Page:United States Statutes at Large Volume 18 Part 2a.djvu/72

GENERAL INCORPORATION. 67 erected thereon, shall become ineligible for the uses for which the lot was purchased or the building erected, to be determined by a vote of two-thirds of the shares of the stock of the corporation or the members oi the corporation, at a meeting of the stockholders, or eorporators, or members specially called for that purpose, the proceedings of which meeting shall be duly entered in the records of the corporation, said lot or building may be sold, and the proceeds thereof may be vested in another lot, or ID the erection of another building, or both. Sec. 550. When any real estate shall have been devised or given to Surrender ofcorany such corporation for any specified benevolent purpose, and where, P°"°*° P°“’°*'¤· by a vote of three-fourths of the stock held by the stockholders, or 5 May 1870 ,,_ three-fourths of the corporators, if no shares of stock have been created, 80, s. 3, v. 16, pp. at a meeting called for the purpose, of which such stockholders or *01-10* eorporators or members shall have at least ten days’ notice, the corporation shall determine to surrender their corporate powers and cease to act under the same, said real and personal estate so acquired shall be sold at public auction, proper notice of the time and place of sale having been given, and the proceeds of the sale equitably distributed among the stockholders or corporators, or disposed of for the promotion and advancement of the objects for which such corporation was originally organized. SEO. 551. N o corporation acting under the six preceding sections shall Lignit of time for hold real estate more than five years, except so much as shall be neces- h°]0‘“¤*°“·1°°*“*°· sary for the purposes named in its certificate. md, Sec. 552. The provisions of this chapter shall not extend or apply to No; to use any any association or individual who shall, in the certincate tiled with the Mme pr¤vi<>¤¤1y recorder of deeds, use or specify a name or style the same as that of “0°P"°0· any previously existing incorporated body in the District. Ibid. CLASS 4. MANUFACTURING, AG·BICULTUBAL,M1NlNG, MECHANICAL, 1NsURANcE, MRRGANTLLE, TRANSPORTATION, MARKET, AND savmes-BANK c0R- POBATIONS. SRG. 553. Any three or more persons who desire to form a company Companies, how for the purpose of carrying on any kind of manufacturing, agricultural, f¢>¤¤¤d· mining, mechanical, insurance, mercantile, transportation, or marketing p,,d_,,_4,,,_102_ business, in the District or savings bank therein, may make, sign, and 17 Juno, 1870, o. acknowledge, before some officer competent to take the acknowledg- 131, ¤- 9, V- 16, P- ment of deeds, and iile in the office of recorder of deeds a certificate in 15:* writing, in which shall be stated: First. The corporate name of the company and the object for which Thomas Davisva. it is formed_ Georggtownlliridgo Second. The term of its existence, not exceeding twenty years, except ?E:·_1R(;=§;’f,,i0CéS3 in case of corporations formed only for the purpose of life-insurance. w_-i·_p_C,,_,,,_V,,,, Third. The amount of the capital stock of the company, and the num- Ness, 2 Cranch, G. ber of shares of which said stock shall consist. C-, 449- Fourth. The number of trustees who hall manage the concerns of the company for the iirst year, and their names. Fifth. The name of the place in the District in which the operations of the company are to be carried on. Sec. 554. When the certificates shall have been filed, in accordance corporate powwith the provisions of the preceding section, the persons who shall have erssigned and acknowledged the same, and their successors, shall be_a5 M,,, 1870, c_ body politic and corporate in fact and in name, by the name stated in 80, s. 4, v. 16, p. 102. such certificate, and by that name have succession, and be capable of suing and being sued'in any court of law or equity in the District; and they and their successors may have a common seal, and make and alter the same at pleasure, and they shall by their corporate name be capable in law of purchasing, holding, and conveying any real or personal e tate whatever which may be necessary to enable the company to carry on its