A Treatise On the Incorporation And Organization of Corporations Created Under the "business Corporations Acts" of the Several States And Territories of the United States, Including Therein a Synopsis-Digest of the General Incorporation Acts of the Severa

Cover A Treatise On the Incorporation And Organization of Corporations Created Under the "business Corporations Acts" of the Several States And Territories of the United States, Including Therein a Synopsis-Digest of the General Incorporation Acts of the Severa
A Treatise On the Incorporation And Organization of Corporations Created Under the "business Corporations Acts" of the Several States And Territories of the United States, Including Therein a Synopsis-Digest of the General Incorporation Acts of the Severa
Thomas Gold Frost
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Company, 52 N. J. Eq. 440 ; Schwarzwalder v. Tegen, 58 N. J.
Eq. 319; Kreissel v. Distilling Co., 47 AtL Rep. 471; Chapman t;. JBates, 61 N.J.
£q. 667.
12. Directors* QaalifioationB and Liabilities, a. Qualifications. — The minimum number of directors in New Jersey is three, one of whom must be a resident of the State. All directors must be stockholders, the number of shares to be fixed by the charter or by the by-laws. They may be classified if desired. Cumulative voting may be provided for in
... the certificate of in- corporation if desired (sees. 12, 36, 39 ; Laws of 1900, p. 418).
Collier v. Company (N. J.), 57 Atl. 417.
b. Liabilities. — The directors are jointly and severally liable for paying dividends out of capital or for reducing the same. They are also liable for not making and publishing notice of decrease of capital, or for failing to dis- play name of the company at the principal office, and for failure to allow inspection of books or to furnish a list of stockholdei's at elections, also for failure to file certificate of payment of capital stock within thirty days of written notice so to do.


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