General Corporation Laws (Classic Reprint)
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| Hersteller: | Forgotten Books (Laws, Louisiana;) |
| Stand: | 2015-08-04 03:50:33 |
Produktbeschreibung
Excerpt from General Corporation Laws (1) Section 1. Corporations may be formed under general laws, but shall not be created, nor shall any rights, privileges or franchises be conferred upon them, by special act of the legislature. All laws heretofore or hereafter passed by the legislature for the formation of, or conferring rights, privileges or franchises upon corporations and all rights, privileges or franchises conferred by such laws may be amended, altered, repealed or abrogated. This constitutional provision is prospective In Its operation and for the use of the legislature. - City, of Lansing v. Mich. Power Co., 183/400. See People v. Gogak, 205/201. (2) Sec. 2. The term "corporation" as used in this article shall be construed to include all associations and joint stock companies having any of the powers or privileges of corporations not possessed by individuals or partnerships. All corporations shall have the right to sue and be subject to be sued in all courts in like cases as natural persons. See Pollock v, D. U. R., 168/581. (3) Sec. 3. No corporation shall be created for a longer period than thirty years, except for municipal, railroad, insurance, canal or cemetery purposes, or corporations organized without any capital stock for religious, benevolent, social or fraternal purposes; but the legislature may provide by general laws, applicable to any corporations, for one or more extensions of the term of such corporations, while such term is running, not exceeding thirty years for each extension, on the consent of not less than two-thirds of the capital stock of the corporation; and by like general laws for the corporate reorganization for a further period, not exceeding thirty years, of such corporations whose terms have expired by limitation, on the consent of not less than four-fifths of the capital stock. (4) Sec. 4. The stockholders of every corporation and joint stock association shall be individually liable for all labor performed for such corporation or association. (5) Sec. 5. No corporation shall hold any real estate for a longer period than ten years, except such real estate as shall be actually occupied by such corporation in the exercise of its franchises. The provisions of this section can only be enforced at the Instance of the state. - German Corporation v. Aid Society, 172/660. (6) Sec. 6. The legislature shall pass no law renewing or extending any special act of incorporation heretofore granted. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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