Election of officers.

Officers named.

Sale of liquors regulated.

Proviso: distilleries.

East Bend and Forbush Township line; thence west with said township line about two miles to the beginning.

SEC. 3. That the officers of the said town shall consist of a Mayor, three Aldermen and a Marshal, to be elected in accordance with the general law regulating elections in towns and cities.

SEC. 4. That until their successors shall have been elected and qualified, on Tuesday after the first Monday in May, 1905, the following persons shall be the officers of said town, to-wit: Mayor, T. A. Poindexter; Aldermen, George Steelman, A. E. Shore, Samuel Speas; Marshal, Lee Plowman.

SEC. 5. No whiskey shall be sold by retail within said incorporation, excepting for delivery to railroad or express company for transportation, and that whiskey so sold shall be in original packages: Provided, that no distillery, other than the ones now existing, shall be allowed to operate in the town.

SEC. 6. That this act shall be in force from and after its ratification.

In the General Assembly read three times and ratified this 6th day of March, A. D. 1903.

Former act amended.

Street improvements, etc.

CHAPTER 324.

AN ACT TO AMEND CHAPTER 39 OF THE PRIVATE LAWS
OF 1891, RELATIVE TO THE CHARTER OF THE TOWN
OF TRYON, N. C.

The General Assembly of North Carolina do enact:

SECTION 1. That chapter 39 of the Private Laws of 1891 is hereby amended as follows: In line 12 of section 11, after the word "sewerage" and before the word "provided," insert the following: Moreover said Board of Commissioners shall have the power to assess upon the owners of abutting property two-thirds of the cost of curbing and making sidewalks, and to collect the same in the manner prescribed for the collection of other municipal taxes.

SEC. 2. This act shall be in force from and after its ratification. In the General Assembly read three times and ratified this 6th day of March, A. D. 1903.

CHAPTER 325.

AN ACT TO INCORPORATE THE ENTERPRISE SAVINGS AND

LOAN COMPANY.

The General Assembly of North Carolina do enact:

SECTION 1. That O. P. Heath, W. C. Heath, H. B. Adams, A. W. Incorporators. Heath, T. J. Jerome and J. J. Crow, and their associates and successors, are hereby created and made a body politic and corporate Body politic. under the name and style of Enterprise Savings and Loan Company, Corporate name. and by that name shall have all the rights, franchises, powers and Powers. privileges incident to a corporation.

SEC. 2. That the capital stock of the said corporation shall be Capital stock. one hundred thousand ($100,000) dollars, to be divided into four Shares. thousand shares of the par value of twenty-five ($25) dollars each.

tion.

The corporators named above, or any three of them, may open books Books of subscripof subscription, and after four hundred shares of stock shall have been subscribed for, the corporators having charge of the books of subscription aforesaid may give notice of a meeting of the sub- First meeting. scribers to be held at some place in the city of Monroe, at a time to be fixed in the notice, and at such time and place the subscribers, or a majority in interest of them, may meet and organize the corporation, and as soon as the sum of ten thousand dollars of the When to begin capital stock has been paid in the corporation shall have authority to commence business.

business.

SEC. 3. The principal office and place of business of the said cor- Principal office. poration shall be in the city of Monroe, State of North Carolina,

and the corporation shall have authority to establish branch offices Branch offices. at Waxhaw and Marshville, in the county of Union, State of North Carolina, and at such other places as it may deem proper and for the advantage of the corporation. The corporation is also authorized

to determine what officers it shall have, and it shall make all need- By-laws.
ful by-laws, rules and regulations that may be necessary to conduct

its business in accordance with the provisions of this act, and it Powers.
shall have power to make contracts, use a common seal, sue and be
sued in the courts as fully as natural persons, to buy, hold, possess
and convey real, personal or mixed property, and to do any and all
lawful acts and exercise all lawful powers and privileges which a
corporate body may do or exercise.

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 or procure loans for any person, company, firm, 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, tenements or personal property, or interest therein of any description,

Power to own stock in other corporations, etc.

May act as fiscal agent, etc.

Savings bank business.

Deposits of married women and minors.

situate anywhere; to lend money on, 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 or 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 anywise dispose of, and to charge any rate of interest on any such loans not exceeding the rate allowed by law.

