The Advocate and news., 1899-01-11

NUTIUTUT ITTIWTUI T1T01
same is hereby amended to read as fol-
lows: Sec. 8. Such charter shall, after
the payment Of the charter fee to the
State Treasurer, and having his receipt
endorsed thereon as provided by law, be
filed In the Office OF the Secretary OF State
who shall record the same at length I'm a
book to be kept for that purpose and re-
tain the original on file in his office. A
copy or the charter or OF the record there
OF, duly certified by the Secretary OF State,
under the seal OF his office, shall be evil
dence OF the creation OF the corporation.
Section IL That Section a. Chapter 23,
OF the General Statutes OF 1868. be and II ~
hereby amended to read as follows: Sec.
"a. It shall be the duty Of the president
and secretary or Of the managing officer
of each corporation for profit, doing busl-
ness In this State except banking, insur-
ance and railroad corporations, annually,
on or before the first day OF August, to
prepare and deliver to the Secretary of
State, a complete detailed statement Of the
condition of such corporation on the thir-
tieth day Of June then next preceding.
Such statement shall set forth and eX-
hlbit the following, namely:
First-The authorized capital stock.
Second-The paid up capital stock.
Third--The par value and the market
value per share of said stock.
Fourth-A complete and detailed state
ment of the assets and liabilities OF the
corporation.
Fifth-A complete and detailed statement
Of the receipts and expenditures Of the cor
poratiOn for the year next preceding.
Sixth--A full and complete list OF the
stockholders. with the post office address
of each, and the number Of shares held
and paid for by each.
Seventh--The names and post office ad-
dresses of the officers, trustees or direc-
tors, and manager elected for the ensu-
ing year, together with certificate OF the
time and manner in which such election
was held.
Such reports shall be made upon and In
conformity to blanks prepared by the Sec
retary of State and approved by the charter
board The fee for filing such report and
making a certificate that the same has
been made and is on file shall be one dol
lar. The Secretary of State may, at any
time, require q further or supplemental
report under this section, which shall con-
tain information and data upon such mat
ters as the Secretary OF State may specify
It shall also be the duty OF the president
and secretary Of any such corporation as
soon as any transfer, sale or change OF
ownership of any such stock is made as
shown upon the the books of the company,
to at once file with the Secretary of State
statement Of such change Of ownership,
giving the name and addIess of the new
stockholder or stockholders, the number Of
shares so transferred and the par value
and the amount paid on such stock. No
transfer of such stock shall be legal or
binding until such statement is made as
ever, that no transfer of stock shall re-
lease the party so transferring from the
liability Of the laws OF this State as to
stockholders Of corporations for profit for
ninety days after such transfer and the
filing and recording thereof in the office
Of the Secretary Of State. The records Of
the Secretary OF State shall be prima facie
evidence OF the stockholders OF such cor
poratlOn, the number of shares held by
each and the amount paid on each share
Of said capital stock. No action shall be
maintained or recovery had In any of
the courts OF this State, by any corporation
doing business In this state, without first
obtaining the certificate OF the Secretary of
State that the statements provided for in
this section have been properly made.
Section H. That Section Al. Chapter %
of the General Statutes OF 1868, be and the
same Is hereby amended to read as fol-
lows Sec. A. Every corporation created
under this act, or any general law Of this
State, shall commence active operations
within one year after filing its charter with
the Secretary Of State, and in default
thereof said corporation shall become and
be dissolved by operation of law and with
out judicial proceedings to that end, and
notice Of such dissolution shall be pub
lished by the Secretary Of State in the
weeks thereafter. Provided, that no cor
poration shall commence business until 1t
shall file with the Secretary OF State an
affidavit, made by It's president and sec
retary, setting forth that not less than
twenty per cent Of it's authorized capital
has been paid in actual cash.
Section IA. That Section 49, Chapter % Of
the General Statutes of 1868, be and the
same Is hereby amended to read as fol-
lows: Sec. 90: II any execution shall have
been issued against the property or effects
Of a corporation, except a railway or a
religious or charitable corporation, and
there cannot be found any property upon
which to levy such execution, such cor
pOratiOn shall be deemed to be insolvent,
and upon application to the court from
which said execution was issued or to
the Judge thereof, a receiver shall be ap-
pointed, to close up the affairs of said cor
poration. Such receiver shall Immediately
institute proceedings against all stockhold
ers to collect unpaid subscriptions to the
stock Of said corporation, together with the
additional liability Of such stockholders
equal to the par value Of the stock held
by each. All collections made by the re-
ceiver shall be held for the benefit Of
all creditors. and shall be disbursed in such
manner and at such times as the court
may direct. Should the collections made
nv the receiver exceed the amount neces-