The Montgomery advertiser., 1903-10-09
GENERAL LAWS
Enacted by the Legislature of Alabama

10. ao6. An Act fS. 3is. 10 confer and limit the powers of busi-
 ness corporations and to provide tor their organisati9n and regulation.
 Section l. Be 1t enacted by the Lesisla- tnre of Alabama. That three or more per sDns may become body corporate for the purpose carrying on any lawful busi- usss CT businesses of any kind. or nature whnksoevsr upon making. and hiing . certificate pursuant to the provisions of tanfs act
 Sec. 3. Tue certificate of incorpora- ton shah be signed by all the subscribers to the capital stock named therein. ana se1all set forth:
 (A, The name of the corporation; no sAame shall be assumed which is identical with that of any corporation already ex- isting in this State. or 90 nearly similar thereto as to lead to confusion and un- certainty. nor shall the name of any per son or partnershAp be assumed without the addition of some word or words desig- mating the nature of at least one of the business to be carried sn followed by the word company" or Cooperation"
 s(b) The object or objects for which the corporation is formed.
 '(c) The location of its principal ofice in this State.
 (d) Tue amount of the total authorized capital stock, which shall not be less than two thousand dollars: the number of shares into which the same is divided; the amount Of the capital stock with which ft will begin business. which shall not be less than twenty-five per cent. of the nsthorized capital, and in no case less t1an one thousand dollars; Provided. tha& if the corporation Is formed for the purpose of carrying on the business of banking. the amount of capital stock with which 1t will begin business shall in no case bs less than twenty-nve thousand dollars. and provided, further. that If the corporation ts formed for the purpose of eaarying on the business of insurance tn any of it's branches, or of any kind or nature, whatsoever. except title guar nnty companies. the amount Of capataA stock with which 1t will begin business shall in no case be less than one hundred thousand dollars. If there be more than one class of stock created by the certi- ficate there shall also be stated descrip' tScn of the different classes of stocx' w'tn the terms on which each class IS created:
 ts) The name and postomce aooIsss VI che ofYicer. or agent designated by the in- corporators to feceive subscriptions to the capital stock.
 lf) The names and postofice addresses of the incorporators, and the numoer or shares subscribed for by each: the aSgTe- gate of such subscription shall DC the capital stock with which the company VIII commence business: the names and post ofice adresses of the directors and officers chosen for the first year.
 (g) The period. if any. limited for the duration of the corporation.
 (h) If the corporation is railroad IT railway, canal navigation. or other trans portation company. unless it Is proposed to do business in only one town or city, NhA certificate shall also state the ter uinals and sucE other points along the Mnes of euck company as the tncorpora- tors may deCm proper: and if naviga- ton company, 1t shal: also contain 7hs names of the streams, seas or other bodies of water within thu Jurisdiction of that State, 1t is proposed to navigate ana whether or not 1t wtn engage in inte'- state and foreign commerce. II the CO., DSration is a telegraph or telephone com rary the certificate shall state the names of the county or soun saes In which 1t ts peoposed to do business.
 ft) If the corp ratton is formed for ths purpose of constructing, operating or maintaining. or purchasing any work or plant of internal improvement or publ:3 W4ility,s other than those named in the asxt rrccrding subdivision. tho certin- cato shall also state the names of the counties, cities. towns, CT other municipal subdivisions in wha :h 1" is propUsci to do business, together with the streets and other public places thereof, in. or in or near, or between. which 1t is proposed ko construct CT op.rate eich work of internal improvement I' public utility: If ths business of .he corporation include that of supplying water to any such mu- nicipal subdivisions, or the inhabitants thereof, the certificate shall also state the stream or streams, or other source from which it will derive its water sup ply; and if it is proposed to furnish any such municipal subdivisions with sew craze system, the method of disposing of the sewerage shall be stated. together with the names of any stream or body of water. if any, and the point or points thereon, into which the sewerage will be discharged.
 0 The certificate may also contain any other provision which the incorporators may choose to insert for the regulation of the business and for the conduct of the affairs of the corporation. creating, regulating and defining the powers of the corporation, the directors and stockhold- CTS, or any class or classes of stockhold- CTS; provided. that such provision be not inconsistent with this act
 Sec, 3. The certificate shall have at- tached to 1t a statement under oath by the person authorized by the incorpora- tors to receive subscriptions to the cap- ital stock showing the amount of capital stock which has been paid in and the amount of stock secured by contracts for stipulated labor or services or transfer of property, which amount so paid in and secured shall be at least 20 per cent. of the stock subscribed for, and in no case less than $1.O00; Provided, that if the corporation is formed for the purpose of carrying on the business of banking, the amount actually paid up in cash shall fin no case be less than 60 per cent. of the subscribed capital stock, and, If formed for the purpose of carrying on the busi- ness of insurance in any of its branches, except title guaranty companies, the amount actually pa.>- up in cash shall fin no case be less than $100, 900; such state ment shall include a copy of the sub ecription list and shall show by which of the subscribers payments have been received in cash and the amount paid by each. and by which of the subscribers contracts in writing have been executed for the performance of stipulated labor, or services. or for the transfer and con- Veyance of property. in which they are privileged to discharge their subscriptions.
 Sec. l. The certificate of incorporation shall be filed and recorded in the ofice of the probate judge of the county in which the principal place of business of the corporation is established, In book to be kept for that purpose; but the pro- bate judge shall not record 1t unless 1t complies with the provisions of this act After 1t has been recorded the probate judge shall endorse thereon his certificate of registration. showing the book and page where recorded, and for his services fin recording the certificate shall receive