Evening journal., 1899-03-20
IN ACT PROVIDING A GENERAL
CORPORATION LAW.


CORPORATION LAW
BE Vt enacted by the Senate and House Of
Representative OF the State OF Della
ware GA General Assembly met with
the concurrence Of two-thirds Of oll
the members elected 10 each House OF
the General Assembly:
SECTION /. Any number OF persons. not
less than three. may associate TO estab-
lish a corporation for the transaction OF
any lawful business. or to promote or
conduct any legitimate object or purpose
under the provisions OF and subject to tho
requirements OF this Act as hereinafter
provided, excepting for such purposes as
are excluded from the operation OF a gen-
eral law by Section OF Article .. Of tho
Constitution OF this State. upon making
and filing a certificate OF Incorporation Ia
writing In manner hereinafter mentioned.
POWERS.
SECTION ?. Every corporation created
under the provisions Of this Act sholl
have power:
Ito have succession. by rs corporate
name for the time stated In It's certificate
Of Incorporation, and when no period Is
limited, u shall be perpetual
2-ro sue and be sued. complain and
defend IN any court OF law or equity.
3.-'rO make and use a common seal and
alter the same az pleasure.
4-To hold, purchase and convey such
real and personal estate as the purposes
OF the corporation shall require. not eN.
ceeding In value the amount limited IN its
charter. and all other real estate which
shall have been bona nde mortgagcd &c
the said corporation by way Of security
or conveyed to a in satisfaction Of debts
previously contracted. or purchased al
aales upon judgments or decree which
shall have been obtained for such debts
and to mortgage any such real or per
sonal estate with IT'S franchises; tbs
power TO hold real and personal estat,
except In the case Of religious corpora
tions, shall include the power TO take th'
same by devise or bcquost.
5.--To appoint such officers and agent
as the business OF the corporation shall
require, and to allow them suitable com
pcnsation.
Ito mako bylaws. not inconslsten
with the Constitution or laws OF tn
United states or OF this State, liking an'
altering the number OF It's directors 70
the MANAGEMENT OF It's property, tho regu
latlon and government Of its affairs, AM
FOR the certihcation and transfer OF 81
stock. with penalties for the breach there
OF not exceeding twenty dollars
ITO wind up and dissolve iteelf or q
be wound up and dissolved In the mRnnc
hereinafter mentioned.
SECTION 3--In addition to the power
enumerated In the second section OF TN
Act, every corporation, It's officers, direc
tors and stockholders, shall possess an
exercise all the powers aud privilege
contained IN this Act. and the powers ex
pressly given iu its charter or In its Get
tlncate undor which Il was Incorporated
s0- far as the same are necessary or con
Venient TO the attainment OF the object
set forth In such charter or certlhcat
Of incorporation; and shall he governe'
by the provisions and be subject 10 IN
restrictions and liabilities In this Act con
tanned, 40 far as the same are nppropriat
10 and not inconsistent with such charte
or Act undor which such corporation wa
formed; and no corporation shall posses
or exercise amy other corporate powers
except such incidental powers as shall b
necessary to the exercise OF the power
so given.
~
SECTION mo corporation created ur
der the provisions OF this Act shall, by an
Implication or construction. be deemed {
possess the power OF discounting BILL
notes or other evidences OF debt, OF rt
cedving deposits OF money, OF buyin
gold and silver bullion or foreign ooini
Of buying and selling bills OF exchangl
or OF issuing bills notes or other ev
dences OF debt, upon loan or for circulr
tion as money.