of the auditor of the Territory within three months from the date of the filing with the county recorder. 770. (Sec. 10.) The capital stock of any corporation organized hereunder may be increased or decreased and the articles may be amended in any of the particulars mentioned in Section 6 of this title by the affirmative vote of a majority of the stockholders. Such amendment shall be signed and acknowledged by the president and attested by the secretary of the corporation, and no such amendment shall be valid unless recorded and published as the original articles are required to be. 771. (Sec. 11.) Corporations organized under this title may be formed to endure for twenty-five years, but they may be renewed from time to time for a period of not exceeding twenty-five years, when three-fourths of the votes cast at any stockholders' meeting duly called and held for that purpose shall be in favor of such renewal. 772. (Sec. 12.) The corporation shall not be dissolved prior to the period fixed upon in the articles of incorporation, except by a majority vote of its members, unless a different rule is adopted in the articles. 773. (Sec. 13.) Transfer of the stock shall not be valid except as between the parties thereto, until the same are regularly entered upon the books of the company so as to show the names of the person by whom and to whom the transfer is made, the number or other designation of shares, and the date of the transfer. The books of the company shall be so kept as to show intelligently the original stockholders, their respective interests. the amount of which has been paid thereon, and all transfers thereof, and such books or records or correct copies thereof, so far as they relate to the items mentioned in this section, shall at all times be subject to the inspection of any stockholder desiring the same. 774. (Sec. 14.) Any corporation organized or attempted to be organized in accordance with the provisions of this title shall cease to exist by non-user of its franchises for five years at any one time; but such body shall not forfeit its franchises by reason of any omission to elect officers or to hold meetings at any time prescribed by the by-laws. 775. (Sec. 15.) Corporations whose charters expire by their own limitation or by the voluntary act of the stockholders may, nevertheless, continue to act for the purpose of closing up the business, but for no other purpose, unless renewed as in this chapter provided. 776. (Sec. 16.) Nothing herein shall exempt the stockholders of any corporation from individual liability to the amount of the unpaid installment on the stock owned by them, or transferred to them for the purpose of defrauding creditors; and an execution against the corporation to that extent may be levied upon the private property of such individual. 777. (Sec. 17.) For the purpose of making repairs, building or enlarging or extending works, or to meet contingencies, or for the purpose of providing a sinking fund for the payment of debts, the corporation may establish a fund and loan the same out from time to time, taking in all cases a good and sufficient security for the payment of the same. 778. (Sec. 18.) In any proceeding by or against a corporation, the court shall have the power to compel the officers of the corporation, on motion of either party, upon proper cause being shown, to produce the books and records of the corporation, and when so produced, either party may use the same in evidence. 779. (Sec. 19.) Persons acting as a corporation under the provisions of this title shall be presumed to be legally organized until the contrary is shown, and no such franchise shall be declared to be actually null and forfeited except in a regular proceeding brought for that purpose. 780. (Sec. 20.) No person acting as a corporation under the provisions of this title shall be permitted to set up or rely upon the want of a legal organization as a defense to any action brought against them as a corporation, nor shall any person who may be sued on a contract made with such corporation, or sued for an injury done to its property, or for a wrong done to its interests, be permitted to rely upon such want of legal organization in his defense. 781. (Sec. 21.) No corporation organized under the provisions of this title for the purpose of doing a mining or manufacturing business shall have power to construct or operate any railroad, tramway, turnpike or canal, except such as may lead from its principal works or place of business to some navigable stream, or to some existing railroad, turnpike, or public highway. 782. (Sec. 22.) No person or persons to whom shares of stock in any company incorporated under the laws of this Terri tory, have been or hereafter shall be transferred, or by whom such shares are held as security for money advanced thereon, or which are now or shall be held by any such person or persons as security for any indebtedness whatever, shall have the right to vote at any election, either general or special, called or held by any such incorporated company for any purpose whatever; but the absolute right to vote and represent all stock in any such incorporated company, transferred to or held by any person or persons as security for any money advanced thereon or for any other indebtedness whatever, at any election held by any such company as aforesaid, shall belong to the person or persons who deposit or transfer such stock as security for any such indebtedness, and any vote cast by any person or persons holding shares of stock in any incorporated company as aforesaid, as security as hereinbefore described, shall be absolutely void and of no effect. 783. (Sec. 23.) All corporations organized under this chapter shall appoint a bona fide resident of this Territory, who has been a resident of this Territory for at least three years, its agent, upon whom all notices and processes, including service of summons, may be served, and when so served shall be deemed taken and held to be lawful personal service on such corporation, and said notice shall be filed in the office of the auditor of the Territory. AMENDMENTS. 1. Corporations may provide in by-laws for sale of shares subscribed for but not paid for, on notice. See Laws of 1907, page 52. 2. All persons occupying territorial public office are prohibited from acting as the statutory or resident agent for any corporation. COSTS OF INCORPORATION. The following is the total cost of incorporation in Arizona: County Recorder, Recording Articles.. Certified Copy of Articles from County Recorder. $ 3.00 3.00 10.00 3.00 3.00 10.00 No annual tax or tax on amount of capital stock. |