1868/69 private laws – Ch.152 Sec.4

That the said corporation shall open books and receive subscriptions at the City of Newbern, and may commence business whenever one hundred shares have been subscribed for and an instalment of one dollar has been paid on each. The subscribers shall pay to said corporation the sum of one dollar per month for each share of stock until the amount paid shall, with interest at six per centum, amount to the sum of two hundred dollars for each share. At any time after the said amount shall have been in, the Board of Directors of said corporation shall have power to wind up the business thereof, and thereupon the assets of said Company shall be ratably divided among its stockholders. Whenever any subscription to the stock of said corporation shall be made after it shall have commenced business, it shall be lawful for said Directors to require such subscribers to pay at the time of such subscriptions or thereafter, a sufficient sum to make his payment upon his stock equal to the payments and premiums of the original members with interest, or such Directors may allow, within one year from the commencement, such subscribers to pay only the sum of one dollar per month from the date of his subscription ; Provided, That in such cases upon the final settlement of the affairs of the corporation, such subscriber shall receive a sum which shall bear the same proportion to the shares of the original subscribers as the amount paid by him and interest thereon, shall bear to the amount and interest thereon paid by them.