North Carolina - Acts on Education Topics

An Act to Incorporate the Stockholders of Sparta Institute.

1891 Private Laws: Chapter 63

Private Laws of the State of North Carolina Passed in 1891 - Pages 799-800.

The General Assembly of North Carolina do enact:

Section 1. That W. C. Field, W. K. Holbrook, H. K. Boyer, F. P. Field, R. H. Hackler, R. A. Doughton, Geo. Doughton, Wesley Gilliam, J. C. Roup, H. R. Richardson, John Choat, J. Holaway, J. W. Hawthorn, A. S. and J. M. Carson, R. S. Carson, O. McSmith, W. E. Cox, Sowel Choat, J, M. Boyer, J. L. Smith, W. S. and A. M. Edwards, H. Edwards, W. A. Woodruff, H. S. Edwards, W. F. Burchett, 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 Sparta, Alleghany County, for the intellectual and moral training of the children of the white race of both sexes, under the name and style of "Sparta Institute," 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 or incident to the ownership of real and personal property and for the promotion of education.

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

Sec. 3. That the officers of said corporation shall be a president, vice-president, treasurer, secretary and five directors, three 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 these shall continue to hold their offices until their successors are elected, and the annual meeting of stockholders shall be on Saturday next preceding the first Monday in May of each year, unless otherwise ordered by the stockholders.

Sec. 5. That at the first regular meeting 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 object of the corporation, and from time to time to make such changes as they may deem best.

Sec. 6. That the capital stock of said corporation shall not be less than seven hundred nor more than twenty-five hundred [dollars], and shall be divided into shares of ten dollars each, and to be paid at such time and in such manner as the board of directors may direct.

Sec. 7. That at the meetings of stockholders all questions may be decided by a majority vote, each share being entitled to one vote, and a majority of all the stock shall be represented in [person or by proxy] to constitute a legal meeting of stockholders.

Sec. 8. That the president of said corporation, with the advice and consent of the 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 have no power to contract indebtedness exceeding two hundred dollars, nor shall it have power to execute any mortgage or to create any other lien than mechanics' and laborers' liens upon its property; and the stockholders shall not be individually liable for any indebtedness of said corporation.

Sec. 10. That H. K. Boyer, Esq., one of 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.

Ratified the 14th day of February, A.D. 1891.

Daniel G. Fowle, Governor
Thomas M. Holt, Lt. Governor and President of the Senate
Rufus A. Doughton, Speaker of the House of Representatives

State of North Carolina,
Office Secretary of State,
Raleigh, June 13, 1891.

I, Octavius Coke, Secretary of State, hereby certify that the fore-
going are true copies of the original acts and resolutions on file in
this office.

Octavius Coke,
Secretary of State.

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