§ 156‑42. Organization; corporate name, officers and powers.
The clerk of the court of the county in which the proceeding is pendingor any corporator, who is a petitioner, may call a meeting of the corporators,at which meeting the corporators shall choose a name for the corporation,unless the commissioners selected the name, elect a president, vice‑president,secretary and treasurer, but said officers shall be chosen or elected from thecorporators who are petitioners in the proceeding; and they shall also chooseor elect a board of directors and they shall be chosen or elected from thecorporators who are petitioners in the proceeding. The corporators shall alsomake all bylaws and regulations, not contrary to law, which may be necessaryand proper for effecting the purpose of the corporation, but said duty may bedelegated to the board of directors. They shall fix the number of shares ofstock, and assign to each proprietor or corporator his proper number, but thisduty and right may be delegated to and done by the board of directors. Theboard of directors shall have such powers as are generally given to directorsunder the corporation law of the State; and they shall assess the sums oramount which shall be paid by each proprietor or corporator in conformity withand in compliance with the report of the commissioners on which the corporationis based. When said assessments against said proprietors or corporators andtheir lands affected are duly certified to the clerk of the superior court ofthe county in which such proceeding was instituted, the same shall be passedupon by the clerk of court and when approved by the clerk, said assessmentsshall become judgments against the several proprietors, corporators and ownersso assessed, and the same shall be liens on the lands of the owners orcorporators against whom said assessments were made and judgments entered,subject only to taxes, but said judgments shall be judgments in rem only. Theboard of directors will also have power, if they deem it proper, to fix andprescribe the time, mode and manner of payment; and do such other things as arenecessary for the construction, enlargement and keeping up or maintaining saidcanal and improvement. In every meeting of the corporators or stockholders,each proprietor or corporator shall have one vote for each share of stock ownedby him. (1868‑9, c.164, s. 7; Code, s. 1316; Rev., s. 4001; C.S., s. 5300; 1939, c. 180, s. 1.)
§ 156‑42. Organization; corporate name, officers and powers.
The clerk of the court of the county in which the proceeding is pendingor any corporator, who is a petitioner, may call a meeting of the corporators,at which meeting the corporators shall choose a name for the corporation,unless the commissioners selected the name, elect a president, vice‑president,secretary and treasurer, but said officers shall be chosen or elected from thecorporators who are petitioners in the proceeding; and they shall also chooseor elect a board of directors and they shall be chosen or elected from thecorporators who are petitioners in the proceeding. The corporators shall alsomake all bylaws and regulations, not contrary to law, which may be necessaryand proper for effecting the purpose of the corporation, but said duty may bedelegated to the board of directors. They shall fix the number of shares ofstock, and assign to each proprietor or corporator his proper number, but thisduty and right may be delegated to and done by the board of directors. Theboard of directors shall have such powers as are generally given to directorsunder the corporation law of the State; and they shall assess the sums oramount which shall be paid by each proprietor or corporator in conformity withand in compliance with the report of the commissioners on which the corporationis based. When said assessments against said proprietors or corporators andtheir lands affected are duly certified to the clerk of the superior court ofthe county in which such proceeding was instituted, the same shall be passedupon by the clerk of court and when approved by the clerk, said assessmentsshall become judgments against the several proprietors, corporators and ownersso assessed, and the same shall be liens on the lands of the owners orcorporators against whom said assessments were made and judgments entered,subject only to taxes, but said judgments shall be judgments in rem only. Theboard of directors will also have power, if they deem it proper, to fix andprescribe the time, mode and manner of payment; and do such other things as arenecessary for the construction, enlargement and keeping up or maintaining saidcanal and improvement. In every meeting of the corporators or stockholders,each proprietor or corporator shall have one vote for each share of stock ownedby him. (1868‑9, c.164, s. 7; Code, s. 1316; Rev., s. 4001; C.S., s. 5300; 1939, c. 180, s. 1.)
§ 156‑42. Organization; corporate name, officers and powers.
The clerk of the court of the county in which the proceeding is pendingor any corporator, who is a petitioner, may call a meeting of the corporators,at which meeting the corporators shall choose a name for the corporation,unless the commissioners selected the name, elect a president, vice‑president,secretary and treasurer, but said officers shall be chosen or elected from thecorporators who are petitioners in the proceeding; and they shall also chooseor elect a board of directors and they shall be chosen or elected from thecorporators who are petitioners in the proceeding. The corporators shall alsomake all bylaws and regulations, not contrary to law, which may be necessaryand proper for effecting the purpose of the corporation, but said duty may bedelegated to the board of directors. They shall fix the number of shares ofstock, and assign to each proprietor or corporator his proper number, but thisduty and right may be delegated to and done by the board of directors. Theboard of directors shall have such powers as are generally given to directorsunder the corporation law of the State; and they shall assess the sums oramount which shall be paid by each proprietor or corporator in conformity withand in compliance with the report of the commissioners on which the corporationis based. When said assessments against said proprietors or corporators andtheir lands affected are duly certified to the clerk of the superior court ofthe county in which such proceeding was instituted, the same shall be passedupon by the clerk of court and when approved by the clerk, said assessmentsshall become judgments against the several proprietors, corporators and ownersso assessed, and the same shall be liens on the lands of the owners orcorporators against whom said assessments were made and judgments entered,subject only to taxes, but said judgments shall be judgments in rem only. Theboard of directors will also have power, if they deem it proper, to fix andprescribe the time, mode and manner of payment; and do such other things as arenecessary for the construction, enlargement and keeping up or maintaining saidcanal and improvement. In every meeting of the corporators or stockholders,each proprietor or corporator shall have one vote for each share of stock ownedby him. (1868‑9, c.164, s. 7; Code, s. 1316; Rev., s. 4001; C.S., s. 5300; 1939, c. 180, s. 1.)
