Year: 1870

poses, ia the District of Columbia or any company which may be formed under this act, may increase or diminish it's capital stock, by complying with the provisions of this act, to any amount which may be deemed sulli~ cient and proper for the purposes of the cor poration, and may also extend it's business to other manufacturing, mining or mechanical business, subject to tue provisions and liabIl itiss ef this act. But before any corporation shall be entitled to diminish the amount of it's debts and liabilities shall exceed the amo unt of capital to which 1t IS proposed to be reduced, such amount of debts and liabilities shall be satisfied and reduced so as not 10 ex- ceed sach diminished amount of capital; and any existing company heretofore foeB ed may come under and avail itself of the pri vileges and provisions of this act by comply ing with the following provisions, and thereupon such company, it's officers and stockholders, shall be subject to all the restrictions, duties, and liabilities of this act.

 Whenever any company shall desire to call meeting of the stockholders for the purpose of avaiing itself of the privileges of this act, or for increasing or diminishing the amount of it's capital stock, or for extending or chang ing it's business, 1t shall be the duty of the trustees or directors 10 publish a notice signed by majority of them ln Q newspaper in the District of Columbia at least three successive

 weeks, and to deposit q notice thereof in the post office addressed to each stock holder at his usual place of residence at least three weeks previous to the day fixed upon for holding such meeting, specifying the ob- iect of the meeting aud the time and place

 when and where such meeting shall be held; and @ vote of at least two-thlrds of all the shares of stock sh all be necessary to an inc crease or diminution of the amount of its capital stock, or the extension or change of its business as aforesaid, OF to enable a com pany to avail itself of lhe provisions of this act.

 f. at any time and place specif ed in the nouce provided for in the preceding section, stockholders shall appear by proxy or in person, representing not less then twO>thirds of all the shares of stock of the corporation, they shall organize and proceed to a vote of those present in person or by proxy; and if, on counting the votes, iE shall appear that sufficient number of votes are ln favor of increasing or diminishing the amount of capital, or extending or changing its business as aforesaid, or for availing itself of the pri~ viIeges and provisions of this act, certificate of the proceeding, showing a con pliance with the provisions of this net, the amount of capital actually paid in, the business to which 1t is extended or changed, the whole amount of debts and liabilities of the company, and the amount 10 which the capital stock shall be increased or diminished, shall be made cut, signed, and verified by the affidavit of the chairman, and be cOuntersigned by the secretary and such certificate shall be ac kuowledged by the chairman, and filed as re- qulred by the first section of this net, and when so filed the capital stock of such cOr- poration shall be increased or diminished to the amount specified in such certificate, and the business extended or changed as af0re- said; and the company shall be entitled to the privileges and provisions, and be subject to the liabilities of this act.

 If the indebtedness of any company orga- nized under this act shall at any time exceed the amount of its capital stock, the trustees of such company assenting thereto shall be per- Sonaliy and individually liable for such ex- cess to the creditors of the company

 No stockholder shall be personally liable for the payment of any debt contracted 5y any company formed under this Jet which is not paid within one year from the time the debt becomes due, unless suit for the colec- (lOu Ol SUCH QSDJ SHAH D6 DEOuBIG d8diubG such company within one year after the debt became due; and no suit shall be brought against any stockhoder who shall cease to be a stockholder in any such company, for any debt contracted by said company, unless the same shall be commenced within two years from the time he shall have ceased to be a stockholder, nor until an execution against the 1 shall have been returned unsatisfied | in whole or in part

 It shall be the duty ofthe trustees of every corporation formed under this act to cause book to be kept by the treasurer or secretary | thereof, containing the names of all persons, arranged, who are or shall within six years have been stock holders of such company, and showng their place ire the number of shares of stock held by l them respectively; the tune when they become owners of such shares, and the amount of stock | actually paid in; which book shall, during the | usual business hours of the day on every busi- | ness day, be open for inspection of stock holders and creditors of the company and 1