1885 public laws – Ch.260 Sec.10
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CHAPTER 260 An act to incorporate the Spartanburg and Shelby Railroad Company. The General Assembly of North Carolina do enact:
That the president and directors of said company are hereby vested with all the rights and powers necessary for the construction, repair and maintaining of a railroad on the route to be designated by the stockholders of said company. They may appoint a secretary and treasurer, and other officers,and take from them bonds and security for the faithful performance of their duty, which said bonds shall be made payable to the company; but the salaries or other compensation shall be regulated by the stockholders in general meeting.