CHAPTER 147. AN ACT TO INCORPORATE THE BANK OF PITTSBORO. The General Assembly of North Carolina do enact: SECTION 1. That J. B. Atwater, W. L. London, F. C. Poe, B. Incorporators. Nooe, H. A. London, R. H. Hayes, H. E. Litchford, their present and future associates and assigns, are hereby declared to be a body politic and corporate by the name and style of Bank of Pittsboro, Corporate name. and shall so continue for a period of sixty years, with capacity Corporate existence. to take, hold and convey real and personal property, with the rights, Powers and privipowers and privileges incident or belonging to corporations set leges of chapter forth in chapter 769 of the Public Laws of 1901. 769 Public Laws 1901. shares. SEC. 2. The capital stock of said bank shall not be less than Capital stock, ten thousand dollars, in shares of one hundred dollars and fifty dollars each, or either and both, and fractions thereof; and such capital stock to be increased from time to time as said corpora- Increase of capital tion may elect, to a sum not exceeding five hundred thousand dollars. stock. SEC. 3. The corporators named in the first section, or a majority Subscription books, of them, are hereby empowered to open books of subscription to the how and when opened. capital stock of said bank at such time and place and for such period or periods as they shall determine. and how called. SEC. 4. Whenever ten thousand dollars is subscribed for the said First meeting of stockholders, when corporators, or any three of them, may call a meeting of the stock holders in the town of Pittsboro, at the office of the Bank of Pittsboro; they may proceed to adopt such by-laws and regulations for By-laws, directors. the government of the bank as they please, not inconsistent with the laws of this State nor of this act, and may elect such board of directors, not less than five, as they may deem necessary, to serve for one year, or until their successors may have been chosen, or for such term as they may prescribe. An interest in the pres ent private partnership known as "The Bank of Pittsboro" may be Exchange of interexchanged for a like interest in the corporation chartered by this est in partnership. act; and persons holding stock in the partnership known as Bank of Pittsboro may exchange their interest for stock in this corporation upon such terms as may be mutually agreed upon by the directors of this corporation and the partners composing the partnership aforesaid. elected. SEC. 5. The directors shall elect one of their number to be presi Directors to be dent and shall appoint a cashier and such officers and clerks as may be provided for by the by-laws of said corporation, to serve officers. at the discretion of the directors during the continuance in office of said directors; and the directors shall prescribe for the faithful discharge of their duty and may fix their compensation. SEC. 6. The said board of directors may adopt and use a seal, Powers and priviand may break and alter the same at pleasure; may prescribe the leges of directors. Seal, transfer of stock. lend money, etc. manner of paying for stock and transferring the same; may regulate the method of conducting the business of said bank; may do Banking business, general banking business and exercise all the powers, rights and privileges conferred by the law of the State on banks and corporations; may lend money at such rates of interest as may be agreed upon, subject to the general laws of the State as to the rate; 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, or both, or upon liens upon crops, planted or unplanted; may buy, build or lease a banking house or houses, and may sell and exchange the same at pleasure; may negotiate loans on mortgages, on real and personal estate, at a rate of interest not exceeding the legal rate, and they shall direct when dividends of profit shall be made and declared. Failure to pay subscription to stock, remedy. SEC. 7. That if any subscriber shall fail to pay for his stock, or any part thereof, as same is required of him, the entire residue of his stock shall be deemed to be due, and may be recovered in the name of the corporation by an 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 in the town of Pittsboro, after advertising such sale for thirty days in some newspaper published in Chatham County, and if the proceeds shall not be sufficient to discharge the amount of the unpaid subscription, with all costs of such sale, the subscriber shall be liable for the deficiency in a civil action. SEC. 8. That said corporation shall have the power to own, maintain or lease warehouses and carry on the business of warehousemen and forwarders; to receive on storage or deposit all kinds of produce, merchandise or other personal property; to make advances on merchandise and produce, and to carry on all kinds of business usually transacted by warehousemen; also, to advance money and take legal liens for all such advances, and to collect and receive interest and commissions, compensation for storage, and all labor incident thereto. All advances made by said corporation on property received for storage, or deposits and compensation for all charges and expenses thereon, shall be a preferred lien on said property, which shall be satisfied and paid for before said corporation can be required to deliver such property. SEC. 9. That when married women, minors or apprentices deposit money or other things of value in said bank, either generally or specifically, to their own credit, they, or any of them, may draw the same on their checks or orders and be bound thereby; and such married woman, minor or apprentice shall be bound by such individual checks or orders, and said checks or orders will be a valid and sufficient release to said corporation against such married woman, minor or apprentice and all other persons whatsoever. as trustee, agent, etc. SEC. 10. That said corporation shall have the right to act as Corporation to act agents, factor, assignee 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 bonds, certificates of stock, note of 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 or all of the matters and things authorized by this charter. Said corporation may charge such premiums, commissions or rate of compensation as may be agreed upon. SEC. 11. The bank is authorized to organize, in connection with Savings bank department. its general banking business, a department for savings, and do a savings bank business for the convenience of small depositors in the savings department, and to give certificates or other evidence of deposit, and to pay and to charge such interest as may be agreed on: Provided, the same does not exceed the legal rate of interest, Proviso, rate of and to regulate the time of payment and notice of demand. interest. holders. SEC. 12. The stockholders of said bank shall be individually re- Liability of stocksponsible, equally and ratably, and not one for another, for all contracts, debts and engagements of said bank to the extent of the amount of their stock therein, at the par value thereof, in addition