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BUSINESS CORPORATIONS LAW.

An Act to amend the business corporation law. The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Sections 21 to 24, both inclusive, of the business corporation law are repealed.

The title and several parts and sections of the business corporation law corresponding to those hereinafter specified are amended to read respectively as follows:

CHAPTER XLI OF THE GENERAL LAWS.

THE BUSINESS CORPORATIONS LAW.

:

SECTION 1. Short title and limitation of chapter.

2. Incorporation.
3. Restriction upon commencement of business.
4. Adoption of by-laws.
5. Reorganization of existing corporations.
6. Payment of capital stock.
7. Liabilities of stockholders.
8. Extension of business.
9. Change of place of business.
10. Taxation.
11. Place of business; assessment.
12. May hold stock in certain corporations.
13. Corporations may consolidate; agreement therefor.
14. Agreement to be submitted to stockholders; stock of those

objecting appraised and paid for.
15. Powers of consolidated corporations.
16. Property, etc., transferred to new corporations.
17. Rights of creditors.

SECTION 18. District steam corporations; must supply steam; penalty;

deposit may be required.
19. Agent authorized to enter buildings and examine meter;

penalty for interference.
20. When agent may enter and cut off steam.

1 SECTION 1. Short title and limitation of chap2 ter.-This chapter shall be known as the business cor3 porations law, but no corporation shall be formed under 4 it for the purpose of carrying on any business which 5 might be carried on by a corporation formed under any 6 other general law of the state authorizing the formation 7 of corporations for the purpose of carrying on such 8 business.

1 § 2. Incorporation.-Three or more persons may 2 become a corporation for the purpose of carrying on any 3 lawful business by making, signing, acknowledging and 4 filing a certificate which shall contain: 5 1. The name of the proposed corporation; 6 2. The object for which it is to be formed, including 7 the nature and locality of its business; 8 3. The amount and description of the capital stock; 9 4. The number of shares of which the capital stock 10 shall consist, each of which shall not be less than five 11 nor more than one hundred dollars; 12 5. The location of its principal business office; 13 6. Its duration, which shall not exceed fifty years ; 14 7. The number of its directors, not less than three nor 15 more than thirteen, who shall each be a stockholder 16 having at least five shares of stock; 17 8. The names and post-office addresses of the directors 18 for the first year; 19 9. The post-office addresses of the subscribers and 20 a statement of the number of shares of stock which 21 each agrees to take in the corporation, the aggregate of 22 which subscriptions shall not be less than one-tenth of 23 the capital stock, and ten per cent of which must be 24 paid in cash to the directors named in the certificate 25 There shall be indorsed thereon or annexed thereto as a 26 part thereof the affidavit of at least three of the direct27 ors, that the requisite amount of stock has been sub28 scribed and the prescribed percentage thereof paid in 29 cash to the directors. L. 1890, ch. 23.

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