Page:United States Statutes at Large Volume 42 Part 1.djvu/879

SIXTY-SEVENTH CONGRESS. Sess. H. Ch. 346. 1922. 85]. are a bod corporate, if (a) an incorporation fee of $100 has been paid him, (b) he finds that the articles of incorporation and statements therein conform to the requirements of , and that the incorporation is authorized by, this Act, and (c) he finds that such co eration will aid in develo markets in China for goods producdll) in the United States. X copy of the articles of incorporation shall be made a part of the certificate of incorporation and printed in full thereon. Any bS*§{gj,aQ,*{}m§§°&fI$£ failure, previous to the issuance of the certihcate of incorporation, by piiypwinh conditions. the incorporators or in respect to the application for the certiicate of incorporation, to conform to any requirement of law which is a condition precedent to such issuance, may not subsequent thereto be held to invalidate the certificate of incorporation or alter the legal status of any act of a China Trade Act corporation, except in pro- E’°°P“°*L ceedings instituted by the registrar for the revocation of the certificate of incorporation. GENERAL rowrzns. Sec. 6. In addition to the powers granted elsewhere in this Act, a p°§,§,‘;f"°1 °°'P°"“° China Trade Act corporation- (a) Shall have the right of succession during the existence of the co ration; lb) May have a corporate seal and alter it at pleasure; (c) May sue and be sued; _ (d) Shall have the right to transact the business authorized by its articles of inco oration and such further business as is properly connected therewith or necessary and incidental thereto; gg gllilay make contgaitqdwddmcw liabiliges; ay acquire an o re or erson ro y, necessary to effect the purpose for which it is formiid, and dispolgariif such property when no longer needed for such purposes; (g) May borrow money and issue its notes, coupon or registered bonds, or other evidences of debt, and secure their payment by a mortgage of its property; and _ (h) L ay establish such branch offices at such places in China as it deems advisable. snanns or srocx. Sec. 7. Each share of the original or any subsequent issue of stock *°°°*“‘“°°‘“ of a China Trade Act corporation shall be issued at par value only, and_shall be paid for in cash or in accordance with the provisions of section 8, in real or personal property which has been placed in the Custody of the directors. No such share shall be issued until the ,,§§’f,‘Q’f,,,§‘{,s,l]§_ "‘°’ amount of the par value thereof has been paid the corporation; and when issued, each share shall be held to be full paid and nonassessable; _ Glwcpt that if any share is, in violation of this section, issued without ,,§,°§'§,},§‘};}°l°'“* the amount of the par value thereof having been paid to the corporation, the holder of such share shall be liab e in suits by creditors for the difference between the amount paid for such share and the par value thereof. . Sec. 8. N e share of stock of a China Trade Act corporation shall, m$}’F$E$i°ii°i°i¤?·°foc*i»¥Z for the purposes of section 7 cr of paragraph (7) of subdivision (b,) "°“““"°*’°""* of section 4, be held paid in real or (personal property unless (1) a certiiicate describing the property an stating the value at which it is to be received has been filed by the corporation with the Secretary or the registrar in such manner as shall be by regulation prescribed, and a fee to be fixed by the Secretary or the registrar, respectively to cover the cost of any necessary investigation has been dpaid, and (2) the Secretary or the registrar, as the case may be, fin and has €\h;•r§£¤*¤ ¤* **¤¤• certified to the corporation that such value is not more than the fair m ' market value of the property.