shall be and is hereby authorized and empowered to deposit the same generally or specially with said bank: Provided, that nothing in this Proviso. section shall be construed to release executors, administrators, guar dians, receivers or other trustees or public officers from all their liability under their official bonds. SEC. 6. That the capital stock of said bank stock shall be fifteen Capital stock. thousand dollars ($15,000), which said capital stock may be increased from time to time by a majority of the stockholders to any sum not exceeding sixty thousand dollars ($60,000). The corporators and Non-liability of stockholders of said corporation and their successors and assigns stockholders for corporate debts.. shall not be individually or personally liable or responsible for any of the debts, liabilities, obligations, engagements, contracts or torts of the bank, and the shares shall forever be unassessable. When five thousand dollars of the capital stock is subscribed, the corporators Organization. named herein or a majority of them or their assigns shall be deemed and held ready and capable to organize, which they shall do by electing a board of directors to consist of not less than seven nor more than fifteen, who shall serve for one year or until their successors are elected and qualified, unless it is otherwise provided in and by the by-laws adopted at said meeting, and these directors so chosen shall proceed to elect a president whose term shall expire at the expiration of the term of said directors, unless the by-laws otherwise provide; and said board of directors shall elect at such time as they see fit a first vice-president and a second vice-president, a secretary and a treasurer and such other officers as they think necessary, and increase or diminish the number of said officers at pleasure. And no person shall be elected director, president or vice-president unless he is a stockholder in said corporation, and the directors shall require of the Bonds of seeresecretary and treasurer and all subordinate officers such bonds and tary, &c. securities for the honest and faithful discharge of their duties as they may order, and may require such bonds of the president and vicepresident if they see fit to do so. ers as guarantor, &c. SEC. 7. That said corporation shall have and is hereby granted Corporate powpower and authority to guarantee the payment of principal and interest of notes, bonds, bills of exchange, acceptances, checks and other securities or evidences of debt, including the obligations of such corporations and individuals as may have secured their payment by deed of trust made to this corporation, and to charge and receive for any guaranty such compensation as may be agreed on by the parties, and may take and receive interest as high as eight per centum per annum, and may receive the said interest at the time of making said transaction or at any other time. which bank has SEC. 8. Whenever any real estate or personal property upon which Purchase of the bank may have a lien of any kind shall be exposed to sale under property on the authority of law, the president of the bank may purchase the lien. same for and on the behalf of the bank, and such purchase, though Interest. made at a sale by the bank as trustee, shall be valid and binding upon all parties having or claiming an interest therein. SEC. 9. That nothing in this act shall be construed so as to allow this bank to charge a greater rate of interest than is allowed by the laws of this state. SEC. 10. That this act shall be in force from and after its ratification. Incorporators. Corporate pow ers. CHAPTER 351. An act to incorporate the Yadkin Railway and Lumber Company. The General Assembly of North Carolina do enact: SECTION 1. That Hugh Gwyn, J. M. Bernhart, S. F. Harper and such other persons as become associated with them as stockholders, and their successors, be and they are hereby declared to be a body Corporate name. politic and corporate under the name of the "Yadkin Railway and Lumber Company," and when organized as hereinafter provided said corporation may have and use a common seal, may contract and be contracted with, may sue and be sued, plead and be impleaded in all the courts of the state; by and under its corporate.name shall be capable of acquiring, holding, leasing and conveying any property real, personal or mixed, and make and exercise such by-laws and regulations for its government as shall be deemed necessary and expedient, not inconsistent with the laws of the land. Authorized to build railroad. Location. Branch line. Corporate pow ers. SEC. 2. That said corporation is hereby empowered and authorized to build, construct, maintain and operate a railroad or any part thereof, with all necessary side tracks and turn-outs, of such gauge as may be determined upon by said corporation, to connect with the Richmond and Danville or other system of railroad at or near Lenoir, North Carolina, to Boone, North Carolina, with the privilege of building and operating a branch line to the Richmond and Danville Railroad near Wilkesboro, North Carolina, and other branch lines not to exceed twenty miles in length. SEC. 3. That said corporation shall have the power to transact and carry on a general business in manufacturing and dealing in all kinds of lumber and timber and all articles made of wood; to mine and mill all kinds of ores and minerals and dispose of the same; to erect, construct, maintain, run and lease mills, factories, shops, stores, houses, buildings and machinery of all kinds; to purchase and sell general merchandise; to construct, operate and maintain such railways, tramways, roadways and waterways as may be necessary to the conduct of said business, and to do whatsoever else may be incident to the business mentioned in sections two, three and four of this act, and to carry freights and passengers. SEC. 4. That said corporation shall have the right to use the Yadkin Authorized to use Yadkin river, &c., river and its tributaries in Caldwell county and Elk creek as a means for transportation of transportation and of maintaining booms and dams, except that purposes, &c. part of Buffalo creek from the Green Rock above Patterson Mill to the mouth of said creek; and when they shall have expended one thousand dollars in improving the floating capacity of any one of said streams and in constructing a boom they shall have the right to charge such boomage or toll as may be fixed by the officers of said company for such logs and lumber as may be floated on