1905 private laws – Ch.276 Sec.7
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CHAPTER 276 AN ACT TO AMEND THE CHARTER OF THE BANKING, LOAN AND TRUST COMPANY OF SANFORD, N. C. WHEREAS, on the twenty-fourth day of April. one thousand nine hundred and four, A. W. Huntley, J. W. Cunningham and A, R. Chisholm, and others, filed in accordance with the banking laws of the State of North Carolina their articles of agreement and plan of incorporation under the name of The Banking, Loan and Trust Company, upon the terms and with the power in said articles and plan set forth; and whereas, the said incorporators organized the said company under said articles and plan: Now, therefore, The General Assembly of North Carolina do enact:
It shall be the duty of the stockholders, and they are hereby fully authorized, to make all necessary rules, regulations and by-laws for the government of said company, as well as fix the salaries of its officers and agents. The board of directors are hereby authorized and empowered to fill any vacancy occurring from any cause in the board of directors of said company. its officers or employees, until their successors are elected and qualified.