The Somerset reporter., 1903-04-02

existing on the date of the approval q
tins act.
When approved.
[Approved March III
Chapter 1872.
An Act to amend Sections two and six
teen Of Chapter forty-elght vi the ht-
Yised Statutes, relating to Corporations
Section L. Section Two OF chapter IuI-
ty-eignL OF the revised statutes - hereby
amended by adding thereto the follow NIX
words: but notnlng herein shaA prohLl1
corporations organized under the sehcidl
law from browning py tneir bylaws Tor
the division OF their directors Into Classes
and their election Tor II longer term ln'lil
one year. Alter the ccrutcHte Oh organ
iZatiun required by law Is lied Ia the
UinCe OF the secretary OF state, directors
OF all corporations not charged Wlth the
performance Of any pubic duty WITHIN
this state may Mold meetings WITHOUT
TINS state ana there transact business
and perform all corporate aets not ~
preSSly required 10y statute 10 be pr
formed wLhin this state. Directors a.
such corporations may act through com
mlttees whose powers shall be dennrd III
the bylaws, so that said section Is
ainenueu snail read a. follows;
Section z. SuCn officers snail be CHOSEN
annually, and snail continue in 0iiicc untii
others are CHOSEN ana .quilihed IN their
stead. There shall not be less thhn tlic"
directors, one OF whom Snuil be by tnt IN
elected president. NO director can hold
such office after he ceases to be stOcii-
hUluer. The treasurer snail give bona Tor
the faithful dlshArge OF has duties III
such sum, ana with such Sureties, as are
required. me clerk shall be sworn, ana
shall record all votes OF the corporation
In II book kept Tor lnat purpose, nut
nothing herein snail prohibit corporations
organized under the general law from
providing by their bylaws for the diVls-
ion of their directors into classes ana
their election Tor Il longer term than one
ton required by law Is Med In lhe oihce
OF the secretary OF state, directors OF All
corporations not charged with Inc per
formlnce OF amy phbnc duty Within inns
state may hold meetings without TINS
state ana there transact business ana per
form all corporate acts not expressly
reauircd'by statute to be performed with
in this state. Directors OF sucn corpora
lions may act through committees whose
lowers snall be defined In the bylaws.
Section 3 Section sixteen Of chapter
folty-eight of the revised statutes is here
by amended by adding the word any
where alter the word business IN llho
four and by adding thereto the following
words. but corporations may also De
formed hereunder To exercise the follow
ing corporate purposes in other states
and jurisdictions, namely; the consttuc-
ton and operation OF railroads or aiding
In the construction thereof, telegraph or
telephone companies, and gas or electrical
companies. and In all sucn cases the ar
ticles OF agreement and certificate OF or
gamzdtlun shall state that such business
is TO be carried on only In states ana
Jurisdictions when and where permissible
under the laws thereof, and Such corpof-
atoms heretofore organized Tor tue ilaHs-
action OF such business in other states or
Jurisdictions 1t otherwise legally organ
lied and now existing, arc hereby de-
clared to be corporations under tie laws
Of this state, SO that said section as
amended shall read AZ folloWs'
Section 10, Three or more persons may
associate themselves together by written
forming corporation to carry on any
lawful business any Shere including cor
porations for manufacturing. mechhihcA'f
mining or Quarrying business ana also
corporations whose purpose IS the car
riage of passengers or freight or both,
upon the high seas, or from port or potts
in this state to a foreign port OF ports.
or to port or ports In other states, OF
the carriage III freight or pAssenStrs or
both, upon any waters where such cor
porations may navigate and excepting
corporations for banking insurance, the
construction and operation OF railroads OF
aiding i'm the construction thereof, and
the business of savings banks, trust com
panies or corporations Intended 10 ue-
rive proft from the loan or use OF money
and safe deposit companies, including the
renting OF safrs In burglar-pr1ol ana IRE
proof vaults; also excepting telegr a.L,
and telephone companies, hut corpora
lions may also be formed hereunder 70
exercise the following corporate purposes
In other states and jurisdictions, hhinely
the construction ana operation OF ran
roads or aiding In the construction there,
Of, telegraph or telephone companies ana
gnA or electrical companies, ana IN al
! such cases the articles OF agreement anu
| certificate OF organization shall state that
| such business Is TO be carried ON only IN
| states and jurisdictions when and where
/ permissible under the laws thereol' anu
! such corporations heretofore organized
/ Tor the transaction OF such business In
| other states or jurisdictions, If otherwise
! legally organized and now existing, are
/ h.a corr "a
! the laws of this state. -.
section q This act shall take effect
when approved.