The independent-reporter. [volume] (Skowhegan, Me.) 1909-1955, 1915-04-08
CHAPTER 315.

AN ACT to Amend Sections Fifty-sfx
and tifty-seven OF Chapter Forty
seven OF the Revised Statutes. Reiat-
ing to Rights of Minority Stock
BE it enacted. ETC..
Section /. Section fifty-six Of chapter
forty-scven of the revised statutes Is
hereby amended by adding after the
section the word consolidate; and by
adding after the word franchises" in
the second line of said section the fol-
lowing words or its entire property. or
or privileges essential to the conduct Of
its corporate business and purposes.
otherwise than in the ordinary and
usual course of It's business; and by
natter after the word notice in the
third line of said section. and by add
ing after the word defined" in the last
line of said section the words except
as to franchises. this and the eleven
following sections shall not be held to
apply to mortgages of corporate prop
erty so that said section as amended
shall read as follows:
Section 56 No corporation shall sell.
lease, consolidate or in any manner
part with its franchises. or its entire
property or any of its property. cor
porate rights or privileges essential to
the conduct of its corporate business
and purposes, otherwise than in tho
ordinary and usual course of its BUSH
ness except with the consent of its
Stockholders at an annual or special
meeting, the call for which shall give
notice OF the proposed sale. lease or
consolidation. All such sales, leases
and consultations shall be subject to
following sections and to the prior lien
of stockholders as therein defined. Ex-
cept as to franchises. this and the
eleven following sections shall not be
held to apply to mortgages of corporate
property
Section .. Section ifty-seven OF chap
ter fcrtS seven of the revised statutes
is hereby amended by striking out tine
word or in the second line OF sal l
section, and by adding after the word
consolidate" in the second line of said
section the following words: or In any
manner part with and by adding after
the word franchise" in the second
line of said section the following words
or its entire property, or any OF its
property, corporate rights or privileges
essential to the conduct OF Its Corporate
business and purposes. otherwise than
in the ordinary and usual course OF its
business, so that said section as
amended shall read as follows:
Section 81 II any stakeholder In any
corporation which shall vote to sell.
lease, consolidate or in any manner
part with Its franchises, or its entire
property, or any OF its property. cor
poIhtc fiBHls u piFieSss eSschtiai ~
the conduct of It's corporate busincs
and purposes. otherwise than in the
ordinary and usual course of its busl-
ness. shall vote In the negative and
shall file his written dissent therefrom
with the president clerk or treasurer
OF such corporation within enc month
from the day of such vote. the corpora
ton. in which he Is a stakeholder may
within one month after such dissent a
so nled enter a petition with the Su.
prems Judicial court sitting In epulty.
In the county where II held It's last an
nual meeting. In term time or In vRca-
ton. setting forth in substance the ma
tertal facts OF the transaction, tho
action Of the corporation thereon. tn.
namcs and residences of all disscntin.
~ stockholders whose dissents were 80
tled. making such dissenting stock
holders parties thereto. and praying
that The value of The shares OF sucn
dis sen.ing ..o-ckholders may be dslSr-