1891 public laws – Ch.592 Sec.12

That the affairs of said corporation shall be managed by a president or vice-president and a board of directors, and the persons named in the first section of this act are hereby constituted provisional directors of the corporation, of whom a majority shall constitute a quorum, and they shall hold office as such directors until the first election of directors under the provisions of this act, and shall have power forthwith to open stock books and procure subscriptions of stock in said corporation, and as soon as shares to the amount of twenty-five thousand dollars of the capital stock of the corporation shall have been subscribed any one or more of the provisional directors may calla meeting of the subscribers at Salem, North Carolina, for the purpose of organizing the corporation, electing directors &c., giving at least five days notice in writing to the subscribers of the time and place and purpose of the meeting. At such meeting the shareholders may choose not more than seven nor less than three persons from among the shareholders as directors of the corporation, three of whom shall always constitute a quorum, The directors shall annually be elected by ballot at a regular meeting of the stockholders and shall act under such by-laws and regulations as the corporation may from time to time adopt, and shall hold their office until their successors are elected; thereafter the regular meeting of the stockholders for the election of directors and other general purposes shall be held once in each and every year at such place and on such day and upon such notice as the by-laws may direct. All vacancies in the board of directors or in any office of the company shall be filled by the directors of the company. The capital stock of said corporation shall be divided into shares of one hundred dollars each, and at all meetings of the stockholders every stockholder shall be entitled to as many votes as he owns shares in the corporation, to be cast in person or by proxy; and at all meetings a majority of the stock subscribed represented in person or by proxy shall constitute a quorum. The stockholders of the corporation shall have full power to make all necessary by-laws, rules and regulations not forbidden by law for the government of the affairs of the corporation, for meeting calls upon stock subscribed, and for the enforcement of such calls by forfeiture of stock or otherwise.