CHAPTER 226

AN ACT to amend and reenact § 18-78 of the Code of 1950 relat-
ing to how dissolved corporations may obtain a new charter.
[ H 446 ]

Approved March 15, 1950

Be it enacted by the General Assembly of Virginia:
1. That § 138-78 of the Code of 1950 be amended and re-
enacted as follows:

§ 13-78. Meeting of stockholders to obtain new charter;
certificate.—The board of directors of a dissolved corporation
entitled to a new charter under the provisions of the preceding
section, or stockholders holding not less than one-tenth of the
stock, or, if the affairs of the corporation are in the hands of a
court of competent jurisdiction, the trustees or receivers ap-
pointed by the court, shall call a meeting of the stockholders,
the meeting to be held upon notice by publication at least six
times a week for two successive weeks prior to the meeting in
some newspaper published in the place where the principal
office of the corporation is located, or having a general circula-
tion therein, or upon notice in writing to each of the stock-
holders, to be served on him personally or by mailing same to
him at his last known post office address at least ten days prior
to the meeting, which notice shall state the time and place of
the meeting, and its object. If at the meeting, or any adjourn-
ment thereof, a majority in interest of all the stockholders, in
person or by proxy, vote in favor of obtaining the new charter,
a certificate must be executed and acknowledged by persons
chosen for that purpose by the stockholders in the meeting in
the same manner and form and setting forth the same facts as
the certificate required and authorized by law to be executed and
filed to obtain a charter for a similar corporation. The name
and powers of the corporation set out in the certificate must be
the same as the name and powers of the predecessor corporation.
The amount of capital stock must be the same as that of the
predecessor corporation. The certificate must further set forth
the fact that application is made for the charter for the purpose
of continuing the corporate existence and powers of the prede-
cessor corporation, and in pursuance of a vote of * a majority in
interest of all stockholders, in person or by proxy, at a meeting
duly called to consider the application for a new charter.

2. An emergency exists and this act is in force from passage.