impracticable to annually invest said sinking fund in the purchase of said bonds for the payment of which it was created, the same shall be invested as may be directed by the board of commissioners issuing said bonds; and the taxes for the sinking fund for the payment of the principal of said bonds shall be levied and collected no longer than is necessary to create a fund sufficient to pay the principal of said bonds. SEC. 12. That any board of county commissioners issuing bonds under this act are authorized and empowered to transfer the stock subscribed by their county or townships therein to Virginia and North Carolina Railroad Company, or any other corporation or person for the completion of said railroad. SEC. 13. That the general meetings of the company may be held annually, and at its first general meeting and each annual meeting thereafter a president and seven directors shall be chosen of and by the stockholders, to hold office for one year or more and until their successors are chosen and qualified. At the first meeting after their election said board of directors, with the president, who shall be ex officio a director and entitled to a vote in all meetings of said board, shall select a vice president, treasurer and secretary, who shall hold office for one year or more and until their successors are chosen and qualified. At all meetings of stockholders a majority of stock subscribed shall be represented in person or by proxy, verified in such manner as shall be prescribed in the by-laws of the company, and each share of stock shall be entitled to one vote on all questions. The directors may, fill all vacancies that may occur from any cause in their board, except that the vice-president shall fill the vacancy in the office of president, and be president until a president is elected by the stockholders. At all meetings of the stockholders a majority of stock shall constitute a quorum for transaction of all business. By-laws for the company may be passed at its first general meeting, or as early thereafter as practicable, but the by-laws at any meeting after the first may be changed, amended or repealed and additional by-laws made. The directors may hold meetings in the city of Norfolk, Virginia, when they think it more convenient. SEC. 14. That this act shall be in force from and after its ratification. CHAPTER 324. An act to incorporate The Hyde Park Club. The General Assembly of North Carolina do enact: SECTION 1. That the following-named persons: Thomas W. Strange, Incorporators. James Sprunt, M. Cronly, junior, J. P. Sawyer, J. M. Campbell, George S. Powell, R. Muser, their associates, successors and assigns, ers. are hereby constituted and declared to be a body corporate and politic under the name of "The Hyde Park Club," and by that name shall Corporate name. have perpetual succession, and shall be able to sue and be sued, plead Corporate powand be impleaded, defend and be defended in all courts of law or equity; and may make and have a common seal, and also have, in addition to the privileges and rights herein specially granted, those properly incident to such a corporation. ers. SEC. 2. That said corporation shall have the power to sell and con- Corporate powvey or mortgage or lease any or all of its property, real or personal, from time to time, and may issue bonds for any sum not exceeding the amount of its capital, stock secured by mortgage upon its property, real or personal, or any part thereof, and may give the bondholders the privileges of membership if it shall desire to do so. SEC. 3. The object of said corporation shall be the preservation, Corporate objects. importation, breeding and propagation of all game animals, birds and fish; the affording of facilities for hunting, shooting and fishing on the grounds thereof by the members or by persons licensed by said corporation; supplying the spawn of fish, and selling such surplus game, animals or birds or fish as may be killed, caught or taken on said property, cultivating forests, and providing its stockholders with an agreeable resort, with a respectable hotel, cottage houses, and anything necessary or proper for their accommodation. holders. SEC. 4. That the stockholders of said corporation shall have power Powers of stockto make rules and regulations for the government of said corporation and the transaction of its business; they shall have power to elect in such manner as a majority of the stockholders may prescribe such officers as they may deem necessary, prescribing their duties, compensation and term of service; and in general said stockholders may make such by-laws and regulations for the conduct and government of said corporation and its business as to them may seem best, delegating to the directors of said corporation, who may be elected by said stockholders, such power and authority as they may think calcu lated to carry out the purposes and designs of the corporation: Pro Proviso. vided, that no by-laws shall be in conflict with any of the laws of this state. SEC. 5. The corporation may issue licenses to any persons to hunt, Licenses to hunt, fish, &c. fish, shoot or take game, or to be or to go upon its property or any May make its own game laws. Stock of expelled member. part thereof at such prices and for such times and under such regulations as may be prescribed by the by-laws. SEC. 6. The corporation may make its own game laws through its board of directors, and may add to, repeal or change the same from time to time; such game laws shall be applicable only to the land actually owned or leased by the said corporation or to the territory over which they have obtained the rights to shoot, fish and hunt. SEC. 7. If any member shall, by reason of his infraction of the . by-laws, be expelled from the corporation, his stock shall become the property of the corporation and may be disposed of for its best interest as the directors may think proper. SEC. 8. That this act shall be in force from and after its ratification. Preamble. Incorporators. Corporate name. ers. May hold and convey real estate, &c. By-laws. CHAPTER 325. An act to incorporate Union Home School. WHEREAS, It is promotive of the best development of a state that educational institutions be fostered, in which the youth can be prepared for those stations that nature has best suited them, in order that they may become thinking, intelligent and