Page:United States Statutes at Large Volume 76A.djvu/129

–33– -33CHAPTER 61—FOREIGN CORPORATIONS GENERALLY Sec. 871. 872. 873. 874. 875. 876. 877. 878. 879. 880. 881. 882.

Corporation; joint stock company. Application for license to do business; service of process; filing fee. Additional requirements for insurance companies. Annual statement and license tax for insurance companies. Issuance of license. Continuance after first license period. Revocation of license. Loss of benefit of statute of limitations. Penalties for violation; validity of contracts. Corporations dealing in securities. Surrender of license to do business. Service of process after revocation or surrender of license.

§ 871. Corporation; joint stock company As used in this chapter, "corporation" includes joint stock companies. § 872. Application for license to do business; service of process; filing fee (a) A corporation organized under the laws of a State of the United States or of a foreign country may not do business in the Canal Zone or maintain an office therein until it has filed with the executive secretary of the Canal Zone Government: (1) an application for a license setting forth: (A) the name of the corporation; (B) the names of its officers and directors; and (C) the general nature of the business in which it desires to engage in the Canal Zone; (2) a copy, duly certified by the officer authorized by law to certify it, of the: (A) articles of incorporation; (B) charter; or (C) statutory, executive, or governmental acts creating the corporation, when it has been so created; (3) an affidavit sworn by an authorized officer of the corporation stating the amount of its authorized capital stock at or within 60 days prior to the filing. (4) a designation of a person residing within the Canal Zone upon whom process issued under any law of the Canal Zone may be served, and his place of business or residence, and a certified copv of the minutes of the board of directors of the corporation authorizing the designation. (b) Process served on the person designated by the corporation or, if he can not be found at the place designated, or if a person is not designated, on the executive secretary of the Canal Zone Government, is a valid service on the corporation. When the executive secretary is served with process he shall without delay communicate the same to the corporation concerned at its last known address. A default judgment may not be entered against the corporation in an action in which process is served on the executive secretary until at least 60 days after the date of the service. (c) A corporation licensed pursuant to this chapter shall also file with the executive secretary any change in the provisions of its original articles of incorporation. (d) With the application for license there shall also be paid $10, which shall cover the filing fee and annual license fee for the remainder of the calendar year during which the license is issued.

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