546 CORPORATIONS. [ART. 23

1904. art. 23. sec. 86. 1888, art. 23, sec. 78. 1868, ch. 471. sec. 73.
1908, ch. 240, sec. 27.

27. If a reduction of the capital stock shall have been duly author-
ized, as in section 24 is provided, the articles of amendments shall' also-
set forth: (a) the total amounts of capital stock authorized and issued:
(b) the amount of the reduction and the manner in which it shall be
effected; (c) a copy of the resolution authorizing the reduction; but,
except as provided in the next succeeding section, no corporation shall
be entitled to reduce its capital stock until the amount of its unsecured
debts and liabilities shall be so far paid and satisfied as not to exceed
the amount to which the capital stock shall be reduced.

As to the calling in and cancellation of the stock of an Insurance, sale
deposit or fidelity company, see sec. 119.

See sec. 66.

Ibid. sec. 87. 1888, art. 23, sec. 70. 1870, ch. 310. 1908, ch. 240, sec. 28.

28. When the capital stock of any corporation has become impaired
by losses, the outstanding shares may be reduced to an amount repre-
senting their true value without reducing the amount of capital stock
which, by its charter or certificate, the corporation is authorized to
have; the outstanding certificates may be called in and new certificates
issued for the proportionate number of shares as reduced, to the persons
entitled thereto; and the stock representing the difference between the
authorized issue and the number of shares as reduced may be re-issued
without thereby increasing the capital stock, and may be classified as
preferred or common. If such reduction in the number of shares shall
be authorized as in section 24 is provided, the articles of amendment
shall, in addition to the requirements cf sect:on 25, set forth: (a) the
number of shares originally authorized; (b) the number of shares
actually issued and outstanding; (c) the number cf stores as reduced :
(d) the classification, if any, of the stock representing the difference
between the original authorized issue and the number of shares as
reduced.

Ibid secs. 45. 46, and 47. 1888, art. 23, sec. 39. 1868. ch. 471. sec. 36.
1892, ch. 666, sec. 39 A. 1896, ch. 410, sec. 39 B. 1908, ch. 240. sec. 29.

29. Any two or more corporations organized or to be organized
under any law or laws of this State, which have been or shall be organ-
ized for the purpose of carrying on in whole or in part any kind of
business of the same or a similar nature, may consolidate such corpora-
tions and may by such consolidation form one new corporation; pro-
vided, however, that the provisions of this section and of sections 30 and
31 of this article shall not be held to repeal any of the restrictions
imposed by this article on the consolidation of railroads owning or
operating competing or parallel lines, and provided further, that every
corporation which shall take advantage of this section shall thereby be
deemed to have waived all claim to exemption from taxation or from
the repeal or modification of its charter. The agreement of consolida-
tion, prescribing the terms and conditions thereof, the mode of carrying
the same into effect, the name of the new corporation, the number, names