§ 104. Corporate acts subject to approval of commissioner of transportation. It shall be necessary for such a corporation to secure the approval of the commissioner of transportation as a condition to the following corporate acts: The issuance of stock; the issuance of bonds, notes or other evidences of indebtedness, payable more than twelve months after the date of issuance; the mortgaging of property, privileges or franchises to secure its obligations; the increase or decrease of its capital or capital stock; the change of number of its shares; the purchase or acquisition of stocks, bonds or other evidences of indebtedness of any other corporation, domestic or foreign.
Such order of approval shall state that in the opinion of the commissioner the use of the capital to be obtained by the issue of such stock, bonds, notes, or evidences of indebtedness is reasonably required for the purposes of the corporation, and shall specify the amount of each issue thereof to which his approval is given.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.