ed to pay,
should the bank fail, $1,000 more provided as much was needed to pay
its debts. In a few states shareholders are required to pay twice the
amount of the par value of the stock if as much may be needed to pay
its indebtedness.

If a corporation fail, one or more persons are usually appointed by a
court to settle its affairs, who are called receivers. Several years
are sometimes required to settle the affairs of a corporation. First
an inventory is made of its property, names of the debtors and
creditors, and the amounts due from and to them, and as soon as its
property can be converted into cash, dividends are declared and paid
to the creditors; and this work is continued until there has been a
disposition of all the property, and the amount received therefrom
less the expense of the receivership, has been paid to the creditors.
When the shareholders are required to pay more, as above explained, on
the failure of their corporation, they are notified by the receiver
how much and when they must pay. This requirement is based on an order
from the court that appointed him, which, in turn, is based on
information which he has furnished to the court of the amount that may
be needed to pay the debts of the corporation. Several assessments may
be ordered, but they never exceed in the aggregate more than the
amount of liability fixed by law, the amount or twice the amount of
the par value of the stock subscribed. Should shareholders decline to
pay these assessments as ordered, the receiver sues them and obtains
judgments, the proceeds of which are paid to the creditors.

MEETINGS.

The power of a corporation vests or rests in its members. The charter
and statutes provide that they shall meet, organize, elect officers,
and adopt by-laws for the more detailed governing of the corporation.
One of the most general principles pertaining to them is, the majority
shall rule. This however may be modified by charter or statute. There
are a few ancient charters which provide that, notwithstanding the
quantity of stock a shareholder may own, he is entitled to only one
vote. The writer knows of a case in which a shareholder bought nearly
all the stock of a corporation and went to the annual meeting
supposing that he could and would do as he pleased. On learning the
unwelcome truth that he had only one vote like the others he quickly
put on his hat and walked out.

The statutes usually prescribe how notice of the joint meeti