1887_public laws_5_4
CHAPTER 4 An act to incorporate the Georgia, Carolina and Northern Railway Company. The General Assembly of North Carolina do enact:
That the capital stock of said company shall be ($5,000) five thousand dollars, and the same may be increased from time to time as a majority of the stockholders may determine, up to ($500,000) five hundred thousand dollars. That the stock of said company shall be in shares of ($100) one hundred dollars each, for which certificates shall be issued, and each share shall be entitled to one vote, and the stockholders shall not be individually liable for anything beyond the amount of their subscription to the said capital stock. That books of subscription shall be opened by the corporators, or a majority of them, at such times and places and under such rules and regulations as they, or a majority-of them, may prescribe. That the said corporators, or a majority of them, acting in person or by proxy, after the sum of five thousand dollars has been subscribed, shall call a meeting of the subscribers to the said capital stock, for the purpose of completing the organization of the company, giving ten days notice thereof in some paper published in the county of Union or Anson. That at such meeting the stockholders shall elect a _board of directors, consisting of five members, who shall immediately elect one of their number president of the company.