Valdez daily prospector., 1913-12-05

tion, and by such corporate name shall have succession for the time stated in such articles of incorpora- tion, and shall have power:
 1. To make and use common seal, and alter the same at pleas ure.
 ?. To sue and be sued by it's cor porate name in any court having jur- isdiction.
 3. To purchase. hold, mortgage, sell and convey real and personal property subject to such limitations as shall be prescribed by law.
 4. To appoint such officers, agents and servants as the business of the corporation shall require, to define their powers, prescribe their duties. and fix their compensation.
 5. To make bylaws, not inconsist- ent with any existing law, fixing or al | tering the management of it's prop erty, the regulation and government of it's affairs, and the manner of the certiication and transfer of it's stock.
 6. To wind up and dissolve itself, or to be wound up and dissolved in the manner hereinafter prescribed.
 z. To carry on all kinds of busi- ness within he scope and power of it's articles of incorporation.
 Sec 4. The stock of every corpor- ation organized under the provisions Of this act shall be represented by certificates, tLe form of which shall be determined by the directors, and signed by the president or vice-pres- ident, and sealed with the seal of the corporation, and shall be transferable as provided in the Uniform Stocf Transfer Act as passed by the Leg slature of the Territory of Alaska, and approved by the Governor of the Territory Of Alaska, April 2S, 1913.
 Sec. 5. Every corporation organiz- ed under this act shall have power to create two or moe kinds of stock, of such classes, with such designa- lions, preferences, and voting pow CTS or restrictions or qualifications thereof as shall te stated and ex- pressed in the articles of incorpora- tion or in any amendment thereof: :: and the power to increase or decrease stocks as in this act elsewhere provid- ed shall apply to all or any of the classes of stock; but at no time shall the. total amount of the preferred stocks issued and outstanding exceed two-thirds of the capital stock paid for in, cash, labor, or property es- timated at it's true money value. and such preferred stocks may if desired be made subject to redemption at any time after three years from the issue thereof, at a price not less than par, and the holders thereof shall be en- titled to receive, and the corporation shall be bound 10 pay thereon. divi- dends at such rates and on such con- ditions as shall be stated in the orig. inal or amended articles of incor- poraron. not exceeding eight per cen tum per annum. payable quarterly, half yearly, or yearly; and such divi- dends may he made payable before any dividends shall be set apart or paid on the common stock, and such dividends may he made cumulative; provided, the. corporation shall set apart or pay the said dividends to the holders of non-cumulative pre- ferred stock before any : dividend shall be paid on the common stock; but in case Of insolvency the debts or other liabilities, of the corporation shall be paid in preference to the preferred stock. .
 Sec. 6. That no corporation shall issue any of its stock except in con- ,sideration. cf money. labor, or prop criy estimated at its true money val ue.
 Sec. C.. Subscriptions to the capi- ,al stock Of 2 corporation shall be paid at such times and in such in- stallments as the bylaws may pro- vide, unless otherwise provided by this act. If default shall be made in tho payment of any !sinstaliment as thereby acquired. the l'boara ,of. direct ors may declare the' stock and an previous payments thereon forfei,ed for';ths~:pses of. the 'eorppratisop, after
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