1899_private laws_343_4
CHAPTER 342 An act to incorporate The Carolina Power Company. The General Assembly of North Carolina do enact:
The capital stock of said company shall not be less than one hundred thousand dollars, to be divided into shares of one hundred dollars each, with the right to increase the same from time to time to an additional amount, not exceeding two million dollars, by the issue and sale of shares of preferred or common stock, or both, upon such terms and conditions and under such regulations as the board of directors, with the approval of the majority in interest of the stockholders of said company shall prescribe. Shares. of stock may be paid for in cash, real or personal property, services, work, labor and materials, and _ bonds, stocks and property of other corporate bodies, required, employed and furnished for and in the prosecution of the objects of the company, upon such terms and at such price and rate as the board of directors may determine and agree upon.