Page:United States Statutes at Large Volume 68 Part 1.djvu/212

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PUBLIC LAW 3 8 9 - J U N E 8, 1954

[68 S T A T.

(k) "Paid-in surplus" means all that part of the consideration received by the corporation for, or on account of, all shares issued which does not constitute stated capital, whether heretofore or hereafter created by (1) the receipt by the corporation, for, or on account of, the issuance of shares having a par value of consideration in excess of the par value of such shares or (2) the allocation of any part of the consideration received by the corporation for, or on account of, the issuance of shares in a manner permitted by law or (3) a reduction of stated capital under this Act, minus such formal reductions of paid-in surplus as may have been effected in a manner permitted by law. (1) "Net assets", for the purpose of determining the right of a corporation to purchase its own shares and of determining the right of a corporation to declare and pay dividends and the liabilities of directors therefor, shall not include shares of its own stock belonging to such corporation. (m) "Registered office" means that office maintained by the corporation, the address of which is on file with the Commissioners. (n) "Insolvent" means that the corporation is unable to pay its debts as they become due in the usual course of its business. (o) "State" means any State, Territory, colony, dependency, or possession of the United States of America, or any foreign country. (p) "Commissioners" means the Commissioners of the District of Columbia or the agent or agents designated by them to perform any function vested in the Commissioners by this Act. (q) "District" means the District of Columbia. (r) "The court", except where otherwise specified, means the United States District Court for the District of Columbia. PURPOSES

SEC. 3. Corporations for profit may be organized under this Act for any lawful purpose or purposes, except for the purpose of banking or insurance or the acceptance and execution of trusts, the operation of railroads, or building and loan associations: Provided, That nothing contained in this Act shall be construed to relieve any public-utility corporation incorporated or reincorporated under the provisions of this Act from complying with all applicable provisions of the laws of the District of Columbia relating to such corporations: Provided further, That no corporation may be organized under this Act unless the place where it conducts its principal business is located within the District of Columbia. GENERAL POWERS

SEC. 4. Each corporation shall have power: (a) To have perpetual succession by its corporate name unless a limited period of duration is stated in its articles of incorporation. (b) To sue and be sued, complain and defend, in its corporate name. (c) To have a corporate seal, which may be altered at pleasure, and to use the same by causing it, or a facsimile thereof, to be impressed or affixed or in any other manner reproduced. (d) To purchase, take, receive, lease, take by gift, devise, or bequest, or otherwise acquire, and to own, hold, improve, use, and otherwise deal in and with real or personal property, or any interest therein, wherever situated. (e) To sell, convey, mortgage, pledge, lease, exchange, transfer, and otherwise dispose of all or any part of its property and assets. (f) To lend money to, and otherwise assist, its employees, other than its officers and directors.

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