North Carolina - Acts on Education Topics

An Act to Incorporate Statesville Seminary.

1870-71 Private Laws: Chapter XLIII

Private Laws of the State of North Carolina Passed in 1870-71 - Pages 94-95.

Section 1. The General Assembly of North Carolina do enact, That T. A. Allison, W. W. Pharr, S. C. Miller, E. F. Rockwell, J. H. Hill and their associates, heirs and assigns are hereby constituted a body politic and corporate for the term of ninety-nine years, under the name and style of "The Proprietors of Statesville Seminary," and in that name may sue and be sued, plead and be impleaded, contract and be contracted with, purchase, hold and dispose of such real and personal property as may be needful for carrying on an institution of learning at Statesville, in the county of Iredell, and have all the other rights and powers usually pertaining to corporations created for similar purposes.

Sec. 2. That said corporation shall be allowed to have a capital stock of fifty thousand dollars, to be divided into shares of fifty dollars each, and the individuals named in the preceding section are empowered to open books for receiving subscriptions of stock at such times and places, and under such regulations as they may deem expedient; and when as much as five thousand dollars of stocks shall have been subscribed and paid in, said corporation may proceed to organize by the election of a president, vice-president, secretary and treasurer with such duties pertaining to said officers as the corporation may direct and prescribe, said officers to be elected annually thereafter, but to hold until successors are chosen and qualified. After the organization of the corporation it may take the full control and have the regulation of all matters in reference to receiving subscriptions of stock therefor.

Sec. 3. That said corporation may in its discretion have power to elect annually a board of directors consisting of not over eight persons, and to assign to said board such privileges, powers and duties as may be deemed expedient in regard to managing the affairs of the corporation, and of the seminary under its proprietorship; and said corporation may make all needful rules, regulations and by-laws, and take all such lawful steps as may be necessary for establishing and maintaining in operation a literary institution of high grade, by the name of Statesville Seminary.

Sec. 4. That all meetings of said corporation, when a vote is being taken in any election or upon any subject, it shall be a stock vote if any member demands it previously to the putting of the question, and each member shall cast as many votes as he holds shares of stock, in person or by proxy, and a majority of stock shall be represented either in person or by proxy to constitute a quorum. The corporation may fix the proper forms for appointing proxies in its by-laws, and may make by-laws and regulations needful for its own government and the management of its affairs.

Sec. 5. The said corporation may dispose of any profits arising from its business, either by declaring dividends on its stock, or by employing the same in improving, enlarging and maintaining the seminary; and said corporation may at any time voluntarily dissolve itself by the vote of a two-thirds majority, and make an equitable division of its property among the stockholders, either by vote or otherwise, in its discretion.

Sec. 6. That this Act shall take effect from after and its ratification.

Ratified the 7th day of March, A.D., 1871.

Tod R. Caldwell, Governor
Thomas J. Jarvis, Speaker of the House of Representatives
Edward J. Warren, Lt. Governor and President of the Senate

State of North Carolina,
Office Secretary of State,
Raleigh, May 1st, 1871.

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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