North Carolina - Acts on Education Topics

An Act for the Promotion of Female Education.

1883 Private Laws: Chapter 57

Private Laws of the State of North Carolina Passed in 1883 - Pages 737-738.

Whereas, the Greensboro Female College Association, a corporation organized under the general corporation Act of this state, has assumed and become liable for the debts and obligations of "The Greensboro Female College," in order to relieve it from its pressing burdens, and to prevent its being sold under mortgage, and probably diverted from the purposes of education, and in order to promote education, and the growth of learning; and whereas, it is the policy of the state to foster and encourage by all lawful means such institutions of learning:

The General Assembly of North Carolina do enact:

Section 1. That the Greensboro Female College Association, by its proper offices, shall have the power to issue bonds or other evidences of indebtedness, and in order to secure the same, may make and execute a mortgage or mortgages upon all its estate, property and effects, both real and personal: Provided, such bonds shall not in the aggregate amount to more than the sum of forty thousand dollars.

Sec. 2. That said bonds shall be of such denomination as the stockholders or a majority of them shall prefer, and shall not run for a longer period than thirty years from the date of their issue, and shall not bear a greater rate of interest than six per cent, per annum.

Sec. 3. That to such bonds shall be attached coupons for the interest upon said bonds, said coupons to become due annually, and each coupon shall be for a sum equal to the interest upon the bond to which it is attached for one year.

Sec. 4. That the coupons upon said bonds shall be receivable in payment of all dues to the association.

Sec. 5. That all bonds so issued shall be signed by the president of the association and countersigned by the secretary thereof, and shall be exempt from all state, county and municipal taxation in the hands of the holders.

Sec. 6. That the exemption from taxation shall cease whenever the property of said corporation shall cease to be used for educational purposes.

Sec. 7. That this Act shall be in force from and after its ratification.

In the general assembly read three times, and ratified this the 27th day of February, A.D. 1883.

Thomas J. Jarvis, Governor
George M. Rose, Speaker of the House of Representatives
James L. Robinson, Lt. Governor and President of the Senate

State of North Carolina,
Office of Secretary of State,
Raleigh, May 24th, 1883.

I, William L. Saunders, Secretary of State, hereby
certify that the foregoing (manuscript) are true copies of
the original acts and resolutions on file in this office.

William L. Saunders,
Secretary of State.



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