The Montana post. [volume] (Virginia City, Montana Territory [i.e. Mont.]) 1864-1869, 1867-12-28
CORPORATIONS.

An act passed 10y. the Legislature and
spnroved Dec. 18th, contains important
conditions concerning Corporations here
after to be formed. Although its volumin
Gus character permits but brief sum
mary of the principal provisions, in
newspaper article, we shall before
long be enabled to present it complete
toour patrons in desirable shape to
transmit or retain as a reference. II
provides that at any time after its ap
proval. any three or more persons may
form a company corporate for any in
iustrial purpose, by filing with the
county clerk, of the county wherein it
IS designed to operate, and in the office
Of the Secretary of the Territory, dupli-
cate certificates, duly acknowledged,
stating the name, objects, amount of
stock, term of existence (not to exceed
twenty years), number of shares, and
trustees with their names and the name
Of the place wherein the operations of
the corporation are to be carried on, the
trustees TO manage the affairs of the first
thrss months. The certificate, certified
by the Secretary under the Territorial
seal. shall be preserved by him and he
he evidence of the corporation, prima
hsia evidence in any court of justice,
Ed by thar name they and their success
Srs be capable of suing and being sued,
facQuiring by purchase, presumption or
Otherwise; hold or convey any real or
Prs0nal estate necessary for the pur-
poses named in the certificate, and shall
have common seal of the corporation.
The certificate shall state whether the
business of the company is to be carried
90 outside of the Territory, and the
place The trustees not less than three
OF more than nine, and stockholders in
the company shall after the first three
months be elected annually by the stock
holders, ten days notice having been
given Of the election in the nearest news
paper, provided one half the stock is
represented, that each ballot shall rep
resent share, and the largest number
otballots shall elect. Vacancies tobe filled
accOrding TO By Laws of the company
The trustees have authority to call in
Prescriptions at such times as they deem
proper not to exceed 20 per cent in any
one month. A failure to make payments
IS demanded, with due notice, within
sTty days to work a forfeiture of stock.
The trustees have authority to make
Necessary By Laws not conflicting with
superior laws The stock of the compa-
~ shall be deemed personal estate and
s'ockhOlders shall be individually liable
% the creditors of the company to the
Anount Of unpaid stock held by them
respectively, for all contracts made by
'ne company until the whole amount OF
S'oek shall be paid in, one half thereof
= one year, and one half in two years
'Om date of Incorporation, or said cor
'ofauon shall be dissolved. Trustees
sc authorized to make purchases of
tOPerty and issue stock in payment.
'hen the entire capital is paid in, e
S'uheate to that effect shall be recorded
The county clerks office. An annual
sPon under oath shall be published
INN twenty days of the LIST of Sept,
Is nearest newspaper, giving full
-"I0'' OF the amount of capital, pro-
o'Aon paid in, and Indebtedness of the
Ip1ny. A failure to do so shall max
,1s'oekholder individually and severale
-Dle LOT all debts of the company then
OF contracted before such report
De made. If the trustees shall
- uividends diminishing the amount
i Ifl'al stock, or make a dividend rem
kb,n5 tue company insolvent, they
L. 0e liable personally and individu-
/ ot all debts of the company, pro
L. 'nat a trustee fling with the clerk
company, before such payment, a
against it, he shall be exempt.
Pany may not loan money to
'eA - holder, or make any false rep
-, in reports or public notices
L. 'le same penalty. No executor,
''ia'or, guardian or trustee, or