When all the capital stock has been subscribed for and 10 percent thereof paid in, notice of that fact shall be published three times in the public newspaper in which the sheriff’s sales are advertised in the county in which is situated the principal office of the corporation. When this has been done, the corporation is authorized to begin the transaction of business, but not before. The directors and stockholders of the corporation shall be personally liable for all obligations incurred prior to a compliance with the requirements provided in this Code section.
History. Ga. L. 1893, p. 81, § 2; Civil Code 1895, § 1988; Civil Code 1910, § 2369; Code 1933, § 17-104.
Cross references.
Organization of corporation before capital stock subscribed for, § 14-4-63 .
Structure Georgia Code
Title 52 - Waters of the State, Ports, and Watercraft
§ 52-4-1. Filing of Petition for Incorporation; Contents of Petition; Filing Fee
§ 52-4-2. Issuance of Certificate of Incorporation
§ 52-4-3. Maintenance by Secretary of State of Files and Books Regarding Canal Companies
§ 52-4-4. Time of Commencement of Corporate Existence; Duration of Corporate Existence
§ 52-4-7. Location of Principal Office
§ 52-4-8. Powers and Duties of Companies Generally
§ 52-4-9. Right of Corporation to Increase or Decrease Capital Stock
§ 52-4-11. Furnishing of Canal Water by Canal Companies; Charges for Use of Water
§ 52-4-12. Toll Rates for Use of Canals
§ 52-4-13. Encroachment of Canals Upon Public Roads; Construction and Maintenance of Bridges
§ 52-4-14. Mortgage, Sale, or Lease of Canal, Other Properties, Corporate Rights, and Franchises