North Carolina - Acts on Education Topics

An Act to Incorporate Central Institute for Young Ladies.

1883 Private Laws: Chapter 100

Private Laws of the State of North Carolina Passed in 1883 - Pages 827-829.

The General Assembly of North Carolina do enact:

Section 1. That Thomas W. Harris, Sterling Johnston, J. W. Heptinstall, E. C. Thorne, W. C. Johnston, C. L. Sledge, W. E. Spruill, N. E. Jenkins, M. E. Newsom, W. H. Thorne, B. R. Browning, their associates and successors, be and they are hereby created a joint stock company, a body politic and corporate, for the purpose of maintaintaining a school of high grade near the town of Littleton, in the county of Warren, for the intellectual, moral and religious development and training of young ladies under the name and style of "Central Institute for Young Ladies," and in that name may sue and be sued, may plead and be impleaded, contract and be contracted with, acquire, hold and convey in their corporate capacity property personal and real, and exercise all acts in relation thereto incident to the ownership of personal property and real estate.

Sec. 2. The members of the corporation shall have perpetual succession, and forever elect their officers not hereinafter named, and may, if they so elect, have and use a common seal.

Sec. 3. That the officers of said company shall be a president, vice-president, treasurer, secretary, and a board of nine directors, five of whom shall constitute a quorum for the transaction of business, and all of whom shall be elected by the stockholders annually after the first year.

Sec. 4. The annual meeting of the stockholders shall be on the second Wednesday in June of each year, unless otherwise ordered by the vote of a majority of said stockholders.

Sec. 5. The capital stock of said corporation shall not be less than three thousand dollars nor more than fifty
thousand dollars, and shall be divided into shares of fifty dollars each, to be paid at such times and in such manner as the board of directors may prescribe.

Sec. 6. All bequests and donations to the institute shall be the property of the North Carolina Conference of the Methodist Episcopal Church, South, and shall be used as the donors direct. For every fifty dollars which shall be donated or bequeathed in money or its equivalent, the corporation shall issue to the Methodist Episcopal Church, South, and to that portion of it known as the North Carolina Conference one share of stock, which shall be held by three trustees, who shall be appointed by the said conference to take in trust and hold said certificates of stock.

Sec. 7. In the event the use of such bequests and donations as are provided for in section six of this charter shall not be directed by the donors, they shall be used as directed by the trustees provided for in said section, who shall be ex officio directors and shall have perpetual succession.

Sec. 8. The officers of the corporation until the election and qualification of their successors in office shall be as follows: Thomas W. Harris, president; J. W. Heptinstall, vice-president; Sterling Johnston, treasurer; W. A. Johnston, secretary; C. A. Thorne, W. E. Spruill, N. E. Jenkins, M. E. Newsom, W. H. Thorne, B. R. Browning, Thomas W. Myrick, G. T. Simmons and C. L. Sledge, directors.

Sec. 9. The stockholders shall not be individually liable for the indebtedness of the institution.

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

In the general assembly read three times, and ratified this the 7th day of March, 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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