the stream or streams thus improved and caught in the booms: Provided, that the charge Proviso. for boomage shall in no case exceed two dollars per thousand feet: Provided further, that the work of improvement shall be commenced on said streams within two years from ratification of this act. how made. SEC. 5. That the capital stock of said company shall not exceed one Capital stock. million dollars in shares of one hundred dollars each. Said stock may Subscriptions, be subscribed to be paid for in money, lands, labor, material, stock, securities, bonds, or in any other way agreed upon by the subscribers and said company, and may be made by cities, townships, counties, corporations and individuals. tion. SEC. 6. That the aforenamed corporators, or a majority of them, or Books of subscriptheir successors or assigns, shall cause books of subscription to the capital stock of said company to be opened at such time and place as they may deem fit; within six months after the date of the ratification of this act, and after the sum of twenty thousand dollars has Organization. been] subscribed to the capital stock of said company and five per centum thereof paid in, said corporators shall have power to call said subscribers together for the purpose of completing the organization of said company. SEC. 7. That said stockholders shall hold a meeting to organize the Directors. said company, at which meeting they shall elect seven or more direc tors, who shall hold office for one year and until their successors shall be elected. In all stockholders meetings it shall be necessary that a Quorum of stockmajority of the stock be represented in person or by proxy. That holders. said corporation shall have the power to make such by-laws for their By-laws. government as they may deem proper. The board of directors shall Officers. elect one of their number president of said company, and shall elect such other officers as may be provided for in their by-laws, and shall fill all vacancies. SEC. 8. That said corporation shall have the right to take by dona- Donations. tion and hold lands for its right-of-way, depots, grounds, station houses, tramways and cartways. SEC. 9. That said company shall have the right to mortgage said May issue mortroad or any part of the same, and to issue mortgage bonds upon the gage bonds. Corporate exist ence. Place of business. same, and to borrow money for the purpose of constructing and operating said railroad or any of its branches, and for other purposes connected with the business of said company. SEC. 10. That said company, when organized in accordance with this chapter, shall for a period of fifty years have all the rights, privileges and powers which appertain to it as a corporation under the laws of North Carolina. SEC. 11. The principal place of business of this company shall be in SEC. 12. That this act shall be in force from and after its ratification. Incorporators. Corporate name. Corporate pow ers. Capital stock. Proviso. Non-liability of stockholders. Officers. Offices. CHAPTER 352. An act to incorporate "The Keystone Mining and Manufacturing The General Assembly of North Carolina do enact : SECTION 1. That Edmond W. Lyon, of Davidson county, North Carolina, and H. D. Gamble and W. Dewees Ward, of Pittsborough, Pennsylvania, and their associates, successors and assigns, are hereby created a body corporate under the name and style of "The Keystone Mining and Manufacturing Company," for the purpose of conducting in any or all of its branches the business of mining, smelting, manufacturing and developing and improving lands and water-powers, and to that end the said company is hereby vested with all the rights, powers, privileges and franchises conferred by the general assembly of this state in an act to incorporate "The Yadkin Mining, Smelting, Manufacturing and Land Improvement Company," ratified the ninth day of March, anno Domini, one thousand eight hundred and ninetyone (1891). SEC. 2. The capital stock of said company shall be one million dollars, with power to increase the same from time to time, and shall be divided into such number of shares and of such value as may be deemed expedient: Provided nevertheless, that all stock issued shall be full paid and free from assessment, and no shareholder shall be personally or individually liable for any of the acts of said company. The said company may choose its own officers, whose term of office shall be one year. The principal office of the company shall be at Raleigh, North Carolina, but branch offices may be established elsewhere. SEC. 3. That this act shall be in force from and after its ratification. CHAPTER 353. An act to enable the Methodist church in Edenton, North Carolina, to borrow money. The General Assembly of North Carolina do enact: borrow money. SECTION 1. That the trustees of the Methodist Episcopal Church Trustees may (South) at Edenton, North Carolina, are authorized to borrow money for the purpose of building and furnishing a new church building in said town in such amount and on such terms as they see fit. SEC. 2. That to secure the same the said trustees, or a majority of Mortgage. them, may convey by mortgage or deed of trust any or all of the prop erty of said church. SEC. 3. That this act shall be in force from and after its ratification. CHAPTER 354. An act to amend the charter of the town of Shelby. The General Assembly of North Carolina do enact: Chapter 57, pri- support of school. SECTION 1. That section forty of the laws of eighteen hundred and seventy-four and eighteen hundred and seventy-five be amended as follows. Add after the last word in said section the following: "That Liquor license out of the funds arising from any license tax on bar-rooms in the taxes applied to town of Shelby the sum of seven hundred and fifty dollars shall be applied to the maintenance of the white and colored graded schools in said town: Provided, only one such license for a bar-room shall be Proviso. issued; but if two or more licenses for bar-rooms in said town shall be issued, then the sum of eleven hundred dollars arising from such funds shall be applied to the maintenance of said schools: Provided, Proviso. that the balance of said funds, or if the said graded schools shall no longer be kept up then the whole of said funds, shall be applied to such public uses of said town of Shelby as the commissioners of said town may direct." SEC. 2. This act to be in full force and effect from day of ratification. Ratified the 6th day of March, A. D. 1893. PRIV-35 |