TH
IN'
6
7
7
Suc. 7. That when the application for a charter shall be filed with the Secretary of Commerce, and he finds that
3 the application and statements therein conform to the re- 4 quirements of, and that the incorporation is authorized by, 5 this Act, he shall, upon the payment of such fee as shall 6 be by regulation prescribed, issue a charter authorizing the incorporators to act as a body corporate. The application
1 conditions and restrictions of this Act. A majority of the
2
voting shares issued by the corporation shall at all times be
8
owned by citizens of the United States.
4
(b) The corporation-
5
(1) Shall have the right of succession;
6
(2) May use a corporate seal und alter it at pleasure;
7
(3) May sue and be sued;
8
shall thereupon constitute the articles of incorporation, and
8
(4) May make contracts and incur liabilities;
9
a copy of such articles shall be made a part of the charter
9
(5) May acquire and hold personal property, tangible
10
and printed in full thereon. The Secretary of Commerce
10 and intangible, and real estate, necessary to effect the pur-
11
shall, upon the payment of such fee as shall be by regulation
11
12 prescribed, issue as many certified copies of the articles of
12
poses for which it is formed, and dispose of the same when no longer needed for such purposes; and
13 incorporation or of the charter, as amended, as may be
13
14
desired by any interested party. The corporation shall keep
14
a copy of the charter, as amended, at the principal office 16 specified in its articles of incorporation. Any failure,
17 previous to the issuance of the charter, by the incorporators,
15
16
(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.
SEC. 9. That all shares of stock shall, when issued, be
17 paid for in cash, personal property, tangible or intangible, or
18
or in respect to the application for the charter, to conform to
18
real property, at not less than their par value, and when so
19
19
20
issued shall be held to be full-paid and nonassessable; but no stock shall be issued for personal property, tangible or
any requirement of law which is a condition precedent to 20 such issuance, may not subsequent thereto be held to inval-
21 idate the charter or alter the legal status of any act of the
22 corporation thereunder, except in proceedings instituted by
23 the Secretary of Commerce to revoke the charter.
21 intangible, or real property, unless (a) a description of the property for which the stock is to be issued and a statement
22
23 of the value at which the property is to be received has been
24
SEC. 8. (a) The corporation shall be a citizen of the
24
25 United States invested with the powers and subject to the
25
filed with the Secretary of Commerce in such manner and upon the payment of such fee as shall be by regulation pre-
614
No comments yet.
Private notes are available after approval.