The Montgomery advertiser., 1903-10-09

out of business, and before tho biIis is-. sued by 1t gre all redeemed, the st1fse Treasurer shall require such bonds to oe paid in specie. and shall hold the amount realized therefrom for the redemption of the bills Issued by such bank, unless tho bank shall deposit suficient amount of like honds to make the face value of ait such bonds in deposit with him by such bank equal in amount to the bills SO is- sued by the bank.
 Sec. 2t. Upon the deposit of bonds as provided in the next preceding section. such bank shall also deposit with the State Treasurer an instrument in writing duly acknowledged by the president or cashier of the bank. before an oficer au- thorized by law to certify acknowledS- ments. authorizing and empowering the State Treasurer. and his successors in offics. to sell such bonds. at any time and without notice or delay for sufficient amount of specie to redeem all the circu- lating notes of the bank. if such bank suspends specie payment. or fail to rc- deem it's notes on demand; and In case such bank shall suspend specie payment or fail to redeem its notes on demand. the Treasurer shall so sell said bonds for specie without delay. and hold the pro- ceeds thereof for redemption of such bills when SO presented, which bills he shall
  shall notify the Attorney General of such fact. and the Attorney General shall thereupon cause the solicitor who prose- cutes for the State, with such assist ance as he deems 1t necessary to employ to institute proceedings in the Chancery Court to dissolve and wind up the busl- ness of such bank, the compensation of any assistants to- the solicitor to be al- lowed by the court out of the assets of the bank.
 Sec. 22. No corporation other than cor porations formed for the purpose of car rying on the business of banking or trust companies doing banking business, shall engage in or carry on the business of banking in this State.
 Sec. g. Corporations organized for car rying on the business of insurance in anv of its forms may adopt the mutual plan or principle of allowing policy holders, or parties insured to participate in the prof. its, or. having adopted such plan or prin- ciple. may abandon 1t, by the consent of the holders of the larger amount in value of the capital stock, at a meeting called for that purpose, if. at such meeting the holders of the larger amount in value of the capital stock vote for the adoption or abandonment of the mutual plan or principle. they may. also vote such change in the name of the corporation as they may QGtEl OSStIautos u9 QEOCEcuA08o OA such meeting must be reduced to writing and entered on the minute book of the corporation. and a copy thereof verified by the certificate of the president or sec retary under the corporate seal. must be filed and recorded in the office of the Sec- retary of State, and thereafter the cor poration must conduct it's business ac- cording to such vote and by the name adopted.
 nl must have an actual capital, fully paid up in cash, of not less than one hundred thousand dollars. no portion of which must be represented by stocks, notes or loans on the stock of the company or companies as collateral; and must make annual sworn statements to the Auditor of the assets, condition. business of the previous year. in premiums. losses and expenses, in the State. and as whole.
 Sec. 25. Mining. manufacturing and a oSs formed anS sor the purpose of carrying on any private enterprise or enterprises, and not for the purpose of constructing. oper- ating or maintaining any work of inter- nal improvement or public utility, except banking corporations, insurance corpora tions and building and loan associations, may acquire, hold and dispose of real and personal property and engage in business as natural persons may. and may exer- else all such powers as are expressed in the certificate of incorporation, if not inconsistent with any provision of this act or of the constitution of this State.
 Sec. 26. All subscriptions to or for the capital stock of the corporation must be payable In money, but may, except as otherwise provided In this act, be dls- charged by the rendition of stipulated necessary services or the performance of stipulated necessary labor, or the trans fer of property; at the reasonable value theeof. but in such cases the subscription list shall state the names of the sub scribers who are privileged to discharge their subscriptions in services or labor or property, and the nature and character of the services of labor in which the same are to be rendered or performed. and the character and brief description of such property, and when 1t Is to be trans ferred to the company
 Sec. N. No stockholder shall be liable for the debts of the corporation otherwise than for the unpaid stock owned by him or her. -- ,s1a
 Sec. 8. Every stockholder is entitled to have a certificate signed by the presi- dent and secretary or treasurer of the corporation, certifying the number of shares owned by him in the capital stock.
 Sec. 9. Shares or interests in the stock of corporations herein provided for are personal property, transferable on the books of corporation in the manner here inafter provided.
 Sec. 30. The transfer of stock of such corporations must be made or registered on the book of the corporations, and per- sons holding stock not so transferred or registered, or holding any stock under hypWhecation. mortgages, or other lien, must have, a transfer, hypothecation, mortgage or other lien, made or register ed as aforesaid, or upon failing to do so within fifteen days all such transfers, hypothecations. mortgages or other liens shall be void as to judgment creditors or subsequent purchasers without notice.
 Sec. 31. An executor or administrator deriving his appointment from a court of probate of this State. or if the testator or intestate reside without the State. from the proper tribunal of his domicile, may transfer the shares of stock held and owned by such testator or intestate in any private corporation existing under the laws of this State; payment of divi- dends on such stock may be made to such executor or administrator.
 Sec. 32. Every such corporation shall keep in this State, in the hands of some officer. agent or other person designated for that purpose a true statement or book showing who are the holders of such stock therein, and all transfers and hy- pothecations.
 Sec. 8. The shares of stock are subject to levy and sale under attachment and execution as is other personal property. and the levy may be made with or with out the officer having or obtaining pos session of the certificate of stock. by en- dorsement on the attachment or execu-