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CHAPTER 62 An act to incorporate Wadeville Academy. The General Assembly of North Carolina do enact:
That E. J. Bruton, J. W. Harris, T. B. Hurley, D. F. Robinson, A. J. Bruton, J. M. Robinson and J. B. Hurley, of the county of Montgomery, and state of North Carolina, and those who hereafter may be associated with them, and their successors, are hereby created a body politic and corporate and have perpetual succession by the name and style of Wadeville Academy, located in the village of Wadeville, and by such name may contract and be contracted with, sue and be sued, make and use a common seal and alter the same at pleasure, and make and maintain such by-laws, rules and regulations for the government of the same and the orderly conduct of its affairs as may be deemed necessary, and shall be capable in law to take, receive and hold all manner of lands, tenements, rents, annuities and hereditaments which may at any time be granted, bargained, released, demised or otherwise granted, and that said academy and all real and personal property so granted, received or accepted and appertaining thereto shall be set apart forever for the exclusive purpose of educating the children of the white race and of assisting young men and young ladies in the education of themselves, and when in the _ judgment of a majority of the board of trustees a sale of any property acquired as aforesaid is necessary for the interests thereof such sale _and transfer is hereby authorized, and the proceeds thereof directed to be used as a general fund for improvements.