Corporate Organization And Management

Cover Corporate Organization And Management
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Even though a corporation is in- 512 CORPORATE ARRANGEMENTS solvent, it may be rescued from dissolution by an abatement of the creditors' claims, or by the contribution of additional capital by stockholders or others.
A corporation may always be dissolved and its affairs be wound up by proper procedure if all its stockholders consent. In many states a majority of. The stockholders and in some states less than a majority may dissolve the corporation under some circumstances by prescribed statuto
...ry procedure.
Corporations destitute of assets are sometimes practically dissolved, or allowed to lapse by simply ceasing to transact business. Such corporations are not technically out of exist- ence and in some cases their officers are still subject to lia- bilities. The procedure is, however, easy and inexpensive and many corporations end in this manner regardless of the possible liabilities of their officials.
Part XIII Allied Forms of Organization CHAPTER LVIII JOINT-STOCK COMPANIES AND PARTNERSHIP ASSOCIATIONS 448.


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