Gambar halaman
PDF
ePub

TITLE IX.

Homestead Corporations.

SEC. 557.

558.

559.

560.
561.

Time of corporate existence.
By-laws must specify time for and amount of payment

of installments, and penalty for failure to pay. By

laws to be furnished to any member on demand. Advertisement and sale of delinquent and forfeited

shares. May borrow and loan funds—how, and for what time. Minor children, wards, and married women may own

stock.
Forfeiture for speculating in or owning lands exceed-

ing two hundred thousand dollars.
When corporation is terminated, and how.
Payment of premiums.
Annual report to be published.
Publication in certain cases.

562.

563. 564. 565. 566.

$ 557.

Corporations organized for the purpose of acquiring lands in large tracts, paying off incumbrances thereon, improving and subdividing them into homestead lots or parcels, and distributing them among the shareholders, and for the accumulation of a fund for such purposes, are known as homestead corporations, and must not have a corporate existence for a longer period than ten years.

$ 558.

Such corporations must specify in their by-laws the times when the installments of the capital stock are payable, the amount thereof, and the fines, penalties, or forfeitures incurred in case of default. A printed copy of the articles of incorporation and by-laws must be furnished to any shareholder on demand.

$ 559.

Whenever any shares of stock are declared forfeited, by resolution of the board of directors, the directors may advertise the same for sale, giving the name of the subscriber and the umber of shares, by not of less than three weeks, published at least once a week in a newspaper of general circulation in the city, town, or county where the principal place

by borrowers in saton; hold or convey real urpose; and all real lis section must be ter the title thereto

wn, or sell personal

for its immediate tion of its business, 'ps or evidences of

silver bullion and ined value and evi

d or convey bonds, ic or private, except i California, and of or towns, or school of railroad or street having their prinTornia, unless such und paid in of not mendment in effect

100; 126 Cal. 416;

in their own right, Is, and give valid

05.

issue general cerns in other cases, i requested by the he deposit by the

of money, and ate that the sum rred only on the made by the corficate, or to his TITLE IX.

Homestead Corporations.

SEC. 557.

558.

559.

560.
561.

Time of corporate existence.
By-laws must specify time for and amount of payment

of installments, and penalty for failure to pay. By

laws to be furnished to any member on demand. Advertisement and sale of delinquent and forfeited

shares. May borrow and loan funds—how, and for what time. Minor children, wards, and married women may own

stock.
Forfeiture for speculating in or owning lands exceed-

ing two hundred thousand dollars.
When corporation is terminated, and how.
Payment of premiums.
Annual report to be published.
Publication in certain cases.

562.

563.
564.
565.
566.

$ 557. Corporations organized for the purpose of acquiring lands in large tracts, paying off incumbrances thereon, improving and subdividing them into homestead lots or parcels, and distributing them among the shareholders, and for the accumulation of a fund for such purposes, are known as homestead corporations, and must not have a corporate existence for a longer period than ten years.

§ 558. Such corporations must specify in their by-laws the times when the installments of the capital stock are payable, the amount thereof, and the fines, penalties, or forfeitures incurred in case of default. A printed copy of the articles of incorporation and by-laws must be furnished to any shareholder on demand.

$ 559. Whenever any shares of stock are declared forfeited, by resolution of the board of directors, the directors may advertise the same for sale, giving the name of the subscriber and the number of shares, by notice of not less than three weeks, published at least once a week in a newspaper of general circulation in the city, town, or county where the principal place of business of such corporation is located. Such sale must be made at auction, under the direction of the secretary of the company. The corporation may be a bidder, and the shares must be disposed of to the highest bidder for cash. No defect, informality, or irregularity in the proceedings respecting the sale invalidates it, if notice is given as herein provided. After the sale is made, the secretary must, on receipt of the purchase money, transfer to the purchaser the shares sold, and after deducting from the proceeds of such sale all installments then due, and all expenses and charges of sale, must hold the residue subject to the order of the delinquent subscriber. $ 560.

Homestead corporations may borrow money for the purposes of the corporation, not exceeding at any one time one fourth of the aggregate amount of the shares or parts of shares actually paid in, and the income thereof; no greater rate of interest must be paid therefor than twelve per cent per annum. For the purpose of completing the purchase of lands intended to be divided and distributed, they may borrow on the security of their shares on the land thus purchased, or that owned by the corporation at the time of procuring the loan, any sum of money which, together with the interest contracted to become due thereon, will not exceed ninety per cent of the unpaid amount subscribed by the shareholders; but no loan must be made to the corporation for a term extending beyond that of its existence.

$ 561.

Such shares of stock in homestead corporations as may be acquired by children, the cost of which, and the deposits and assessments on which, are paid from the personal earnings of the children, or with gifts from persons other than their male parents, may be taken and held for them by their parents or guardians. Married women may hold such shares as they acquire with their personal earnings, or those of their children, voluntarily bestowed therefor, or from property bequeathed or given to them by persons other than their husbands.

8 562. Homestead corporations must not purchase and sell, or otherwise acquire and dispose of, real property, or any interest therein, or any personal property, for the sole purpose of speculation or profit. Nor must any such corporation at any one time own or hold, in trust or otherwise, for its purposes,

TITLE IX.

Homestead Corporations.

SEC. 557.

558.

559.

560.
561.

Time of corporate existence.
By-laws must specify time for and amount of payment

of installments, and penalty for failure to pay. By

laws to be furnished to any member on demand. Advertisement and sale of delinquent and forfeited

shares. May borrow and loan funds—how, and for what time. Minor children, wards, and married women may own

stock.
Forfeiture for speculating in or owning lands exceed-

ing two hundred thousand dollars.
When corporation is terminated, and how.
Payment of premiums.
Annual report to be published.
Publication in certain cases.

562.

563.
564.
565.
566.

§ 557. Corporations organized for the purpose of acquiring lands in large tracts, paying off incumbrances thereon, improving and subdividing them into homestead lots or parcels, and distributing them among the shareholders, and for the accumulation of a fund for such purposes, are known as homestead corporations, and must not have a corporate existence for a longer period than ten years.

$ 558.

Such corporations must specify in their by-laws the times when the installments of the capital stock are payable, the amount thereof, and the fines, penalties, or forfeitures incurred in case of default. A printed copy of the articles of incorporation and by-laws must be furnished to any shareholder on demand.

§ 559. Whenever any shares of stock are declared forfeited, by resolution of the board of directors, the directors may advertise the same for sale, giving the name of the subscriber and the number of shares, by notice of not less than three weeks, published at least once a week in a newspaper of general circulation in the city, town, or county where the principal place

« SebelumnyaLanjutkan »