1 this Act, he shall, upon the payment of such fee as shall 2 be by regulation prescribed, issue a charter authorizing the 3 incorporators to act as a body corporate. The application 4 shall thereupon constitute the articles of incorporation, and a copy of such articles shall be made a part of the charter
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6 and printed in full thereon. The Secretary of Commerce
7 shall, upon the payment of such fee as shall be by regulation
8 prescribed, issue as many certified copies of the articles of 9 incorporation or of the charter, as amended, as may be
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(1) Shall have the right of succession;
(2) May use a corporate seal and alter it at pleasure;
(3) May sue and be sued;
(4) May make contracts and incur liabilities;
(5) May acquire and hold personal property, tangible
6 and intangible, and real estate, necessary to effect the pur-
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poses for which it is formed, and dispose of the same when no longer needed for such purposes; and
(6) May borrow money and issue its notes, coupon
or registered bonds, or other evidence of debt therefor, and secure their payment by a mortgage of its property.
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desired by any interested party. The corporation shall keep
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a copy of the charter, as amended, at the principal office
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12 specified in its articles of incorporation. Any failure,
13 previous to the issuance of the charter, by the incorporators,
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or in respect to the application for the charter, to conform to
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any requirement of law which is a condition precedent to
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SEC. 9. That all shares of stock shall, when issued, be 18 paid for in cash, personal property, tangible or intangible, or real property, at not less than their par value, and when so issued shall be held to be full-paid and nonassessable; but
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such issuance, may not subsequent thereto be held to inval-
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no stock shall be issued for personal property, tangible or
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idate the charter or alter the legal status of any act of the
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intangible, or real property, unless (a) a description of the
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18 corporation thereunder, except in proceedings instituted by
the Secretary of Commerce to revoke the charter.
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property for which the stock is to be issued and a statement
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of the value at which the property is to be received has been
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SEC. 8. (a) The corporation shall be a citizen of the
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filed with the Secretary of Commerce in such manner and
21 United States invested with the powers and subject to the
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upon the payment of such fee as shall be by regulation pre-
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conditions and restrictions of this Act. A majority of the
22 scribed, and (b) the Secretary of Commerce finds and has
23 voting shares issued by the corporation shall at all times be
24 owned by citizens of the United States.
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certified to the corporation that such value is not more than
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the fair market value of the property and is at least equal
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(b) The corporation--
to the par value of the stock issued therefor.
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