SEC. 5. That section sixty-six of chapter one hundred of the Power to condemn land for protection Private Laws of nineteen hundred and one be amended by inserting of water supply. between the word "city" and the word "and" in line ten thereof the words "including the protection of the water-sheds of the streams which constitute the sources of water supply for said city in order that said sources of water supply may be kept pure and healthful." establish electric SEC. 6. That section thirty of the Private Laws of nineteen hun- Aldermen may dred and one be and the same is hereby amended by adding thereto light system. at the end thereof the following: "and said Board of Aldermen shall have the authority and power, in its discretion, to erect or establish one or more electric plants of any kind; to fully equip the same; to manufacture electricity therein and to sell the same for any purpose for which it may be used at such rates and upon such terms as may be deemed advisable by said Board of Aldermen." SEC. 7. That section forty-five of chapter one hundred of the Salary of assistant tax-collector. Private Laws of nineteen hundred and one be and the same is hereby amended by striking out the word "six" in line nine of said section and by substituting in the place and stead thereof the words "not exceeding nine." SEC. 8. That section thirty-two of chapter one hundred of the Further powers granted board of Private Laws of nineteen hundred and one be and the same is health. hereby amended by adding at the end of said section the following: "Said Joint Health Board shall have authority, and power is hereby given it, to prescribe rules and regulations for the location, relocation, establishment, maintenance and continuance of hospitals, sanatoriums, sanitariums and other institutions or places at which persons suffering from tubercular or any other infectious or contagious disease may be received; to provide for the removal, segre- Removal and quarantine. gation and quarantine of such persons when, in the sound judgment of said Joint Health Board, the same may be necessary to preserve the health or comfort of the city of Asheville or of any section or neighborhood thereof, and to adopt rules and regulations to that end, to enforce same and to provide penalties for the violation of any rule or regulation herein authorized to be adopted." water-works and men. SEC. 9. That the words "Superintendent of Water-works" in lines Superintendent of six and seven and the words "Chief of Police" in line eight of chief of police section nine of chapter one hundred of the Private Laws of nine- elected by alderteen hundred and one be and the same are hereby stricken out; and section thirty-nine of chapter one hundred of the Private Laws of nineteen hundred and one be and the same is hereby amended by inserting between the word "Clerk" and the word "and" in line two of said section the following: "A Superintendent of Waterworks, a Chief of Police." Repealing clause. SEC. 10. That all acts and clauses of acts inconsistent or in conflict with any of the provisions of this act are hereby repealed. SEC. 11. That this act shall be in force from and after the date of its ratification. In the General Assembly read three times and ratified this 27th day of January, A. D. 1903. Corporators. Corporate name. Capital stock. CHAPTER 10. AN ACT TO INCORPORATE THE BANK OF KERNERS- The General Assembly of North Carolina do enact: SECTION 1. That L. F. Davis, W. S. Linville, W. H. Leak, J. C. Roberts, Geo. V. Fulp, J. H. Greenfield, W. G. Penry, J. F. Ward, C. M. Thompson, W. H. Mendenhall, G. W. Montacastle and their associates and successors and assigns be and they are hereby created a body politic and corporate under the name and style of "The Bank of Kernersville," and by such name may acquire, hold and convey real and personal property, sue and be sued, plead and be impleaded in any of the courts of the State, and have a continuous succession for sixty years, and a common seal for the purposes indicated in this act. SEC. 2. That the capital stock of said corporation shall not be less than fifteen thousand dollars, which may be increased from time to time to a sum not exceeding fifty thousand dollars, in shares When to commence of one hundred dollars each. Said corporation may commence business when five thousand dollars shall have been paid in. business. Directors. President and vice-president. Term of office. Power of directors. To fill vacancies. Make by-laws. Appoint officers and fix salaries. Location of offices. General banking powers. SEC. 3. That the affairs of the corporation shall be governed by a board of not more than twelve and not less than five directors, who shall be elected annually by the stockholders. The directors so elected shall choose from their own number a president and a vicepresident, who shall serve for one year and until their successors shall have been elected. A majority of the board shall have power to fill vacancies in its body until the next succeeding annual meeting, to make rules, regulations and by-laws for the government of said corporation and for the conduct of its business; also to appoint its officers and fix their salaries. SEC. 4. That the office or banking house of the corporation shall be located in the town of Kernersville, N. C. SEC. 5. That the corporation shall have all the powers, rights and privileges and immunities granted to any bank or banking institution by the laws of North Carolina, and shall have the power to receive and pay out the lawful currency of the country, to deal ried women and in mercantile paper, exchange gold and silver coins, stocks, bonds, notes and other securities; to buy and sell real and personal property; to lend money on personal security or to make loans secured by real or personal property; to receive deposits; and for the use and loan of money may charge a rate of interest per annum as Interest not to exceed legal rate. high as may be allowed by the laws of the State, and may take and receive said interest at the time of making said loan free May be taken at from all other control or liability whatsoever. When married time of loan. women or minors shall deposit money or other property in the bank Deposits of marto their own credit or in their own name they may withdraw the minors. same on their own individual checks and be bound thereby. Deeds Deeds to real of real estate shall be made by the president and vice-president under the seal of the corporation. When the bank shall cause to be Bank may buy at sold any of the property of any of