1893_private laws_102_12
CHAPTER 101, An act to incorporate the Henderson Storage Company. _ The General Assembly of North Carolina do enact :
Subject to the by-laws, rules and regulations of the company the board of directors shall have the management and control of its affairs and business. From their own body they shall elect a president, who shall preside at all meetings of the board and perform such other duties as may be prescribed for him by the stockholders or board of directors. His compensation, if any, shall be fixed by the board of directors. They may also choose a vice-president and an executive committee from their own number or from the body of stockholders and prescribe their duties. Said officers shall remain in office for the term of one year or until their successors are elected. The said board of directors shall also appoint such officers, agents, inspectors and clerks as they may find necessary for the management of the companys business, and they shall provide for the securing of subscriptions to the capital stock of said company, which they shall make payable at such times and in such installments as they or the stockholders in general meeting may determine.