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ville," and by such name may acquire, hold and convey real and per- Corporate name. sonal property, sue and be sued, plead and be impleaded in any of Corporate powthe courts of this state, and have continual succession for ninety-nine years, and a common seal for the purposes indicated in the title.

ers.

SEC. 2. That the capital stock of said corporation shall not be less Capital stock. than forty thousand dollars, which may be increased from time to time to a sum not exceeding one hundred thousand dollars, in shares

of one hundred dollars each, and the said bank may commence the When to commence business. business of banking when forty thousand dollars of the capital stock aforesaid has been paid in.

SEC. 3. That the persons named in section one of this act shall be Temporary directors. and remain directors of this corporation uutil their successors are chosen by the stockholders.

ors.

SEC. 4. That it shall be the duty of the board of directors to pre- Duties of directscribe rules, regulations and by-laws for the government thereof, to choose officers, fix salaries, fill vacancies and generally to do and perform such duties as the rules, regulations and by-laws of this corporation shall prescribe, when the same shall have been duly ratified by a majority and value of the stockholders voting thereon in person or by proxy.

SEC. 5. That the office or banking-house of this corporation shall Location. be located in the town of Waynesville, Haywood county and state of

North Carolina.

ers.

SEC. 6. That this corporation shall have the power to receive and Corporate pow pay out the lawful currency of the country, deal in exchange, gold and silver coin, stocks, bonds, notes and other securities; to loan money to or receive deposits of money or other property or evidences of debt from corporations, minors, apprentices, femes covert, or other persons, on such terms and time and manner of collection and payment as may be agreed upon between the parties, and for the use and loan of money may charge the highest lawful rate of interest per annum, and may take and receive said interest at the time of making said loan free from all other control, contract or liability whatever, to invest in stocks, bonds, or other securities of this or any other state or of the United States, or of any corporation under the laws thereof, and to take such real and personal property conditioned in such form for the payment of the principal and interest of the money loaned, advanced or expended as may be most safe, expedient and beneficial.

SEC. 7. That said corporation shall have power and authority to guarantee the payment of the principal and interest of notes, bonds, bills of exchange and other securities and evidences of debt, including the obligations of such corporations and individuals as may have secured their payment by deed of trust or otherwise made to this corporation for such special purpose, and to receive for any guarantee such compensation as the parties may agree upon, and also may

Corporate powers as to guaranties, &c.

Taxation.

charge therefor the highest lawful rate of interest per annum, and
may take and receive the interest at the time of making said trans-
action, and may in its discretion use such method and form of making
such guaranty, either by indorsement, the issuing of its own deben-
ture bonds, or otherwise, as to said company may seem best, and in
the case of issuing debenture bonds it shall have the right to secure
their payment by the pledging of the securities or evidences of debt
thus held by it in some trust company or otherwise, under such con-
tract as it may make for such purpose, and shall also have, use, exer-
cise and enjoy all the powers, privileges, advantages, benefits aud
rights of banking under such restrictions as are provided by the laws
of this state in regard to bodies politic and corporate.

SEC. 8. That the said bank shall have all the general powers and be
subject to all the general regulations with reference to taxation and
as otherwise provided for by the laws of this state, or which may be
hereafter enacted by the general assembly in regard to banking cor-
porations.

SEC. 9. That this act shall be in force from and after its ratification.
Ratified the 14th day of February, A. D. 1893.

Incorporators.

Corporate name.

Corporate pow-.

ers.

Capital stock.

Organization.

CHAPTER 72.

An act to incorporate the Carolina Real Estate and Investment Company.

The General Assembly of North Carolina do enact:

SECTION 1. That John P. Coffin, George W. Sanderlin and D. H. Walsh, junior, together with such other persons as they may associate with them, their successors and assigns, be and they are hereby created a body politic and corporate under the name and title of "The Carolina Real Estate and Investment Company," by which name they may sue and be sued, plead and be impleaded, shall adopt and use a common seal, which they may alter at pleasure; may make by-laws, rules and regulations for the government of said corporation not inconsistent with law; shall have perpetual succession and enjoy all the rights, privileges, powers, immunities, liberties and franchises usually pertaining to corporations.

SEC. 2. That the capital stock of said company shall be one hundred thousand dollars, with privilege of increasing said stock to an amount not to exceed one million dollars, to be divided into shares of one hundred dollars each.

SEC. 3. That whenever the sum of ten thousand dollars or more shall have been subscribed and ten per centum paid in, it shall be the

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duty of the corporators or a majority of them to call a meeting of

the stockholders and elect a board of directors; and said board of Directors.
directors shall elect a president and vice-president, secretary and Officers.
treasurer, and such other officers as they may see fit, prescribe their
duties, fix their compensation, and may require bonds payable to the Bonds.
company from any officer or employee for the faithful discharge of
their duties.

SEC. 4. That the principal place of business of said corporation Place of business. shall be at Fayetteville, North Carolina; but the directors may estab

lish branch offices elsewhere, and if most convenient hold their meet- Branch offices. ings for the transaction of business elsewhere.

ers.

