Section 250: Change in amount of capital stock
406 words·~2 min read·
/ma/part-i/title-xxii/chapter-160/250·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 250. The corporation may from time to time, at a meeting of directors called therefor, reduce the amount of the capital stock, or increase it for the purpose of constructing and equipping its railroad and extensions or branches thereof. If such increase or reduction is made, a certificate of the fact, signed by the president of the corporation, shall, within thirty days thereafter, be filed in the office of the state secretary. Such corporation may, by vote at a meeting of its directors, purchase, acquire or lease the property, stocks, bonds or securities of any railroad corporation whose line is located in the foreign country named in the original agreement of association of such corporation or any amendment thereof made as hereinafter provided, or of any steamship company associated in transportation or business with such corporation, upon such terms and for such consideration as shall be determined by such vote, and in like manner may appoint an executive committee from the members of its board, and delegate to such committee such power and authority as by such vote shall be provided, and in like manner may divide the directors into classes as nearly equal as possible for the prescribed number of classes, and prescribe the tenure of office of the several classes, but no class shall be elected for a shorter period than one year or for a longer period than five years, and the term of office of at least one class shall expire at the next annual meeting and thereafter at the end of each year, and at each annual meeting after such division directors shall be elected only to fill the place of those whose terms of office shall then expire as so provided and shall hold office for the period so prescribed, and all directors shall hold office until their successors are chosen and qualified; and such corporation may, by vote at an annual or a special meeting of its stockholders, called therefor, amend its agreement of association to provide for constructing and operating a railroad in any other foreign countries in accordance with the laws of such countries, and shall file such amendment in the office of the state secretary and pay him fifty dollars, and thereupon such corporation shall have the same powers and privileges, and be subject to the same duties, liabilities and restrictions, in all respects, as if its agreement of association had originally contained such amendment.