s $69 ‘ Teens 15.`“·m·GOxii%1{t ·e?`tl:e per sslue thereof having been paid to the corporation, the bolder of such share shell be liable in suits by.<‘:1*edito1i·s for the diderexme between the mnount paid for sueh share and {no per value thereof. (Sept. 19, 1922, c. 346, §·7, 42 Stat. 851; gse:}. 26, 1925, c. 345, § 7, 43 Stat. 996.) · _ _ 148. Stock; payment in real or personal ;px·operty.——-No share ( of stock of a China Trade Act corporatjoim shall, for thebpur-l ?;mSt‘S of the preceding section or of subdivision (d) of section 144 of this chapter, be held paid in real or personal property? unless (1) a certiiicate describing the property and stating the"! snlee nt which it is to be received has been filed-byi the co1·· peretion with the Secretary or the registrar in such manner as e;ss11 be by regulation prescribed, and a fee to be fixed by me Secretary or the registrar, .respectively,_t0 cover the cost of soy necessary investigation has been paid, and · (2) the Seeretary or the registrar, as the case mayjbe, Buds and lies vertitied to the corporation that such value is not inoreqtlxan the fair market value of theepropeety. (Sept. 19, 1922,- c`. 346, g 3, 42 Stat. 851.) · · "` 149; By-laws.-—The by·luws may provide—-(a) { The time, onlne, manné} of calling, giving notice, and conduct of, and de-_ xermtnation of a quorum for, the meetings, annual or special of the stockholders _-or directors; _ » ° # ( b) The number, qualifications; £lIld,D1‘8IlD€§`_ of choosing and 1i:·4ing·the tenure of office and compensation ot slldlrectors; lmtthe number of such directors shall be not less than three, mul tl mnjorlty_ot the directors, and the `presldent and the treasurer, or each omcei holding a fcorsespondiug office, shall, during their tenure of odlcc. be cithens of the United States resident in China. - . , i ° _ — ~ · ·~(c) The mannea of calling for `la d collecting payments upon shares of stock, the ·pen'alties and forfeitufes for nous ggsynzent, the preparation of certificates of the shares, b the mszmer oi} recording their sable or transfer, and the manner sf their representation ’ et st0ekbo‘lders` meetings. (Sept. 19, 1922, c. 346, § 9, 42 Stat. $52; Feb.- 2.6, 19%, c. 345, § SL43 ‘f~$tnt.996,) sl 4 l ( . _ _ , 150. Stockholders?'meetiilxs.-—#·(a) Within six !Il0IlthS`/R¤L€1‘“ the issuance of the certitlcate of incorporation of a China Trade Act corpqrntionthere shall be hold s stockholders meet-; ing either at the p1‘incl§al‘0&ce or. a KDYADCII omce of the cor-; integration. Snell meeting shell be éalled by n majority of the directors nnmed "iu the articles ot , incorporation and each stockholder shall be given at least ninety dnys’ notice of the meetiig either in person or by knoll.- The holders of twolhirds of the voting shares, represented in pexfson or by proxy, shell constitute n quoxsnm at suqh meetings authorized to trnusect~busin;ess. At' this meeting of an adjourned meeting ltbesedt s code `oi"by»lnws for the eorporation shall be adopted by s maj orlty of the voting shares represented at the meeting. (b)·T11e— tollovélng Questions shell be determined only by, the stockholders at a StQ§?kll0Id€1‘S° meeting: ` (1) Adoption of the by—-laws; · ` (2) Amendments to the articles of incorporation or bylaws; (3) Authorization oi the snle of the entire business of the corporation or of on independent branch of suebb nusmsssa; _ (4) Authorization of the xolnntnry dissolution of the corporation: and V l L . "_ `_ ` s (5) Autborizatiourof application for the extension of the fierlod of duration of the corpo1?at’iou. . . `- t ` (c) The adoption of any suc): smendment or autlxorlzation shall require the approval of at least two-thirds ot tbevotlug shares. No amendment to the articles of incorporation on authorization for dissolution or extension shall take effect until (1) the corporation fgles a eertidbate with the Secretary ststlng tlne aetiontaken, in such manner and form ss·shal1.be by rene lation brese·ribed, ond; (2) suolm amendment or authorization ( ” 86270°—~—*3t5—;—-—~-—j·»24
