North Carolina - Acts on Education Topics

An Act to Incorporate Wadeville Academy.

1893 Private Laws: Chapter 62

Private Laws of the State of North Carolina Passed in 1893 - Pages 76-78.

The General Assembly of North Carolina do enact:

Section 1. That E. J. Bruton, J. W. Harris, T. B. Hurley, D. F. Robinson, A. J. Bruton, J. M. Robinson and J. B. Hurley, of the county of Montgomery, and state of North Carolina, and those who hereafter may be associated with them, and their successors, are hereby created a body politic and corporate and have perpetual succession by the name and style of "Wadeville Academy," located in the village of Wadeville, and by such name may contract and be contracted with, sue and be sued, make and use a common seal and alter the same at pleasure, and make and maintain such by-laws, rules and regulations for the government of the same and the orderly conduct of its affairs as may be deemed necessary, and shall be capable in law to take, receive and hold all manner of lands, tenements, rents, annuities and hereditaments which may at any time be granted, bargained, released, demised or otherwise granted, and that said academy and all real and personal property so granted, received or accepted and appertaining thereto shall be set apart forever for the exclusive purpose of educating the children of the white race and of assisting young men and young ladies in the education of themselves, and when in the judgment of a majority of the board of trustees a sale of any property acquired as aforesaid is necessary for the interests thereof such sale and transfer is hereby authorized, and the proceeds thereof directed to be used as a general fund for improvements.

Sec. 2. That the capital stock of said corporation shall be five hundred dollars, to he divided into shares of five dollars each, and the capital stock may from time to time be increased by additional subscription or the issue and sale of shares not exceeding five thousand dollars, as the stockholders may at any general or special meeting authorize and prescribe. The corporators may receive subscriptions to the capital stock or in payment for its shares so issued money, lands, labor in building its academy, material for building or furniture, but in no event shall the corporators, stockholders, trustees, their successors nor assigns, be liable individually or personally for the contracts, debts or liabilities of the corporation.

Sec. 3. The corporators above named are severally authorized to receive subscriptions to the capital stock of said academy and when the minimum capital stock of five hundred dollars shall have been subscribed the said subscribers may organize by the election of not less than three nor more than seven trustees, stockholders therein, of whom they shall elect one as president and such subordinate officers as may be deemed necessary, to remain in office one year from date of election or appointment and until their successors shall have been elected and qualified, unless sooner removed by the stockholders in general meeting.

Sec. 4. That each stockholder shall be entitled to one vote for each share held by him and without limit as to number of shares to be held by any one person, and the shares shall be deemed personal estate, and the school or schools conducted under the provisions of this charter shall be conducted as near as may be without sectarian bias in its management.

Sec. 5. That the board of trustees of said corporation after organization as hereinbefore provided be and they are hereby authorized to issue bonds of ten dollars each, not exceeding two hundred, each bearing interest, which shall be sold at not less than par value for the improvement of grounds, completion of buildings and full equipment of the school, and may contract with the purchasers of said bonds binding and pledging a portion of its property or the rents of such academy, and so far as necessary all insurance of its buildings and furniture in case of loss by fire, to pay pro rata the principal and interest due on said bonds.

Sec. 6. That it shall not be lawful for any person or persons to set up or continue any gaming table or any device whatever for playing at any game of chance or hazard, by whatever name called, or to receive or use any license to make, retail any spirituous liquors or other intoxicating drink, or in any way sell the same within two miles of the said academy, and anyone offending shall be deemed guilty of a misdemeanor.

Sec. 7. That this Act shall be in force from and after its ratification.

Ratified the 14th day of February, A.D. 1893.

Elias Carr, Governor
Rufus A. Doughton, Lt. Governor and President of the Senate
Lee S. Overman, Speaker of the House of Representatives

State of North Carolina,
Office Secretary of State,
Raleigh, June 13, 1893.

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

Octavius Coke,
Secretary of State.

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