Whereas,
the Greensboro Female College Association, a Corporation organized under the general
Corporation Act of this State, has assumed and become liable for the debts, and
obligations of "The Greensboro Female College," in order to relieve it from its
pressing burdens, and to prevent its being sold under mortgage, and probably diverted
from the purposes of education, and in order to promote education, and the growth
of learning;
And Whereas, it is the policy of the State to foster and encourage
by all lawful means such institutions of learning:
The General Assembly of North Carolina do enact:
Section
l. That the Greensboro Female College Association, by its proper officers, shall
have the power to issue bonds or other evidences of indebtedness; and, in order
to secure the same, may make and execute a mortgage or mortgages upon all its
state, property and effects, both real and personal: Provided such bonds shall
not in the aggregate amount to more than the sum of Forty Thousand Dollars.
Section
2. That said bonds shall be of such denomination, as the stock-holders, or a majority
of them, shall prefer, and shall not run for a longer period than thirty years
from the date of their issue, and shall not bear a greater rate of interest than
six percent per annum.
Section
3. That to such bonds shall be attached coupons for the interest upon said bonds,
said coupons to become due annually, and each coupon shall be for a sum equal
to the interest upon the bond to which it is attached for one year.
Section
4. That the coupons upon said bonds shall be receivable in payment of all dues
to the Association.
Section
5. That all bonds so issued shall be signed by the President of the Association,
and countersigned by the Secretary thereof, and shall be exempt from all state,
county, and municipal taxation in the hands of the holders.
Section
6. That the exemption from taxation shall cease whenever the property of said
Corporation shall cease to be used for educational purposes.
Section
7. That this act shall be in force from and after its ratification. In the General
Assembly read three times, and ratified this the 27th day of February, A. D. 1883.
STATE
OF NORTH CAROLINA
Office of Secretary of State
Raleigh, 27th
February 1883
I,
William L. Saunders, Secretary of State of the State of North Carolina, do hereby
certify the foregoing (three sheets)
to be a true copy from the records of this office.
W.
L. Saunders
[signature]
Secretary of State
