1889_private laws_110_4
CHAPTER 109 An act to incorporate ** The Pender and Onslow Land and Improve- ment Company. The General Assembly of North Carolina do enact:
That whenever the sum of ten thousand dollars shall have been subscribed to the capital stock, and five per centum paid in, it shall be the duty of said corporators, or any five of them, to call a general meeting of the stockholders, and at such meeting to elect seven directors, one of whom shall be elected president by said directors, whose term of office shall be one year, and hold their offices until ofhers are chosen.