Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1893-04-30
A Comparison.


We have asserted. time after time,
that the laws Of Texas are az liberal
towards the enterprises Of aggregated
capital as those Of any agricultural state
in the Union, aud more liberal than
those of any other southern state, and
have challenged tho calamity howlcrs to
produce proof 10 'hc contrary. without
provoking q single note Of dissent
IL is easier 90 abuse Unfortunately
Texans and Texas legislation than 10 is
~ mako fair dispassiouatc criticism of
Texas statutes.
Kentucky has not been held mp before
the world by agitators within aud with
ont the state as victim Of cOmmuustic
government. Timid capital Is not sup
posed to- be- afraid of h. We beg the
calamity howlcrs to compare this sum
mary of new corporation law recently
adopted and now in force 10 Kentucky,
with Texas statutes ON the same sub
jcct.
"rlru At least ~ per cent Of the capital
stock shall. in good faltu, Boz subscribed
"Socoud A book shall Dee kept 10y every
corporation lu lu principal office, iu which
shall bc enrolled me Gnmc, posi"ihcr o9.
dress aud number OF shares held 10y each
stuyhholdyr aud the tlmc when each hr.
yuiur o. stakeholder. This book n subject
to the Inspection N an stockholders ANA
persons doing business with the corpora.
''ThIrd so corporation ran issue stool, or
bonds. except Tor uu equivalent iu money
actually received. on Tor property ur labor
duur ut the market price thereof
"IuurtN Stockholders NJ corporations orr.
riUllrl Tor thp purpose uf carrying vu
commercial business ur NJ general trading
business urr Individually responsible equal
ly aud ruiubN md mot one FOR th" other
fur nll contracts M such corporation 20 the
extent ~ thp amount NJ their stock ut par
value. Doc addition tu the amount uf such
stock Stockholders OF gua compnuirH vlcr.
trIr light companies, telegraph uumuuuirH,
Mud companies. must companies, etc., urr
excluded frum the provisions M this act us
"rifh The payment ~ dividends by TO.
solvent corporations or tile payment ~ dlNi.
drnds that viii rcudcr IL iusulyeut IL fnr.
hidden, ana directors are made individually
liable Tor on existing debts or debts that
may DE thereafter Incurred when such dlyl.
sixth Directors nud officers are uad,
liable fur amy loss or damage done tn par
Ties hy reason Of any false statement being
knowingly given out hN them az 90 the
condition ~ the corporation
"Sryvuih-N 30 foreign corporation, without
consent ut the opposite party is allowed
tu remove case lu which ~ ls uurty
from the state tu the federal court
Eighth ANY corporation dolur business lu
this state shah have known place ~ bust.
ness. und uu authorized agent tt same place.
upon Whold process may Dee served ENvr.
Huoh corporation ls required to ulp u state.
Wrut with ihr secretary NJ state. giving the
luuuuu uf lts principal office thp manic ~
iiH agent nt 1uid office aud nn failure tu tlu
sn u,h corporation, its agents ana EN-.
pIuycs doing business ln thp state nrr
FvNurullN liable tn nup FROM one hundred
tu uup Thousand dollars.
"Nluth Every corporation Hhnll hnyu
printed or painted. 90 lts principal plarr M
business ltH corporate name. and Immediate.
lN under tho name ihp word Incorporated.
The Incorporate uump aud the word 'iucnr-
pprutrd' shall also bp placed upuu FAN
printed nul advertising mutter' A prnuitv
uf from ono tu i've hundred dollars is prC.
sgrlhrd against any one violating thls prn.
vision.
"Icnth-1he new corporation INV pre.
Hrrihrs The mode Of reorganization. Inc
manner ~ consolidation of Two companies
TIE mode OF election ~ its officers. and
other details not formerly required by Law. -