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[CHAP. 691 OF 1892.]


SECTION 1. Short title and limitation of chapter. 2. Incorporation.

3. Restriction upon commencement of business.

4. Reorganization of existing corporations.

5. Payment of capital stock.

6. Full liability corporations.

7. Repealed.

8. Consolidation of corporations.

9. Submission of consolidation agreement to stockholders.

10. Powers of consolidated corporations.

11. Transfer of property of old corporations to consolidated corporations.

12. Rights of creditors of old corporations.

13. District steam corporations.

14. Examination of meters by agent of district steam corporation.
15. Entry by agent of district steam corporation to cut off steam.
16. Water companies.

17. Improvement corporations; right of condemnation.

SECTION 1. Short title and limitation of chapter. This chapter shall be known as the business corporations law. (As amended by chap. 671 of 1895, § 1.)

§ 2. Incorporation.-Three or more persons may become a stock corporation for any lawful business purpose or purposes other than a moneyed corporation, or a corporation provided for by the banking, the insurance, the railroad and the transportation corporation laws, by making, signing, acknowledging and filing a certificate which shall contain:

1. The name of the proposed corporation.

2. The purpose or purposes for which it is to be formed.

3. The amount of the capital stock, and if any portion be preferred stock, the preferences thereof.

4. The number of shares of which the capital stock shall consist, each of which shall be not less than five nor more than one hundred dollars, and the amount of capital not less than five hundred dollars, with which said corporation will begin business.

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SS 3-4

5. The city, village or town in which its principal business office is to be located.

6. Its duration.

7. The number of its directors, not less than three nor morethan thirteen. amid 1901 c. 520

8. The names and post-office addresses of the directors for the

first year.

9. The names and post-office addresses of the subscribers and a statement of the number of shares of stock which each agrees to take in the corporation.

The certificate may contain any other provision for the reguation of the business and the conduct of the affairs of the corporation and any limitation upon its powers and upon the powers of its directors and stockholders which does not exempt them from any obligation or from the performance of any duty imposed by law. (As amended by chap. 671 of 1895, § 1; chap. 369 of 1896; chap. 460 of 1896, § 1.)

§ 3. Restrictions upon commencement of business.-No such corporation shall incur any debts until the amount of capital specified in its certificate of incorporation, as the amount of capital with which it will begin business, shall have been paid in in money or property. (As amended by chap. 671 of 1895, § 1.)

§ 4. Reorganization of existing corporations.-Any stock corporation heretofore organized, except a moneyed or transportation corporation, or a corporation the business of which partakes of the nature of banking or insurance, may reincorporate under this chapter in the following manner: The directors of the corporation shall call a meeting of the stockholders thereof by publishing a notice, stating the time, place and object of the meeting, signed by at least the majority of them, in a newspaper of the county in which its principal business office is situated, once a week, for at least three successive weeks, and by serving upon each stockholder at least three weeks before the meeting, a copy of such notice either personally or by depositing it in the post-office, postage prepaid, addressed to him at his last known post-office address. The stockholders shall meet at the time and place specified in the notice, and organize by choosing one of the directors chairman, and a suitable secretary, and shall then take a vote of those present in person or by proxy upon the proposition to re-incorporate under this chapter, and if votes representing a majority of all the stock of the corporation shall be cast

§§ 5-6

The Business Corporations Law.

in favor of the proposition, the officers of the meeting shall execute and acknowledge a certificate of the proceedings, which certificate shall also contain the statements required by section. two of this chapter, and shall be filed in the offices where certificates of incorporation under this chapter are required to be filed. From the time of such filing such corporation shall be deemed to be a corporation organized under this chapter, and if originally organized or incorporated under a general law of this State, it shall have and exercise all such rights and franchises as it has heretofore had and exercised under the laws pursuant to which it was originally incorporated and such re-organization shall not in any way affect, change or diminish the existing liabilities of the corporation. (As amended by chap. 671 of 1895, § 1.)

5. Payment of capital stock.-One-half of the capital stock of every such corporation shall be paid in within one year from its incorporation, or the corporation shall be dissolved, and the directors within thirty days after such payment shall make a certificate of the fact of such payment, which shall be signed and acknowledged by a majority of the directors, and verified by the president or vice-president and secretary or treasurer, and filed in the offices where the certificates of incorporation are filed. The dissolution of any such corporation for any cause shall not take away or impair any remedy against it, its stockholders or officers, for any liabilities incurred previous to its dissolution.

