GENRRAL PROVISIONS RESPECTING CORPORATIONS.
AN ACT to amend an Act entitled "An Act providing a General Corporation Law", as printed and published in Chapter 394, Volume 22, Laws of Delaware.
Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met (with the concurrence of two-thirds of the members elected to each House of the General Assembly):
Section 1. That Section 14 of an Act entitled "An Act providing a General Corporation Law", as printed and published in Chapter 394, Volume 22, Laws of Delaware, be and the same is hereby amended by striking out all of Section 14, and inserting in lieu thereof a new Section 14, which shall be and read as follows, viz.:
"Section 14. Subscriptions to, or purchase of, the capital stock of any corporation organized or to be organized under any law of this State may be paid for, wholly or partly, by cash, by labor done, by personal property, or by real property or leases thereof; and the stock so issued shall be declared and taken to be full paid stock and not liable to any further call, nor shall the holder thereof be liable for any further payments under the provisions of this Act. And in the absence of actual fraud in the transaction, the judgment of the Directors, as to the value of such labor, property, real estate or leases, shall be conclusive."
Section 2. That Section 105 of an Act entitled "An Act Providing a General Corporation Law", as printed and published in Chapter 394, Volume 22, Laws of Delaware, be and the same is hereby amended, by adding at the end of said Section 105, to be read as a part of said Section 105, the following:
"It shall be lawful for any telegraph or telephone corporation or corporations of this State, whether created by prior special act or under this Act, to consolidate with any other telegraph and telephone company or companies incorporated under the laws of this State, or any other State, or of the United States, whose telegraph or telephone line or lines, within or without this State, shall connect or form a continuous line or continuous lines with the telegraph or telephone line or lines of the company or companies so consolidated. Such consolidation shall be made in the manner and by the proceeding in this Act prescribed; and the corporation created thereby shall be possessed of, exercise and enjoy all the rights, powers and privileges which this Act confers upon consolidated companies; and it shall likewise be possessed of, exercise and enjoy all the franchises, rights, powers, privileges, immunities and benefits which any corporation of this State, constituent thereof, was possessed of or entitled to exercise under its charter or any law of this State; and shall be subject, within this State, to the conditions and restrictions imposed by its charter on any corporation of this State, constituent thereof."
Approved, March 29, A. D. 1905.