North Carolina - Acts on Education Topics

An Act to Amend the Charter of the Western Carolina Educational Company.

1887 Private Laws: Chapter 54

Private Laws of the State of North Carolina Passed in 1887 - Pages 873-875.

The General Assembly of North Carolina do enact:

Section 1. That the charter of the "Western Carolina Educational Company,'' filed in the office of the clerk of the superior court of Henderson County on the ninth day of March, eighteen hundred and seventy-four, shall be so amended as to read as follows: C. M. Pace, J. S. Barnett, S. V. Pickens, J. Williams, W. A. Smith, W. A. J. Barnett, D. B. Nelson, W. G. B. Morris, M. C. Toms, E. B. Clayton, J. B. Boone, G. C.Briggs, Richmond Pearson, J. L. Carroll, G. S. Jones and others, stockholders, and their associates and successors, be and they are hereby declared to be a body politic and corporate, as a joint stock company, to be known and distinguished by the name and style of the ''Western Carolina Educational Company," for the purpose of establishing and maintaining in the town of Hendersonville, in the county of Henderson, under the auspices of the Baptist denomination, a collegiate institution of learning for the education of youths, known as Judson College. And the said company shall be invested with all the rights and privileges contained in chapter sixteen, volume one, of The Code of North Carolina, so far as they are applicable to such corporation, and are not inconsistent with the provisions of this Act; and by said name and style the said company shall have succession for and during the term of fifty years from and after the date of said charter filed as aforesaid; and may have a corporate seal, and shall be able and capable in law to sue and be sued, plead and be impleaded in all the courts, and shall have power to keep open books of stock subscription, to take, receive and possess all moneys, goods and chattels which may be given to them, and shall apply the same according to the wish of the donors to the purpose herein declared, and shall have power to purchase or otherwise to take, hold and possess lands and tenements, and such real and personal estate as may be deemed by them necessary to accomplish the objects for which they have been incorporated: Provided, that the amount of real and personal property held by said company shall not at any time exceed the sum of two hundred thousand dollars.

Sec. 2. That the capital stock of said company shall not be less than three thousand dollars, and shall be divided into shares of twenty-five dollars each, for which certificates of stock shall be issued to each shareholder, signed by the president and secretary of the company; and that such stockholder or his proxy shall be entitled in all meetings of the company to one vote for each share he may control.

Sec. 3. That said company shall be authorized and empowered hereby to make and ordain such by-laws and regulations for their own government and for the management of said property as to them may seem expedient: Provided, the same be not inconsistent with the constitution and laws of this state, and that a majority of the stockholders in interest shall constitute a quorum for the transaction of any business in stock meetings, whose principal place of business shall be at Hendersonville.

Sec. 4. That the officers of said company shall consist of a president, two vice-presidents, a secretary and treasurer, and the corporation shall be governed by a board of directors chosen from among the stockholders, and elected by the stockholders in their annual meetings held at the said seat of learning, and the ofiicers aforesaid shall be ex officio members of said board of directors, which said board shall consist of the aforesaid ofiicers and seven other shareholders chosen and elected in said annual meetings; and that a majority of said board of directors shall constitute a quorum for the transaction of business.

Sec. 5. That the board of directors shall have power to fill all vacancies occurring in their number, and shall have power to convene special meetings of the stockholders at such times and places as may be designated in such calls.

Sec. 6. That the said company, through their board of directors, shall have power to lease, rent, mortgage or sell the said college property, the lands, grounds or other estate, real or personal, belonging to said company, or any part thereof, for the purpose of promoting the welfare of said institution, or for the purpose of liquidating any debt or debts contracted by said board of directors in the purchase of lands and tenements for the use and benefit of said college; or for the purpose of reinvesting the proceeds thereof in an educational enterprise of like character. And the board of directors shall have power to appoint a president, professors and other teachers as they may deem necessary for said college, and shall have power to vacate said appointments, when deemed consistent with the welfare of the institution.

Sec. 7. That the stockholders in said company shall in no case be liable individually for the debts of the company.

Sec. 8. That any shareholder in said company shall have the privilege of transferring his individual share or shares to the "Western North Carolina Baptist Convention." And for every such share thus transferred, the said Baptist Convention shall, in the person of authorized representatives, have power to vote the stock of said company so transferred on their stock-books.

Sec. 9. That all contracts, conveyances, leases, mortgages, rents or sales executed in the acquisition or disposal of said property, real or personal, or any part thereof, in the name and for the use of said company, shall be signed by the acting president and secretary thereof.

Sec. 10. That the faculty of said Judson College, by the advice and consent of the board of directors, shall have power to confer all such degrees and marks of distinction as are usually conferred by colleges and universities.

Sec. 11. That the lands, buildings and other property belonging to said corporation and held for the use and benefit of said college shall be and the same are hereby exempted from all kinds of public taxation.

Sec. 13. That all laws conflicting with any of the provisions of this Act be and they are hereby repealed.

Sec. 13. That this Act shall be in force from and after its ratification.

In the general assembly read three times, and ratified this the 1st day of March, A.D. 1887.

Alfred M. Scales, Governor
Charles M. Stedman, Lt. Governor and President of the Senate
Thomas M. Holt, Speaker of the House of Representatives

State of North Carolina,
Office Secretary of State,
Raleigh, May 31st, 1887.

I, William L. Saunders, Secretary of State, hereby certify that the
foregoing are true copies of the original (manuscript) acts and reso-
lutions on file in this office.

William L. Saunders,
Secretary of State.

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