The Bridgeport evening farmer., 1909-07-17

| E | the whole or any part of it's franchises to secure any such bonds or evidences Of indebtedness. Every StOckholder of | any such corporation. whether an | original subscriber or not, shall be | liable for any balance unpaid on the | stock held by him; provided, however, | that one who purchases stock in good | faith without notice that there is any | balance unpaid thereon, and receives a. certificate for such stock in due form, shall not be liable of such bal l ance, but the last holder of such stock with such notice shall remain so liable. No such corporation shall permit the | execution or delivery of any certificate 1 evidencing ownership of any of the | shares of it's capital stock unless all the shares whose ownership is evil | denced by such certificate shall have | been fully paid for at par to such cor poration, and any person knowingly aiding abetting in the violation of | this provision shall be punishable by a fine not exceeding one thousand dol | lars If any stock of any such cor poration shall be paid for otherwise than in cash, the treasurer of such corporation shall make a full and de- tailed report with regard thereto to the Commissioners provided for in this act, within one week after the issue | of such stock. and any violation of this provision shall be punishable by a fine | not exceeding one thousand dollars It shall be the duty of said commissioners
 
 or through experts to be employed by l them, into the nature of such payment for such stock If it shall appear to them as a result of such investigation that there has been an overvaluatiOn | of anything received in payment upon said stock, with intent thereby to un- fairly benefit, either directly or in | directly, another person or persons at the expense of said corporation, the said commissioners shall within thirty day from the time of the flipg With them of such report by the treasurer of said corporation lay all the facts ascertained by them before the attor- ney general. whose duty it shall be within thirty days thereafter to bring an action or actions in the Superior Court for the county of Hartford to enforce the provisions of this section. Any person having any interest, direct or indirect. in the stoc!. of said cor poration who shall knowingly profit by any such fraudulent overvaluation shall in an action so brought forfeit the amount of such profit to the state, and be compelled in addition to restore the amount of such profit to said cor. poration. Every person knowingly aid ing or abetting in such a fraudulent overvaluation shall also be guilty of a misdemeanor, punishable by a fine not exceeding one thousand dollars If any corporation subject to this act shall be found by the commissioners to have been actually engaged for more than
 
 the issue of Sany of it's capital stock in carrying on any telephone business, or electric lighting business. or gas light ing business or the business of provid- Ing water for domestic uses without earning during the two preceding fiscal years of such corporation more than four per cent. per annum upon it's cap 1tal stock. then said corporation for any of the purposes hereinbefore speci- fled may issue and sell its full paid capital stock for cash at such price as Its directors shall in good faith find to be the best price practically obtainabIe.| therefor and issue certificates for the stock, so sold. No corporation subject to this act shall hereafter dispose of any bonds secured by Ia mortgage up on property in this state, unless said bonds shall be registered in the office of the comptroller and a certificate of such bond. The comptroller shall can eel any bonds so registered which may be brought to him for cancellation, and enter a memorandum for such cancel lation in his register. If any such mortgage bonds which shall have been so registered shall have been retired and cancelled and a memorandum of such cancellation shall have been en- tered in the register of the comptroller as aforesaid. other mortgage bonds may be registered in lieu thereof to any amount of principal not exceeding that of the bonds so retired. but except
  permit any such bonds of any such corporation to be registered in his of flee unless a certificate shall be filed with him that the commissioners created by this act have approved the issue of such bonds. It shall be the duty of said commissioners. upon the application of any corporation subject to this act, to approve the issue of such bonds unless they shall be of the opinion that the value of the property and franchises mortgaged to secure said bonds is less than fifty per cent. greater than the aggregate of all the bonds of such corporation secured by such mortgage previously registered and still uncanceled and of all such bonds then to be registered, and they may approve the issue of such bonds in any event to take up prior indebt- ed1ess of any such corporation or whenever it shall seem to them for the best interest of such corporation and not against the public interest. The commissioners may make such in- veStigationS as they shall deem proper with regard to the character. cost and value of the property and franchises mortgaged to secure any such bonds, | the issue of which they are asked to approve. and as to the business and financial condition of the corporation asking for such approval.
 Section 8. Every corporation subject to this act chartered by the General Assembly of this State and acting l
 
 red by it's charter. may in the manner and under the limitations hereafter provided, locate and construct and sub- seQuently maintain or alter within the | limits of highways and public grounds, | pipes, conduits, wires, conductors, fix lures, structures or apparatus of any | kind adapted to assist such corporation | in serving the public. Before any such corporation shall proceed to con- struct or substantially alter any such pipes, conduits, wires, conductors, fix lures, structures or apparatus, it shall cause a plan to be made showing the | highway or highways or public grounds | affected by such construction or alter ations, and the location of such con- structions or alterations. Said plan shall be presented to the municipalI authorities having charge of the main-I tenance of such highways or public | grounds, who shall thereupon accept and adopt such plan or make such notifications therein as to them shall