Evening journal., 1899-01-24
CORPORATIONS bill.
Important Measure to Ee Ir-
troduced BY Mr.. McNulty.
IMPROVEMENT TO THE DELAWARE

llNlAANlNlhJAkolAA
SENATE TO NAME A BABY.
woRK-HoUsE FOR NEW CASTLE
COUNrY-oIHER LEGISLATIVE
NlATTERs.
Stan Correspondence Evening Journal.
Dover, Jan. 24.-ENisting corpora
lions in the STATE Of Delaware are
anxious regarding the outcome Of the
fight over the general incorporation
act. While the new Constitution pro-
yides that existing corporations mayre-
new their charter for four years pend
ing the passage Of the general act, the
stockholders of such corporations are
naturally anxious to protect them
selves, whether a general incorpora'
tion act goes through or not
with this end in view the following
expediency act has been placed in the
hands Of Representative McNulSy fol
introduction at the proper time:
An act providing a general law for
the renewal OF corporate charters. and
for the amendment of same a. - tho
increase OF their capital stock. aud
prescribing the fees and state taxes
in such cases.
Wheras, The Constitution OF the
State Of Delaware provides that no
existing corporate charter shall be
amended or renewed by special act,
but only by or under general law, ex-
cept as in said Constitution otherwise
provided; and
Whereas, It is essential to the con-
tinuance OF certain corporations here
tofore created and now existing under
the laws OF the State of Delaware that
a general law be enacted whereby said
corporations may be amended or re-
newed, therefore be 1t enacted
By the Senate and House of Repre-
sentatives Of the State of Delaware in
General Assembly met (two-thirds oil
all the members elected to each house
thereof concurring):
Section 1. That any corporation ex-
isting under the laws Of this state
may at any time before the expiration
OF its charter, file in the office Of the
secretary Of state, a certificate under
its common SEAL duly auested, declar
ing its acceptance OF the provisions o.
the Constitution of the State of Della
ware, and its desire that the perioC
OF its existence as such corporation
shall be extended for any time thereil
mentioned. not to exceed twenty-fivl
years. Upon the filing of such certifi
cate as aforesaid the secretary O
state shall issue unto such corpora
ton a duly authenticated copy OF tn
said certificate, under his Official seal
which shall be recorded BY the sail
corporation in the Office Of the record
er Of deeds for the county in which
situated the principal place of bust
ness Of the said corporation, and upoi
the filing for record Of the said Ger
tiicate the period Of existence Of tn
said corporation shall be extended a
declared in such certificate to the en-
Of the period named in the said certif
cate
Section 2. That any corporation eX
isting under the laws OF this stat
may, after filing under its corporal
seal duly attested. an acceptance {
the provisions OF the Constitution {
this state in the office Of the secretar
Of state, increase its capital stock by
vote Of the majority Of the stoclxholl
ers of such corporation to sue
amount as in their discretion may I
necessary for the proper conduct {
the business of such corporation, an
when such corporation shall have file
in the Office of the secretary of stal
a certified copy of the minutes of III
meeting of the stockholders of sue
corporation showing the resolutio
regularly adopted by a majority Of 4
stockholders, and the amount to wAiC
they have declared their desire to n
crease the capital stock Of such corp
ration, the secretary Of state shall
sue to such corporation a duly authei
tioated copy of such certificate, m
the minutes of said stockholdeI
meeting, under his official seal. cert
flying the filing of the same in his q
fee, and that he has received the fe
hereinafter provided Tor, and upon Il
filing of the said eertifleate for reco
in the office of the recorOe; of dee
for the county in which the princip
place of business Of the corporation
situated, the capital stock Of such co
poIation shall be taken to have be
regularly and legally increased to I
amount named in such certificate, n
may be regularly issued by slch &C
poration.
Section 3. That certified copies
certificates recorded pursuant 10 ,
provisions of this act shall be e
derce in all courts Of law AID equ
in this state, and the fees which sh
be paid to the secretary Of state 1
such certified copies shall be the sal
as now provided by law for the seel
tary Of state for certificates and col
ing. Upon the filing in his office G.
certificate of the renewal of a eorpo,
tion there shall be paid to the 81
secretary Of state for the use OF
state and he shall account for a
pay to the state the sum OF twenty d
lars, when the outstanding stock OF
corporation does not exceed fifty tn,
sand dollars, and when the outstai
ing stock Of such corporation exec,
said sum, an additional amount eq
10 twenty cents for each one thousa
NmNH