50

CORPORATIONS. [ART. 26.

stock, shall remain subject in other particulars to the
provisions of this article.

Debts to be
satisfied and
reduced

70. Before any corporation shall be entitled to
diminish the amount of its capital stock, under the
provisions of the last preceding section, if the amount
of its debts and liabilities shall exceed the amount of
the capital to which it is proposed to be reduced, such
amount of debts and liabilities shall be satisfied and
reduced, so as not to exceed such diminished amount
of capital.

Notice of meet-
ins of stock-
holders to in-
crease, &c , cap-
ital stock

71. Whenever any corporation shall desire to call a
meeting of the stockholders for the purpose of increas-
ing or diminishing the amount of its capital stock, the
directors, managers or trustees shall publish a notice
signed by at least a majority of them, in a newspaper
published in the county or counties, or city where the
principal office of said corporation is located, if any
shall be published therein, for at least four successive
weeks, and shall send or deposit a written or printed
copy thereof in the post-office, addressed to each stock-
holder or member of such corporation, at his usual
place of residence, at least three successive weeks previ-
ous to the day fixed for the holding such meeting. The
said notice shall specify the object of the meeting, the
time and place where such meeting shall be held and
the amount to which it shall be proposed to increase or
diminish the capital.

Two-thirds of
shares of stock
to be repre-
sented.

72. If at any time and place specified in said notice
stockholders shall appear in person or by proxy in
number representing not less than two-thirds of all the
shares of stock of the corporation, the said stockhold-
ers, or the said members as the case may be, shall

To organize

organize by choosing one of the trustees, directors or
managers chairman of the meeting, and also a suita-
ble person for secretary, and proceed to a vote of those
present, in person or by proxy, and the vote of at least
two-thirds of all the shares of the stock shall be neces-
sary to an increase or diminution of the amount of its
capital sock.