its debtors on which it has a lien to secure debt, or when such property shall be sold for its benefit, the bank may bid for and purchase any and all such property, and its title thereto, when so acquired, shall be valid and binding in all respects: Provided, that nothing in this act contained Proviso. shall operate or be construed as to delay or impair the mortgagor's equity of redemption. estate. its own sale. ferred. SEC. 6. That the stock held by any one shall be transferred only How stock transon the books of the said corporation, either in person or by attorney. directors. holders. SEC. 7. This corporation is invested with the powers and privi- Savings bank. leges incident to savings banks; may receive deposits in very small sums, the limit to be fixed by its board of directors, and may pay interest thereon by way of dividends out of the net earnings or as Interest on deposits. fixed according as may be agreed upon between the bank and its depositors; and the board of directors are hereby fully authorized Powers of to make all needful by-laws and regulations for conducting and carrying into effect the savings bank feature of this corporation. SEC. 8. The stockholders of this bank shall be individually re- Liability of stocksponsible, equally and ratably, and not 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. The term stock- Stockholder defined. holder, when used in this chapter, shall apply not only to such persons as appear by the books of the corporation to be stockholders, but also to every owner of stock, legal or equitable, although the same may be on such books in the name of another person; but not to a person who may hold the stock as collateral security for the payment of a debt. SEC. 9. That this act shall be in force from and after its ratification. In the General Assembly read three times and ratified this 28th day of January, A. D. 1903. Corporate name changed. CHAPTER 11. AN ACT TO AMEND CHAPTER 202 OF THE PRIVATE The General Assembly of North Carolina do enact: SECTION 1. That chapter two hundred and two (202) of the Private Laws of 1899 be amended by striking out the words "The Commercial and Savings Bank" wherever they occur, and inserting in lieu thereof the words "Goldsboro Savings and Trust Company." SEC. 2. That this act shall take effect and be in force from and after its ratification. In the General Assembly read three times and ratified this 28th day of January, A. D. 1903. Corporators. Corporate name. CHAPTER 12. AN ACT TO INCORPORATE THE "BANK OF SELMA." The General Assembly of North Carolina do enact: SECTION 1. That M. C. Winston, N. E. Edgerton, R. B. Whitley, R. M. Nowell and R. J. Noble, their present and future associates, successors and assigns, are hereby declared to be a body politic and corporate by the name and style of the "Bank of Selma," and shall so continue for a period of sixty years, with capacity to take, hold Corporate powers. and convey real and personal property, with the rights, powers and privileges incident or belonging to corporations, set forth and referred to in the first, second and third sections of chapter 16, Volume I of The Code, entitled "Corporations." And also all privileges conferred upon banks by chapter 769, Public Laws of 1901, not inconsistent with this act. Banking privileges. Capital stock. SEC. 2. The capital stock of said bank shall be ten thousand dollars, in shares of one hundred dollars each. And the capital May be increased. stock may be increased from time to time, as said corporation may elect, to a sum not exceeding fifty thousand dollars. Books of subscription. Meeting for organization. SEC. 3. The corporators named in the first section, or a majority of them, are hereby empowered to open books of subscription to the capital stock of said bank at such time and place and for such period or periods as they shall determine. SEC. 4. Whenever ten thousand dollars is subscribed for, the said corporators, or any three of them, may call a meeting of the stockholders in the town of Selma at the office of the Bank of Selma, and they may proceed to adopt such by-laws and regulations for By-laws. Selma exchange for one year or until their successors may have been chosen, or for Term of office. such terms as they may prescribe. An interest in the present pri- Interest in Bank of vate partnership known as the "Bank of Selma” may be exchanged able for stock in for a like interest in the corporation chartered by this act; and this bank. persons holding stock in the partnership known as the "Bank of Selma" 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: Provided, however, that stock in the corporation shall Proviso. not be issued to a greater amount than the par value of stock in the partnership aforesaid. other officers. SEC. 5. The directors shall elect one of their number to be presi- President and 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 Term of office. at the discretion of the directors during the continuance in office of said directors; and the directors shall prescribe their duties and may take from them bonds with security for the faithful discharge Bonds. of their duty, and may fix their compensation. SEC. 6. The said board of directors may adopt and use a seal, and Further powers of directors. may break and alter the same at pleasure; may prescribe the manner of paying for stock and transferring the same; may regulate the method of conducting the business of said bank; may do a general banking business and exercise all the powers, rights and privileges conferred by the laws of the State on banks and corporations, especially those set forth in chapter four, Volume II of The Code; may lend money at such rates of interest as may be agreed upon, Interest not to subject to the general laws of the State as to the rate; may dis- exceed legal rate. count, buy and sell notes, drafts and all other securities or evidences of debt; may loan money on mortgages of real and personal May loan on crop property, or both, or upon liens upon crops, planted or unplanted; liens. may buy, build or lease a banking house or houses, and may sell Banking house. and exchange the same at pleasure; may negotiate loans on mort gages on real and personal estate at a rate of interest not exceed ing the legal rate, and they shall direct when dividends of profit Dividends. shall be made and declared. subscription. SEC. 7. That if any subscriber shall fail to pay for his stock or Enforcement of 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 Selma, after advertisement of such sale for thirty days in some |