Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1898-03-31

cent II paid before January LIST, from
January Isl TO April lst the face of
tine bill and after April lat per cent
is to be added.
At tho afternoon session OF the House,
the bill 10 allow the town of kehoboth
to raiHs by taxation 81, 600, instead OF
g.. Coo, was killed. Three "Reminiscences
were received against it. One OF the |
remonsirances vas brought here by |
Street aud Sewer Director A. s. Webster |
of Wilmington, who owns property at !
Rshobutn. It was signed by number |
of others ami had much weight with |
the members.
Dover, March %. The General Cor
poration hill, about which thnre mas
been much speculation, was turned over
to the Legislature yesterday 10y the
legal commission, and, was introduced
10 the House by AIR. Smith, the read
ing requiring nearly all of both sessions
of that body. II contains l3B sections
and covers 100 tyne written pages.
Certificates OF Incorporation are to be
granted by the secretary of State, after
the applicants have complied With the
requirements Of the law. The bill
provides that any number of persons,
establish corporation for any legiti-
mate business, subject to the provisions
of the act. Every corporation has
power to have succession by Is cor
porate name for period not exceeding
20 years, to sue and be sued. complain
and defend in any court, make anu Use
q common seal, to hold, purchase and
| convoy real and personal estatea, ua the
purposes of the corporation shall re-
| 1uire, not exceeding the limit fixed in
| the charter, tn appoint such officers rs
are necessary, to make by laws not in
consistent with the Constitution and
| laws OF the State or the Cnitad States,
and to wind up or dissolve itself, or be
wound up or dissolved, as the act pro
| vices. In addition, TO have such
general powers as may be allowed under
| the General Corporation act. No cor
poraton created under the act shall be
deemed to possess banking powers. The
act may lie amended or repealed, at the
pleasure of the Legislature, and all cor
porations shall he bound by it. But
this shall not impair the liability Of
the corporations for any liabilities in
Cured previous TO that time. Corpora
tions may have Offices and hold property
outside the State and in foreign coun-
tries. Tho certificate Of incorporation
shall set forth the name OF the corpora
tion. where it's principal office or plnce
of business is to be located, the nature
of the business, the amount of capital
stuck, the par value thereof, the amount
to be paid in before commencing bust
ness, which shall not he less than Il
per cent of the whole capital, tine names
and places of residence OF each of the
original subscribers, tho time when u
ia to commence, by what officers OF
porsons the affairs of the company are
to be conducted. the value OF real ant
personal estate, of which the c0rn0ra
tion may become possessed, the hiehes
! amount of liability, which the corpora
| tion may incur, whether the private
] property of the stockholders shall b,
| nuhject to payment of the corporate
debts, and to what extent, whether tn
PARTIES signing the certificate desire an.
J limitation upon the powers OF the cor
! poretion. Tho certificate ia TO be sworl
to. recorded in tho office Of tho reeorde
/. of deeds in the county Thnre the prin
] cipal Office is located, and then filed II
/ the Office of the secretary Of State
r Amendments and alterations are to b
y madn by supplemental certificates. Afte
: the necessary filing and the payment O
the regular license tax TO tho secretar
II of State, the persons go ass0ciatiu
}. themselves become q corporation. FIT
Il per cent of the capital stock shall b
d paid in before any corporation ca
/. transact business with anyone outsid
!, of it's own stockholders. The usual pre-
% visions are made for paying up on th
v atock. The stockholders OF each col
20 porAtiou are individually liable an
- | .ao,,onaibla IN tho rrnH ifOFa for all p0r
ID tracts and liabilities to the extent {
lie the value of their stock at par value,
( addition to the amount of such atocl
ie No company Ia allowed to use any pa
D. of its capital stock for dividend
in Penalties arc provided for making fall
~ reports of the standing of corporations
10 The business of every corporation 5ha
I'd be managed by board of not less thu
ID three directors, each of whom shall ON
US not less than three shares OF the capt.
I'd stock. A corporation may reduce j
10 capital stock ON the written consent
n stockholders representing two'thirds
1y all tho capital stock, and the capt.
y stock may be increased in the san
,ir manner.
he Corporations may be dissolved by 1
ng of the stockholders filing a certifica
"a to that effect in the oIfice Of the seer
all tsry OF State, or they may be disaolv
rd by tho regular process Of the court.
nd either case the Chancellor shall appoi
of suitable trustees to wind up the atfai
he Of the corporation. The usual pr
lot visions arc made for appointing |
on ceiyers Two corporations in the sar
all kind Of business may combine upon t
IN application of the holders of two tnir
he OF the capital stock in each. Eve
he corporation is compelled to have at
Do. principal place of business a sign CO
Die tanning the name Of the corporation
ma beneath it the word incorporated
he Provision ia made for the organizati
,ge of companies to reclaim and imprc
Ok bitches, the regulations being ahu
ed the same as has been the case here
lay fore in legislative enactments.
On, Certificates for the Incorporation
ial railroad companies must be signed
for not less than Is people and must Bti
an the name of the corporation, the nu
in Der of years that it shall continue, |
900 lsexceeding 90 the points between viii
led it 10 to be built. the estimated lengt
Iir, and the counties through which
its. runs, the amount of capital stock, viii
ing shall not be less than So. 600 per mi
of the number of shares OF capital sto'
not the names of the cornorators, a major
The of whom shall live In the State. Rs
ave road companies are to have the us
ed, power TO procure land and the gene
/ of privileges accorded railroad compani
les. The charter Is not to be granted Ut
of at least 81, GOO mile is deposited W
600 the State treasurer, which is to be p
lis back as each mile of road is C
strucfed Tina directora must organ