Page:United States Statutes at Large Volume 16.djvu/139

 FORTY—FIRST CONGRESS. Sess. II. Ch. 80. 1870. 105 that may be due and owing to all their laborers, servants, and appren- due laborers. tices, for services performed for such corporation, and shall be individu— E,"` M s°"i°"* ally liable for all debts of said corporation to the amount of the stock of ci each stockholder. Any corporation or company heretofore formed, by special act or under Cm,,,,,,,;,,,,, the general law, and now existing, for manufacturing, agricultural, mining, hereto formed mercantile, insurance, transportation, marketing, or mechanical purposes, flzggmgi; 53; in the District of Columbia, or any company which may be formed under fPormdd under e this act, may increase or diminish its capital stock, by complyi·ng with the this Mh m’?Y,i¤· provisions of this act, to any amount which may be deemed sufficient and §$iii,°€{;rS(ig;°l;n` proper for the purposes of the corporation, and may also extend its busi- and how. i ness to other manufacturing, mining, or mechanical business, subject to the provisions and liabilities of this act. But before any corporation shall Stock not to be entitled to diminish the amount of its capital stock, if the amount of its if glml"lSl“’d debts and liabilities shall exceed the amount of capital to which it is pro- l' c` mm]' &°` posed to be reduced, such amount of debts and liabilities shall be satisfied and reduced so as not to exceed such diminished amount of capital ; and any existing company heretofore formed may come under and avail itself Existing comof the privileges and provisions of this act by complying with the follow- ggglfhhgggeqlzg ing provisions, and thereupon such company, its officers and stockholders, of the privileges shall be subject to all the restrictions, duties, and liabilities of this act. of this a°*· Wh€H€W`61‘ any company shall desire to call a meeting of the stockholders for the purpose of availing itself of the privileges of this act, or for increasing or diminishing the amount of its capital stock, or for extending or changing its business, it shall be the duty of the trustees _Tr¤S¤>¢Sfq or directors to publish a notice signed by a majority of them in a news- §;§,¥)h;?°°U°°* paper in the District of Columbia 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; and a vote of at least two thirds of all the shares of stock shall be necessary Yote of two to an increase or diminution of the amount of its capital stock, or the gmis ;;c‘;;g{° extension or change of its business as aforesaid, or to enable a company y` to avail itself of the provisions of this act. If; at any time and place specified in the notice provided for in the V if twpthirdg preceding section, stockholders. shall appear by proxy or in person, rep- &‘;f;;_,§f;‘;;’&. resenting not less than two thirds of all the shares of stock of the cor- proceedings to poration, they shall organize and proceed to a vote of those present in ts g*:él*g1:§V°Y¤ person or by proxy; and ifi on canvassing the votes, it shall appear that ’ a sufficient number of votes are in favor of increasing or diminishing the amount of capital, or extending or changing its business as aforesaid, or for availing itself of the privileges and provisions of this act, a certificate of the proceedings, showing a compliance with the provisions of this act, 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 affidavit of the chairman, and be countersigned by the secretary; and such certificate shall be When med, · . · . · the change shall acknowledged by the chairman, and filed as iequired by the fiist section be deemedmudg of this act, and when so filed the capital stock of such corporation shall be increased or diminished to the amount specified in such certificate, and the business extended or changed as aforesaid; and the company shall be entitled to the privileges and provisions, and be subject to the liabilities of this act. If the indebtedness of any company organized under this act shall at Trustpegpepany time exceed the amount of its capital stock, the trustees of such com- 8; 0*; ‘” pany assenting thereto shall be personally and individually liable for debts 0,,8,. cap;- such excess to the creditors of the company. **-1 Si°°k·