Burlington hawk-eye. [volume] (Burlington, Iowa) 1845-185?, 1851-02-20
10 be exempted from the corporate debts.


lIca'ion in newspaper is made, and the
copy filed in the office of Secretary OF
State, (where such filing is necessary,
within three months from such filing in
the Recorders office.
Sec. 8. No change in any of the above
matters shall be valid, unless recorded
and published as the original articles are
required TO be.
Sec. 8. Corporations for the construc-
,ion of any work of internal Improvement
may be formed to endure fifty years.
Those formed for other purposes, cannot
exceed twenty years in duration; bot in
either case, they may be renewed from
time 10 time, fo. periods not greater re-
spectively, than was at first permissible.
Provided, three-fourths the votes cast al
any regular election for that purpose, be
in favor Of such renewal and prorided
also. that those wishing a renewal, will
purchase the stock of those opposed TO the
renewal, at its fair current value.
SEC. 10. The corporation cannot be
dissolved prior to the period fixed upon
in the articles OF incorporation, except by
unanimous consent, unless different rule
has been adopted in their articles.
SEC. II. The same period OF newspa-
per publication must precede any such
premature dissolution of a corporation, as
is required at IFS creation.
SEC. IL. A copy of the bylaws Of the
Corporation with the names of all its Off
GERS appended thereto must be posted in
the principal places of business and sub
jec, to public inspection.
SEC. l3. a statement of the amoun: Of
the capital stock subscribed, the amount
of capital actually paid in, and the amount
Of Indebtedness Of the company, in gen.
eral way, must also be kept posted up in
like manner, which statement must be
corrected as often as any material change
takes place in relation to any part Of the
subject matter OF such statement.
SEC. IA. Intentional fraud in failing to
comply substantially with the articles of
Incorporation, or in deceiving the public
or individuals in relation TO their means or
liabilities, shall subject those guilty there
OF to fine and Imprisonment, or both a. the
discretion OF the Court. Any person
who has sustained injury from such fraud,
may also recover damages therefor against
those guilty of participating in such fraud.
SEC. IL. The diversion of the funds Of
the Corporation TO other objects than those
mentioned in their articles. and in the no.
tees published as aforesaid (provided any
person be thereby injured) and the pay
ment OF dividends, which leave insufficient
funds to meet The liabilities Of the corpo-
ration shall be deemed such frauds as will
a'tes Of the preceding section, and such
dividends or their equivalents in the
hands Of individual stockholders shall be
subject to said liabilities.
SEC. l6. Dividends by insurance com
panes made in good faith before their
knowledge oc the happening of actual
losses, are not intended TO le prevented
or punished by the provisions Of the pre-
ceeding section.
SEC. II. A failure to comply substan-
: TALLY with the foregoing requisitions in
relation to organization and publicity shall
render The individual property Of all the
stockholders liable for the corporate debts
Sec. Is. Either such failure or the
practice of fraud in the manner herein be-
| fore mentioned, shall cause a forfeiture of
all the privileges hereby conferred, and the
courts may proceed to wind up the busi-
ness Of the corporation by an information
in the manner prescribed by law.
Sec. 10. The intentional keeping Of
false books or accounts by any corporation
whereby any one is injured, is misde-
meanor on the part of those concerned
therein, and any person shall be presumed
| TO be concerned therein whose duty it was
| to see that the books and accounts were
were correctly kept.
Sec. 20. The transfer Of shares is not
valid except between the parties thereto
until it is regularly entered on the books
of the company so far as TO show the names
of the persons by and 10 whom transferred
the number or other designation Of the
shares and the date of the transfer; but
such transfer shall not, in any way, ex-
empt the person making such transfer from
any liability or liabilities of said corpora
ton which were created prior 10 such
transfer. The books of the company
must be so kept as TO show intelligibly the
original stockholders, their respective in
teres,, the amount which has been paid in
on their shares, and all transfers thereof,
and such books or correct copy thereof
so far as the items mentioned in this Sec
ton are concerned shall be subject TO the
inspection of any person desiring the same.
Sec, q. Any corporation organized or
attempted TO be organized in accordance
with the provisions Of this chapter, shall
cease to exist by the nonuser of its fran
chi<es for two years at any one time, but
such body shall not forfeit its franchies by
reason of its omission TO elect officers or
! to hold meetings at any time prescribed by
the bylaws, prorided such act be done
within two years OF the time appointed
| therefor.
Sec. %. Corporations whose charters
expire by their own Limitation or by the
voluntary act Of the stockholders may new
ertheless continue to act for the purpose
of winding up the concerns, but for TO
other purpose.
Sec. %. Nothing herein contained ex-
empts the stockholders Of any corporation
from individua! liability TO the amount Of
the unpaid ins,alments OH the stock own
ed by them or transferred by them for the