J. MILLARD TAWES, GOVERNOR 35

of all the powers, privileges and immunities which now are or here-
after may be conferred on corporations with capital stock by the
general corporation law applicable to stock corporations organized
under this article. If such corporation fails to commence business by
[April] October first, nineteen hundred sixty-one, its existence shall
terminate, and the provisions of this sub-title at that time shall
become null and void. Upon compliance with Sections 415 (b) and
(c) of this sub-title and after the first meeting of the board of direc-
tors, a certificate shall be filed by said board with the Secretary of
State certifying that this corporation has commenced business as
provided herein, and such certificate shall be conclusive evidence that
business was begun.

415.

(h) First annual meeting of corporation. —The first annual meet-
ing of such corporation shall be held at a time and place to be fixed
by the temporary board of directors, which shall be as soon as rea-
sonably possible after a minimum of [ten] five per cent of the capital
stock of such corporation shall have been paid into its treasury and
a minimum of ten members of such corporation shall have qualified
as hereinafter provided; and such meeting shall be called in such
manner as may be provided by the temporary board of directors.

421. Capital stock.

The authorized capital stock of the corporation shall consist of two
million shares of common stock with a par value of one dollar each,
which shares shall be issued only on receipt by the corporation of
cash in such amount not less than the par value thereof as may be
determined by the board of directors.

At least [ten] five per cent of the capital stock of such corpora-
tion shall be paid into its treasury in cash before it shall be author-
ized to transact any business other than such as relates to its
organization. At least a majority of the capital stock of such corpo-
ration shall at all times be held by residents of the State or by per-
sons, firms or corporations engaged in doing business therein.

425. Earned surplus; depositories; loans to officers or officers'
firms.

(a) [Such corporation shall set apart as an earned surplus all of
its net earnings in each and every year until such earned surplus
shall equal the total of the paid-in capital and paid-in surplus then
outstanding. ] Each year the corporation shall set apart as earned
surplus not less than ten percent of its net earnings for the preced-
ing fiscal year until such surplus shall be equal in value to one-half
of the amount paid in on the capital stock then outstanding. Said
earned surplus shall be held in cash or invested in United States gov-
ernment bonds or as provided in such corporation's by-laws, and
shall be kept and used to meet losses and contingencies of such cor-
poration; and, whenever the amount of earned surplus shall become
impaired; it shall be built up again to the required Amount in the
manner provided for its original accumulation.

SEC. 2. And be it further enacted. That this Act is hereby
declared to be an emergency measure and necessary for the imme-
diate preservation of the public health 'and safety, and having been