North Carolina - Acts on Education Topics

An Act to Incorporate the Farmers' Co-Operative School of North Carolina.

1889 Private Laws: Chapter 62

Private Laws of the State of North Carolina Passed in 1889 - Pages 616-617.

The General Assembly of North Carolina do enact:

Section 1. That J. T, Eaton, T. C. Davis, A. C. Davis, J. J. Royal, W. L. Arendell, T. D. Webb, A. S. Willis, Silas Webb and Daniel Bell, their associates and successors, be and they are hereby created a body politic and corporate for the purpose of maintaining a school of high grade in or near the tovrn of Morehead City, county of Carteret, State of North Carolina, for the intellectual development and training of the white children, under the name and style of the "Farmers' Co-operative School Company," 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. That the members of the corporation shall have perpetual succession, and forever elect their officers 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, two vice-presidents, treasurer, secretary, and a board of nine directors, five of whom shall constitute a quorum for transaction of business, and all of whom shall be elected annually by the stockholders after the first year.

Sec. 4. That the annual meeting of the stockholders shall be the third Monday in August, unless otherwise ordered by a majority of the stockholders.

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

Sec. 6. That all bequests and donations to the corporation shall be the property of the town of Morehead City, and shall be used as the town directs. For every ten dollars that shall be donated or bequeathed in money or its equivalent the corporation shall sell to the town of Morehead City one share of stock, which shall be held by their trustees (who shall be appointed by the said town), who shall take in trust and hold said certificate of stock.

Sec. 7. That in the event there are such bequests and donations as are provided for in section six of this charter, and the same 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. That the officers of the corporation, until the election and qualification of their successors in office, shall be: J. T. Eaton, president; A. C. Davis and T. D. Webb, vice-presidents; T. C. Davis, secretary, and Daniel Bell, treasurer.

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

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

Ratified the 28th day of February, A.D. 1889.

Daniel G. Fowle, Governor
Thomas M. Holt, Lt. Governor and President of the Senate
Augustus Leazar, Speaker of the House of Representatives

State of North Carolina,
Office Secretary of State,
Raleigh, June 6, 1889.

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

William L. Saunders,
Secretary of State.

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