North Carolina - Acts on Education Topics

An Act to Incorporate Mt. Moriah Male and Female Acaddemy.

1897 Private Laws: Chapter 62

Private Laws of the State of North Carolina Passed in 1897 - Pages 87-90.

The General Assembly of North Carolina do enact:

Section 1. That R. H. Gower, Hezekiah Pool, Icana Pool, Joe Pool, S. R. Pool, Jas. H. Bryant, Albert Busbee, Wm. H. Kelly, N. B. Broughton, and Thomas Johns, their successors, associates and. assigns, be and they are hereby declared and created a joint stock company, a body politic and corporate, for the purpose of maintaining a school of high grade near Mt. Moriah Baptist Church, in Wake County, for the intellectual and moral training of the girls and boys of the white race of that community, under the name and style of Mt. Moriah Male and Female Academy, and in and by such name may sue and be sued, plead and be impleaded, and have perpetual succession (and a common seal if they so desire), contract and be contracted with, purchase or receive by gift real or personal property, and hold the same, or may sell or otherwise dispose of or mortgage the same in order to raise money to carry on school or schools as said corporation may in their discretion organize and conduct.

Sec. 2. That said Mt. Moriah Male and Female Academy may have a capital stock of eight hundred dollars, in shares of five dollars each, and said corporation shall have power to sell, transfer or otherwise dispose of such shares of said capital stock to such person or persons as they shall deem worthy to become members of said corporation, by a vote of two-thirds the stock of said corporation.

Sec. 3. The officers of said corporation shall be a president, vice-president, secretary and treasurer, and a board of directors, who shall be composed of all the stockholders of said corporation, a majority of whom shall constitute a quorum, to transact business, each share being entitled to one vote, and a majority of all the stock shall be represented in order to constitute a legal meeting of said stockholders.

Sec. 4. That the first meeting of said corporation for the election of officers shall be held within thirty days after the ratification of this Act, and the annual meeting shall be on the first Saturday in June of each year at 3 P. M., unless otherwise ordered by said stockholders. And said corporation shall have the right by a vote of two-thirds of all the stock of said corporation to make such rules and regulations as they deem best for their government and necessary for the promotion of the object of the corporation, not inconsistent with the laws of the State.

Sec. 5. That any member of said corporation owning any interest in the franchise thereof, or the property belonging thereto, may sell or assign or otherwise dispose of the same, provided he shall give the other members of the corporation the refusal of same, and provided the parties to whom said stock is to be sold or assigned is acceptable to the majority of said stockholders, and the person or persons to whom such stock may be sold or assigned shall immediately become a member or members of said corporation, with all the rights, privileges and immunities of the other members thereof.

Sec. 6. No debt or liability shall be created against said corporation except by the consent and vote of three-fourths of all the stock held by the members of said corporation. And stockholders of said corporation shall not be personally or individually responsible or liable for any debt created by said corporation.

Sec. 7. That the said corporation may at any time, by and with the consent and vote of two-thirds of its stockholders, representing and owning two thirds of its stock, surrender this charter to the State, and proceed to wind up the affairs of said corporation, and distribute to each of said stockholders such portion of the property or assets of said corporation as the stock owned or held by them may entitle them to receive.

Sec. 8. That whenever the corporation of said Mt. Moriah Male and Female Academy shall conduct or maintain a permanent school at said academy for not less than eight months in the year, then and in that event all those who are or wish to become patrons of said academy school who live in the public school district, in which said academy is situated, or in any other public school district who have children between the ages of six and twenty-one years old, shall be allowed to have the per capita apportionment of the public school funds to which their respective districts received transferred to the officers and managers of said Mt. Moriah Academy for their use and benefit in prolonging the school term of said academy: Provided, however, the said patron shall sign a written request to the public school committee of their respective district that they wish their share, or the share to which their children or wards are entitled to per capita out of the public school funds taught out or used to pay their tuition at said academy. And upon presenting said written request to their respective public school committee, said public school committee shall thereupon certify to the county treasurer and county board of education (county commissioners) such transfer or request, and the said board and county treasurer shall charge the amount to which the said petitions shall be entitled to their respective school districts, and set aside to the credit of Mt. Moriah Academy the same amount which he shall pay over to the treasurer of said Mt. Moriah Male and Female Academy, and take his receipt for the same, which receipt shall be a full and ample voucher for him in his settlement with the board of county commissioners of his county. This shall not prevent the public school committee in the district in which said academy is situated from availing themselves of the provisions of section 2591 of laws of 1889 in regard to schools.

Sec. 9. This Act shall be in force and effect from and after ratification.

Ratified the 25th day of February, A.D. 1897.

Daniel L. Russell, Jr., Governor
Charles A. Reynolds, Lt. Governor and President of the Senate
A.F. Hileman, Speaker of the House of Representatives

State of North Carolina,
Office of Secretary of State,
Raleigh, April 28th, 1897.

I, Cyrus Thompson, Secretary of State, hereby certify that
the foregoing (manuscript) are true copies of the original acts
and resolutions on file in this office.

Cyrus Thompson,
Secretary of State.

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