1907 private laws – Ch.431 Sec.10
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CHAPTER 431 AN ACT TO AMEND CHAPTER 196 OF THE PUBLIC LAWS OF 1897, IT BEING AN ACT TO INCORPORATE THE MOUN- TAIN RETREAT ASSOCIATION. The General Assembly of North Carolina do enact:
That said The Mountain Retreat Association shall have the right and power to issue capital stock upon such terms and conditions, and with such rights, immunities and privileges as are allowed by law, to the amount of five hundred thousand }dollars of common stock, and two hundred and fifty thousand dollars of preferred stock, of such par value as shall be determined by the stockholders of The Mountain Retreat Association.