value as may be deemed expedient. The terms of subscription and Terms of subpayment for the stock shall be regulated by the company, but business scription. shall not begin until the sum of ten thousand dollars has been actually Organization. paid in. SEC. 4. That the said company may adopt by-laws, rules and regu- By-laws. SEC. 5. That this act shall be in force from and after its ratification. CHAPTER 328. An act supplemental, amendatory to and to be a part of an act entitled "An act to amend the charter of the American Home Mineral and Timber Land Company." The General Assembly of North Carolina do enact : kin river. Misdemeanor to SECTION 1. Amend by adding at the end of the first section the fol- Chapter 186, ante, lowing: That the said corporation, the American Home Mineral and amended. Timber Land Company, shall have the right and is hereby empowered May construct to construct dams across the Yadkin river in this state for manufac- dams across Yadturing and other purposes; and for the protection of said dam or dams, it shall be unlawful for any person, firm or corporation to wilfully place near or put in the Yadkin river in this state above such put logs, &c., in dam or dams any log or logs or other material that might float down said river and damage said dam or dams; and any person, firm or corporation who shall violate the provisions of this act shall be deemed guilty of a misdemeanor, and upon conviction shall be fined not exceeding fifty dollars or imprisoned not more than thirty days. SEC. 2. All laws, clauses or parts of laws in conflict herewith are Conflicting laws hereby repealed. SEC. 3. That this act shall be in force from and after its ratification. river. repealed. Incorporators. Corporate name. Corporate pow ers. Capital stock. Directors. CHAPTER 329. An act to incorporate The Bank of Commerce. The General Assembly of North Carolina do enact: SECTION 1. That Frank H. Stedman, Napoleon B. Rankin and John D. Bellamy, Jr., their present and future associates, successors and assigns, are hereby declared to be a body politic and corporate under the name and style of "The Bank of Commerce," and shall so continue for the period of sixty years, with capacity to take, hold and convey real and personal estate; to sue and be sued, and with all the powers, rights and privileges granted to any bank or banking institution, or belonging to corporations set forth or referred to in the first, second and third sections, or any other sections contained in chapter sixteen, volume one of The Code, entitled "Corporations," or chapter four, volume two of The Code, entitled "Banks." SEC. 2. The capital stock of said bank shall be forty-nine thousand nine hundred and ninety dollars, and may be issued in shares of one hundred dollars each, and in such parts of a share as may be necessary and the said corporators or directors may elect. The stockholders of said corporation shall have power by a vote of a majority of the stock, each share having one vote, to incease its capital stock from time to time to a sum not exceeding one million dollars. The Place of business. office and place of business of the said bank corporation shall be Officers. Wilmington or Southport, North Carolina, and its officers shall consist of a president, vice-president, cashier and a board of not less than five nor more than nine directors, exclusive of the president and vicepresident, who shall be ex officio members of the said board. The said directors may, if they see proper, elect a teller who, together with the cashier and president, shall be required to give bonds, with approved security, for the faithful performance of their respective duties. The stockholders shall meet annually, and at such other times as the directors may designate, and shall elect the president, vice-president and directors and fix the terms of their offices and the compensation of the president. In case of a failure by the stockholders to elect a president or vice-president, or in case of a vacancy, the directors, by a majority vote, may appoint said officers. Bonds of teller and cashier. Stockholders meetings, &c. Books of subscription. SEC. 3. The corporators named in the first section, or a majority of them, are hereby empowered to open books of subscription to the capital stock of said bank at such time and place and for such a period of time as they shall determine. The subscriptions to the capital of said bank heretofore made in contemplation of the passage of this act shall be valid and binding in law and collected by suit, or otherwise, in the manner provided by law and herein prescribed. SEC. 4. Whenever twenty thousand dollars are paid up the said Organization. corporators, or a majority of them, may call a meeting of the stockholders in the city of Wilmington or the city of Southport, and the stockholders shall proceed to adopt such by-laws and regulations for the government of said bank (not inconsistent with the laws of the state), and may elect such number of directors as may be necessary, to serve for one year and until their successors shall be chosen or for such term as they may prescribe. clerks. SEC. 5. The directors shall appoint a cashier and such other officers Officers and, and clerks as may be provided for by the by laws of said corporation, to serve at the discretion of the directors; the directors shall prescribe their duties and may take from them bonds with security for the faithful discharge of their duties, if they see proper, and shall fix their compensation. tors. SEC. 6. The said board of directors may adopt and use a seal and Powers of direcbreak and alter the same at pleasure; may prescribe the manner of paying for stock and transferring the same; may regulate the method of conducting the business of said bank; may do a general banking business and exercise all the powers, rights and privileges conferred by the public laws of this state on banks and corporations, especially those set forth in chapter four, volume two of The Code; may lend money at such rates of interest as may be agreed upon; may discount, buy and sell notes, drafts and all other securities or evidences of debt; may loan money on mortgages of real and personal property; may buy, build or lease a banking house and sell or exchange the same at pleasure; may negotiate loans on mortgages on real or personal estate, or both; and they shall direct when dividends or profit shall be made and declared: Provided, said bank shall not charge or discount at a greater rate of interest than is allowed by law. SEC. 7. That if any subscriber shall fail to pay for his stock here- Remedy against subscriber failing after or heretofore subscribed, or any part thereof as the same may to pay. be required of him, the