Page:United States Statutes at Large Volume 68 Part 1.djvu/231

 68 S T A T. ]

P U B U C LAW 389-JUNE 8, 1954

199

(i) Any provision, not inconsistent with law, which the incorporators elect to set forth in the articles of incorporation for the regulation of the internal affairs of the corporation, including any provision which under this Act is required or permitted to be set forth in the bylaws. (j) The address, including street and number, if any, of its initial registered office, and the name of its initial registered agent at such address. (k) The number of directors constituting the initial board of directors and the names and addresses, including street and number, if any, of the persons who are to serve as directors until the first annual meeting of shareholders or until their successors be elected and qualify. (1) The name and address, including street and number, if any, of each incorporator. I t shall not be necessary to set forth in the articles of incorporation any of the corporate powers enumerated in this Act. Whenever a provision of the articles of incorporation is inconsistent with a bylaw, the provision of the articles of incorporation shall be controlling. FILING OF ARTICLES OF INCORPORATION

SEC. 48. (a) Duplicate originals of the articles of incorporation shall be delivered to the Commissioners. If the Commissioners find that the articles of incorporation conform to law, they shall, when all fees have been paid as in this Act prescribed— (1) endorse on each of such duplicate originals the word "Filed" and the month, day, and year of the filing thereof; (2) file one of such duplicate originals in their office; (3) issue a certificate of incorporation to which they shall affix the other duplicate original. (b) The certificate of incorporation, together with the duplicate original of the articles of incorporation affixed thereto by the Commissioners, shall be recorded by the CommissionerS in the office of the Recorder of Deeds. EFFECT OF ISSUANCE OF CERTIFICATE OF INCORPORATION

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SEC. 49. Upon the issuance of the certificate of incorporation, the corporate existence shall begin, and such certificate of incorporation shall be conclusive evidence that all conditions precedent required to be performed by the incorporators have been complied with and that the corporation has been incorporated under this Act, except as against the District of Columbia in a proceeding to cancel or revoke the certificate of incorporation. REQUIREMENT BEFORE COMMENCING BUSINESS

SEC. 50. A corporation shall not transact any business or incur any indebtedness, except such as shall be incidental to its organization or to obtaining subscriptions to or payment for its shares, until at least the minimum amount of capital set forth in its articles of incorporation as the minimum amount of capital with which it will commence business has been fully paid in. ORGANIZATION MEETING OF DIRECTORS

SEC. 51. After the issuance of the certificate of incorporation an organization meeting of the board of directors named in the articles of incorporation shall be held within the United States, at the call of a majority of the directors so named, for the purpose of adopting bylaws (unless the power to adopt bylaws has been reserved by the

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