North Carolina - Acts on Education Topics

An Act to Incorporate the North Carolina Military Insititute.

1858-1859 Private Laws: Chapter 284

Private Laws of the State of North Carolina Passed in 1858-59 - Pages 383-384.

Section 1. 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 Charles J. Fox, James H. Carson, H. Laff. Alexander, T. H. Brim, James P. Invire, S. M. Blair, David Parks, James H. Davis, Moses Heart, John A. Young, J. M. Davidson, J. H. Wayte, and the commissioners of the town of Charlotte, and their associates, successors and assigns, be and they are hereby created and constituted a body corporate and politic under the name and style of "The North Carolina Military Institute."

Sec. 2. Be it further enacted, That the capital stock of said company shall be seventy-five thousand dollars, in shares of fifty dollars each; and the said corporation shall have power to increase their capital stock to three hundred thousand dollars; and the stock of said company shall be paid in at such times and places, and under such rules and regulations as the corporation may adopt or direct; and the said corporators shall be permitted to organize under this charter whenever twenty-five thousand dollars shall have been subscribed.

Sec. 3. Be it further enacted, That the object of said corporation shall be to establish in the town of Charlotte, North Carolina, or its vicinity, a literary, scientific and military institute of high grade and character, and shall not engage in any species of business or manufacture inconsistent with said object; and those whom the said corporation may authorize for that purpose, shall have power to confer the degree of bachelor of science, and other degrees usually conferred by institutions of a similar character.

Sec. 4. Be it further enacted, That the said corporation shall be capable in law to receive, buy and hold real, personal and mixed property, and to bargain, sell and convey the same; one hundred thousand dollars of the capital stock together with real estate to the amount of one hundred acres of land shall be exempt from taxation.

Sec. 5. Be it further enacted, That this Act shall continue in force for ninety years from and after its ratification.

Ratified the 17th day of February, 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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