437. Define common stock, preferred stock, cumulative preferred, guaranteed, paid-up, issued and unissued stock.

438. Are subscriptions for stock binding? How about an agreement to subscribe before the corporation is organized?

439. State three important rights of the stockholder.

440. Can a stockholder examine all the accounts of a corporation at any time, and for any purpose?

441. In what denominations is stock usually issued, and how may it be paid for? Can property be given in lieu of cash? What may happen if the property is over-valued?

442. Describe a certificate of shares. Are they negotiable? If a stockholder loses his certificate, can he get a duplicate?

443. Describe the rights of minority stockholders. What must a stockholder do before he can bring suit against a corporation?

444. What are the liabilities of a stockholder to the corporation? Under what circumstances is he liable to creditors of the corporation?

445. Under what special liabilities are stockholders of corporations in New York, Minnesota, California? 446. Name the chief officers of a corporation. Must they also be directors?

447. By what law is the relation of an officer to his corporation governed?

448. How is the compensation of corporate officers fixed?

449. How are the duties of corporate officers prescribed? What is the general rule with regard to the authority of the president?

450. How are vacancies in the list of officers filled? How may an officer be removed

451. Describe the liabilities of corporate officers. If improper action is taken at a meeting, what should a dissenting director do?

452. What are dividends? By whom are they declared? What are net profits, and surplus? May dividends be paid out of capital? What are scrip and stock dividends?

CHAPTER XXVII

INTERCORPORATE RELATIONS

453. Name five different ways in which corporations may be merged. Can any and all corporations consolidate? When is the consent of the state necessary? What is the effect of a lease? Must all stockholders consent to it?

454. What corporations in England may not hold the stock of other companies? Under what conditions is such practice not permitted in the United States? What rights as stockholders have holding companies? 455. Do corporations ever form pools, and for what purpose? Are they legal?

456. Is the promoter an agent or a principal? What is his personal liability in the contracts he makes as promoter?

457. May a promoter buy property and then sell it to the corporation he promotes? When is a promoter freed from responsibility for contracts he has made?

458. Is a corporation bound to pay a promoter for his services?

459. For what four reasons may a corporation be dissolved? Does insolvency compel dissolution?

460. When is a receiver appointed? By whom and for what purpose is he appointed?

461. Explain the difference between common law and statutory receivers. Mention six cases in which receivers may be appointed without statutory sanction. 462. On whose petition may a receiver be appointed? What is a "friendly receiver"?

463. Describe the powers of receivers and their three

sources.

CHAPTER XXVIII

PROPERTY IN LAND

464. Distinguish between real and personal property. When is "property in land" personal property?

465. What is an "estate in land"? How are estates divided?

466. Distinguish between freehold estates and estates less than freehold; estates in fee and life estates; estates in fee simple and in fee tail; conventional life estates and legal life estates; estates of dower and by the curtesy. What are the rights of husband and wife respectively with regard to dower and curtesy?

467. Into what four classes are estates less than freehold divided?

468. Explain the division of estates from the viewpoint of the number of owners, and the six classes into which joint estates are divided?

469. To what kind of estates do partnership estates belong? What is community estate?

470. Explain absolute and qualified estates, and the four divisions of the latter.

471. How are estates classified as to the time when enjoyment begins? What is a remainder?

472. What is title and what are its three elements? How may it be acquired? Distinguish between these three kinds of deeds: quit-claim, bargain and sale, warranty.

473. Describe five involuntary methods by which titles are alienated.

474. What is a trust estate and how is it illustrated by Marcus Daly's will?

475. Define land, tenements and hereditaments. What are the principal incorporeal hereditaments? What is a profit a prendre?

476. How is the title to mining land obtained in the United States?

477. What are the three classes of water rights? What is the rule with regard to the title of owners of land adjoining navigable streams?

478. What are the rights of owners of land under water?

479. State two rules with regard to the control of surface and percolating waters.

480. What rules prevail with regard to the control of percolating oil and natural gas?

481. Into what two classes are vegetable products divided? State the law governing their sale.

482. To which owner does a border tree belong?

483. What is a fixture? What two elements change a chattel into a fixture? What parties do the courts favor?

484. State the rights of adjoining owners with regard to fences and party walls.

485. What right has a land owner with regard to the lateral support of adjacent land?

486. What are easements and how may they be acquired? How about an easement of light and air?

CHAPTER XXIX

TRANSFER OF OWNERSHIP

487. Describe a contract of sale. How can a mistake be remedied?

488. How is the ownership of property usually transferred? What should be done with a deed? What is a delivery in escrow?

489. What is a mortgage? How is it executed and recorded? When may it be foreclosed? What is a deficiency judgment?

490. What are mechanics' liens? Are taxes a lien? When is a lis pendens filed?

491. What is a lease? Must it be in writing? What are the usual covenants?

492. What are the most important rights of the landlord? Does he everywhere have the right of distress?

493. What are the rights of the tenant? Must a leased house be habitable? May a tenant cut down trees? Must he rebuild in case of fire?

494. When does a tenancy terminate? Does the foreclosure of a mortgage terminate a lease?

495. Distinguish between actual and constructive eviction. Illustrate.

496. Define forfeiture and surrender. When is a surrender implied?