Evening journal., 1899-03-20

OF. and notice,thereof given to said stock |
holder and said consolidated corporation, |
the amount Of the award shall be evil !
dence Of the amount due by said corpora
tion, and may be collected as other debts |
are by law collectable, on receiving pay /
ment of the award. said stockholder shall
transfer his stock to the said consolidated
corporation, to be disposed OF by the di-
rectors thereof, or to be retained for The
benefit Of the remaining stockholders.
ACTIONS PENDING CONSOLIDATION.
SECTION 81. Any action OF proceeding
pending by or against either Of the COR
porations consolidated may be prosecuted
to judgment. as II such consolidation had
not taken place, or the new corporation
may be substituted In it's place.
LIABILITIES UNIMPAIRED.
SECTION IS. The liability Of corpora
tions created under this Act, or existing
under the laws Of this State. or the stock-
holders or officers thereof or the rights
or remedies of the creditors thereof, or Of
persons doing or transacting business
with such corporation, shall not I'm any
way be lessened or impaired by the sale
thereof, OF by the increase or decrease in
the capital stock OF any such corporation,
or by the consolidation Of two or more
corporations, or by any change or amend.
ment in the Articles OF Incorporation.
MAY ISSUE BONDS.
SECTION SO. When two or more cor
porations are consolidated, the CONSOLE
dated corporation shall have power and
authority to issue bonds or other obliga-
tions. negotiable or otherwise, and with
or without coupons or interest certificates
thereto attached, to an amount sufficient
with its capital stock to provide for all
the payments It viii be required to make.
or obligations It will be required to ass
sumo, in order to effect such consolida-
tion; to secure the payment Of which
bonds and obligations II shall be lawful
to mortgage its corporate franchises,
rights, privileges and property real, per-
sonal and mixed; and may issue capital
stock, to such an amount as may be nee
essary, to the stockholders Of such con-
solidated corporation IN eXchange or pay
ment for the original Shares. in the man
ner and on the terms specified in the
agreement Of consolidation.
SALE OF FRANCHISES AND PROP
ERTY.
SECTION 80. If the franchise and prop
erty OF any corporation formed under
the provisions of this Act or existing
under the laws Of this State, is sold. the
persons who may become the purchasers,
at private sale or under the Judgment OF
the Court. may organize a corporation for
the continuation, operation and manage
ment OF the same; and such corporation,
when organized, shall have the same
rights, privileges and franchises as have
been granted to, or acquired by the cor
poration purchased; and shall be subject
to all the limitations. restrictions and IL
abilities imposed upon A.; and, in addition
thereto shall be subject 30 an the provls-
ions Of this Act. Such corporation shall
be formed by Articles Of Incorporation
executed by the purchaser and his asso-
ciates, and which shall, In addition to the
requirements Of the provisions OF this
ACT. set forth the description Of the prop
erty sold and the decree under which the
sale was made; II It was sold under judg-
ment. or II not, the deed conveying the
property; the amount paid or to be paid
and to whom and by whom, and such
other STATEMENTS as may be deemed nee
essary. The articles shall be signed by
tho purchaser and his associates, If any
and shall be fled in the office of the Sec
retary OF State, who shall furnish a GER
tilted copy Of the same under his hand
and seal of office, which shall be recorded
as hereinbefore provided for certificates
OF Incorporation; and when a certificate
Of such fact is delivered to the purchaser
the corporation shall be deemed to be or
ganized. and shall have all the rights
powers and privileges, and be subject e
all restrictions. limitations and liablitie.
OF other similar corporations organized
under this Act.
SECTION 81. Sales OF the property ant
franchises Of such corporations that MAJ
be sold under decree Of Court shall bl
made after such notice of the time ant
place as the Court may deem proper: ant
" such sales are made I'm the foreclosur,
OF one or more mortgages, the Court MAJ
order such sale TO be made for the who'll,
amount OF the outstanding bonds and I'm
terest secured by such mortgage or mort
cages; or If the property and franchis,
VIII produce so much, then for tn
amount or Interest due under said mort
gage or mortgages. subject to the paw
n1pnf DN the rIlTe7nCnr of ha Ao.f, J
ing bonds and interest secured thereby al
they become due; and I'm the latter even
may, by proper orders, secure the as
sumption thereof by the purchaser. bu
when a sale shall be ordered to be made
subject as aforesaid. the Court shall di
rect the officer making such sale I'm tn
event that the property and franchise
onered do not sell for enough to pay tn
amount aforesaid. to sell the same FIRE.
from encumbrances Sales under thf
section shall be made on such credits "a
the Court may deem proper.
FORFEITURE OF FRANCHISE.
SECTION 60. Any corporation organ
lied under this Act shall forfeit all rights
privileges and franchises obtained there
under If 1t shall fail, for two years afte
It's organization. to commence in goo
faith the business, or to promote the oh
1ects or purposes for which It was organ
lied.
ILLEGAL ORGANIZATION NO DE-
FENSE.
SECTION GO. No corporation organize
under this Act or existing under the law
OF this State, shall be permitted to set ur
or rely upon the want Of legal organiza
ton as a defense to any action against 1t
nor shall any person transacting busines
with such corporation. or sued for niur
done to its property. be permitted to rel
upon such want of legal organization as
defense.
This section shall not be construed {
prevent judicial inquiry into the regu
larity or validity OF the organization q
the corporation or its lawful possession q
any corporate power it may undertake t
assert in any other suit or proceedin
where its corporate existence or IA
power to exercise the corporate rights
asserts Is challenged. and evidence tend
ing TO sustain such challenge shall be ad
missible In any such suit or proceeding.
CORPORATE NAME MUST BE DIS
PLAYED.
SECTION 81. Every corporation organ