NORTH CAROLINA GENERAL ASSEMBLY

1975 SESSION

 

 

CHAPTER 429

HOUSE BILL 754

 

 

AN ACT TO AMEND CHAPTER 280 OF THE PRIVATE LAWS OF 1905 SO AS TO AMEND THE CHARTER OF THE CLIFFSIDE RAILROAD COMPANY.

 

The General Assembly of North Carolina enacts:

 

Section 1.  Section 9 of Chapter 280 of the Private Laws of 1905 is hereby amended by striking the current Section 9 and inserting in lieu thereof a new Section 9 as set forth below:

"Sec. 9.  The board of directors shall consist of such members as the stockholders may prescribe from time to time by the bylaws. Directors need not be stockholders of said company nor residents of North Carolina. The directors shall be elected at the stockholders' annual meeting, which is to be held on such days as the bylaws of the company shall direct, and they shall continue in office for the term of one year from and after the date of their election and until their successors are elected and accept the duties of office. The board of directors shall choose one of their number as president, and in case of death, resignation or incapacity of any member of the board of directors during his term of office the said board of directors shall choose his successor for the unexpired term."

Sec. 2.  All laws and clauses of laws in conflict with this act are hereby repealed.

Sec. 3.  This act shall become effective upon its ratification.

In the General Assembly read three times and ratified, this the 28th day of May, 1975.