Page:United States Statutes at Large Volume 18 Part 2a.djvu/76

GENERAL INCORPORATION. 71 chapter, to any amount which may be deemed sufficient and gi; ri-plrgaogpgigphgild also extent;] its businelggiighltlig - , i , ica usines· · B and iiebaiinee er its chapter. °’ Su im °° °b° i”°""‘°" Sec. 586. _Betbre any corporation shall be entitled to diminish the When not to ne amount of its capital stock, if the amount of its debts and liabilities iiiiiiinisiied shall exceed the amount of capital to which itis proposed to be reduced such amount of debts and liabilities shall be satisfied and reduced so as S- 4.v-yid. p W5. i not to exceed such diminished amount of capital. Sec. 587. Any existing company heretofore formed mav come under Re-organization and avail itself of the privileges and provisions of this chapter by com- ¤*` •¤i¤¢i¤s wmplying with the following provisions, and thereupon such company, its i""“i“· otheers and stockholders, shall be subject to all the restrictions, duties, Ibid. and liabilities of this chapter. Sec. 588. Whenever any company shall desire to call a meeting of Mmgugomock. the stockholders for the purpose of availing itself of the privileges of holders. this chapter, or for increasing or diminishing the amount of its capital "'{m stock, or for extending or changing its business, it shall be the duty of ` the trustees or directors to publish a notice signed bya majority of them in a newspaper in the District at least three successive weeks, and to deposit a notice thereof in the post-office addressed to each stockholder at his usual place of residence, at least three weeks previous to the day fixed upon for holding such meeting, specifying the object of the meeting and the time and place when and where such meeting shall be held. Sec. 589. If, at any time and place specified in the notice provided Organization of for in the preceding section, stockholders shall appear by proxy or in meeting. person, representing not less than two-thirds of all the shares of stock *5;**-* of the corporation, they shall organize and proceed to a vote of those present in person or by proxy. Sec. 590. If, on canvassing the votes, it shall appear that a sufficient p,,,w,d;,,g,_ number of votes are in favor of increasing or diminishing the amount of -;):3---- •apital, or extending or changing the business of the company, or for I ‘ availing itself of the privileges and provisions of this chapter, a certificate of the proceedings, showing a compliance with the provisions of this chapter, the amount of capital actually paid in, the business to which it is extended or changed, the whole amount of debts and liabilities of the company, and the amount to which the capital stock shall be increased or diminished, shall be made out, signed, and verified by the aihdavit of the chairman, and be countersigned by the secretary. Sec. 591. Such certificate shall be acknowledged by the chairman, and When e h a n ge filed as required by section five hundred and fifty-three, and when so filed ¤l1¤lI be d<=¤¤¤¤d the capital stock of such corporation shall be increased or diminished ““"i°· to the amount specified in the certiiicate, and the business extended or Ibid. changed accordingly; and the company shall be entitled to the privileges and provisions and be subject to the liabilities of this chapter. Sec. 592. A vote of at least two·thirds of all the shares of the stock _W1iet‘vete enmof acompany shall be necessary to an increase or diminution of the <=;·?3¤_l;;______ amount of its capital stock, or the extension or change of its business, Ibid. or to enable a company to avail itself of the provisions of this chapter. Sec. 593. A copy of any certificate of incorporation tiled in pursu- C,,,,,,,;,,,] (,,,1,,, 0, ance of this chapter, certiiied by the recorder of deeds to be a true certificate to bo Gopy and of the whole of such certificate, shall received in all courts ¤V¤d¢>¤<=<>- mid` places as presumptive legal evidence of the facts therein stated. my CLASS 5. ommmrnnx Assocmrions. Sec. 594. When five or more persons shall associate themselves E¤1‘{¤=¤¢j¤¤ of fw; togctlier for the purpose of forming u. cemetcry association in the :;€;“:;;’:‘,;m °°’I’° District, such persons shall have the power to adopt a corporate name, uml l•_v that name shall bu known as it body corporate, and by than 107. M -.5- ·». yn- -