SEC. 2. The capital stock of the corporation shall be two hundred Capital stock. and fifty thousand ($250,000) dollars, to be divided into shares of Shares. the par value of one hundred ($100) dollars each. The corporators Books of subscription. named above, or any two of them, may open books of subscription, and after one hundred (100) shares shall have been subscribed for the corporators having charge of the subscription list aforesaid may give notice of a meeting of the subscribers, to be held at some place in the city of Charlotte, and at some time to be fixed in the notice, and at such time and place the subscribers, or a majority of interest When to organize. of them, may meet and organize the corporation, and as soon as the sum of ten thousand ($10,000) dollars of the capital stock has been paid in the corporation shall have authority to commence business. SEC. 3. The principal office and place of business of the said cor- Principal office. poration shall be in the city of Charlotte, State of North Carolina, and it shall have the power and authority to establish branch offices Branch offices. in accordance with the provisions of this act, and it shall have Powers. business. SEC. 4. The said corporation shall have the right to do a general General banking 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 or upon the security of mortgage, pledge, deed or otherwise on any lands, hereditaments or personal property or interest therein of any description, situate anywhere, to lend money upon or purchase or otherwise accept bills of lading or the contents thereof, bills, notes, choses in action, or any and all negotiable or commercial papers, or any crops of produce whatever, and what is known as cash credits, or any stock, bullion, merchandise or other personal property, and the same to sell or in any way dispose of, and to charge such rate of interest on any such loans not exceeding the rate allowed by law. May be stockcorporations. holder in other SEC. 5. That the said corporation may become the owner of the capital stock of other corporations, either by subscription or by pur chase, and may, by its duly constituted agent, cast the vote which the stock owned by it may entitle it to cast in the meetings of such other corporations, and it may do the business of a general dealer in stock, shares, notes, debentures or other securities of any Dealing in stocks, government, State, municipality, corporation, company, partnership or business, may negotiate or place in behalf of any corporation, bonds, etc. Deposits. Savings bank business. Deposits of married women and minors. Surety and bonding business. Proviso. May act as agent, factor, etc. company, partnership or person, choses, stock, debentures, notes, mortgages or other securities, with or without guaranty or collateral obligations by said company; may sell or subscribe any of the property, real or personal, or any interest acquired therein by it, to any person or other 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 purchase or subscription. That said corporation may also 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 agree to, as an investment or otherwise. SEC. 6. The said corporation shall be invested with all the powers and privileges usually incident to banking institutions and to sayings banks, with the right to receive deposits, the limit to be fixed by the board of directors, and to pay interest thereon at fixed rates or by way of dividends out of the net earnings according to the terms to be agreed upon between the corporation and its depositors; and the board of directors are hereby fully authorized to adopt all proper rules and regulations for conducting and carrying into effect the savings bank features of this corporation. SEC. 7. The said corporation may reecive deposits from minors and married women, and open accounts with them in their own name, whether for investment or otherwise; and when any deposit shall be made in the name of any minor or married woman the said company may deal with such minor or married woman in reference thereto as though he or she were sui juris, and payment made to such minor or married woman on his or her receipt or acquaintance, or his or her check drawn against such deposit shall be a valid and sufficient release and discharge to such corporation for such deposit and any interest thereon or any part thereof. SEC. 8. That said corporation shall have power to become surety on the bond of any State, county, city or town official, or on the bond of any administrator, guardian, trustee, corporation or natural person, or on undertakings of all kinds in any court of justice as fully as a natural person, by the signature and justification of any of its executive officers authorized by the rules and regulations of the company to do so: Provided, that the corporation shall comply with all the laws of the State regulating surety companies doing business in the State. SEC. 9. That said corporation shall have the right to act as agent, factor or trustee for any State, county, town, municipality, corporation, company or individual, on such terms as to agency and commission as may be agreed upon, in registration, selling and countersigning, collecting, acquiring, holding, dealing in and disposing of on account of any State, 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 May act as trusin trust; to become executor or administrator of any estate, and to tee, executor, etc. accept and execute any other trust that may be committed to it by a court, corporation, company, persons or person; and it shall also have power to accept any grant or transfer, devise or bequest, and hold any real or personal estate or trust created in accordance with the laws of this State, and to execute the same on such terms as may be established and agreed upon by the board of directors. etc. SEC. 11. That in all cases when application shall be made to any May act as recourt of this State for an appointment of any receiver, trustee, ad- ceiver, guardian, ministrator, assignee, commissioner or guardian of any minor or of any lunatic or insane person, it shall be lawful for such court, if it shall think fit, to appoint the Mecklenburg Trust Company such receiver, trustee, administrator, assignee, commissioner or guardian, and the accounts of such corporation in such fiduciary capacity shall be regularly settled and adjusted as if it was a natural person, and upon such settlement or adjustment all proper, legal and customary charge, cost and expense shall be allowed to said corporation