Iowa capitol reporter. [volume] (Iowa City, Iowa) 1841-1855, 1847-08-25
Interpretations.

"
any number OF persons may hereafter in.
corporate themselves for the TRANSACTION oe
any business which may be the lawful
subject Of general partnership, includna
the establishment OF ferries, the conx,~nas
ton of railroads, and other works of =,
ternal improvement. ~
Sc. 2. They may make such reo,
lations as they plaase in relation II ~.
management Of their business, not incom
patible with an honest and legal nurn.sa
SEC. They may render their indiyidusi
interest IN The corporation transferable
Sec. 9. The death of any Of its mem
bers shall not terminate the corporation
SEC. 5. They may sue and be sned n
their corporate name, aud have common
seal. ""'o'
SEC. 6. They may exempt private
property from corporate debts. and MO-
hold, buy and sell real estate: pror;a.y
The acquisitions Of this act are subs,.n,;
ally complied with.
SEC. Z. Previous to commenc;no h..
mess they shall adopt articles Of Moor
ration, which shall be recorded in tho of
flee of the recorder of deeds in the conntv
where the principal place C business 10.
and, further, all corporations for III. mr..
pose OF constructing railroads, canals and
other works of internal improvements
shall file certified copy Of their articles
OF association in the office Of the secret,.
ry.
SEC. 8. A notice shall be published
four weeks in succession in some newspa.
per In such county, or, if no newspaper
be printed therein, than such publication
shall be made in some newspaper as con.
venient as practicable thereto.
SEC. 8 A failure to comply with either
OF the acquisitions contained in the two
preceding sections. shall render their in.
diyidual property liable on all contracts,
Sec. 10. The notice required by the
eighth section shall contain:
f"st-The name of,he corporation and
the principal places Of transacting bust.
ueS.
Second--The general nature of the bus.
ines to be transacted.
7hrd-Tne amount Of capital stock in.
corporated.
fourth-The amount Of capital took ac
tually paid in, and the times and conditions
on which the remainder is TO be paid
| FJM-Ihe time OF the commencement
and termination of the association.
AiIth The officers of the COMPANY
and tie lime Of holding electi MS.
SEC. IL. A like publication and re-
cordlng shall be made upon renewal or
any essential alteration of the articles Of
incorporation.
SEC. II. The corporation shall not be
permitted to continue for more than TWEEN.
| y years at once, but may be renewed for
a like time BY the unanl:nous consent ct
the corporators.
SEC. Is. The corporation cannot be
voluntarily dissolved previous To the pc.
rod first fixed upon, without giving tie
same previous ne" spaper publication If
Its dissolution, as. is required by section
eight i'll Its creation.
/ SEC. IA. Intentional fraud in the trans.
action OF the aiinirs Of the compan, s!ai
subject those guilty thereof to fine and in.
prlsonInent, or both, at the discretion Of
The court. Any person who shall receive
injury from such fraud, may also recover
damages therefor in civil suit against suca
cor pnratlon.
SEC. 10. The paymen; Of dividends
| which shall leave Insufficient funds to meet
the liabilities Of the company, shall be
deemed fraud.
SEC. 10. a failure to comply with lie
Iorssoing acquisitions, or a substaEtaIde.
patture from the articles OF assocIa'I.N
>Gol! render the individual properly Of tie
members OF the company liable for the cor
pora;e debts.
SEC. II. Either such departure or
the practice OF fraud by the company, shall
cause forfeiture OF all their privileges
nder this act, and The courts may pro
coed to wind up their business, as in cases
OF special corporations that have violated
their charters.
SEC. Is. Legal process may be served
upon cry officer OF the company, and
there be 10 officers, then upon any mem
Der thereof. This shall be deemed sua
cient service upon the company.
SEC. 10. Whenever an execution shah
be issued against the company, and a'e'
reasonable inquiries, no corporate proper
ty can be found sufficient to satisfy Inc
same, it shall be lawful TO serve a n0ics
upon the acting manager OF the business"
The company, or, II none such can -
found, then upon any member lhereo IT,
curing them to appear before the Di'fe
Court OF he county where the Judsm'"
was obtained, and show cause why them
dividual property OF the members OF ''s
company should not be made liable aI',
if no sufficient cause be shown, then Tic
court shall order the execution to be lev
led upon such property. i
Sec. 20. Property seized by virtue
such execution shall only be released ''V~
the effects of the law by either:
First - Pointing out sufficient compa'!
property wherein to levy; in wh'cn cav ',,
the costs thus far made shall be adde' "
the amount to be collected from the c0~'
pany by the executon-or, =. l
Second By making and filing in the cie'A'
office an affidavit that the funds OF me 'yD