CHAPTER 392 AN ACT TO MERGE AND CONSOLIDATE RUNNYMEDE HOSIERY MILLS AND THE RUNNYMEDE LAND COM- PANY, TWO CORPORATIONS OF THE COUNTY OF EDGR- COMBE, INTO ONE CORPORATION. Whereas, on the seventeenth day of April, one thousand nine hundred, there was duly incorporated by the Clerk of the Supe- rior Court of Edgecombe County, under and by virtue of the laws of North Carolina, the Tarboro Knitting Mills, with the right from time to time to increase its capital stock to one hundred thousand dollars; which said corporation by due process of law changed its corporate name from Tarboro Knitting. Mills to Run- nymede Hosiery Mills on the twenty-ninth day of December, one thousand nine hundred; and whereas, there was duly incorporated by the said Clerk of the Superior Court of Edgecombe County by the corporate name of Runnymede Land Company, on the thirty- first day of July, one thousand nine hundred, another corporation with the power to increase its capital to one hundred thousand dollars; and whereas, both of said corporations were duly organ- ized under their respective charters. and are now doing business at Runnymede, in Edgecombe County, as such corporations, and have acquired property and franchises worth one hundred and twenty thousand dollars, of which the sum of eighty thousand dollars is the value of the property and franchises of Runnymede Hosiery Mills, and the sum of forty thousand dollars is the value of the property and franchises of Runnymede Land Company; and whereas, by a unanimous vote of all the stockholders of each of said corporations it has been desired that the said two corpo- rations be merged into one corporation, to be known and exist under the corporate name of Runnymede Mills, Incorporated, with a paid-up capital of one hundred and twenty thousand dollars, divided into twelve hundred -1,200 shares of the par value of one hundred dollars each, four hundred -400 shares to be issued to the stockholders of Runnymede Land Company in proportion to the interest each now has in said corporation and eight hun- dred (S800) shares to be issued to the present stockholders of Runnymede Hosiery Mills, in proportion to the interest each now has in the corporation. That all the property of every kind be- longing to Runnymede Land Company and Runnymede Hosiery Mills shall be duly conveyed to the said Runnymede Mills, Incor- porated, and all franchises and choses in action of Runnymede Land Company and Runnymede Hosiery Mills are to vest in and be the property of the Runnymede Mills, Incorporated, and Run- nymede Mills, Incorporated, is to assume and pay off all debts of the Runnymede Land Company and Runnymede Hosiery Mills, and have all the rights and appurtenances granted both corpo- rations in their said charters: therefore, The General Assembly of North Carolina do enact:
Section 3. The corporate name of the new corporation shall be Runnymede Mills, Incorporated, and its principal place of business shall be Runnymede, near the town of Tarboro in the county of Edgecombe, State of North Carolina; under the corporate name of Runnymede Mills, Incorporated, it shall have all the rights and privileges and appurtenances and shall be subject to all burdens and liabilities heretofore belonging to and resting upon the two corporations, before this known as the Runnymede Hosiery Mills and Runnymede Land Company, to-wit: (a) It shall have the power to sue and be sued in all the courts of this State, State and Federal; (b) It shall be liable for all debts now owing by the Runnymede Hosiery Mills and Runnymede Land Company, and entitled to collect, receipt in discharge of, sue for and recover judgment for debts and claims, choses in action, due or to become due Runnymede Hosiery Mills and Runnymede Land Company ; (c) It shall have the power to engage in the manufacturing of hosiery, underwear and all products usually manufactured from cotton, to buy, sell and rent real estate, own and operate dye plants, and all other things thereto appertaining or appurtenant; to erect tenant houses and rent out the same, to hold, own, transfer, lense and let out again both real and personal property, to build, equip and operate factory plants of any kind, to build, maintain and operate a store or stores of general merchandise: to develop in such manner as shall seem best all realty owned or controlled by it; to borrow money from time to time, issuing bonds secured by mortgage upon the property therefor; to invest the czpital paid in and all moneys accumulated in such manner as it shall deem prudent, and may buy real or personal estate, bonds, mortgages and stock securities and have power to resell and convey the same and to do generally all acts and things necessary and proper to be done in the judgment of its officers charged therewith, to expedite and successfully conduct the various businesses of said corporation.