North Carolina - Acts on Education Topics

An Act to Incorporate Oak Institute Joint Stock Company, at Mooresville, in Iredell County, North Carolina.

1887 Private Laws: Chapter 118

Private Laws of the State of North Carolina Passed in 1887 - Pages 1013-1014.

The General Assembly of North Carolina do enact:

Section 1. That the following named persons are constituted the Oak Institute Joint Stock Company, to-wit : A. Cornelias, M. D. Hobbs, J. B. Cornelias, J. R. Cornelias, W. B. Mott, D. A. Barkley, R. S. Templeton, C. E. Wilkerson, W. L. Turner, M. W. White, S. S. Steele, Richard Brantley, J. F. Johnston, R. W. McKay, A. D. Plyler, W. L. Rankin, W. L. Caldwell, T. L. Triplett, H. A. Muill, J. A. Mills, J. J. Mayhew, J. B. Atwell, R. S. Atwell, C. F. Rink, G. W. Templeton, R. L. Atwell, J. M. Moore, A. M. Walker, W. L. White, D. S. Chandler, and they are hereby intrusted with all powers necessary to purchase, own and control property for the purpose of founding and conducting an educational institution at Mooresville, in Iredell County.

Sec. 2. The company shall be organized with a capital stock of twenty-five hundred dollars, in shares of twenty-five dollars each.

Sec. 3. The stockholders shall have power to elect a president, vice president, a secretary, a treasurer, and a board of five directors, of whom the president shall be one.

Sec. 4. The company shall be governed by the president and directors, who, with the other officers, shall be elected annually, at such time as the by-laws may direct; and these shall continue to hold office until their successors are elected.

Sec. 5. The company shall have power to make such by-laws and regulations as they may deem proper, not inconsistent with the laws of the state.

Sec. 6. The stockholders of the company shall not be individually liable for its debts.

Sec. 7. The stockholders shall have power to increase the capital stock to the amount of twenty thousand dollars.

Sec. 8. 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. 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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