A Comparative Study of the Law of Corporations : With Particular Reference to the Protection of Creditors And Shareholders

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— The Law of 1867, dispensing with gov- ernmental authorization, prescribes certain formalities com- pliance with which eo ipso constitutes the entity in law.^ These requirements may be briefly stated as follows : ' Lyon-Caen and Renault, Traite de droit commercial, ii, no. 669.
^ Lehmann, op. cit., i, p. 71.
' L. of July 17, 1856.
* L. of May 23, 1863.
^ Art. 21.
^8 THE LAW OF CORPORATIONS [320 1. No company may be organized with less than seven members.^ 2. The shares must be in denominations
... of at least 25 francs, if the entire capital does not exceed 200,000 francs and of at least 100 francs, if the entire capital exceeds this amount.^ 3. The entire share capital must be subscribed,^ 4. Shares of a denomination of 25 francs must be en- tirely paid up and those of a higher denomination must bt; paid up to the extent of at least one-quarter.^ 5. The subscription and payments must be verified by the organizers and to this verification must be annexed the agreement of organization.^ 6.

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