for its services, care and management in the premises, and said corporation as such receiver, trustee, administrator, executor, assignee, commissioner or guardian, shall be subject to all orders or Subject to orders decrees made by the proper tribunal under the laws of this State: Provided, that any oath required by law to be taken in order for qualification to any of the offices or trusts above mentioned, may be Qualification by taken by any officers of said company, and the oath prescribed by law may be so modified as to apply to corporations instead of individuals. of court. officers of corporation. funds in litigation. business. SEC. 12. The said corporation is hereby fully authorized and em- May act as aspowered to act as trustee or assignee for any insolvent person, firm signee, trustee, etc. or corporation, and to receive on deposit all funds in litigation in Depository for the various courts in the 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, Safety deposit bonds, stocks, diamonds, silver plate and other valuables, and charge and collect a reasonable compensation for the same, which said charge shall be a lien upon such deposit until paid, and generally to do and carry on the business of a safety deposit and trust company. SEC. 13. That in addition to the powers above conferred said cor- Storage warehouse poration may build, erect, maintain, conduct and operate one or more warehouses or depots for the storage of goods, wares, merchan business. tions. dise, cotton and other products, and to charge and receive commissions, rents and compensations for the storage and keeping thereof, which charge shall constitute a lien on the property so stored; make Rules and regula- rules, regulations, contracts and by-laws, fixing terms and prices for storage, manner of inspection, forms or receipts, insurance of property stored and all other matters affecting the safe and prudent conduct of such business; make advances of money or credit upon cotton or other product and merchandise stored as aforesaid, and do all such things as may be wise and profitable in and about said storage business as are not contrary to law, and the receipts issued by said company shall be and are hereby declared to be negotiable instruments and pass by endorsement and delivery, and to entitle the bearer thereof to the property marked and designated therein in such manner as the original holder would be had not such an assignment been made. Warehouse receipts negotiable. Increase of capital stock. SEC. 14. That the corporation shall have the power to increase its capital stock to any amount that a majority in value of its stockholders may deem best: Provided, the capital stock shall in no event exceed the sum of one million ($1,000,000) dollars. SEC. 15. That this act shall be in full force from and after the day of its ratification. In the General Assembly read three times and ratified this 4th day of March, A. D. 1903. Corporate limits. Town taxes. CHAPTER 244. AN ACT TO AMEND THE CHARTER OF THE TOWN OF FREMONT. The General Assembly of North Carolina do enact: SECTION 1. That the corporate limits of the town of Fremont shall be as follows: Beginning at Jenkins' crossing, in the centre of said crossing and the Atlantic Coast Line Railroad, and running thence N. 64 degrees 51 minutes W. two thousand six hundred and forty (2,640) feet; thence N. 25 degrees 9 minutes E. six thousand nine hundred and eight (6,908) feet; thence S. 64 degrees 51 minutes E. five thousand two hundred and eighty (5,280) feet; thence S. 25 degrees 9 minutes W. six thousand nine hundred and eight (6,908) feet; thence N. 64 degrees 51 minutes W. two thousand six hundred and forty (2,640) feet to the first station. SEC. 2. That the Board of Commissioners of the said town shall annually, and not oftener, levy and collect a tax on real and personal estate and on all such polls as are taxed by the General Assembly for public purposes, within the corporate limits, not to exceed 66 2-3 cents on each one hundred dollars of real and personal prop- Tax rate. erty and two dollars on each poll. And the said Commissioners shall have power to levy and collect a special or license tax on all License tax on repersons, apothecaries and druggists excepted, retailing or selling tail liquor dealers. intoxicating liquors of the measure of a quart or less, not exceed fessions. ing five hundred dollars per annum, and in addition thereto shall have power to levy and collect a special or license tax upon all License tax on trades, professions, agencies, businesses, exhibitions and manufac- trades and protories in said town, and upon all subjects of taxation which are now or may be hereafter taxed for State purposes, not to exceed double the amount of the taxes imposed by the State, and also upon all subjects of taxation which they are now authorized under their charter or under the general law regulating cities and towns to levy and collect. SEC. 3. That the Board of Commissioners of said town shall ap- Appointment of point some suitable person to take the list of taxable property and list-taker. polls in said town, and it shall be the duty of such person to sit Duties. with the tax listers for Nahunta and Great Swamp Townships at such times as the said listers shall take the lists of the property and polls of their respective townships within the corporate limits of said town. SEC. 4. That the said town and its Board of Commissioners shall Town to have have all the powers conferred upon said town by its charter and general powers. upon cities and towns by the general law of the State. SEC. 5. That all laws in conflict with this act are hereby repealed. Conflicting laws In the General Assembly read three times and ratified this 4th repealed. day of March, A. D. 1903. CHAPTER 245. AN ACT TO INCORPORATE THE WASHINGTON AND VANDE MERE RAILWAY COMPANY. The General Assembly of North Carolina do enact: SECTION 1. That D. F. Shull, B. G. Moss and Wiley C. Rodman, Corporators. and such other persons as are now or may hereafter be associated with them, are hereby created and declared to be a body politic Body corporate. and corporate to exist for the term of ninety-nine years, under the name and style of the "Washington and Vandemere Railroad Com- Corporate name. pany," and in that name may sue and be sued, plead and be im- Corporate powers. pleaded, contract and be contracted with, shall have power to adopt a common seal and to change the same at will, and shall be capable of taking by purchase, gift, or in any other way, real and personal |