SEC. 5. The said corporation shall have full power to negotiate, buy Corporate powand sell stocks, bonds, mortgages and other securities, to make, accept, endorse and issue promissory notes, bonds and bills of exchange, mortgages or other negotiable paper; may borrow and lend money and issue mortgages or debenture bonds; may act as brokers, agents or attorneys and invest such moneys as may be entrusted to its care or management for investment in bonds, stocks, real or personal property; may receive money on deposit and issue certificates for the same which shall be negotiable, and may carry on all business of estates, agents, merchants, lumber or mining companies; may build, equip and operate mills, factories, furnaces, hotels, houses, roads, rail, tram or turnpikes, electric, cable or street-car lines, canals, conduit pipe lines, gas or electric-light works, bridges, dams, culverts or reservoirs, telegraph or telephone lines; may buy, lease, hold and own real and personal estate not exceeding one million dollars, and may sell and convey the same and do any and all things necessary or expedient for utilizing or improving the property of the company as fully as citizens of the state may or can do; to subscribe for stock in other enterprises or corporations and accept subscriptions for capital stock in this company in real estate or other property, and when any lands or rights-of-way shall be necessary for railway and street railway purposes, and the company and the owners of such lands cannot agree as to the compensation the same may be taken and condemned and the value ascertained in the manner prescribed by law in the case of railway companies, and said company shall have the right, power, charter and franchise to charge such fees, tolls or compensation as is reasonable or may be agreed upon for the use of any of its property or services: Provided, said company shall not charge any greater Proviso. than the legal rate of interest.

SEC. 6. That the stockholders shall not be individually or person- Non-liability of ally liable for the debts, contracts or torts of said corporation. SEC. 7. That no notice of the first meeting of the corporation shall

be required.

stockholders for corporate debts. No notice of first meeting.

SEC. 8. That all laws in conflict with the provisions of this act are Conflicting laws

not operative

against its corpo- hereby declared inoperative so far as they may affect privileges, rights and powers herein conferred.

ration.

SEC. 9. That this act shall be in force from and after its ratification.
Ratified the 14th day of February, A. D. 1893.

Incorporators.

Corporate name.]
Corporate pow-

ers.

Number of trustees.

Vacancies. Powers.

CHAPTER 73.

An act to incorporate the Judson College Company.

The General Assembly of North Carolina do enact :

SECTION 1. That Jesse R. Starnes and James M. Brookshire and their successors are hereby created and constituted a body politic and corporate under the name and style of the "Judson College Company," and in that name may sue and be sued, plead and be impleaded, contract and be contracted with, purchase and hold in their corporate capacity such real and personal property as may be necessary and suitable for maintaining a school for boys and girls at Judson College, in the town of Hendersonville, Henderson county, North Caro lina, with power to borrow money on said property or to sell same if thought best by the above-named company, also with power to make all needful rules, by-laws and regulations for their own government and the government of their school.

SEC. 2. That said Judson College Company may at their option
increase their number by choosing others, not to exceed fifteen (15),
and may likewise fill all vacancies occurring therein, and may have
all the corporate powers of trustees of like associations and insti-
tutions.

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

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Incorporators.

CHAPTER 74.

An act to incorporate the Baptist Missionary and Educational Conven-
tion of North Carolina for the Colored Race.

The General Assembly of North Carolina do enact :

SECTION 1. That C. S. Brown, C. C. Somerville, A. Shepard, N. L.
Roberts, A. W. Pegues, S. N. Vass, J. A. Whitted, P. S. Lewis, A.
W. Pattello, M. W. D. Norman, Luke Pierce, and their associates and
successors, be and are hereby constituted and made a body corporate

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ers.

and politic with perpetual succession, under the name and style of "The Baptist Missionary and Educational Convention of North Caro- Corporate name. lina for the Colored Race," and by that name may sue and be sued, Corporate powplead and be impleaded in all the courts of law and equity, and may purchase and hold and sell and convey real estate, goods and chattels, whatsoever necessary to the objects of this incorporation. They shall have power to make and use a common seal, and to alter the same at will. And they are hereby invested with all the powers and privileges necessary for conducting missionary and other religious and educational work.

ers.

SEC. 2. That said corporation shall have power to enact all neces- Corporate powsary by-laws, and to do such other things and perform such other acts as appertain to bodies corporate and politic, not inconsistent with the constitution and laws of the United States and of this state. SEC. 3. That this act shall be in force from and after its ratification. Ratified the 14th day of February, A. D. 1893.

CHAPTER 75.

An act to incorporate "The Peoples Bank" of Kinston, North Carolina.

The General Assembly of North Carolina do enact :

SECTION 1. That S. H. Abbott, J. Q. Jackson, William L. Kennedy, Incorporators. David Ettinger, Abe Ettinger, Lemuel Harvey, J. A. Pridgen, Dempsy Wood, L. Einstein, J. W. Grainger, J. W. Braxton, D. G. Taylor, and their present and future associates and assigns, be and they are hereby constituted, created and declared to be a body politic

ers.

and corporate under the name and style of "The Peoples Bank of Corporate name. Kinston," and shall so continue for the period of sixty years, with capacity to sue and be sued, maintain and defend actions and special Corporate powproceedings in its corporate name; to take, hold, buy, sell, lease and exchange and convey real and personal estate; and to conduct, transact and carry on in its full scope and import a general banking business with all the powers, rights, privileges and immunities hereby specially granted, and in addition those contained in chapter four, volume two, of The Code, entitled " Banks," and all such laws as may in the future be passed relative to banks.

SEC. 2. That the capital stock of said bank shall be twenty-five Capital stock. thousand dollars, in shares of one hundred dollars each, with liberty

to the stockholders or a majority of them to increase said capital

stock from time to time to two hundred thousand dollars.

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