THE STOCK CORPORATION LAW.

CHAP. 564, LAWS OF 1890.

(Generally amended by Chap. 688, Laws of 1892.) AN ACT in relation to stock corporations, constituting chapter thirty-six of the general laws.

(As amended to and including the session of the Legislature of 1905.)

[SEE SECTIONS OF CODE OF CRIMINAL PROCEDURE AND PENAL CODE, THIS VOLUME.]

CHAPTER XXXVI OF THE GENERAL LAWS.

ARTICLE 1. General powers; reorganization. (§§ 1-8.)

2. Directors and officers; their election, duties and liabilities. (§§ 20-34.)

3. Stock; stockholders, their rights and liabilities. (§§ 40-62.)

ARTICLE I.

GENERAL POWERS; REORGANIZATION.

SECTION 1. Short Title and application of chapter.

2.

Power to borrow money and mortgage property.

3. Reorganization upon sale of corporate property and franchises. 4. Contents of plan or agreement.

5. Sale of property; possession of receiver and suits against him. 6. Municipalities may assent to plan of readjustment.

7. Combinations abolished.

8.

Short title and application of chapter.

SECTION 1. This chapter shall be known as the stock corporation law, but article one shall not apply to monied corporations.

Power to borrow money and mortgage property.

§ 2. In addition to the powers conferred by the general corporation law, every stock corporation shall have the power to borrow money and contract debts, when necessary for the transaction of its business, or for the exercise of its corporate rights,