same or part thereof remaining unpaid may be recovered in the name of the corporation by any ordinary civil action, or the entire stock of such delinquent may be sold by order of the directors for cash at the banking house of said corporation after three months notice of such sale in writing to the said delinquent and after two weeks advertisement published in some newspaper in said town, and the proceeds of such sale may be applied to the payment of the balance of the unpaid subscription; and if the proceeds shall not be sufficient to discharge the amount of the unpaid subscription, with all costs of sale, the balance may be recovered by civil action as herein before provided. SEC. 8. That said corporation shall have the power to own, maintain or lease warehouses and carry on the business of warehousemen and forwarders in case the said corporation by stock vote shall so determine; to receive on storage or deposit all kinds of produce, mer PRIV-33 Corporate powers as warehouse men. chandise or other personal property; to make advances in money or merchandise or produce, and to carry on and transact all kinds of business usually transacted by warehousemen; also to advance money and take legal liens for all such advances, and collect and receive interest and commissions, compensation for storage and all labors and expenses incident thereto. All advances made by said corporation on property received for storage or deposit and compensation for all charges and expenses thereon shall be a preferred lien on said property, which shall be satisfied and paid before said corporation can be required to deliver said property. SEC. 9. That when married women, minors or apprentices deposit money or anything of value in said bank or its branches, either generally or specifically, to their own credit, they or any of them may draw the same on their check or order and be bound thereby; and such married women, minors or apprentices shall be bound by such individual check or order, and the same shall be a valid release to said corporation against such married women, minors or apprentices and all other persons whatsoever. SEC. 10. That said corporation shall have the right to act as agent, factor or trustee for any state, county, township, town or other municipality or corporation, company or individual, on such terms as to compensation and commission as may be agreed on, in registering, selling, countersigning, collecting, acquiring, holding, dealing and disposing of on account of any state, county, township, town, municipality, corporation, company or individual any bond, certificate of stock, notes or any description of property, real or personal, or for endorsing or guaranteeing the payment of said bonds, certificates of stock, notes, etc., and generally for managing such business; and for doing any of the matters and things authorized by this charter the said corporation may charge such premium, commission or rate of compensation as may be agreed upon. SEC. 11. The bank is authorized to organize in connection with its general banking business a department for savings and do a savings bank business for the convenience of small depositors, and make such regulations in regard thereto in case the stockholders of the said bank shall so vote; in which case the said bank may receive deposits in the savings department and give certificates therefor, and to pay such interest as its directors may authorize, not exceeding the legal rate of interest, and also to regulate the time of payment and notice of demand. SEC. 12. No stockholder shall be in anywise liable or responsible for any debts, obligations, contracts or engagements of said bank, but nothing herein shall exempt from liability on account of fraud, as provided by chapter sixteen, section six hundred and eighty-six of The Code. SEC. 13. That the said bank shall be located at Wilmington, or Location of bank. Southport, North Carolina, but branches or agencies of the bank may Branch banks. be established at such times and places as the stockholders may designate, and such branches or agencies may be removed at any time, and shall be subject to such rules and regulations as may be prescribed by the president and directors of the bank: Provided, the Proviso. sum of twenty-five dollars for each branch established shall be paid to the state treasurer. SEC. 14. That each stockholder shall be entitled in all meetings of Stock-vote. stockholders to cast one vote for each share of stock of the par value of one hundred dollars owned by him or her. SEC. 15. That the stock held by anyone shall be transferred only on Transfer of stock. the books of said corporation, either in person or by power of attorney. No stockholder shall transfer his stock if he is indebted to the corporation as principal or security unless such indebtedness is paid off and discharged, except a majority of the directors consent to the ers as trustee. said transfer, and for all such indebtedness the said corporation shall Lien on stock. have a lien superior to all other liens upon the stock of stockholders. SEC. 16. That said corporation shall have power to receive money Corporate powin trust that may be committed to it by any court, corporation, company, person or persons, and it shall have power to accept any grant, assignment, transfer, device or bequest, and to hold any real or personal estate or trust created in accordance with the laws of this state, and then to execute the same on such terms as may be established or agreed upon by its board of directors; and said corporation is hereby fully authorized and empowered to act as trustee or assignee, and to receive any deposit of funds in litigation in the various courts in this state and pay them for such interest as may be agreed upon, not exceeding the lawful rate. In case its stockholders shall so elect, it shall have power and authority to receive for safe keeping on deposit all moneys, bonds, stocks, diamonds and silver-plate and other valuables and collect reasonable compensation for the same, which charge shall be a lien on such deposit until paid; and generally to do and carry on the business of a safe deposit and trust company. SEC. 17. The tax upon the capital stock and shares of this bank Taxation. shall be paid by the said bank as other property in this state to the full amount paid in thereon, less the value of its taxable property and all untaxable bonds, which shall be deducted from the amount paid in on the capital stock. SEC. 18. The powers and privileges granted herein shall be deemed Forfeiture of forfeited unless the said corporation is organized within five from the ratification of this act. years SEC. 19. That this act shall be in force from and after its ratification. charter. |