North Carolina - Acts on Education Topics

An Act to Incorporate Trustees of Statesville Academy.

1874-75 Private Laws: Chapter LXXV

Private Laws of the State of North Carolina Passed in 1874-75 - Pages 522-524.

Section 1. The General Assembly of North Carolina do enact, That W. H. Morrison, A. A. Hampton, R. F. Simonton, J. B. Connelly and W. F. Hall, and their successors in office, be constituted a body politic and corporate by the name of the "Trustees of the Statesville Male Academy Association," for educational purposes, with all the powers, rights and privileges contained in chapter twenty-six, of Battle's Revisal, and therein conferred on corporations.

Sec. 2. That they and their successors in office are hereby authorized and empowered to take and hold title in fee to the new academy lately erected in or adjacent to the town of Statesville, Iredell County, North Carolina, and the lands, grounds and property of every description belonging or appurtenant to said academy, and to hold the same for the purpose of establishing, carrying on and conducting a school for white male children in said academy upon such terms and in such manner as they in their discretion may deem best.

Sec. 3. The said W. H. Morrison, A. A. Hampton, R. F. Simonton, J. B. Connelly and W. F. Hall, and their successors in office, shall be known as the "Trustees of the Statesville Male Academy Association," and as such they shall have full power to lease, rent, mortgage or sell the said academy and the lands, grounds or other property, real or personal, belonging appurtenant to said academy or any part thereof, for the purpose of establishing or conducting said school, or for the purpose of discharging any debt due for said academy or the lands or personal property appurtenant thereto, or for the purpose of re-investing the proceeds for the like purpose.

Sec. 4. That the said board of trustees shall meet on the first Saturday in March, Anno Domini one thousand eight hundred and seventy-five, and organize by electing one of their number chairman, and another secretary of said board; and they shall keep a written minute of all their proceedings, which shall be at all convenient times open to the inspection of the stockholders hereinafter mentioned.

Sec. 5. The chairman of said board shall, for thirty days previous to the second Saturday in May, one thousand eight hundred and seventy-five, and every two years thereafter, advertise for a meeting of all persons who have subscribed and paid in, or may subscribe and pay in ten ($10.00) dollars or more to the capital stock of the company, to meet at a time and place certain in the town of Statesville, North Carolina, to elect five trustees as successors to the trustees hereinbefore appointed, who shall be elected by a stock vote of the said subscribers, every ten dollars subscribed and paid in counting one vote, and it shall require a majority of all the stock so subscribed and paid in to elect the trustees, and the trustees so elected shall enter immediately upon the duties of their office, and shall hold for two years and until their successors shall be elected and enter on their office: Provided, That if for any cause there shall be a failure to elect at any election, the old trustees shall hold over until their successors shall be elected at a regular election and enter on their office, and the board of trustees shall at all times have power to fill any and all vacancies in their board until the next regular election.

Sec. 6. That the trustees shall at all times keep open books tor the subscription of shares of stock to this association and a list of all stockholders, and shall issue to stockholders certificates of stock, one share for every ten dollars paid in: Provided, That the capital stock of this association shall not exceed fifty thousand dollars.

Sec. 7. A majority of the trustees shall constitute a quorum for the transaction of all business.

Sec. 8. The trustees herein appointed shall make no lease, renting, mortgage or sale of the property hereinbefore mentioned, except a renting for not more than one year, until after the time for first election herein provided for on the second Saturday in May, one thousand eight hundred and seventy-five.

Sec. 9. The board of commissioners of the town of Statesville shall have power in all elections to vote the stock of this company arising from the sale of the old Buena Vista Academy and paid into this company.

Sec. 10. This Act shall be in force from and after its ratification.

Ratified the 5th day of February, A.D. 1875.

Curtis H. Brogden, Governor
James L. Robinson, Speaker of the House of Representatives
Robert F. Armfield, Lt. Governor and President of the Senate

State of North Carolina,
Office Secretary of State,
Raleigh, May 15th, 1875.

I, William H. Howerton, Secretary of State, hereby
certify that the foregoing are true copies of the original
acts and resolutions on file in this office.

William H. Howerton,
Secretary of State.



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