Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1913-08-22
Published May 10, 1913.

No. 36s, Al Published May TO- 1913.
CHAPTER 1879. LAWS OF 1913.
AN ACT-To amend section 1773 of the
,,, statutes, relating TO- corporations ii;
represented in Senate and Assembly,
do enact as follows:
Section 1. Section 1878 of the statutes
is amended to read: Section 1773. Until
the directors or trustees shall be elected
the sgners of the articles of organization
shall have direction of the affairs of the
corporation and make such rules as may
be necessary for perfecting it's organiZa-
ton, accepting members or regulating
the subscription of the capital stock. In
stock corporations the first meeting may
be held at any time after one half the
capital stock shall have been subscribed:
and may be called by any two signers
of the articles, at such time and place
as they shall appoint, by giving ten days
personal notice thereof in writing to each
, subscriber of stock or by publishing notice
thereof for at least two weeks before such
meeting in some newspaper published at
or nearest to the designated place OF
location of the corporation; or such meet
ing may be held without previous notice
if all the subscribers for stock be pres
ent in person or by duly authorized at
torney. No such corporation shall trans
| act business with any others than its
members until at least one-haf of its
capital stock shall have been duly sub
scribed and at least twenty per centum
of it's said capital stock actually
| contracted in violation hereof. the cor
poration offending shall have no right
of action thereon; but the signer or
signers of the articles and the subscriber
! or subscribers for stock transacting such
business authorizing the same, or
having knowledge thereof, consenting to
the mourning of any debt or liability, as
well as the stockholders then existing,
shall be personally liable upon the same.
The signers of the articles of organiza-
ton may abandon the organization and
revoke the articles at any time before
fifty per centum of the stock has been
subscribed and twenty per eentum
Of it's capital stock paid in by sign
ing and acknowledging duplicate, writ
ten agreements revoking the original ar
ticles of organization and forwarding
same to the secretary of state, one agree
ment to be filed by him and the other
agreement to be returned with certificate
of the secretary of state attached show
ing the date when such agreement was
filed and accepted by the secretary of
state, to be recorded by the register of
deeds of the county in which such cor
poration is located; and the register of
deeds shall note on the margin of the
record of the articles of Incorporation.
the volume and page where such agree
ment is recorded. The register of deeds
| shall forthwith transmit to the secre-
I! tary of state a certificate stating the
! time when such agreement was recorded
| and shall be entitled to a fee of twenty
| five cents therefor to be paid by the per-
| son presenting such agreement for rec
| ord, provided, that the abandonment Of
| the organization or the revocation of ar
| ticles in pursuance hereof shall not re-
| lieve such corporation Or any signer or
| subscriber for stock or any stakeholder
then existing from any liability hereby
| created.
Section 2. This act shall take effect
and be in force from and after it's pass
! age and publication.
| Approved May 8, 1913. Copy Law.