Pennsylvania Act 1887-191 — SHAREHOLDERS, RIGHTS OF PROTECTED

Act text

SHAREHOLDERS, RIGHTS OF PROTECTED
                  Act of Jun. 2, 1887, P.L. 302, No. 191              Cl. 28
                                  AN ACT

     To protect the rights of shareholders in property and stocks of
        corporations.
        Section 1.  Property of corporation with non-resident
     shareholders not to escheat
        No real or personal property, the title to which is or may be
     held by or in the name of any corporation of this State
     authorized by its charter or general law to hold the same, shall
     be escheated to the Commonwealth, nor shall, in any judicial
     proceeding, any inference of any relation of trust or agency
     arise, by reason of the character or residence of the
     shareholders holding the whole or part of the capital stock of
     such corporation, nor because the beneficial ownership of said
     property, in whole or in part, is or has been in any person or
     persons, corporation or corporations, prohibited from holding
     the same.  1887, June 2, P.L. 302, Sec. 1.
        Section 2.  When such property may be escheated
        Said lands and property shall again become liable to escheat
     to this Commonwealth, as already provided by law, if said
     corporation shall continue to hold said lands and property
     exceeding five years after the passage of this act, and an
     information in the nature of a quo warranto or other proper
     proceeding shall be filed or brought by this Commonwealth to
     escheat the same: Provided, That no railroad, canal, or other
     transportation company of this State, nor any corporation, in
     whose name the title to other lands or property is held, shall
     plead or have the benefit of this act, unless it shall have
     previously filed with the Secretary of the Commonwealth a
     certificate in writing, signed by the president and secretary,
     and attested by the corporate seal of the company, stating that,
     at a regular or special meeting of said board of directors, a
     resolution, in pursuance to the consent of the stockholders, was
     adopted, accepting all the provisions of the seventeenth Article
     of the Constitution of the State, and that all the powers of and
     privileges and limitations and restrictions mentioned therein
     shall be deemed and taken for all purposes to apply to said
     corporation.  No such certificate shall be made by the officers
     aforesaid without the consent of the stockholders of the
     corporation, at a general or special meeting, first had and
     obtained: Provided further, That no railroad, canal or other
     transportation company shall plead or have the benefit of this
     act, unless it shall have previously filed, with the Secretary
     of the State, its acceptance of all the provisions of Article
     seventeen of the Constitution of this State, in manner and form
     as provided by law.  1887, June 2, P.L. 302, Sec. 2.