The Birmingham age-herald., 1903-10-09

out of business. and before the bills is-
 sued by it gre all redeemed. the Stase
 Treasurer shall require such bonds to oe | paid in specie. ard shall hold the amount | realized therefrom for the redemption of
 the bills issued by such bank. unless the
 bank shall deposit a sufficient amount of | like bonds to make the face value of ail | such bonds in deposit with him by such | bank equal fin amount to the bills so is- sued by the bank.
 Sec. 2l Upon the deposit of bonds as
 provided in the next preceding sectlan. | such bank shall also deposit with inc
 State Treasurer an instrument in writing
 duly acknowledged by the president or
 cashier of the bank before an officer au- | thorized by law to certify acknowleGg- ments. authorizing and empowering the | State Treasurer. and his successors in | office. to sell such bonds, at any time and | without notice or delay for Il sufiicent
 amount of specie to redeem all the circG-
 lating notes of the bank, if such bank
 suspends specie payment. or fail 10 re- | deem It's notes on demand; and fin case | such bank shall suspend specie payment | or fail to redeem its notes on demand. the | Treasurer shall 30 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 dc ems 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 all
 lowed by the court out of the assets of
 the bank.
 Sec. p. No corporation other than cor poratlons formed for the purpose of car | rylng on the business of banking or trust
 companies doing a 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 any | of It's forms may adopt the mutual plan | or principle of allowing policy holders or | parties insured to participate in the prof l It's. or, having adopted such plan or prln- l ciple. may abandon 1t, by the consent of | the holders of the larger amount in value l of the capital stock, al a meeting called for that purpose. If. at such meeting the holders of the larger amount fin value of the capital stock vote for the adoption or abandonment of the mutual plan or l principle. they may also vote such change in the name of the corporation as they may deem desirable. The proceedings of such meeting must be reduced to writing and entered on the minute book of the corporation. and 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 See retary of State, and thereafter the cor poration must conduct its business ac- cordng to such vote and by the name adopted.
 Sec 24 All insurance corporations tn,. gtoI fttI1 mi 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 a whole
 Sec. 25. Mining, manufacturing and quarrying corporations. and all other corporations formed for 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 dis 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 a brief description of such property. and when 1t Is to be trans- ferred to the company
 Sec. 27. No stockholder shall be liable for the debts of the corporation otherwise than for the unpaid stock owned by him or her.
 Sec. 2S. 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 %. Shares or interests In the stock of corporations herein provided for are personal property, lTdnSIerrdDle on the books of corporation in the manner here matter provided.
 Sec 30. The transfer Of sxpck of such corporations must be madetBr registered on the book of the corporations. and per sons holding stock not so transferred or registered. or holding any stock under hypothecation. mortgages, or other lien, must have a transfer. hypothecation. mortgage or other lien. made or register ed aforesaid. or upon falling to do 30 within fifteen days all such transfers. hypotheeations. mortgages or other liens shall be void as to judgment creditors or subsequent purchasers without notice.
 Sec 3l. An executor or admin strator deriving his appointment from 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 dlvi- dends on such stock may be made 70 such executor or administrators
 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- pothecatons.
 Sec B. 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-