CORPORATIONS, ASSOCIATIONS, AND PROPRIETORS OF COMMON LANDS
CORPORATE MORTGAGES AND REORGANIZATION AFTER FORECLOSURE
Reorganization of Corporations After Foreclosure
It may use the old corporate name, or adopt a new one, by which it shall thereafter be known; may issue capital stock, as the directors may determine, in an amount not exceeding the purchase price at the foreclosure sale; shall file a certificate with the secretary of state, signed by its treasurer and a majority of its directors, setting forth the sale under foreclosure proceedings, the amount of capital as fixed at the first meeting and the corporate name adopted.
Source. 1895, 52:2. PL 230:7. RL 279:7.