Semi-weekly North-Carolina standard. [volume] (Raleigh, N.C.) 1852-1853, 1853-03-16
CHAPTER LXXXI.
AN ACT 10 encourage the investment of CAPITAL fol
MINING and Manufacturing Pnrnnses:

AN ACT 10 encourage the Investment of CAPITAL for
Mining and Manufacturing Purposes:
SEC. l. Be IL enocted by the General assembly Of
tAe SAFE e North Carolina, ard IL is hereby ennceE
by The GufhOrify IF tie same, That it shall be lawful
hereafter for any number of persons not less than
five, DESTROYS to engage in the business of mining,
or TO establish any mandatory at any place within
this State. and wishing to become incorporated for
convenience in raising the necessary capital and in
conducting the business, to become incorporated in
the manner following: Such persons shall, BY articles
OF agreement under their hands and seals, acknowl-
edged before the clerk ofthe county court county
where such mining is to be conducted Or mandatory
established, TO be recorded by him in a book 10 be
Kept Tor that purpose, determine and state as follows
lst, the corporate name; Sd, the business proposed
Sd, The place where it is proposed to be carried on
4h the account of capital 5th the number OF shares
and the amount Of each less than Fl fly dollars;
9Th. the length CT time desired not exceeding ninety
years; and, Tth the names of persons who have sub
scrbed, the shares by them respectively taken, and
the amount paid in cash each share. The money
so paid on each share shall be less than one dol
lar per share and shall in the whole be less than
one hundred dollars and shall be paid to the clerk of
The county court of the proper county, and the cert
cate OF the clerk lodging said payment shall be
endorsed on said articles CT agreement.
SEC. 2. Be IL further enacted. That on filing said
articles OF agreement, acknowledged and recorded as
aforesaid, with the clerk IS receipt endorsed az afore
sad in the Office of the secretary Of State it shall be
he duty OF the Governor issue letters patent under
the great seal of the State, declaring said persons and
SdCCeSSOIS corporation according to the
prescribed in said articles of agreement and to cause
notice thereof to be given in some newspaper pub
lshed in the county where such mandatory is pro.
posed to be established or mining conducted, which
notice shall set forth the capital of said company
number and value of shares, and the substance of the
said articles of agreement, and WHERE no newspaper
published in said county, then in some newspa per
Punhshed In some neighboring county.
sec. s. Hnd be IL further enacted, That bv virtue
Oh SAID letters patent the said persons shall become
and be corporation according 10 the terms of said
articles OF agreement, and as such NAV sue and be
sned plead and be impleaded in all courts and before
all tribunals having jurisdiction of the subject matter
have and use common seal, alter and renew the
same at pleasure, make all bylaws, rules and 1egu.
Iatlons not inconsistent with the laws of this State
necessary for the well ordering and conducting the
alalrs OF said corporation, and may take and hold or
sell all sueh real estate NAV be necessary for the
TRANSACTION OF their business, or for the security or
coilecAon OF their debis and shall further have all
the powers granted, and be subject TO all the abiIi-
ties IN chapter 20, Revised Statutes resDecnp cor
poratlons, except that the time therein allowed shall
be extended from thirty TO ninety years
SEC. A. Be IL further enacted, That it shall not be
lawful for any company that may organize under this
act to declare any dividend when the debts of the
company exceed their solvent credits.
D Be II further enacted, That it shall be the dutv
OF SAID company before the expiration of each
year alter the organization Of any company under this
act to cause 10 be made exhibit of the amount of
me receipts and disbursements of the company for
"e year next preceding, also the liabilities and