1903_private laws_389_7
CHAPTER 388 AN ACT TO INCORPORATE THE SPENCER SAVINGS BANK. The General Assembly of North Carolina do enact:
The corporation is especially invested with the power and authority to carry on, conduct and operate a savings-bank business in all its branches, and may receive deposits in very small sums, the limits to be fixed by its board of directors, and may pay interest thereon by the way of dividends out of the net earnings or at fixed rates, according as it may be agreed between its [the] company and its depositors; and the board of directors are thereby to make all needful by-laws and regulations for conducting and carrying into effect the different features of this branch of its corporation, and shall also have a right to conduct a general banking business.