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" ... every person becoming a shareholder by such transfer shall, in proportion to his shares, succeed to all the rights and liabilities of the prior holder of such shares, and no change shall be made in the articles of association by which the rights,... "
Semi-annual Report of the Bank Examiner on the Condition of the State and ... - Page 105
by Wisconsin. Banking Dept - 1897
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American law reports annotated, Volume 45

1926 - 1630 pages
...succeed to all the rights and liabilities of the prior holder of such shares, and that no change should be made in the articles of association by which the rights, remedies, or securities of "existing creditors" of the association should be impaired. The court said: "The object of this legislation...
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Public Acts of the Legislature of the State of Michigan

Michigan - 1897 - 842 pages
...and the adoption of such resolution shall be deemed a reorganization of the corporation, and it shall succeed to all the rights and be subject to all the liabilities of the corporation so reorganized. A certified copy of the resolution adopted by the stock- Copyofresoholders...
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