SEC. 5. That the said corporation may become the owner of the capital stock of other corporations, either by subscription or by purchase, 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 general dealer in stocks, shares, notes, bonds, debentures or other securities of any government, State, municipality, corporation, company, firm, partnership or business, and may act as fiscal agent and place in behalf of any corporation, company, firm, partnership or corporation, public or private, person or persons, shares, stocks, 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 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, at such times and on such terms as the board of directors may agree to, as an investment or otherwise.

SEC. 6. That said corporation shall be invested with all the privileges usually incident to banking institutions and to savings banks, with the right to receive deposits, the limit to be fixed by its 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 feature of this corporation.

SEC. 7. The said corporation may receive 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 corporation may deal with such married woman or minor in reference thereto as though he or she were sui generis and under no disability, and payment made to such minor or married woman on his or her receipt, check, draft or acquittance, or payment to such person or persons, company, firm or corporation, or the assignees of such, as

shall present the check drawn against such deposit, shall be a valid and sufficient release and discharge to such corporation for such deposit and any interest on or the part thereof so drawn and paid. SEC. 8. That said corporation shall have power to become surety Power to conduct surety and bonding on the bond of any State, county, city or town official, or on the business. bond of any executor, administrator, guardian, trustee, corporation or natural person, or on bonds and undertakings of all kinds required in any court of justice, as fully as a natural person, by the signature and justification of any of its executive officers or of any agent or attorney duly authorized and empowered so to do by the rules and regulations of the corporation.

trustee, etc., for

SEC. 9. That said corporation shall have the right to act as agent, May act as agent, factor or trustee for any State, county, town, city, municipality, States, counties, corporation, company, firm, partnership or individual, on such terms etc. as to agency and commission as may be agreed upon in registering, selling, countersigning, collecting, acquiring, holding, dealing in and disposing of, on account of any State, city, town, municipality, corporation, company, firm, partnership or individual, any and all 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, commissions or rate of compensation as may be agreed on concerning any of the matters and things authorized by this charter.

SEC. 10. That said corporation shall have power to receive money May act as trustee, in trust; to become executor or administrator of any estate, and executor, etc. to accept and execute any other trust that may be committed to it by any court, corporation, company, person or persons; and it shall also have power to accept any grant or transfer, devise or bequest, and hold any real or personal estate or property, or trust created by the laws of this State, or 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.

SEC. 11. That in all cases where application shall be made to any May act as guarcourt of this State for the appointment of any receiver, trustee, ad- dian, assignee, etc. 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 Enterprise Savings and Loan 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 charges, costs and expenses shall be allowed to said corporation for its services, care and management in the premises; and said corporation as such receiver, trustee, administrator, assignee, commissioner or guardian, shall be subject

Subject to orders
of court.
Proviso.

May act as trustee, etc., of insolvents.

Storage warehouse business.

Rules and regulations.

Warehouse receipts negotiable.

Proviso.

Individual liability.

to all orders or 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 the qualification to any office or trust above mentioned. may be taken by any officer of said company, and the oath prescribed by law may be so modified as to apply to corporations instead of individuals.

SEC. 12. The said corporation is hereby fully authorized and empowered to act as trustee or assignee for any insolvent person, firm or corporation, or to act as trustee in bankruptcy under the National Bankruptcy Act, and to receive on deposit all funds in litigation in the various courts of 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 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 corporation may build, erect, maintain, conduct and operate one or more warehouses or depots for the storage of goods, wares, mer,chandise, cotton and other products, and to charge and receive commissions, rents and compensation for the storage and keeping thereof, which charge shall constitute a first lien on the property so stored; make rules, regulations, contracts and by-laws, fixing terms and prices for storage, manner of inspection, form of 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 hereby are 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: Provided, that in the absence of any stipulation in the receipt or any contract between the said company and any disposition of property in said warehouses, the said company shall be held and deemed to be liable to exercise only ordinary care in the custody and protection of such property.

SEC. 14. That the stockholders in this corporation shall be individually responsible, equally and ratably, and not one for another, for all contracts, debts and engagements of such corporation to the extent of the amount of their stock therein at the par value thereof, in addition to the amount invested in such shares.