THEODORE R. MCKELDIN, GOVERNOR 353

123. (Sale of Property and Franchises. ) If the property
and franchises of any corporation of this State are sold under
any judicial proceeding or mortgage or deed of trust, such
property and franchises, or any part thereof, may be acquired
by or on behalf of one or more corporations organized under
the laws of this State for the purpose of continuing the busi-
ness and operations of the original corporation; and there-
upon the purchasing corporation or corporations shall be en-
titled to exercise the same rights, privileges and franchises
with respect to such properties as the original corporation;
and the purchasing corporation or corporations shall be sub-
ject to all provisions of this Article and to all limitations, re-
strictions and liabilities imposed upon such original corpora-
tion with respect to the exercise of any such right, privilege or
franchise.

FEES, RECORDING AND FILING WITH THE STATE TAX COMMISSION

124. (Recording or Filing of Charter and Other Papers. )

(a) The Commission shall not accept for record any charter
paper of a corporation of this State, which is not in con-
formity with law.

(b) The Commission shall not accept for record or filing
any charter paper, qualification, registration, change of resi-
dent agent or principal office, report, service of process or
notice or other paper until all recording, filing and other
special fees, and the bonus tax (if any) payable by law, have
been paid to the Commission.

(c) Upon acceptance for record of any charter paper of any
corporation of this State, the Commission shall indorse thereon
the date and time of acceptance for record and shall prompt-
ly record such charter paper and the indorsement in a book
to be kept for that purpose. After such recording, the Com-
mission shall transmit the charter paper to the clerk of court
of the county in which is located the principal office of the
corporation. The clerk of court shall record the charter paper
in a book to be kept for that purpose, and shall then return
the same to the corporation or its attorney or agent.

(d) After acceptance for record of any charter paper, the
Commission shall issue a certificate stating that such paper
has been accepted for record by the Commission, and the date
and time of such acceptance for record by the Commission.

125. (Charter Papers Not Recorded with State Tax Com-
mission. ) The Commission may refuse to accept for record
or filing any charter paper of any corporation of this State,

12