The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1870-04-30

SECTION i. ne % e710cted on Me
Senate and House of Representatives of
the Commonwealth Of Pennsylvania, in
General assembly met, and Il Is hereby
enacted By the authority Of the same, That
seven or more persons, of lawful age,
citizens Of this Commonwealth, who shall
have associated themselves together by ar
ticles Of association in writing, for the
purpose Of carrying on any lawful mechani-
cal, mining, manufacturing or trading
business, or for the purpose Of trading and
dealing in goods, wares, merchandise or
chattels within this Commonwealth, may
become a corporation, under any name
indicating their corporate character as
sumed in their articles Of association, not
previously adopted by any other corpora
ton, upon their cOmplisnce with the pro-
visions of this act
SEC. 2. The said articles of association
shall distinctly designate the name of the
association, the purpose Of its organization.
the place where it is established, the
amount of its capital stock, and the num-
Der of shares into which the same is d.
vided, and the amount actually paid in
cash on account Of said stock and the
said articles Of association shall be signed
and acknowledged before a notary public,
or other officer Qualified to take the ac-
acknowledgement Of deeds, and the same shall
be fled and recorded in the Office for re-
cordiDg of deeds in the county where such
corporation is established, and a certified
copy thereof, under the official seal of the
Recorder, shall be deposited with the
Auditor General of the State.
SEC. 8. The business Of the corpora
ton shall be managed and conducted by a
board Of not less than FIVE directors, one
of whom shall be president. and one shall
be treasurer of the association, who shall
be chosen annually by the stockholders,
and shall hold their offices until their sue
cessors are duly qualified; the corpora
ton shall have such other officers, agents,
and factors, and elect or appoint them in
such manner as shall be prescribed by the
bylaws.
SEC. A. The capital stock of such cor
poration shall be limited to any sum, not
less than twenty thousand nor exceeding
two hundred thousand dollars, which may
be decreased or increased at any meeting
specially called for that purpose Provided,
The said increase shall not exceed one
| hundred thousand dollars and no share
shall be issued for less than its par value ::
PrOrfded, That said company shall pay
into the treasury of the Commonwealth a
bonus of one-half of one per centum on
the capital stock hereby authorized, or any
increase thereof in four equal annual in
stalments, the first Of which shall be paid
at the time Of the payment Of the enroll
ment tax.
SEC. 5. The board of directors shall
annually make a statement in writing Of
the condition of the association, setting
forth the amount of capital stock, the num-
Der Of shares issued, and the par value
thereof, the number Of stockholders, to-
gether with the greatest number Of shares
held by any one stakeholder, the amount
and character of the property of the corpo-
ration, and Of its debts and liabilities f; and
said statement shall be signed and sworn to
by majority Of the directors, including
the treasurer, and the same shall be re-
corded in the Office Of the Recorder Of the
proper county, and Immediately afterward
fled in the Office Of the Auditor General
SEC. 6. Such corporation may take,
hold and convey such real and personal
estate as is necessary for the purpose Of its
organization, and may sue and be sued in
its corporate name and no member there,
Of shall be entitled to hold or claim en- in.
terese therein exceeding the sum of five
thousand dollars, nor shall any member
upon any subject be entitled to more thar
one vote.
SEC. Z. No certificate of shares shall bt
issued to any shareholder until the shares
shall be fully paid in cash, nor shall any
shareholder be allowed to transfer any share
Of stock until be shall have offered the
same to the board of directors but if they
shall refuse to accept or purchase suct
share at or for price equal to that which
can be obtained from any other person Oh
persons within ten days, then the holder
may sell such share or shares to another
shareholder, or, with the assent Of the
board of directors, to any person not q
shareholder. Stock SO purchased by the
board of directors shall be held by the cor
poration for the benefit Of the shareholders
and may be sold or transferred, as the board
of directors may determine.
SEC. 8. If the board of directors fai
to make the annual statement required BY
this act, or if they make false statement
they shall be liable for all debts Of the cor
poratiOn.
SEC. 9. No shareholder shall be indi
vidually liable for any debt of the corpo
ration.
SEC. 10. There shall be such distribu
ton Of the profits or earnings Of such cor
porations among the workmen, purchaser
and stockholders as shall be prescribed BY
the bylaws, at such times as therein pre-
scribed, as often at least as once in twelve
months PrOvided, That no distribution
shall be declared and paid until sum equa
at least to five per centum Of the net profits
shall be appropriated for a contingent OF
sinking fund, until there shall have accu.
mulated sum equal to thirty per centum
10 excess Of such capital stock.
SEC. II. Process shall be served upon
such corporations, and proceedings had
against them for the collection Of debts, in
the same manner as is now provided by Law
with regard to other corporations.
SEC. II. Said corporations may make
bylaws not repugnant to the laws Of this
Commonwealth for the regulation of theil
business.
Approved-The fourteenth day of April
A. ID. 1868.
A New Monetary System,
BY EDWARD KELLOGG.