to the amount invested in such shares. SEC. 13. That said bank shall be located at Pittsboro, North Bank, where to be Carolina. located. SEC. 14. That each stockholder shall be entitled, in all meetings Voting, how regulated. of stockholders, to cast one vote for each share of stock of the par value of fifty dollars and two votes for each share of stock of the par value of one hundred dollars held by him or her. notes. SEC. 15. The said corporation shall have all such powers and Right to circulate rights of issue circulating notes as currency as any act hereafter ratified shall confer upon similar banks in this State, and upon the same terms and conditions applicable to other banks. SEC. 16. The powers and privileges granted herein shall not be Forfeiture for nondeemed forfeited by non-user: Provided, the corporation is organuser, when. ized within five years from the date of the ratification of this act. SEC. 17. This act shall be in force from and after its ratification. In the General Assembly read three times and ratified this 25th day of February, A. D. 1903. Unlawful to sell liquors in Littleton township, Halifax county. Dispensary commissioners, personnel. Tenure. Successors, how chosen. Oath of commissioners. Vacancies. Commissioners to locate dispensary, when. Manager of dispensary. CHAPTER 148. AN ACT TO ESTABLISH A DISPENSARY FOR LITTLETON The General Assembly of North Carolina do enact: SECTION 1. That it shall be unlawful for any person or persons in any capacity whatever to sell, directly or indirectly, any spirituous, vinous, malt or other intoxicating liquors within the limits of the township of Littleton, in Halifax County, State of North Carolina, except as hereinafter provided in this act. SEC. 2. That Chas. D. House, E. B. Perry and J. W. Northington are hereby appointed dispensary commissioners for the township of Littleton, and who shall be known as dispensary commissioners, who shall hold their office respectively for one, two and three years, each of whom shall continue in office until the election of his successor; that at the expiration of the term of any dispensary commissioner the two dispensary commissioners whose term has not expired shall nominate an elector of the township to fill the office made vacant by the expiration of the term of said commissioner, and upon the approval of the nomination by the Town Commissioners of the town of Littleton he shall become a dispensary commissioner for the term of three years; should the said Town Commissioners reject the nomination of any one as dispensary commissioner the said dispensary commissioners whose terms have not expired shall nominate another or others until one has been approved by the Board of Town Commissioners. The said dispensary commissioners, before entering upon the discharge of their duties, shall take and subscribe an oath faithfully to discharge and perform the duties of their office, which oath shall be filed with the Clerk of the Town Commissioners. If from any cause the dispensary commissioners shall fail for thirty days to nominate a commissioner to succeed one whose term has expired, then it shall be the duty of the Town Commissioners to elect a citizen and voter of the township of Littleton to fill the office then vacant. SEC. 3. That it shall be the duty of the dispensary commissioners first appointed under this act to provide a suitable place for the sale of liquors within the corporate limits of the town of Littleton, which shall not be within two hundred feet of any church, where spirituous, vinous and malt or fermented liquors shall be kept for sale under the direction of said dispensary commissioners by a manager, who shall have charge and control of all liquors bought by said dispensary commissioners for sale in said town of Littleton. SEC. 4. That a manager shall be chosen by said dispensary commissioners, who shall have charge of the dispensary and the management thereof, under the control of said dispensary commission ers, and he shall be subject to dismissal for any cause which said dispensary commissioners shall in their discretion deem sufficient; the manager shall give bond in the sum to be fixed by the dispen- To give bond. sary commissioners, not less than five hundred dollars, for the faithful discharge of his duties and for the payment of all sums of money received by him under the direction of the said dispen sary commissioners. The manager shall be paid a salary to be fixed Compensation of. by the dispensary commissioners, not exceeding the sum of sixty dollars per month, which compensation shall not be dependent upon the amount of sales made by him. That the dispensary commis sioners shall have the power to employ assistant managers or to fill Assistants. temporary vacancies on account of sickness of the manager or for any other cause. SEC. 5. The manager of the dispensary shall at all times keep Duty of manager. under the supervision of the dispensary commissioners a stock of Stock of liquors. vinous, malt and spirituous liquors, in such quantities as the dispensary commissioners shall direct. All bills incurred for the Bills, how paid. establishment and maintenance of the dispensary and the purchase of stock from time to time shall be paid by the dispensary commissioners; the said manager shall sell only for cash, and shall turn To sell for cash over or deposit all moneys received by him to or under the direction of the dispensary commissioners. only. make rules. SEC. 6. That the said dispensary commissioners shall make from Commissioners to time to time rules and regulations for the operation of said dispensary; the quantity to be sold to any one person shall be deter- Amount in which liquor to be sold. mined by them, but in no event shall wine or liquors be sold in less quantities than one-half pint, and none shall be drunk in the Where to be drunk. building or on the premises where the dispensary is established, nor shall any liquors be sold to any person known to be an habitual Who prohibited from buying. drunkard, to minors or persons intoxicated or under the influence of liquor. The dispensary shall not be opened before sunrise and shall be closed at sunset, and it shall be closed on Sundays, election Dispensary, when days and such other days as make the sale of liquors unlawful under the laws of this State. to close. SEC. 7. That the price at which spirituous, vinous and malt Price of liquor sold. liquors shall be sold shall be fixed and determined by the dispensary commissioners: Provided, the same shall not be sold for a profit exceeding eighty per cent. (80 per cent.) above the actual cost thereof. SEC. 8. That the manager of said dispensary shall sell to no per- To sell only sealed son or persons any spirituous, vinous or malt liquors except in packages. sealed packages, and he shall not keep any open or broken packages report. in said dispensary. That the said manager shall make a monthly Manager to make report, or oftener, if so required, to the dispensary commissioners, showing the amount of sales for the preceding month and stock on hand at last day of month. |