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one after the word "to-wit" in line four and inserting in lieu thereof Corporate limits. the following, to-wit: "Beginning at a stone and pointers near Morris'

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tan-yard and running thence south fourteen and one-fourth degrees, east two hundred and thirty poles to a stake and pointers on J. B. Smith's line west of his house; thence south eighty-eight and onehalf degrees east, one hundred and five poles to the crossing of the Carolina Central Railroad at or near Broom's shop; thence north fifty-six and one-half degrees east with the Dallis and Beatties ford road ninety-six (96) poles to a post-oak on McLurd's line; thence north twenty-six degrees east sixty-five (65) poles to the Parker spring on J. T. Abernathy's land; thence north fourteen and one-fourth degrees west one hundred and sixty-two poles to a stake on S. P. Abernathy's land north of his house; thence south seventy-eight and three-fourth degrees west two hundred and thirty-five (235) poles, crossing the Carolina Central railroad north of J. A. Morris' house to the beginning."

SEC. 2. That section three of said chapter be amended by striking out all of said section after the word "chapter" in line three thereof and inserting in lieu thereof the following, to-wit: "Sixty-two of The Code, volume two, entitled Towns and Cities."

SEC. 3. That section four of said chapter be stricken out.

SEC. 4. That this act shall be in force from and after its ratification.
Ratified the 14th day of February, A. D. 1833.

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Chapter 15, pri

vate laws 1891,

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amended.

CHAPTER 69.

An act to amend the charter of the Peoples Bank of Asheville.

The General Assembly of North Carolina do enact :

SECTION 1. That section two, chapter fifteen of the private laws of one thousand eight hundred and ninety-one be amended as follows, Shares of stock to to-wit: In line four of said section after the word "shares" insert be $25 each. "of" instead of "or" as it now stands.

Directors to be

66

SEC. 2. That section three of said chapter be amended by inserting owners of at least the word "ten" in the last line of said section instead of "four"

ten shares.

as it now stands.

SEC. 3. That this act shall be in force from and after its ratification.
Ratified the 14th day of February, A. D. 1893.

CHAPTER 70.

An act to incorporate "The Co-operative Bank of North Carolina."

The General Assembly of North Carolina do enact:

SECTION 1. That John P. Coffin, I. O. Reardon, R. J. Burns, O. C. Incorporators. Norment and George W. Sanderlin, and their associates and successors,

ence.

are hereby constituted and declared a body politic and corporate by the name and style of "The Co-operative Bank of North Carolina," Corporate name. and shall so continue for the term of ninety-nine years, with capacity Corporate existto take, hold and convey real and personal estate, and with all the powers, rights and privileges granted to any bank or banking insti- Corporate powtution by this or any preceding or subsequent legislation of this state, together with the rights, powers and privileges incident or belonging to corporations as set forth or referred to in sections six hundred and sixty-three and six hundred and sixty-four and six hundred and sixty-five of chapter sixteen of The Code, entitled "Corporations."

ers.

SEC. 2. That the capital stock of said corporation shall not be less Capital stock. than twenty thousand dollars ($20,000) in shares of the value of twenty-five dollars each, and such capital stock may be increased from time to time as said corporation may elect to a sum not exceeding five hundred thousand dollars.

SEC. 3. That the corporators in the first section named, or a majority Books of subscription. of them, are hereby empowered to open books of subscription to the capital stock of said corporation at such time or times, at such places and such periods as they shall determine, and the stockholders at any general meeting called after the due organization of said corporation may, at their discretion, from time to time re-open books of subscription to said capital stock until the same as herein limited shall have been wholly taken.

SEC. 4. That whenever twenty thousand dollars shall have been Organization. subscribed and ten thousand dollars paid into the capital stock of said corporation, the before-named corporators, or a majority of them, shall call a meeting of the subscribers to said stock at such time and place, and on such notice as they may deem sufficient, and such stockholders shall pass by-laws for the government of the corporation and shall elect such directors as they may think proper, who shall Directors. hold office for one year or until their successors shall be chosen, and said directors shall elect a president and such other officers as may Officers. be provided for by the by-laws of said corporation.

dent and direct

SEC. 5. That the president and directors of said corporation may Powers of presiadopt and use a common seal and may alter the same at pleasure, org. may make and appoint all necessary officers and agents, fix their compensation and take security for the faithful discharge of their duties and may discharge any and all of them at their pleasure; may

prescribe the manner of paying for stock and the transfer thereof; may do a general banking business on such terms and rates of discount and interest as are now provided by law. The said corporation Lien on stock for shall have a lien on its stock for debts due it by the stockholders debt due by stockholder, before and in preference to all other creditors of the same dignity.

Corporate pow

ers.

Corporate powers.

Corporate powers as to deposits, &c.

Deposits by married women, minors, &c.

Corporate powers as agent, trustee, &c.

SEC. 6. That the said company shall have the right to do a general banking business, to receive deposits, to make loans and discounts, to obtain and procure loans for any person, company, partnership or corporation, to invest its own money or the money of others, to lend and invest money in and upon the security of mortgages, pledge, deed or otherwise on any lands, hereditaments or personal property, or interest therein of any description situated anywhere; to lend money upon or purchase or otherwise acquire bills of lading or the contents thereof, bills, notes, choses in action or any and all negotiable or commercial papers, or any crop or produce whatever, or any stock, bullion, merchandise or other personal property, and the same to sell or otherwise dispose of, and to charge any rate of interest on all such loans not exceeding the rate allowed by law.

