North Carolina - Acts on Education Topics

An Act to Amend an Act Entitled "An Act to Incorporate the Trustees of Graham Institute, a Seminary of Learning in the County of Alamance," Passed, A.D., 1851.

1858-1859 Private Laws: Chapter 189

Private Laws of the State of North Carolina Passed in 1858-59 - Pages 243-245.

Whereas, Graham Institute has been purchased by a joint stock company, with the view of enlarging, endowing and establishing it as a college under the control of the Christian denomination, South:

Section 1. Therefore be it enacted by the General Assembly of the State of North Carolina, and it is hereby enacted by the authority of the same, That Alfred Iseley, John Faucett, P. R. Harden, Bennett Hazell and Willis Sellars, and their successors, duly elected, as hereinafter directed, be and they are hereby made, constituted and declared to be a corporation and body politic and corporate in law and in fact, to have continuance fifty years, by the name, style and title of "The Trustees of Graham College," for the purpose of educating and training youths in the different branches of learning, arts and sciences, and said corporation shall have power to hold, receive, possess and convey property, real, personal and mixed, not exceeding two hundred thousand dollars.

Sec. 2. Be it further enacted, That the members of the joint stock company aforesaid shall, at their regular annual meetings held in accordance with their articles of agreement, elect a board of trustees of not less than five nor more than twenty-one members to hold office for one year, or until their successors shall have been duly appointed.

Sec. 3. Be it further enacted, That the stockholders in said joint stock company shall vote by ballot for members of said board of trustees, casting one vote for each share of twenty-five dollars stock: Provided, That no one stockholder shall cast more than eight votes on his own account, but all absent stockholders may vote with the above limitations by proxy.

Sec. 4. Be it further enacted, That the board of trustees so elected shall have authority to elect a president, professors and tutors, and establish a preparatory school in connection with the college, and under the same control and management, and that the president, professors and tutors aforesaid shall constitute a faculty, having full power to make and enforce laws, rules and regulations for the government of the college and preparatory school, and by and with the consent of a majority of the trustees, confer all such degrees or marks of literary distinction as are usually conferred in colleges or universities.

Sec. 5. Be it further enacted, That the whole amount of real and personal estate belonging to said corporation shall not at any one time exceed in value the sum of two hundred thousand dollars.

Sec. 6. Be it further enacted, That said real and personal estate shall be exempt from taxation: Provided, That whenever the said college shall hold or possess lands exceeding in quantity one hundred acres, it shall, for such excess, pay into the public treasury the usual tax.

Sec. 7. Be it further enacted, That said corporation shall be entitled to all the privileges and powers granted to corporations in chapter 26th of Revised Code.

Sec. 8. Be it further enacted, That all laws and clauses of laws heretofore enacted coming in conflict with the provisions of this Act, be and the same are hereby repealed.

Sec. 9. Be it further enacted, That this Act shall be in force from and after its ratification

Ratified the 21st day of January, 1859.

John W. Ellis, Governor
Thomas Settle, Jr., Speaker of the House of Commons
Henry Toole Clark, Speaker of the Senate

State of North Carolina
Office of Secretary of State, April, 1859.

I, Rufus H. Page, Secretary of State, in and for the State of North Carolina,
do hereby certify that the Acts and Resolutions contained in this Pamphlet,
are true copies of the original Acts and Resolutions, passed by the General
Assembly of this State, at its late session.

Rufus H. Page, Secretary of State

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