shares de- (107) Sec. 2. If organized upon a stock share plan the

" shares of such corporations shall be of denominations of ten
dollars, or a multiple of ten dollars, but shall not exceed one
hundred dollars. No dividends shall be directly paid on any
such shares nor shall the stockholders be entitled to any por-
tion of the earnings of such corporation derived through in-
crement of value upon its property or otherwise incidentally

proviso, dis- made : Provided, however, That upon dissolution of any

wrpoStimi. such corporation, the stockholders shall be entitled to an
aliquot portion of the assets thereof after the payment of all
debts and the liquidation of .all liabilities of such corpora-
tion, based upon their several holdings therein as represented
by the shares of stock standing in the name of such stock-
holders at the time of dissolution. Such shares of stock shall
not be transferable by assignment or sale, nor be transferred
to legal heirs or devisees, upon the death of the owner there-
of, unless the by-laws of such corporation make express pro-
vision therefor. Such stock corporations shall have power
to exclude from further membership any stockholder who
fails to comply with the reasonable and lawful requirements
of the laws, rules and regulations duly made by such cor-
poration for the government of its members, and may cancel
the stock of any such offending -member without liability for
an accounting, excepting as may be provided for in the arti-
cles or by-laws. ' «*\jOO



GENERAL CORPORATION LAWS. 45

(108) Sec. 3. In all corporations governed by the provi- Membership.
