North Carolina - Acts on Education Topics

An Act to Incorporate the Waynesville Library Association in the County of Haywood, State of North Carolina.

1891 Private Laws: Chapter 118

Private Laws of the State of North Carolina Passed in 1891 - Pages 925-927.

The General Assembly of North Carolina do enact:

Section 1. That Charles Goodyear, Geo. Wharton, W. B. Ferguson, H. Taylor Rogers, W. T. Lee, W. W. Stringfield, G. H. Smathers, A. Howell, Mrs. Fannie Howell, Miss Inez Gudger, J. M. Moody, G. S. Ferguson, J. C. L. Gudger, Miss Maria Love, J. H. Way, Mark Rheinheart, J. K. Boone, R. C. Ellis, B. F. Smathers, Miss Ida L. Ferguson, Mrs. S. Lewis, Mr. Lewis, D. M. Killian, J. M. Davis, W. C. Brown, H. B. Moore, R. Q. McCracken, E. C. Chastain, R. D. Gilmer, W. T. Crawford and others, their associates and all persons that shall be stockholders, and their successors and assigns, be and they are hereby created and constituted a body politic and corporate under the name of the Waynesville Library Association, and in and by that name may make contracts, sue and be sued, plead and be impleaded, have perpetual succession, use a common seal and alter the same at pleasure, with power to make by-laws, to purchase, lease, hold, use, sell and enjoy all such real and personal property as may be necessary to and will advance the interest of said association.

Sec. 2. That the officers of the said association shall be a president, vice-president, librarian, secretary and treasurer and twelve directors. The directors shall be elected by the stockholders on the first Tuesday in April of each year. They shall be divided into three equal classes—the first class to hold office one year, the second class two years, and the third class three years, and annually after the first election four directors shall be elected to hold office three years and until their successors are elected and qualified; and from their own number the board of directors shall elect the ofiicers, whose term of office shall be one year; and they shall hold their respective offices to which they are elected as aforesaid until their successors are elected and qualified; and the incorporators herein named and their successors shall constitute the board of directors until the first regular election in April, 1891; and both males and females over the age of fifteen years may be eligible and entitled to hold any office in this association when elected to the same.

Sec. 3. That in the election of directors, at the regular annual election each shareholder shall have one vote for each share of stock owned and held by him or her: Provided, that no shareholder shall have more than five votes at such election, and the shareholder's stock in excess of twenty-five dollars ($25) shall not be liable to assessments; and at such election the stockholders may vote by written or printed proxy signed by them.

Sec. 4. That the capital stock of this association shall be the amount of all shares sold or subscribed for in this association, not to exceed fifty thousand dollars, and shall be divided into shares of five dollars each, and may be paid for in full at the time of subscription, or in such installments and at such times as may be fixed in the by-laws.

Sec. 5. That the object of this association shall be to foster and promote education and provide the means of establishing and furnishing a library of good and useful books, papers and magazines for the use of all persons who may be entitled to the same by complying with the terms fixed in the by-laws; and to enable said association to successfully carry out and accomplish an undertaking so laudable, it is hereby empowered to take subscriptions to its capital stock, receive gifts, donations and bequests, and invest the same in books and other reading matter, and to invest in real estate in the town of Waynesville, N. C, for the purpose of a suitable building to carry on the business of the association, and sell and convey the real estate so purchased by this corporation, and make title thereto in the mode to be prescribed in its by-laws.

Sec. 6. That the incorporators herein named till the first election of directors, and thereafter the board of directors, shall fix the compensation of all officers and agents and provide for their compensation, and may adopt suitable by-laws and provide therein for the removal of officers for the neglect of duty or misconduct in office and for filling all vacancies, and fix suitable penalties by reasonable fines for failure to pay installments of stock, or return books or other property which have been let to any person in furtherance of the objects of this association which is that of education and mental improvement; and shall determine what officers shall be required to execute bonds for the faithful discharge of their duties, and said bonds when executed shall be binding obligations upon the officers executing the same and upon his sureties thereto, and said bonds shall be payable to the Waynesville Library Association, and suits may be prosecuted on such bonds in the name of said association for the benefit of said association by the direction of the board of directors; and said board of directors may adopt all other suitable by-laws, rules and regulations reasonable and necessary to the proper management of the business of the association not inconsistent with this Act or the laws of the land.

Sec. 7. That this incorporation, by its proper officers, shall keep a record of the financial condition of the incorporation, and the indebtedness of this association or incorporation shall at no time exceed ten per cent, of its paid in capital stock, and the private property of the incorporators and all officers and stockholders shall be exempt from corporate debts, and the property of the corporation, both personal and real, shall be exempt from taxation.

Sec. 8. That this association and incorporation may begin business whenever fifty shares shall have been subscribed to its capital stock, and this Act shall take effect and be in force from and after its ratification.

Ratified the 27th 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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