§ 6. Full liability corporations.-Every corporation formed under this chapter may be or become a full liability corporation by inserting a statement in the certificate of incorporation, that the corporation thereby formed is intended to be a full lia bility corporation; and in case of an existing corporation, which is not a full liability corporation, it may become such by filing in the offices where certificates of incorporation are required to be filed, a supplemental certificate stating that thereafter the corporation intends to be a full liability corporation, which certificate shall be executed and acknowledged by the president and treasurer of the corporation or by the board of directors, and shall have annexed thereto a copy of a resolution, adopted by a two-thirds vote of the board of directors, and the written consent of all the stockholders of the corporation, authorizing and consenting to the change of the corporation to a full liability corporation. If the corporation is formed as or becomes a full liability corporation all the stockholders of

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§§ 8-9

the corporation shall be severally individually liable to its cred-
itors for all its debts and liabilities, and may be joined as defend-
ants in any action against it. No execution shall issue against
any stockholder individually until execution has been issued
against the corporation and returned unsatisfied, and all the
stockholders shall contribute a proportionate share, according to
the number of shares of stock owned by each, of the amount
paid by any stockholder on a judgment recovered against him
individually for a debt of the corporation, and he may recover
from the other stockholders in the corporation in a joint or sev-
eral action the proper portion due by them and each of them, of
the amount paid by him on any such judgment.
87. (Repealed by chap. 671 of 1895.)

am'd 1901

§ 8. Consolidation of corporations.—Any two or more corporations organized under the laws of this state for the purpose of carrying on any kind of business of the same or of a similar nature, which a corporation organized under this chapter might carry on, may consolidate such corporations into a single corporation, as follows: The respective corporations may enter into and make an agreement signed by a majority of their respective boards of directors and under their respective corporate seals, for the consolidation of such corporations, prescribing the terms and conditions thereof, the mode of carrying the same into effect, the name of the new corporation, the number of directors who shall manage its affairs, not less than three nor more than thirteen the names and post-office addresses of the directors for the first year, the term of its existence, not exceeding fifty years, the name of the town or towns, county or counties, in which its operations are to be carried on, the name

in which its princi


of the town or city and county in this state
pal place of business is to be situated, the amount of its capital
stock, which shall not be larger in amount than the fair aggre-
gate value of the property, franchises and rights of such corpo-
rations, and the number of shares into which the same is to be
divided, the manner of distributing such capital stock among the
holders thereof, and if such corporations, or either of them, shall
have been organized for the purpose of carrying on any part of
its business in any place out of this state, the agreement shall so
state, with such other particulars as they may deem necessary.
(As amended by chap. 671 of 1895,


89. Submission of consolidation agreement to stockholders.


The Business Corporations Law.

$9 -Such agreement shall be submitted to the stockholders of each of such corporations, at a meeting thereof to be called upon notice of at least two weeks, specifying the time, place and object thereof, and addressed to each at his last known post-office address, and deposited in the post-office, postage prepaid, and published for at least two successive weeks in one of the newspapers in each of the counties of this state in which either of such corporations shall have its place of business, and if such agreement shall be approved at each of such meetings of the respective stockholders separately, by the vote by ballot of the stockholders owning at least two-thirds of the stock, the same shall be the agreement of such corporations, and a sworn copy of the proceedings of such meetings, made by the secretaries thereof, respectively, and attached thereto, shall be presumptive evidence of the holding and action of such meetings. Such agreement and verified copy of proceedings of such meetings shall be made in duplicate, one of which shall be filed in the office of the secretary of state, and the other in the office of the clerk of the county where the principal business office of the new corporation is to be situated in this state, and thereupon such corporations shall be merged into the new corporation specified in such agreements, to be known by the corporate name herein mentioned, and the provisions of such agreement shall be carried into effect as therein provided. If any stockholder, not voting in favor of such agreement to consolidate, shall at such meeting, or within twenty days thereafter, object to such consolidation and demand payment for his stock, such stockholder or such new corporation, if the consolidation takes effect at any time thereafter, may at any time within sixty days after such meeting apply to the supreme court at any special term thereof held in the district in which any county is situated in which such new corporation may have its place of business, upon at least eight days notice to the new corporation, for the appointment of three persons to appraise the value of such stock, and the court shall appoint three such appraisers and designate the time and place of their first meeting, with such directions in regard to their proceedings as shall be deemed proper, and also direct the manner in which payment for such stock shall be made to such stockholder. The court may fill any vacancy in the board of appraisers occurring by refusal or neglect to serve or otherwise. The appraisers shall meet at the

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