The Montgomery advertiser., 1903-03-26
AN ACT.
No. 117.)
(H. 23.

No. 117) (6. B. To authorize the consolidation of corpo-
 rations other than corporation having
 the right to condemn to their use
 rights of way and other easements. Be
 1t enacted by the Legislature of the
 State of Alabama, that
 Section l. Any two or more existing corporations. other than corporations having the right to condemn to their use rights of way and other easements over the property of others whether created by special acts or organized under the general incorporation laws of this State, may consolidate so as to form a single corpora ton under such name, and upon such terms as may be agreed upon by the holders of a majority of the shares of stock and by not less than two-t thirds in number of the stockholders in such cor porations; such consolidated corporation shall have all of the powers and authority rights. privileges and franchises possessed by said several original corporations be- fore they were consolidated or the char ter of one or more of the original corpo- rations may be abandoned, and the pow CTS, authority, rights, privileges and franchises of the remaining original cor poration or corporations retained by the consolidated company, or the charters of all of the original corporations may be abandoned and the powers. authority rights, privileges and franchises confer red by law upon corporations formed un- der the general laws of Alabama for a like purpose, or purposes, assumed as may be determined upon by the agree ment of consolidation entered into by the stockholders of said several corpora tions.
 Sec. 2. When a consolidation of two or more companies Is proposed, the boards of directors of said companies shall agree in writing upon the proposed terms of consolidation, and upon the proposed name of such consolidated company, and upon the date upon which meetings of the stockholders of the several corporations to be consolidated shall be called to con slider the same, and shall place a copy of such proposed agreement of consolidation at the several principal places of busi- ness of such corporations, where 1t shall be open to the inspection of all of the stockholders of said several corpora tions at all times between the call of the meet ing of stockholders to consider the same and the holding of such meeting, but each stockholder shall have the right to in- spect such agreement at the place of busi- ness of his own corporation, and not elsewhere. After the directors have so agreed upon the terms of the proposed consolidation. and fixed a day for the meeting of stockholders. as aforesaid, such meeting shall be called, to be held upon the day so fixed for the purpose of considering such proposed agreement or the consolidation of such companies upon such other terms as the stockhold- CTS of said companies shall agree upon, and twenty (2O) days notice of the time and place and general purpose of such meeting shall be given by publishing the same twice in some newspaper or news papers, published in the county or coun- ties in which said several corpo- rations have their principal place of business, one of such pubh' tions to be made at least twenty | (2O) days and the other at least ten QOl d&vs hafore the date of such mestinEs