North Carolina - Acts on Education Topics

An Act to Incorporate Transylvania Seminary, in Transylvania County, at or Near the Town of Brevard.

1865-1866 Private Laws, 2nd Session: Chapter 39

Private Laws of the State of North Carolina Passed in 1865-66, 2nd Session - Pages 114-115.

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 A. D. Farmer, Samuel J. Tracy, J. E. Duckworth, Ephraim England, Isaac A. Harris, William W. Moore, O. L. Erwin, T, L. Gash, and all others who are, or may hereafter become stockholders, be, and they are hereby constituted a body politic and corporate, and shall be known and distinguished by the name of Transylvania Seminary;" and, by that name, shall have perpetual succcssion and a common seal, and shall be vested with power and authority to sue and be sued, plead and be impleaded, either in law or equity, and to acquire, hold, possess, enjoy and sell, both real and personal estate, and shall have all other privileges and powers to which corporations of this kind are entitled.

Sec. 2. Be it further enacted, That said seminary shall be under the management of a president and board of trustees, chosen by the stockholders, who shall hold their offices for one year, and until their successors are elected or appointed by the recommendation of a majority of the stockholders, in any meeting where a majority of the whole stock is represented, each share, representing one vote. And the stockholders, their successors and assigns, shall have power to fix their annual or other meetings, elect their officers, and make all by-laws necessary for the preservation of good order and protection of the interests of the institution, not inconsistent with the constitution and laws of the State of North Carolina and that of the United States.

Sec. 3. Be it further enacted, That the capital stock of said corporation shall not exceed ten thousand dollars, in shares of twenty-five dollars each, transferable on the books of the corporation, or in such other manner as may be prescribed in the by-laws or other regulations made by the president and trustees. Land, not exceeding fifty acres, and the improvements thereon, shall be exempt from taxation.

Sec. 4. And be it further enacted, That this Act shall be in force and effect from and after its ratitication.

Ratified the 19th day of February, 1866.

Jonathan Worth, Governor
Samuel F. Phillips, Speaker of the House of Commons
Thomas Settle, Jr., Speaker of the Senate

State of North Carolina
Office of Secretary of State,
March 20th, 1866.

I, Robert W. Best, Secretary of State, in and for the
State of North Carolina, do hereby certify that the foregoing
are true copies of the original Acts and Resolutions on
file in this office. Given under my hand, this 20th day of
March, 1866.

Robert W. Best,
Secretary of State

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