CHAP. 688. AN ACT to amend the stock corporation law. The stock corporation law is amended to read as follows, to take effect immediately: CHAPTER XXXVI OF THE GENERAL LAWS. THE STOCK CORPORATION LAW. ARTICLE 1. General powers; reorganization. (§§ 1–7). 2. Directors and officers; their election, duties and liabilities. (§§ 2032). 3. Stock; stockholders, their rights and liabilities. (§§ 40-55). ARTICLE I. GENERAL POWERS; REORGANIZATION. SECTION 1. Short title, and application of chapter. 2. Power to borrow money and mortgage property. 3. Reorganization upon sale of corporate property and franchises. 4. Contents of plan or agreement. 5. Sale of property; possession of receiver and suits against him. 7. Combinations prohibited. SECTION 1. Short title and application of chapter.-This chapter shall be known as the stock corporation law, but article one shall not apply to monied corporations. § 2. Power to borrow money and mortgage property.-In addition to the powers conferred by the general corporation law, every stock corporation shall have power to borrow money or contract debts, when necessary for the transaction of its business, or for the exercise of its corporate rights, privileges or franchises, or for any other lawful purpose of its incorporation; and may issue and dispose of its obligations for any amount so borrowed, and may mortgage its property and franchises to secure the payment of such obligations or of any debt contracted for the purposes herein specified; and the amount of the obligations issued and outstanding at any one time secured by such mortgages, excepting mortgages given as a consideration for the purchase of real estate, and mortgages authorized by contracts made prior to May first, eighteen hundred |