appear that it is necessary, in order to secure the faithful performance of all said trusts, he may require that said undertaking be increased to such amount as he may deem sufficient, not exceeding the sum of fifty thousand dollars; and the Superior Court of any county wherein any such trust shall have been committed to said corporation shall have the power to make orders respecting such trusts, and to require it to render all accounts which said court might lawfully make or require if such corporation was a natural person. And in accepting any trusts or powers hereunder said corporation may qualify by one of its executive officers. or officers allowed SEC. 5. That any executor, administrator, guardian, receiver or Personal repreother trustee or public officer having the care, custody or control of sentatives, trustees any bonds, stocks, securities, moneys or other valuable things what- to deposit valuable soever, shall be and is hereby authorized and empowered to deposit valuables with the same generally or specially with said bank. papers, money or bank. SEC. 6. That the principal office and place of business of said cor- Principal office. poration shall be at Duke, in Harnett County, North Carolina. SEC. 7. That the capital stock of said corporation shall be ten Capital stock. thousand dollars, divided into one hundred shares of the par value Shares. of one hundred dollars each, which said capital stock may be in- Increase of capital creased at any time or from time to time, by the vote of a majority stock. may organize. of the stockholders, to any sum not finally exceeding one hundred and twenty-five thousand dollars. When five thousand of the capital When corporators stock is subscribed and paid for, the corporators named herein, or a majority of them, or their assigns, shall be deemed and held ready and capable to organize and to begin business. SEC. 8. That said corporation shall have and is hereby granted Guarantee powers. power and authority to guarantee the payment of principal or interest of notes, bonds, bills of exchange, acceptances, checks and other securities or evidences of debt, including the obligations of such corporations and individuals as may have secured their payment by deed of trust made to this corporation, and to charge and to receive for any guaranty such compensation as may be agreed on by the parties, and may take and receive interest as high as six per centum per annum, and may receive the said interest at the time of making said transaction, or at any other time. SEC. 9. All deposits of money in the savings department of this Savings departbank shall be entered into the books of the corporation, and a book ment. shall be given to each depositor in which the sum deposited shall be entered, and which shall be the voucher or evidence of the property of the depositor in the hands of the bank. On making his first deposit the depositor shall be required to subscribe his or her name to the regulations and laws of the bank, and such signature shall conclusively signify his assent thereto. SEC. 10. Whenever any deposit shall be made by or in the name Deposits of minors of any person being a minor or a female, being or thereafter becom- and femes covert. Deposit of trustee: disposal of on death of trustee. Right of bank to demand indemnity bond of depositor in certain cases. Binding force of transfer of pass book. Interest on time deposits. ing a married woman, the same shall be held for the exclusive benefit of such depositor and free from all control or lien of any persons except creditors, and shall be paid, together with interest thereon, to the person in whose name the deposit shall have been made, and the receipt or acquittance of such minor or female shall be a valid and sufficient release and discharge for such deposit or any part thereof to the corporation. And whenever any deposit shall be made by any person in trust for another, and no other or further notice of the existence and terms of a legal and valid trust shall have been given in writing, duly attested, to the bank, in the event of the death of the trustee the said deposit, or any part thereof, together with all interest thereon, may be paid to the person for whom the deposit was made. SEC. 11. In case the pass-book of a depositor is lost, or the officers of the bank shall doubt the identity of any person claiming a deposit, or any part of it, or the right of any one claiming to be a representative of any deceased or other depositor, they may require and demand an adequate bond of indemnity against any other claim or demand before paying such deposit or any part of it. But no assignment or transfer of a pass-book and deposit shall be binding on said bank, or have any legal force or effect unless said bank assent in writing to such transfer or assignment. SEC. 12. The bank shall pay to its depositors who allow their deposits to remain four months or more, such rate of interest as the directors may agree upon, said interest to be computed annually and added to the principal as a deposit, unless the deposit be wholly withdrawn earlier, in which case, if it has been in the bank's hands four months or longer, interest shall be computed and paid up to date of withdrawal; but it shall be in the power of the directors to alter this section at their will, so as to reduce or increase the time required for deposits to be on hand before interest begins, and so as to make the computation and addition of interest to deposit monthly, quarterly or semi-annually, as they see fit, and as often as they please. SEC. 13. That this act shall be in force from and after its ratification. In the General Assembly read three times and ratified this 9th day of March, A. D. 1903. CHAPTER 339. AN ACT TO AMEND THE CHARTER OF THE CITY OF GOLDSBORO. The General Assembly of North Carolina do enact: trustees. whom elected. filled. SECTION 1. That there shall be elected by the Board of Aldermen Board of cemetery of the city of Goldsboro a Board of Cemetery Trustees to consist of five members, whose terms of office shall be one, two, three, four Terms of office. and five years, respectively. At the first meeting of the Board of When and by Aldermen of the city of Goldsboro after the ratification of this act the said Board of Aldermen shall elect the said Board of Cemetery Trustees, and shall designate the term of office of each member of the said Board of Cemetery Trustees. All vacancies occurring in Vacancies, how said board shall be filled by the Board of Aldermen of the city of Goldsboro. The members of said Board of Cemetery Trustees shall receive no compensation for their services. No member of the No compensation. Board of Aldermen of the city of Goldsboro, nor no member of the Alderman, member board of public Board of Public Works, nor the Mayor of said city shall be a mem- works and mayor ineligible. ber