North Carolina Reports; Cases Argued and Determined in the Supreme Court of North Carolina Volume 56. United States General Accounting Office
This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1858 edition. Excerpt: ...Female College, and the Trustees of the Clinton Female Institute, whose capital stock was, in 1848 and 1850, fixed respectively at twenty thousand dollars, and the Glenn Anna Female Seminary, whose capital stock was, in 1854, limited to twentyfive thousand dollars, we come to the year 1856, when as many as four literary institutions were created, or had their charters amended, with similar restrictions: First, The Trustees of the Female College of the Methodist Protestant Conference, was chartered, with a clause which restrains the amount of its property to three hundred thousand dollars. Secondly, The Warrenton Female College, amount restricted to forty thousand dollars. Third, the charter of the plaintiffs amended so as enable them to hold property to the amount of five hundred thousand dollars; and lastly, the capital stock of Carolina Female College, was increased to one hundred and fifty thousand dollars. It is true that during this period many academies and other literary institutions, were chartered without any such restrictive clauses. Why this was done, we need not enquire. The restrictions imposed upon those to which we have referred, indicate that the Legislature had a policy upon the subject, though it may not have acted uniformly upon it. The effect of that policy was to make it unlawful for the institutions which we have named, to own real and personal estate exceeding in value the amount specified for each respectively. What other construction can be put upon the words, the whole amount of real and personal estate belonging to said corporation shall not, at any one time, exceed in value the sum of two hundred thousand dollars t It...
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