TITLE 52 WATERS OF THE STATE, PORTS, AND WATERCRAFT

Section 4. Canal Companies, 52-4-1 through 52-4-16.

ARTICLE 2 RIGHT OF PASSAGE

52-4-6. Publication of notice upon subscription for all of capital stock and payment of 10 percent thereof; authorization for commencing transaction of business; personal liability of directors and stockholders.

When all the capital stock has been subscribed for and 10 percent thereof paid in, notice of that fact shall be published three times in the public newspaper in which the sheriff's sales are advertised in the county in which is situated the principal office of the corporation. When this has been done, the corporation is authorized to begin the transaction of business, but not before. The directors and stockholders of the corporation shall be personally liable for all obligations incurred prior to a compliance with the requirements provided in this Code section.

(Ga. L. 1893, p. 81, § 2; Civil Code 1895, § 1988; Civil Code 1910, § 2369; Code 1933, § 17-104.)