The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1911-03-14
CHADROURNf
BILL IN HOUSE
MEASURE PROVIDING FOR APP
PRAlSAL OF STOCK IN CASE
OF MERGER is IN
TRoDUcED.

Following is copy of the so-calleC
Chadbourne bin, introduced in the
state legislature by Rep, Raudabaugh'
The People of the State of Michigan
enact:
Section l. Sections 20 and 2S OF Act
No. 113 Of the Public Acts Of the year
1877. entitled IAN act TO revise the
laws providing for the incorporation of
companies for mining, smelling and
manufacturing iron, copper, silver
mineral coal. and other ores and min
erals, and TO fix the duties and liabil-
titles Of such corporations" being sec
tions 7O15 and 701S OF the Compiled
Laws Of 1897, are hereby amended TO
read IS follows:
Sec. 25. Any two or more corpora
lions organized under this act, may by
vote Of three hfths Of the capital
stock of each Of said corporations, at
any meeting of stockholders called to
consider the question of consolidation.
notice Of such meeting by mail. post
age paid. sent 10 each stakeholder at
least sixty days previous 10 said meet
ing, may agree to unite and CONSOLE
date the said corporations. At such
meeting the terms upon which the
consolidation shall be effected, the
valuation of the several properties, and
the number of shares Of stock in the
consolidated corporation 10 which the
stockholders i'm each of the corpora
tions may be entitled. shall be de-
termined The capital stock and the
number of shares i'm the consolidated
corporation may be the same, but no
greater than the aggregated capital
stock and number of shares of the sew
oral corporations before such consol-
idation, but in no case shall a greater
amount of capital be called In by the
consolidated corporation under this act
than that remaining unpaid on the
stock of the several corporations at the
time OF such consolidation. The sew
oral corporations forming such con-
soldated corporation, before the said
consolidation shall be completed, shall
file in the offices designated in section
5 of this act a certificate signed by
the president and secretary Of each of
said corporations and verified under
oath. showing amount Of capital stock
actually paid in, the amount expended
for the purpose OF lands, and for i'm
provements made upon said lands by
each OF said corporations; the consol-
idated corporation shall also file it's
articles of association as provided in
section 5, which shall be signed and
acknowledged in the manner provided
in section OF this act, by the pres-
dents and secretaries Of the several .
corporations so consolidated: Provid- (
ed. That the capital stock Of every
consolidated corporation shall be sub
ject to the limitations Of section 4 Of
this act. II any stakeholder not voting
in favor of such consolidation shall
at such meeting, or within twenty
days thereafter. object 10 such consoi-
idation and demand payment for his
stock such stakeholder If the consol-
idation takes effect at any times there
after, may, at any time within sixty \
days after such consolidation is COM
pleted, apply 20 the circuit court Of the
county in which such new corporation
or any of the corporations in which
he holds stock may have its place OF
business, upon at least eight days no.
tice TO such new corporation for the
Of three persons 20 APP
praise the value Of such stock, in
which the court shall appoint three
such appraisers and designate the time
and place % their first meeting with