of the said Board of Cemetery Trustees and no member of said Board of Trustees shall have any interest in or receive any benefit Trustees not to be interested in city from any contract made by the board. contracts. SEC. 2. Before entering upon the performance of the duties im- Oath of office. posed upon them each member of said Board of Cemetery Trustees shall take an oath before some officer authorized to administer oaths, to faithfully perform the duties of his office. retary and treas report. SEC. 3. That the said Board of Cemetery Trustees shall have power Chairman and secto appoint a chairman and a secretary and treasurer, which secre- urer. tary and treasurer shall give a bond with approved security, in a Treasurer's bond. sum to be fixed by the Board of Aldermen of the city of Goldsboro, and payable to the said city, to faithfully account, whenever called upon to do so, to said Board of Aldermen of the city of Goldsboro for all moneys by him received and expended: Provided, however, that said secretary and treasurer shall make a full report every Treasurer's annual twelve months to the Board of Aldermen of the city of Goldsboro. Said report shall give a detailed statement of the receipts and dis- Contents of report. bursements of all moneys, and the condition of the affairs of all matters connected with said Board of Cemetery Trustees. The said Power of trustees to employ officers Board of Cemetery Trustees shall have power to employ such officers and servants and fix compensation. and servants as may be necessary, and fix the compensation of same. SEC. 4. That the said Board of Cemetery Trustees shall have sole Powers of trustees and entire control of the management and sale of lots of all the over city cemecemeteries belonging to said city of Goldsboro, and all moneys arising from the sale of lots and other property belonging to said Use of money cemeteries shall be used and expended by the said Board of Cemetery of lots in cemearising from sale Trustees for the improvement and beautifying of the cemeteries as teries. teries. Rules and regula tions relative to lots, interments, aforesaid, and for the purchase of additional lands for cemetery purposes whenever it shall become necessary to purchase additional lands for said cemetery purposes. SEC. 5. The said Board of Cemetery Trustees shall have the power to make such rules and regulations relating to the disposition of etc., in cemeteries. burial lots, the making of interments therein, and for the preservation and care of said burial lots as the said Board of Cemetery Trustees may deem proper. Conflicting laws repealed. SEC. 6. That all laws and clauses of laws in conflict with this act are hereby repealed. SEC. 7. That this act shall take effect from and after its ratification. In the General Assembly read three times and ratified this the 9th day of March, A. D. 1903. Former act amended. Division of town into wards. Boundaries: First ward. Second ward. Third ward. CHAPTER 340. AN ACT TO AMEND THE CHARTER OF THE TOWN OF SANFORD. The General Assembly of North Carolina do enact: SECTION 1. That chapter three hundred and thirty-seven of the Private Laws of nineteen hundred and one be and the same is hereby amended by striking out section two of said act and substituting in lieu thereof the following, to-wit: SEC. 2. That the town of Sanford shall be divided into four wards, denominated first, second, third and fourth wards. The said wards shall be bounded as follows: "First Ward, beginning at the intersection of the west boundary of the town with the Buffalo Church road, and running thence with the centre of the road to the centre of Carthage street; thence with the centre of Carthage street to the centre of Charlotte avenue; thence with the centre of Charlotte avenue to Little Buffalo Creek; thence down the various courses of said creek to the north boundary of the town; thence with the north and west boundaries of the town to the beginning. "Second Ward, beginning at the intersection of the north boundary of the town with Little Buffalo Creek, and running thence up the various courses of said creek to the centre of Charlotte avenue; thence with the centre of Charlotte avenue and the extension thereof to the east boundary of the town; thence with the east and north boundaries to the beginning. “Third Ward, beginning at the intersection of the east boundary of the town with the centre of the extension of Charlotte avenue, and running thence with the centre of said extension and Charlotte avenue to the centre of Little Buffalo Creek alley; thence with the centre of said alley to the centre of McIver street; thence with the centre of McIver street to the intersection of the said centre line of McIver street with the centre line of Second street; thence S. 12 E. to a stake in the centre of Little Buffalo Creek; thence up the various courses of said creek to the south boundary of the town; thence with the south and east boundaries of the town to the beginning. "Fourth Ward, all that portion of the town of Sanford not in- Fourth ward. cluded in the first, second and third wards." vate Laws 1899 SEC. 3. That chapter three hundred and seven of the Private Laws Chapter 307, Priof eighteen hundred and ninety-nine be and the same is hereby amended. amended by striking out the word "nine" in line three of section four thereof and substituting therefor the word "eight"; by striking out the words between the word "ward" in line five of section four and the word "such" in line six of section four; and by striking out the word "one" in line seven of section twenty-three and substituting therefor the word "three." SEC. 4. That this act shall be in force from and after its ratification. In the General Assembly read three times and ratified this 9th day of March, 1903. CHAPTER 341. AN ACT TO AMEND CHAPTER 89 OF THE PRIVATE LAWS The General Assembly of North Carolina do enact: amended. SECTION 1. That section one of the chapter eighty-nine of the Pri- Former act vate Acts of eighteen hundred and eighty-five be amended by adding after the word "bank" in line six the words "and Trust Company." SEC. 2. That section three of said chapter be struck out and the Directors. following substituted therefor: "That the affairs of this corporation shall be governed and managed by a board of directors to consist of not less than three nor more than fifteen members or stockholders, as may be prescribed by the by-laws, which directors shall be elected by the stockholders at their annual meeting, and hold office for one year and until their successors are elected and qualified." SEC. 3. That said corporation shall have the right to act as agent, Power to act as factor or trustee for any State, county, town, municipality, corpo- of any State, agent, factor, etc., ration, company or individual, on such terms as to agency and county, etc. |