efficient operatives in the country's working force : The General Assembly of North Carolina do enact: SECTION 1. That John E. Kelly, and those who may be associated with him for the purpose of carrying on a classical, manual and industrial school, or a school of art, science and industry with a military organization at Union Home School, Moore county, North Carolina, their associates, successors and assigns, be and they are hereby created a body politic and corporate under the name and title of the "Union Home School Company," with all privileges hereby specially granted, together with all the rights, powers and privileges conferred on corporations by chapter sixteen, volume one of The Code. SEC. 2. That said corporation is authorized and empowered to purchase and hold such real estate, machinery, appliances, apparatus, etc., as they may deem necessary for the purpose above named, and may convey the same at pleasure, and its property shall be free from taxation. SEC. 3. That said corporation may enact and prescribe such rules and regulations for its own government and that of said school and for the promotion of order and good morals therein as may be ratified by a majority in value of the stockholders in general meeting, and as are not inconsistent with the laws of North Carolina or the United May grant diplomas, &c. States, and may grant diplomas and issue such other certificates of merit or proficiency as they may deem advisable. ence. Capital stock. SEC. 4. That the duration of said corporation shall not be less than Corporate existtwenty years nor more than thirty years; the capital stock not to be less than twenty thousand dollars ($20,000), nor more than two hundred thousand dollars ($200,000), composed of shares of such denominations and payable at such times and in such way as said corporation may prescribe. SEC. 5. That said corporation shall have power to borrow money May borrow and issue bonds, certificates of loan or other evidences of indebtedness money on mortgage, &c. in such denominations, payable at such times and places, and at such rate as they may deem proper, and to secure the same by mortgage on its property or otherwise. ers. SEC. 6. Said corporation shall have the right to buy and sell all Corporate powmatter or materials and products made, constructed, built, raised, grown or manufactured which may come within the object, scope or design of said school to prepare individuals for such pursuits in life as may be indicated to be best by each ones natural ability, and to this end have power and authority to construct, equip with rolling or other stock and operate a turnpike, tramway, railroad, telegraph or telephone line between said school premises and any railroad in Moore county, and have all the powers to condemn lands and do all other things for the accomplishment of this purpose conferred on corporations by chapter forty-nine of The Code. Unlawful to set up gaming table, sell liquor to pupil, &c., with out permission SEC. 7. It shall be unlawful for any person to set up or continue any gaming or billiard-table or any device whatever for playing any game of chance or hazard by whatever name called, or to exhibit any sleight-of-hand, theatrical or equestrian performances, dramatic reci- of principal, &c. tations, rope- or wire-dancing or other itinerant natural or artificial curiosities, or to sell, give or transmit to a pupil of said school any spirituous or malt liquors, without the written permission of the principal or superintendent of said school. Any person violating this sec- Penalty. tion shall be guilty of a misdemeanor, and shall forfeit the sum of two hundred dollars ($200) to any person who may sue for the same, onehalf to the use of the person suing and the other half to the use of said school. SEC. 8. When any stockholder shall be indebted to the company, no Lien on stock. transfer of his stock shall be valid against said company while such indebtedness exists, and the company shall have a lien on his stock to the full amount of such indebtedness and the interest thereon. SEC. 9. The private property of the stockholders of this corporation Non-liability of shall not be liable for the debts of the corporation. SEC. 10. That this act shall be in force from and after its ratification. stockholders for corporate debts. Chapter 246, private laws 1891, re-enacted. Time allowed for organization. CHAPTER 326. An act to re-enact chapter two hundred and forty-six of the laws of eighteen hundred and ninety-one, and to extend the time for the organization of the said corporation authorized thereby. The General Assembly of North Carolina do enact : SECTION 1. That chapter two hundred and forty-six of the laws of eighteen hundred and ninety-one, which authorized the incorporation of "The Holly Springs Land and Improvement Company," be and is hereby re-enacted. SEC. 2. That two years from the date hereof shall be allowed to said incorporators for purposes of organization. SEC. 3. That this act shall be in force from and after its ratification. Incorporators. Corporate name. ers. Corporate exist ence. Corporate pow ers. Capital stock. CHAPTER 327. An act to incorporate "The Thomasville Banking and Trust Company." The General Assembly of North Carolina do enact: SECTION 1. That R. W. Thomas, J. A. Leach, C. A. Julian, F. H. Stith, T. J. Finch, E. W. Cates, F. S. Lambeth and G. A. Thompson, and their associates, successors and assigns, are hereby created a body politic and corporate under the name and style of "The Thomasville Banking and Trust Company," and by such name may sue and be sued, plead and be impleaded in any of the courts of the state, and have and use a common seal and continued succession for the period of thirty years for the purpose of conducting a general banking busi ness. SEC. 2. That for the said purpose the company is hereby vested with all the powers, franchises and privileges conferred by the general assembly of this state contained in act incorporating the " High Point Loan and Trust Company," ratified the .... day of February, eighteen hundred and ninety-three, and the rights and powers conferred in chapter sixteen, volume one of The Code. --- SEC. 3. That the capital stock of this company shall be twenty-five thousand dollars, with power to increase the same from time to time, and the stock shall be divided into such number of shares and of such |