North Carolina - Acts on Education Topics

An Act to Incorporate the Trustees of Greensboro' Female College.

1869-70 Private Laws: Chapter LXXII

Private Laws of the State of North Carolina Passed in 1869-70 - Pages 126-129.

Section 1. The General Assembly of North Carolina do enact, That N. F. Reid, B. Craven, William Closs, J. C. Pinnix, A. W. Mangum, T. M. Jones, H. T. Hudson and William M. Robbins, who have been appointed on the part of the North Carolina Conference, of the Methodist Episcopal Church, South, together with their associates and successors who may be appointed as hereinafter provided, the whole number not to exceed thirty at any one time, be and hereby are created a body politic and corporate under the name and style of "The Trustees of Greensboro' Female College" for the period of ninety-nine years, with the privilege of a common seal to be altered at their pleasure, and with power to sue and be sued, plead and be impleaded, contract and be contracted with, hold such real and personal property as may be by them deemed necessary for the successful establishment and maintainance of a female college at the town of Greensboro', in this state, and make all rules, regulations, by-laws and agreements needful for the government of their own body and of the said female college, and for carrying into efiect the aforesaid purpose of their incorporation and do all other acts pertaining to similar corporations, and not inconsistent with the laws of this state or of the United States.

Sec. 2. That said corporation shall have power to raise the necessary capital for carrying out its aforesaid purpose of establishing and maintaining a female college at Greensboro' by donation from the North Carolina Conference aforesaid, or from other persons, and parties by loans, at a rate of interest not exceeding that allowed by law, upon such terms as to security and time and manner of repayment, as may be agreed upon with the parties loaning, and by subscription of stock by private individuals and public and private corporations: Provided, That the whole amount of its capital raised from all these sources shall not exceed one hundred thousand dollars: And provided further, That until otherwise ordered by the trustees, the capital stock shall consist of the cost of building and furnishing the college.

Sec. 3. That all persons contributing to build the college shall have the privilege of becoming stockholders upon the following basis: The capital stock shall be divided into shares of fifty dollars each, and certificates of stock shall be issued by the trustees to said stockholders for the amount paid. Each stockholder shall be entitled to his pro rata share of all dividends declared by the trustees from time to time, and also be entitled to give one vote for such share of stock owned by him, in the election of the trustees chosen by the stockholders. The whole number of individual stockholders shall be entitled to elect at their annual meeting an equal number of trustees with those appointed by the conference: Provided, That when the board of trustees appointed by the conference own more than the amount of the capital stock by donations or otherwise, their number shall be increased, and the number of trustees by the individual stockholders decreased in proportion to the amount thus owned.

Sec. 4. That all donations for the erection of said college, not otherwise ordered by the donor or donors, shall belong to the conference stock.

Sec. 5. That the corporation shall have power, at all times, to redeem, purchase and buy in any such certificate of stock by tendering to the holder thereof, in lawful money, the par value of the number of shares covered by such certificate, together with interest thereon at six per cent, per annum, from the time when said shares were paid in, subject to the deduction of any dividends received in the mean time by such stockholder in tuition, board or cash, and upon such tender being made, the powers and rights of the stockholders as such shall at once terminate, and when all the certificates of stock shall have been thus redeemed, the power of appointing trustees in said corporation shall vest solely in the North Carolina Conference aforesaid. Any trustees in this corporation may be removed for refusal or neglect to discharge his duties as such by the same authority that appointed him.

Sec. 6. That the corporation shall be organized by the election of a president, secretary, treasurer and other officers as it may deem necessary; and persons subscribing stock as provided in sections two and three, shall receive therefor, when paid in, certificates of the same, signed by said president, countersigned by the secretary, and authenticated by the seal of the corporation; which certificate of stock shall only be transferable on the books of the corporation.

Sec. 7. That this corporation shall have power to fix the time of holding their meetings, and the number of their body necessary to constitute a quorum shall be a majority of the whole. They may, at such annual meeting, appoint an executive committee of three of their own number to conduct the business of the corporation during the year, with such power and under such limitations as they may deem proper, not in excess of their own power, as prescribed in this Act.

Sec. 8. That this corporation may appoint a president and all necessary subordinate members of the faculty of the aforesaid female college, and impose upon them all needful rules and restrictions, and pay them such compensation as may be agreed upon, and, together with such faculty, shall have power to confer such degrees and marks of honor as are usually conferred by such institutions.

Sec. 9. That this Act shall take efect from the date of its ratification.

Ratified the 25th day of March, A.D., 1870.

William W. Holden, Governor
Joseph W. Holden, Speaker of the House of Representatives
Tod R. Caldwell, Lt. Governor and President of the Senate

State of North Carolina,
Office of Secretary of State,
Raleigh, August 11th, 1870.

I, Henry J. Menninger, Secretary of State, hereby
certify that the foregoing are true copies of the original
private acts on file in this office.

Henry J. Menninger,
Secretary of State.

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