Page:1864-65 Territory of Dakota Session Laws.pdf/185

Rh another in any prospectus, circular or other advertisement or announcement of any corporation or joint stock association existing or intended to be formed, with intent to permit the same to be published and thereby to lead persons to believe that the person whose name is so subscribed as an officer, agent, member or promoter of such corporation or association, is guilty of a misdemeanor.

Sec. 648. Every director of any stock corporation, who concurs in any vote or act of the directors of such corporation, or any of them, by which it is intended, either:

1. To make any dividend, except from the surplus profits arising from the business of the corporation, and in the cases and manner allowed by law; or,

2. To divide, withdraw, or in any manner pay to the stockholders, or any of them, any part of the capital stock of the corporation; or to reduce such capital stock without the consent of the legislature; or,

3. To discount or receive any note or other evidence of debt in payment of any installment actually called in, and required to be paid, or with the intent of providing the means of making such payment; or,

4. To receive or discount any note or other evidence of debt with the intent of enabling any stock bolder to withdraw any part of the money paid in by him, or his stock; or,

5. To apply any portion of the funds of such corporation, except surplus profits, directly or indirectly, to the purchase of shares of its own stock; or,

6. To receive any such shares in payment or satisfaction of any debt due to such corporation ; or,

7. To receive from any other stock corporation, in exchange for the shares, notes, bonds, or other evidences of debt of their own corporation, shares of the capital stock of such other corporation, or notes, bonds or other evidences of debt issued by such other corporation.

Is guilty of a misdemeanor.

Sec. 649. Every director of any corporation having banking powers, who concurs in any vote or act of the directors of