The Montgomery advertiser., 1903-10-09

1x e(U4 1,1<f uut1I 11
 ~ t9H d4ye fko11 nc 11v H &
 ins9 cers If no eeufeee q fnc 9
 days Iron the return ffuFScf &x X
 or If upon hearing any encA ccn11<3 court is saffs1ed that the anr<u1r is the full market va1ue of {ho s111 such dissenting stockholder. fh5
 must enter sn order con1rmine m11
 praisement and such conGrmsfj6n 6S11
 be nnal and conclusive on a1l rotGI.o 1 less an appeal be taken witnIn tnm VT
 to the Circuit Court Of such cesr~e- x '
 other court exercising like jurfsa1oel | Upon the Hing of the nottcs of appoaI 113
 either party with the 3udGe of soSh II1l
 bate Court, within said period. ouch 1&I must certify all pr0ceedfnHG anH fEo 4S
 pratsement to such Circuit Codft ce 611@< court exercising Ike jurisdIctf6n. TT M euch court an fssue must bs nnh<6 uo m
 der the direction of the conr< an1 fI1 cause tried as other causes afs txlod I8 and the value of his stock e ascsrta1ne6
 be not paid to the dissenting stockhoIder within thirty days from the confrmetion l of said appraisement, the order conf1rm- | ing tho same shall bo c 5udgment for thS amount thereof against the consolidato1 corporation. and may Dc collected as ofk< CT judgements of said court ara coliectabId by law; Provided. that such probats Court may. if 1t bs satisfied that the uD- praisement is not the true mafket waldo of the said stock, set aside the appraito- ment and enter an order for tho amoun1 which the evidence satisfies it is 5tho tro> value thereof, In which event tho t1Htt6 and liabilities of the parties shah bo i6 all respects the same as In case Of q cen firmation of the appraisenent an6. peo@ lsfded, further, that the ftehts of th1 creditors of the several former corpor44 tons In and upon the assets anA proper4x rauons shall not be impaired or afIeot46 by any award or judgment obtained Ay such dissenting stockholders thereunder. Sec. 42. Such consolidated corporn<tox shall have power and authority to inGue bonds or other obligations to an amount
 sufficient with it's capital stock to pro vide for all payments 1t VIII be required
 to make, or obligations it will be reQu1ref
 to assume. in order to affect sich morx1f tor consolidation. and to secure the p8y~
 ment of such bonds or obiieaxions t shalI
 be lawful to mortgage its corporate fran-
 chises, rights, privileges. and property. real and personal: and may iesue capital
 stock, common or preferred, or both, <o
 such amount as shall be necessary. to
 the stockholders of the consolidated cor
 poration in exchange or payment for | their original shares. in the manner on
 the terms specified in the consolidation agreement
 Sec. Q. Any corporation organized uf- der this act may Issue preferred sto6k
 by vote of the holders of two thirds ln. value of the capital stock at mAeftre called for that purpose. and If at such
 meeting the persons holding two-thirds in value of the capital stock vote for the issue of preferred stock. the pro- -G f~ .1 to writing, and certified by the president. or chief executive head. or the secretary of the corporation, under the corporate seal, and filed and recorded in the once of the Secretary of State. and thereaftsr preferred stock not in any case excee6- ing two-thirds of the capital stock paid for in cash or property may be Issued; each stocxhoider shall be first entitled to
 the privilege of taking such preferred
 stock in proportion to the amount Of com
 mon stock held by him, or a less amount
 If he should desire 1t, before the preferrS1 stock is offered for sale to the public. The Issue of preferred stock may be provided for at the time of the organization with
 the assent of the original subdivision tn
 the capital stock expressed in their sub scriptions.
 Sec. A. Every corporation formed under this act may increase or diminish tha |
 of the persons holding the larger amount
 in value of the capital stock. expressed by 8 vote of such persons at a jreguIaF
 meeting or a special meeting called for
 that purpose.
 Sec. 45. If any corporation formed urs- der the provisions of this act has acct dentaily or inadvertently failed to comply
 with the requirements of this act in it's f organization, the president or other chief executive head of the corporation
 may supply such omission or defect by filing in the office of the Judge of Probate of the county in which the corporation was organized q statement in writing and under oath setting forth the omission or
 error and supplying or correcting the
 same; and such filing shall relate back to
 the organization of the company, except
 as to rights of third persons which have lintervened.
 Sec. 46. The capital stock or bonded in- debtedness of any corporation formed un. der this act or heretofore incorporated under any general or special law of this State may be in-
 creased by the consent of the persona
 holding the larger amount in value oi
 the capital stock obtained in favor there. | of at regular meeting of the stockhoid.
 CTS or at a special meeting of the stock.
 holders called for that purpose, the nos
 tice of which regular or special meeting
 shall state what increase is proposed tc
 be made in the capital stock or indeb.ed'
 ness of the corporation; If at such meet ing consent of the holders of the largei
 amount in value of the capital stock shaH
 be given to Q specified increase of ths | capital stock CT bonded indebtedness q re- Il port thereof certified by the president. oi secretary of the corporation under the cor porate seal. must be flied and recorlce 1 in the office of the Judge of Probate oi | the county in which the corporation was | organized aud thereafter it shall be law. | full for the corporation to increase lta | capital stock or bonded indebtedness in | conformity with such consent to an | amount equal to or less, but not greater
 than. that stated in the published notice | of the meeting. Any such corporation | may by like proceedings decrease its cAp- ital stock. and after 1t shall have been | so authorized to decrease its capital
 stock. such decrease may be effected by | retiring or reducing any class of tho | stock or by the surrender by every share | holder of his shares and the issue to | him In lieu thereof of a decreased num- | Der of shares or by the purchase at not | above par of certain shares for retire | ment. or oy retiring shares owned by | the corporation or by reducing the par l value of the shares, provided no such | decrease of capital stock snail release | or otherwise affect the liability of any | stockholders whose shares shall not have
 been fully paid for debts of the corporation
 heretofore contracted. The capital stock of building and loan associations here tofore or hereafter organized under the laws of thfa qtafa rnayr fa ty,rpAa~aa fo