Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1917-04-09

\ about to be stored.
~fJoider' of q receipt means a per-
such receipt and right Of property
.order'' means an order by indorse.
,snt on the receipt. ~,
"Owner" does not include mortgagee
person" includes a corporation or
eartnership or two or more persons hay-
- a joint or common interest
To purchase" includes to take ,as
mortgage or as Pledge.
purchaser" includes mortgage and
Pledge -.
value" Is any consideration suffioient
% support a simple contract. An
sntecedent or pre-existing Obligation
shether for money or not, constitutes
value where a receipt is taken either
IN satisfaction thereof or as securitv
"Warehouseman" means a person law.
fully engaged in the business of stor-
ing goods for profit.
ee] A thing is done "1n good faith"
within the meaning of this act, when it
= in fact done honestly. whether it be
Zone neglgently or not.
Section SO. The provisions of this
act do not apply to receipts made and
delivered prior to the taking effect of
' Section 60. All acts or parts of acts in
consistent with this act are hereby re-
pealed. $780,
Section 81. This act may be cited as
the Uniform Warehouse Receipts Act"
-(Approved March 81. 1919
CHAPTER IA.
An Act additional to Revised Statutes
Chapter fifty-one relating to corpora
tons
chapter ifty-one of the Revised Stat
utes is hereby amended by adding at
the end of said chapter five new sec
lions to he sections one hundred fifteen,
4 ct.
and seventeen, one hundred and eight
cen and one hundred and nineteen, and
10 read respectively as follows:
Section 1l5. Upon the formation Of
any corporation other than corpora
tion for banking. insurance, or intended
10 derive profit from the loan or use of
money, or corporation under the juris-
fiction Of the public utilities commits
,ion the certificate of Incorporation may
provide for the issuance of the shares
of stock of such corporation, other than
preferred stock having a preference as
TO principal. without any nominal or
par value by stating in such certificate /:
taJ The number of shares that may
be issued by the corporation, and if any
Of such shares be preferred stock, the
preferences thereof. If such preferred
preference as to principal, the certifi-
cate shall state the amount of such
preferred stock having such preference,
the particular character of such pref
erences. and the amount of each share
thereof. which shall be five dollars or
some multiple of five dollars, but not
more than one hundred dollars
Oh The amount of capital with which
che corporation will carry on business,
which amount shall be not less than
the amount of preferred stock. if any,
authorized to be issued with a prefer
snce as to principal, and in addition
thereto sum equivalent to five dollars
or to some multiple of five dollars for
every share authorized to be issued
NO event shall the amount Of such
capital be less than one thousand dol
lars.
Such statements in the certificate
or heretofore prescribed by law as to
the amount of it's capital stock or the
number of shares into which the same
shall be divided. or of the par value
Of such shares.
Each share of such stock without
nominal or par value shall be equal to
every other share of such stock, subject
20 the preference given to the preferred
stock. IL any. authorized to be issued.
Every certificate for such shares with
out nominal or par value shall have
plainly written or printed upon its face
the number of such shares which it
shares which the corporation is author
lied to issue and no such certificate
shall express any nominal or par value
Of such shares. The certificates for
preferred shares having a preference
az 10 principal shall state briefly the
amount which the holders of each of
such preferred shares shall be entitled
70 receive on account of principal from
the surplus assets of the corporation
in preference to the holders of other
shares. and shall state briefly any other
rights or preferences given to the hold
ers 90 such shares.
such corporation may issue and may
sell its authorized shares. from time to
time. for such consideration as may be
NIr NF
poration. or as from time to time may
be fixed by the board of directors pur-
suant 20 authority conferred in such
certificate. or If such certificate shall
not so provide then by the consent of
the holders Of two-thirds of each class
OF shares than outstanding given at Il
meeting called for that purpose in such
manner as shall be prescribed by the
bylaws. Any and all shares issued as
permitted by this section shall be deem
ed fully paid and non assessable and the
holder of such shares shall not be liable
10 the corporation or to it's creditors
in repect thereof.
Section 1l6. No corporation formed
pursuant to section one hundred and
nfteen hereof shall begin to carry on
business or shall incur any debts until
the amount Of capital stated in it's GER
uhcate OF Incorporation shall have been
fully paid in money or in property taken
al Its actual value. In case the amount
of capital stated in it's certificate of
Incorporation shall be increased as here
matter provided. such corporation shall
not Increase the amount of it's Indebted
ness then existing until it shall have
received in money or property the
amount of such increase of it's stated
capital The directors of the corpor-
alton asserting to the creation OF any
debt in violation of this section shall
be liable jointly and severally for such
debt: but no action shall be brought
under the foregoing provision of this
section unless within one year after the
debt shall have been incurred the cred
nor shall have served upon the director
written notice OF intention to hold him
personally liable for such debt Amy
director who, because of any such liza
elity under this section, shall pay any
oebt OF the corporation, shall be subro-
gated TO all rights of the creditor in
respect thereof against the corporation
and its property and also shall be en-
Itled to contribution from all other di-
1ectors of the corporation similarly
liable for the same debt and the per-
sonal representative of any such direc-
tor who shall have died before making
such contribution.
No such corporation shall declare any
dividend which shall reduce the amount
OF rs capital below the amount stated
IN the certificate as the amount of cap
"al with which the corporation will
carry on business. In case any such
dividend shall be declared, the direc-
tors in whose administration the same
snail have been declared, except those
VINO may have caused their dissent
therefrom to be entered upon the min
ttes of such directors at the time or
hA