§ 150. — Stockholders' meetings.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC150]
TITLE 15--COMMERCE AND TRADE
CHAPTER 4--CHINA TRADE
Sec. 150. Stockholders' meetings
(a) Time of first meeting; quorum
Within six months after the issuance of the certificate of
incorporation of a China Trade Act corporation there shall be held a
stockholders' meeting either at the principal office or a branch office
of the corporation. Such meeting shall be called by a majority of the
directors named in the articles of incorporation and each stockholder
shall be given at least ninety days' notice of the meeting either in
person or by mail. The holders of two-thirds of the voting shares,
represented in person or by proxy, shall constitute a quorum at such
meetings authorized to transact business. At this meeting or an
adjourned meeting thereof a code of bylaws for the corporation shall be
adopted by a majority of the voting shares represented at the meeting.
(b) Questions for determination only by stockholders
The following questions shall be determined only by the stockholders
at a stockholders' meeting:
(1) Adoption of the bylaws;
(2) Amendments to the articles of incorporation or bylaws;
(3) Authorization of the sale of the entire business of the
corporation or of an independent branch of such business;
(4) Authorization of the voluntary dissolution of the
corporation; and
(5) Authorization of application for the extension of the period
of duration of the corporation.
(c) Authorization of amendments to articles of incorporation
The adoption of any such amendment or authorization shall require
the approval of at least two-thirds of the voting shares. No amendment
to the articles of incorporation or authorization for dissolution or
extension shall take effect until (1) the corporation files a
certificate with the Secretary stating the action taken, in such manner
and form as shall be by regulation prescribed, and (2) such amendment or
authorization is found and certified by the Secretary to conform to the
requirements of this chapter.
(d) Filing of bylaws and amendments and minutes of stockholders'
meetings with registrar
A certified copy of the bylaws and amendments thereof and of the
minutes of all stockholders' meetings of the corporation shall be filed
with the registrar.
(Sept. 19, 1922, ch. 346, Sec. 10, 42 Stat. 852; Feb. 26, 1925, ch. 345,
Sec. 9, 43 Stat. 996.)
Amendments
1925--Subsec. (a). Act Feb. 26, 1925, inserted ``, represented in
person or by proxy,'' in third sentence.
