North Carolina - Acts on Education Topics

An Act to Incorporate Lexington Female Seminary.

1887 Private Laws: Chapter 59

Private Laws of the State of North Carolina Passed in 1887 - Pages 889-890.

This Act was repeated as Chapter 94 in the Private Acts, pages 960-961, and dated March 7, 1887.

The General Assembly of North Carolina do enact:

Section 1. That R. S. Adderton, Miss Laura C. Clement, Jesse L. Clement, R. I. Cecil, A. L. Clodfelter, D. K. Cecil, J. W. Davis, T. B. Eldridge, J. W. Finch, T. C. Ford, B. L. Ford, J. D. Grimes, T. J. Grimes, James E. Gay, W. F. Henderson, J. F. Hargrave, C. A. Hunt, W. O. Holt, A. A. Hill, Lee Harbin, Allen Jones, W. C. B. Leonard, S. E. March, C. A. Noah, J. L. Peacock, M. H. Pinnix, H. T. Phillips, B. B. Roberts, S. W. Rice, F. C. Robbins, J. B. Smith, Baxter Shemwell, F. M. Thompson, C. M. Thompson, John T. Vann and W. A. Watson, their associates and successors, be and they are hereby created a joint stock company, a body politic and corporate, for the purpose of maintaining a school of high grade in the town of Lexington in Davidson County for the intellectual and moral training of young ladies, under the name and style of "Lexington Female Seminary," and in that name may sue and be sued, plead and be impleaded, contract and be contracted with, acquire, hold and convey in their corporate capacity property, real and personal, and exercise all acts in relation thereto incident to the ownership of real and personal property and for the promotion of female education.

Sec. 2. The members of said corporation shall have perpetual succession, shall elect their officers, and may, if they so choose, have and use a common seal.

Sec. 3. That the officers of said corporation shall be a president, vice-president, treasurer, secretary and 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.

Sec. 4. That the first meeting of said corporation for the election of officers shall be held within thirty days from the ratification of this Act, and the annual meeting of the stockholders shall be on the first Wednesday of June of each year, unless otherwise ordered by the stockholders.

Sec. 5. That at the regular annual meetings of the stockholders they shall have power to make such by-laws, not inconsistent with the laws of the state, as shall be deemed necessary to promote the objects of the corporation.

Sec. 6. That 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 twenty-five dollars each, and to be paid at such time and in such manner as the board of directors may prescribe.

Sec. 7. That in the meetings of the stockholders all questions shall be decided by a majority vote, each share being entitled to one vote; and a majority of all the stock shall be represented in order to constitute a legal meeting of the stockholders.

Sec. 8. That the president of said corporation, with the advice and consent of the board of directors, shall have power to call a meeting of the stockholders whenever he may deem it proper.

Sec. 9. That, except for building purposes, said corporation shall shall have no power to contract indebtedness exceeding one thousand dollars: nor shall it have power to execute any mortgage, or to create other lien than mechanics' and laborers' lien upon its property; and the stockholders shall not be individually liable for any indebtedness of said corporation.

Sec. 10. That Rev. James E. Gay, one of the said stockholders, is hereby authorized to call the first meeting of the stockholders provided for in section four of this Act.

Sec. 11. That this Act shall be in force from and after its ratification.

In the general assembly read three times, and ratified this the 2d day of March, A.D. 1887.

Alfred M. Scales, Governor
Charles M. Stedman, Lt. Governor and President of the Senate
Thomas M. Holt, Speaker of the House of Representatives

State of North Carolina,
Office Secretary of State,
Raleigh, May 31st, 1887.

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

William L. Saunders,
Secretary of State.

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