Source: http://mdh.contentdm.oclc.org/cdm/ref/collection/molaws/id/46374/
Timestamp: 2020-08-07 02:09:10
Document Index: 319445582

Matched Legal Cases: ['§ 10', '§11', '§ 13', '§ 14', '§ 10', '§11', '§ 12', '§ 13', '§ 14']

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shall be assignable and transferable, according to such rules and restrictions as
the board of directors shall, from time to time, make and establish, subject however to the general law of the State, as the same exists, or may be changed hereafter. '
§ 10. It shall he lawful for said company to purchase and hold such real
estate as may be, convenient for the transaction of its business, not exceeding
twenty thousand dodars in value; and also to take and hold any real estate as a
security, or in mortgage, or in pledge, to secure the payment of debts due hi
good faith to the said company, either for shares of capital stock or otherwise;
and also to put-chase real estate at any sale made in virtue of any, judgment at
law. or decree in equity, made in favor of said company; to receive and • take,
in satisfaction of any debt previously due to said company, any real estate; tfj
hold all such real estate, except that herein first mentioned, (which,is intend i
for the ordinary use and accommodation of the company,) so long only, as may
be necessary to enable said company to make sale of the same, for money or
other personal property. But it shall not be lawful for the said company, to
use and employ any part of its stock, funds or capital, in buying and selling
goods, wares and merchandise, or any commodities whatever, nor in brokering
operations or business, nor in the purchase of any stock orfunded debt created^of
to be created by or under any act of the U. States, or of any particular -State';- rior
make any contract for the payment of money only, except under the'seal of said
corporation. But it shall, nevertheless, be lawful for the said comp-uiy to purchase any such stock, or funded debts, as aforesaid, for the purpose of vesting
any part of the stock, funds or money of said company therein, to boirrade'>avaik
able in the line of its ordinary business; and also to sell and transfer the 'sanre,
and re-invest the proceeds thereof in other stock or funded debt, when, aadas
often as the exigencies of the said corporation may require.
§11. Ail policies or contracts of insurances, which may be made or entered
into by said, corporation, shall be subscribed by the president, or president pro
tempore, or by such other officers as shall be designated for that purpose by the
by-laws, and attested by the secretary, and being so signed and attested, shall be
binding upon said corporation, without the seal thereof, according to the tenor
and effect, true intent and meaning of such policies and contracts; and all sii'.»
policies and contracts may be signed and carried on without the presence of the.
board of directors, by assistants or committees, if done in conformity with'-the
by-laws, shall be binding upon the company to all inf'-nts arid purposes.       tonp
by the first and second sections of this act, the same shall be apportioneciar'nong
the subscribers, in such equitable>uianncr as tbe directors shall appoint.
§ 13. This act shall be, and is hereby declared to be a public act, and the
well for the public good, as forthe corporation hereby created. This act -shall
in force for the term of twenty-five years, and no longer.
_§ 14. Notwithstanding the expiration of the term for which the said corporation is created, it shall be lawful to use the corporate name, style and capacity,
forthe purpose of suits, forthe final settlement and liquidation of the affairs and
accounts of the corporation, and for the sale and disposition of their estate, Teaf.,
personal and mixed, but not for any other purpose, or in any other manner whatever, nor for a period exceeding two years after the expiration of said tennof
APPROVED, Feb. 12,1830.
Identifier LAWS_10th_1838-1839_0065.tif
Transcript MISSOURI. 65 shall be assignable and transferable, according to such rules and restrictions as the board of directors shall, from time to time, make and establish, subject however to the general law of the State, as the same exists, or may be changed hereafter. ' § 10. It shall he lawful for said company to purchase and hold such real estate as may be, convenient for the transaction of its business, not exceeding twenty thousand dodars in value; and also to take and hold any real estate as a security, or in mortgage, or in pledge, to secure the payment of debts due hi good faith to the said company, either for shares of capital stock or otherwise; and also to put-chase real estate at any sale made in virtue of any, judgment at law. or decree in equity, made in favor of said company; to receive and • take, in satisfaction of any debt previously due to said company, any real estate; tfj hold all such real estate, except that herein first mentioned, (which,is intend i for the ordinary use and accommodation of the company,) so long only, as may be necessary to enable said company to make sale of the same, for money or other personal property. But it shall not be lawful for the said company, to use and employ any part of its stock, funds or capital, in buying and selling goods, wares and merchandise, or any commodities whatever, nor in brokering operations or business, nor in the purchase of any stock orfunded debt created^of to be created by or under any act of the U. States, or of any particular -State';- rior make any contract for the payment of money only, except under the'seal of said corporation. But it shall, nevertheless, be lawful for the said comp-uiy to purchase any such stock, or funded debts, as aforesaid, for the purpose of vesting any part of the stock, funds or money of said company therein, to boirrade'>avaik able in the line of its ordinary business; and also to sell and transfer the 'sanre, and re-invest the proceeds thereof in other stock or funded debt, when, aadas often as the exigencies of the said corporation may require. §11. Ail policies or contracts of insurances, which may be made or entered into by said, corporation, shall be subscribed by the president, or president pro tempore, or by such other officers as shall be designated for that purpose by the by-laws, and attested by the secretary, and being so signed and attested, shall be binding upon said corporation, without the seal thereof, according to the tenor and effect, true intent and meaning of such policies and contracts; and all sii'.» policies and contracts may be signed and carried on without the presence of the. board of directors, by assistants or committees, if done in conformity with'-the by-laws, shall be binding upon the company to all inf'-nts arid purposes. tonp § 12. If a greater amount of stock be subscribed for, than is contemplated by the first and second sections of this act, the same shall be apportioneciar'nong the subscribers, in such equitable>uianncr as tbe directors shall appoint. § 13. This act shall be, and is hereby declared to be a public act, and the same shall be construed liberally for the beneficial purposes herein intended, as well for the public good, as forthe corporation hereby created. This act -shall take effect and be in force from and after the passage thereof, and shall continue in force for the term of twenty-five years, and no longer. _§ 14. Notwithstanding the expiration of the term for which the said corporation is created, it shall be lawful to use the corporate name, style and capacity, forthe purpose of suits, forthe final settlement and liquidation of the affairs and accounts of the corporation, and for the sale and disposition of their estate, Teaf., personal and mixed, but not for any other purpose, or in any other manner whatever, nor for a period exceeding two years after the expiration of said tennof incorporation. APPROVED, Feb. 12,1830. 9