Modern Business Corporations; Including the Organization and Management of Private Corporations, with Financial Principles and Practices, Summaries of Decisions of the Courts Elucidating the Law of Private Business Corporations,
This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1917 edition. Excerpt: ...shall be in lieu of any statements prescribed by the law under which the corporation shall have been formed or reorganized as to the amount or the maximum amount of its capital stock or the number of shares into which it shall be divided, or of the amount of the par value of the shares. Each share of such stock without par value shall be equal to every other share of such stock, subject to preferences given preferred stock, if such is to be issued. Every certificate for such shares shall have plainly written or printed upon its face the number of such shares it represents and the number of such shares the corporation is authorized to issue, and no certificate shall express any nominal or par value of the shares. Preferred certificates shall state the amount which the holders shall receive on account of principal, if any, and also other preferences. Shares may be sold for such consideration as is prescribed in the certificate of incorporation or as the directors may determine under authority of the certificate or by consent of two-thirds of the holders of each class of shares outstanding. Any and all shares of such stock shall be deemed fully paid and non-assessable and its holders shall not be liable either to the corporation or its creditorsCorporations with such stock shall not begin business or incnr any debts until the amount of capital stated in the certificate of incorporation shall have been fully paid in money 0r in property at its actual value. The organization tax on '11ares without designated monetary value shall be at the rate 0f five cents on each of such shares. An act modeled closely on the New York act, but not ex eluding public service companies from the provisions, was passed by the legislature of Pennsylvania in...
- Paperback | 208 pages
- 189 x 246 x 11mm | 381g
- 13 Sep 2013
- Illustrations, black and white