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CHAPTER 9.- CORPORATIONS.

I. GENERAL PROVISIONS.

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Socs. 319 to 335 formed secs. 54 to 71, except sec. 60, ch. 25, R. S. 1866, p. 208.

319. All companies now incorporated in this state, and actually doing business, may accept any of the provisions of this chapter, and when so accepted, and a certified copy of their acceptance filed with the secretary of the state, that portion of their charters inconsistent with the provisions of this chapter is hereby repealed. All companies hereafter incorporated, or accepting the provisions of this chapter, except those named in the fortieth section of this chapter, are required to make and publish, in some newspaper of general circulation in the county where the principal office is located, an annual exhibit, showing a full, fair, and detailed statement of the condition of such company, which statement shall be verified by the oath of the president, secretary, and clerk.

320. No company or association incorporated under the provisions of this chapter shall employ its stock, means, assets, or other property, directly or indirectly, for any other purpose whatever than to accomplish the legitimate object of its creation.

321. The board of directors or trustees of any company heretofore incorporated, or which may hereafter be formed under any law of this state, may, with the written consent of the persons in whose name a majority of the shares of the capital stock thereof shall stand on the books of said company, reduce the amount of the said capital stock, and the nominal value of all the shares thereof, and issue certificates therefor; Provided, That the rights of creditors shall not be affected or in anywise impaired by the reduction of the capital stock of any such corporation.

322. Whenever any joint stock company hereafter incorporated for the purpose of erecting any public improvement in this state, whose charter may be limited as to the time of completion of said improvement, and when any such company has been legally organized, and has actually commenced and has in progress toward completion such public improvement, it shall be lawful for any such company to have further time allowed for the final completion of said work, as is hereinafter provided.

323. Upon petition being filed by the directors of any corporation, in the district court of the county in which the principal office of such corporation is located, and upon giving thirty days' notice, by publication in a newspaper of general circulation in said county, of the object and prayer of such petition, said court shall, at any regular term after the publication of said notice, upon good cause shown, decree the extension of the time for the completion of said improvement, to such period as shall appear to such court just and reasonable.

324. Whenever any company, association, or society heretofore or hereafter incorporated shall have failed to elect its officers at the time designated, it shall be lawful for any such company, association, or society to call a meeting and elect

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