SEC. 7. That said corporation may subscribe to, purchase, acquire or lend money upon any stock, share, notes, debenture or other securities of any government, state, municipality, corporation, company, partnership or person, and hold, deal in, sell or distribute the same among the stockholders; may negotiate or place in behalf of any corporation, partnership or person, shares, stocks, debentures, notes, mortgages or other securities, without guarantee or collateral obligation by this company, and may sell or subscribe any of the property, real or personal, or any interest acquired therein by it, to any corporation for any portion of its bonds, securities, obligations or capital stock as may be agreed upon without liability on such stock so purchased or subscribed for beyond the agreed terms of said terms or subscription.

SEC. 8. Be it further enacted that said corporation may receive on deposit all sums of money which may be offered it for the purpose of being invested in such sums, and at such times and on such terms as the board of directors may agree upon; and when married women, minors or apprentices deposit money or other things of value in said bank, either generally or specially, to their own credit, they or any of them may draw the same out on their own check or order and be bound thereby, and such married woman, minor or apprentice shall be bound by said individual check or order, and the said check or order shall be a valid and sufficient release to said corporation against said married women, minors and apprentices and all persons whom

soever.

SEC. 9. That said company shall have the right to act as agent, factor or trustee for any estate, county, town or municipality, corporation, company or individual on such terms as to agency and commis

sion as may be agreed upon in registering, selling and countersigning, collecting, acquiring and holding, dealing and disposing of, on account of any state, county, town, municipality, corporation, company or person, bonds, certificates of stock or any description of property, real or personal, or for guaranteeing the payment of such bonds, certificates of stock, etc., and generally for managing such business; and may charge such premiums, commission or rate of compensation as may be agreed on in and for any of the matters and things authorized by this charter.

SEC. 10. That said corporation shall have power to receive money Corporate powers as to trusts, in trust, shall have power to accept and execute any trust that may &c. be committed to it by any court, corporation, company, person or persons; and it shall have power to accept any grant, assignment, transfer, devise or bequest, and to hold any real or personal estate trust created according to the laws of this state, and then to execute the same on such terms as may be established by its board of directors; and said corporation is hereby fully authorized and empowered to act as trustee or assignee, and to receive on deposit all funds in litigation in the various courts in this state and pay therefor such interest as may be agreed upon not exceeding the lawful rate. It shall have power and authority to receive for safe keeping on deposit all money, bonds, stocks, diamonds, and silver-plate and other valuables, and charge and collect a reasonable compensation for the same, which said charge shall be a lien on such deposits until paid, and generally to do and carry on business of a safety deposit and trust company.

SEC. 11. That said company is hereby given the right to insure or Corporate powguarantee the payment of any dividends, bonds, notes and under-ers as to guaranties, &c. takings, mortgages or other securities or evidences of indebtedness of

any person, partnership or corporation for any price and on any consideration agreed on.

SEC. 12. That this company is especially invested with the powers Savings bank. and privileges usually incident to savings banks; may receive deposits in very small sums, the limit to be fixed by the board of directors, and may pay interest thereon by way of dividends out of the net earnings or by fixed rates according as may be agreed between the company and its depositors, and the board of directors are hereby fully authorized to make all needful by-laws and regulations for conducting and carrying into effect the savings bank features of this corporation.

SEC. 13. In every case of delinquency in a subscriber or others the Recovery of subsubscription shall be deemed a promissory note payable to the said criptions, corporation, as well in respect to the remedy for recovering the same as in the distribution of the assets of any deceased subscriber. SEC. 14. That the president and directors of said corporation shall exercise and have all such powers and authority as may be necessary

Powers of president and directors.

Stook vote.

Branch banks.

Place of business.

No forfeiture for

non-user.

Proviso.

Non-liability of stockholders for

corporate debts.

Conflicting laws repealed.

in governing the affairs of said corporation. They shall have power to prescribe the rules for the conduct of said corporation, the same being consistent with the by-laws, rules and regulations established by the stockholders, not inconsistent with the laws of the state, and may regulate the terms and rates on which discounts and loans may be made and deposits secured by the corporation, and they shall direct when dividends of profits shall be made and declared. They may call a meeting of stockholders whenever they may think proper or upon a written request by stockholders.

SEC. 15. At all meetings stockholders may be represented by proxy, each share being entitled to one vote, but such proxy must be a stockholder.

SEC. 16. That branches or agencies of said corporation may be established at such times and places as the president and directors may designate and shall be subject to such rules and regulations as may be prescribed by the president and directors of said corporation, and shall be entirely under the control of said president and board of directors who may remove them when they shall deem it for the best interests of the company so to do.

SEC. 17. The principal place of business and general offices shall be at Lumberton, North Carolina, or at such other place as it may be deemed for the best interest of the company by the president and board of directors.

SEC. 18. The powers and privileges granted herein shall not be deemed forfeited by non-usage: Provided, the corporation is organized within two years from the date of the ratification of this act.

SEC. 19. That the stockholders of this corporation shall not be individually or personally liable for any of the debts, contracts or liabilities of the corporation.

SEC. 20. That all laws in conflict with the provisions of this act are hereby declared inoperative so far as they may affect the privileges, rights and powers herein conferred.

SEC. 21. That this act shall be in force from and after its ratification.
Ratified the 14th day of February, A. D. 1893.

Incorporators.

CHAPTER 71.

An act to incorporate the Bank of Waynesville, in the county of Haywood.

The General Assembly of North Carolina do enact:

SECTION 1. That T. C. Skinner and Alden Howell, and their associates, successors and assigns, be and they are hereby created a body politic and corporate under the name and style of "Bank of Waynes

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