158 CORPORATIONS. [ART. 26.

by-laws, and all acts of trustees, directors or managers, shall be
valid as against such corporation, until their successors shall be
elected.

48. There shall be a president of the company, who shall be
designated from the number of the trustees, directors or man-
agers; and also such subordinate officers as the company by its
by-laws may designate, who may be elected or appointed and
required to give such security for the faithful performance of the
duties of their office, as the company by its by-laws may require.

49. The trustees, directors or managers may call in and demand
from the stockholders respectively, all sums of money by them
subscribed, at such times and in such payments and instalments
as the trustees, directors or managers shall deem proper, under
the penalty of forfeiting the shares of stock subscribed, and all
previous payments made thereon, if payment shall not be made
by the stockholders within ninety days after a personal demand,
or notice requiring such payment shall have been published
nearest to the place where the business of the corporation shall
be carried on.

50. The stock of such corporation shall be deemed personal
estate, and shall be transferable, as shall be prescribed by the
by-laws of the corporation; but no shares shall be transferable
until all previous calls thereon shall have been paid in, or shall
have been declared forfeited for the non-payment of the calls
thereon.

51. Such corporation shall not use any of its funds in the pur-
chase of any stock in any other corporation.

52. All the stockholders of any such corporation shall be
severally and individually liable to the creditors of the corpora-
tion in which they are stockholders, to an amount equal to the
amount of stock held by them respectively for all debts and con-
tracts made by the corporation, until the whole amount of the
capital stock fixed and limited by the corporation shall have been
paid in—one-half thereof in one year, and the other half thereof
in two years from and after the incorporation of said company—
or such corporation shall be dissolved.

53. The president, and a majority of the trustees, directors or
managers, within thirty days after the payment of the last instal-