CHAPTER 203.
AN ACT to repeal section fifty-nine, of the Act of
eighteen hundred and sixty-eight, chapter four
hundred and seventy-one, relating to corporations
and to re-enact said section, with amendments.
SECTION 1. -Be it enacted by the General Assembly of
Maryland, That section fifty-nine, of the Act of eigh-
teen hundred and sixty-eight, chapter four hundred
and seventy-one, relating to corporations, be and the
same is hereby repealed, and re-enacted with amend-
ments to read as follows:
SEC. 59. And be it enacted, That all tire stockholders
of any such corporations shall be severally and indi-
vidually liable to the creditors of the corporation of
which they are stockholders, to an amount equal to
the amount of stock held by them respectively, for
all debts and contracts made by the corporation,
until the whole amount (-if the capital stock fixed and
limited by the corporation shall have been paid in,
and a certificate thereof made and filed as prescribed
in the following section of tins article, and the cap-
ital stock so fixed and limited shall all be 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;
provided, however, that the provisions of this section
in relation to the time within which the capital
stock so fixed and limited shall all be paid in, shall
not apply to any building or homestead association.
SEC. 2. And be it enacted. That this Act shall take
effect from the date of its passage.
Approved April 1, 1872.
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Repealed.
Re-enacted.
Stockholders-
individually
liable.
Proviso.
In force.
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