EQRGE AND TIeADEc § j§_§}§ is found and gcertided by the Secretary te cememx to the wequiremeuts oftthis chapter. ‘ c (G) A c·ertiHed copy of t·lxc[b$’~lewe end amcndmeete thereef and of the minigtes of all st0cklmidcre’ meetings of the ceie poration shall be tiled with the registrar, (§§ept. 19, 1‘3i§Z3, c. 346, § 10, 42 Stat. 852; Fclx.26, 1925, c. 345, § 9, 43 Stat. 9%, ; 151. Direct0rs.—>—-The ;}irect0rs designated ix1_'the erticlee of _i11c0rp0rz1ti<m shell, 1mtiI·‘tl1eir successors take etiice, direct the exercise of all powers of :1 Chime Trade Act corpihmltitm except ’ 'such tis are conferred uppnl the eteckhoklexjs by law er by the articles of illCOPDOf£lti,0l1~Of by—lmvs of the c,erp0retiee. il‘lwteafter thevdirectqrs elected in accordance with the l>y—lewe ef the cerpomtioh shall direct the exercise ot ell powers of the c0l•p`0mtion_ except such esere so conferred epeit the Steel? holders. `Illlthé exercise et such- powers the directors may :sppoint and rcmmfe and tix the compensetiep ei such officers end employcesrof the corporation es they deem advisable. (Sept. [,19, 1922, c. 346, §”11, 42 Stat. 852.) , . — l 152. Reports; records for `public inspectim;.-—-—(a) For the
purposes of this chapter the Hscel year; of a_ China Trade Act corporation shell correspond to the calerider year. The cerf>ezte· tion shall make and tile with the registrar; ie secu manner end form end at 'such time as shall be by regulation prescribed, e. report of its busiuees for each such Hscal year end of its §eeee cial condition at, the closeef the yeazze The corporation ebelt
iurnish. a tx*ue_c0py ot the report to each of its eteckheldere. `
_ (b) The registrar shell file with the Secretary ceples of ell
- feports, cei·tiHcates,’ end certihed copies received er issued by
the regletrei under the provisions eftllis chapter. The Secretary shelllhle with the registrar copies of ell- applications fer e certlmzete of incorporation, end cettiemtes teceivw er: issued by the Secretary under the provisions of this chapter. yAll such papers shell be kept en record in the emces of the registrar em} the Secretary, and shell beemileble fer public inspection, under euch regulations as may be prescribed. (Sept. 19, 1922, c. 346,,
$·12,42Stet.—S53.) h . _1 ,_ , _
153. Dividez\ds.—-Dividexxds declared Shy e ·Chlx1e T wie Act. l corporation shell be derived wholly from the eurplue éittmte et _ `itebueiueee. (Sept; -19, 1922, c._346,»§ 13, 42 Stat. 853.;) A ~ 154._`I;1vestigatiens by registrar; revocation of eertiécate ef t incerporatien,.—·:—Tlxe registrar, may, in order to ascertain it the
affairs of e Chime Trade Aet corporation are cendected eee-_ tmry to may previeien of this chapter, or may ether ilew, er
E any treaty ct the United `Staitee, er the articles of meei‘e<.ireti_ee
or byelewe of the cerperetien, luveetigeté the eeeireef the eer-
%po1*atien. {The regletxrer, whenever she is eetieeed that the
zmeire of any Chime Tzfede `Aet eerperetiee are er heve been
t ee cei1ducted,·mny institute in the United Stetee Cemzt fer b China, proceedings fer the revecetieu of the certitleete of irig·¢_»r.·- , peretiegz of thlcerperetien. The eeurt may reveke eucln certifi-
cate if It fmdsthe affelteof etich eerperetieu been ee can-
§ ducted., Pexulingt Emil decieicm in the revecetiexx pmeeedinge the ceurt may eteny €iI11€,'iX[}011 eppliczxtlce of tlxe`re'gietre1· i or upqn ite'0x;·e—xi1etiee, make seek; erdete in `rcepeet to the ctml i duct of the etfeire of tiie cerpemtlexx eeit ueeme edvieeble. Q (Sept. 19,1922, c; 346, 5 14, 42 Stet. V- _ »
155. Antherity of registrar in ebtaieing evidenec.e——-·(ee) _I*‘·»t
i the efficient edmlnietz·etie;,x of the functiene vested in the reg;
- ietmr by this chapter, he xney require;—by subpoena ieeuecl by
him.0; under his dil·eetien, (1) the attendance of any xs·itzm¤·;e and tile ptedtactien of any beekjweper, decument, er ether evidence {rem any piece in China {1C "&,Iky dee·igxieted‘ place of hee:-· i¤g·in C·l1i:1e,e or, if.the witness ie eetuelly teeideut er tempe-· rerily `enjeueaing eeteide of Chine, et____exxy designated pleee ef hearing within fifty miles of the ecmel residence er plece et `eejemm of suc·h,witee.e;e, mid (2) the tekixig of sl elepeeltieu before eny designated person hevieg pewer te edmieieter eethe;
