An Act Providing For The Diminution Of Sentences Imposed Upon Prisoners Convicted Of Any Offense And Sentenced For A Definite Term Of More Than Thirty Days And Less Than Life In Considerati

Acts

Act No. 1459

ACT No. 1459

AN ACT PROVIDING FOR THE FORMATION AND ORGANIZATION OF CORPORATIONS, DEFINING THEIR POWERS, FIXING THE DUTIES OF DIRECTORS AND OTHER OFFICERS THEREOF, DECLARING THE RIGHTS AND LIABILITIES OF SHAREHOLDERS AND MEMBERS, PRESCRIBING THE CONDITIONS UNDER WHICH SUCH CORPORATIONS MAY TRANSACT BUSINESS, AND REPEALING CERTAIN ARTICLES OF THE CODE OF COMMERCE AND ALL LAWS OR PARTS OF LAWS IN CONFLICT OR INCONSISTENT WITH THIS ACT

CHAPTER I

GENERAL PROVISIONS AS TO CORPORATIONS

SHORT TITLE OF ACT, CORPORATIONS DEFINED AND HOW ORGANIZED

Section 1. The short title of this Act shall be "The Corporation Law."

Section 2. A corporation is an artificial being created by operation of law, having the right of succession and the powers, attributes, and properties expressly authorized by law or incident to its existence.

Section 3. Corporations may be public or private. - Public corporations are those formed or organized for the government of a portion of the state. Private corporations are those formed for some private purpose, benefit, aim, or end, as distinguished from public corporations,...