1901_private laws_77_4
CHAPTER 76 AN ACT TO INCORPORATE THE STATESVILLE LOAN AND TRUST COMPANY. The General Assembly of North Carolina do enact:
The corporators above named or any three of them may open books of subscription, and whenever one hundred shares shall be subscribed, a majority of the above-named corporators may call a meeting of the subscribers to said stock at any time and place, and on such notice as they may deem sufficient, and may organize by the election of a board of five directors or more, who shall hold office for one year or until their successors are elected, and said directors shall elect the necessary officers. The company shall have authority to transact business whenever one hundred shares have been subscribed and twenty per centum paid thereon, the balance to be paid in as called for by the directors. The capital stock may be increased from time to time either by additional subscriptions of stock or by application of the surplus earnings of the corporation. And if such increase shall be from the earnings of the corporation, the directors shall have the power to declare stock dividends to the shareholders pro rata. At all stockholders meetings each share shall be entitled to one vote either in person or by proxy.