FORM OF ORGANIZATION 15 



sary that all act as incorporators, the number required being 

 designated by law. The articles, when properly signed, are 

 submitted to the secretary of state for his acceptance. 



It is advisable to consult an attorney when formulating the 

 articles of incorporation, as the required form is controlled by 

 statute. The following may serve as an illustration of points 

 which are usually considered in such articles. 



1. The name of the corporation and its principal place of 

 business. 



2. The general nature of the business to be transacted. 



3. The amount of capital stock authorized, the number of 

 shares into which it is to be divided, and the time and condi- 

 tions on which it is to be paid. 



4. The time of commencement and termination for the cor- 

 poration. 



5. The names of the officers or persons by whom its affairs 

 are to be conducted and the time and manner in which they 

 will be elected. 



6. The highest amount of indebtedness to which it is at any 

 time to subject itself. 



7. Whether private property is to be exempt from corporate 

 debts. 



Powers of the Corporation. A corporation is considered 

 by law as being a legal or artificial person. It cannot carry 

 on business except to the extent permitted by its articles of 

 incorporation. If the organization decides to engage in busi- 

 ness not permitted by its charter, an amendment to its articles 

 of incorporation must first be made. The ordinary powers of 

 a corporation are as follows: 



i. Perpetual Succession. By this it is not understood that 

 a corporation can continue forever, for in most states the dura- 

 tion of the corporation is determined by the articles of incor- 

 poration. But if the organization is operated in compliance 

 with law, the corporation may be renewed successively and 

 thus continue indefinitely. 



The change of membership in a corporation does not affect 

 the life thereof. The holding of stock in a corporation is evi- 



