North Carolina - Acts on Education Topics

An Act to Incorporate Oak Ridge Institute in Guilford County.

1891 Private Laws: Chapter 154

Private Laws of the State of North Carolina Passed in 1891 - Pages 989-990.

The General Assembly of North Carolina do enact:

Section 1. That J. Allen Holt, Martin H. Holt, Thomas M. Holt, D. F. Caldwell, Walter L. Steele, Jesse Benbow, W. O. Donnell, T. J. Benbow, Charles Case, John A. Lowry, C. R. Benbow, A. S. Clark, J. F. Holt, M. F. Blalock, J. J. Nelson, Charles Wilson, S. S. Brown, O. C. Hamilton, Geo. T. Winston, W. L. Poteat, Henry L. Smith, W. A. Blair, Geo. S. Wills, A. H. A. Williams, T. J. Ogburn, J. M. Barker, J. C. Buxton, C. B. Watson, J. L. King, R. R. King, 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 at or near Oak Ridge, Guilford County, for the intellectual and moral training of the youth of the country of the white race under the name and style of "Oak Ridge 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, of any and all kinds, and exercise all acts in relation thereto incident to the ownership of real and personal property, and for the promotion of education as aforesaid.

Sec. 2. That 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. There shall be elected annually by the stockholders a board of five directors, from whom shall be selected a president, vice-president and a secretary and treasurer—the secretary and treasurer being united in one person—all of whom shall hold their offices for one year and until their successors shall be elected and qualified, a majority of whom shall constitute a quorum for the transaction of business.

Sec. 4. That the first meeting of the stockholders or incorporators shall be held within the next six months from or after the ratification of this Act, at such time and place within Guilford County aforesaid as J. Allen Holt may designate, due notice of which he shall give to each incorporator or stockholder, and the time of holding the annual meetings thereafter shall be fixed by the board of directors.

Sec. 5. The stockholders shall have power to make such by-laws, not inconsistent with the laws of the state and the United States as shall by them be deemed necessary to promote the objects of the corporation.

Sec. 6. That the capital stock of said corporation shall not be less than fifteen thousand dollars, and may be increased from time to time to an amount not exceeding one hundred thousand dollars, and shall be divided into shares of the value of twenty-five dollars each, and to be paid up at such time and in such manner as the board of directors may prescribe, and said shares of stock may be divided into two or more classes, some of which may be non-dividend bearing stock if so expressed in or across the face thereof.

Sec. 7. That in the meeting of the stockholders all questions shall be decided by a majority vote of the stock represented in such meeting: Provided, a majority of the whole stock shall be represented in order to constitute a legal meeting of the stockholders, each share being entitled to one vote: Provided further, that the stockholders may change the provisions of this section at any time by a majority vote of all the stock then outstanding.

Sec. 8. That the stockholders shall have the power to provide in the by-laws of the corporation for such other meetings of their body than those herein provided for as they may see fit.

Sec. 9. That this corporation shall have power to issue certificates of proficiency to such of the students as complete the prescribed course of study.

Sec. 10. That so long as the property owned or to be owned by such corporation shall be used for school purposes the same shall be exempt from all taxes, State, county and municipal.

Sec. 11. That for the purpose of making improvements or advancing the purposes for which this corporation is organized, the same shall have the power to create a debt or debts, and secure the same by a mortgage or mortgages or deed or deeds in trust.

Sec. 12. That the stockholders of said corporation shall not be individually liable for the debts, contracts or torts of the corporation.

Sec. 13. This Act shall be in force from and after its ratification.

Ratified the 3d day of March, 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.

© 2017 - J.D. Lewis - PO Box 1188 - Little River, SC 29566 - All Rights Reserved