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CHAPTER 624 An act to establish graded schools in Lincolnton. The General Assembly of North Carolina do enact :
The said board of trustees shall have power to employ teachers, dismiss the same and do all such acts as may be necessary to carry on said graded schools; and all the property both real and personal of the public schools of said town shall become the property of the said graded schools, and shall be vested in the said board of trustees and their successors in trust for the said graded schools: Provided, that in the event of the discontinuance of said graded schools all of the property which heretofore belonged to the public, schools of said town shall revert to and become the property of the white or colored school respectively to which it formerly belonged; and all property, real or personal, acquired by the said board of trustees from any and all other sources shall be disposed of and the funds and proceeds thereof applied in such manner as the board of commissioners of the said town may direct.