.522
Re-enacted.
Liability of
stockholders.
Not liable
Proviso
Proviso.
In force
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LAWS OF MARYLAND.
ninety-nine to one hundred and three of the same
article, and sections thirty-three to forty-three of
article eighty-eight, of the Code of Public General
Laws, be and the same is hereby repealed, and re-
enacted to read as follows:
SEC. 59. And be it enacted. That all the stockholders
of any such corporation 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 of 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 this article, which certifi-
cate may, however, be filed at any time after thirty
days, mentioned in said section; but no stockholder
shall be individually liable to the creditors of such
corporation, except to the amount of his, her or their
unpaid subscription to the capital stock; and the
capital stock so fixed and limited shall be paid in,
one-fourth thereof in one year, one-fourth in two
years, one-fourth in three years, and one-fourth, or
the balance, in four years from and after the incor-
poration of said company, or such corporation may
be dissolved; prodded, however, that it shall be law-
ful for the trustees, directors, or managers of any
such corporation to collect and enforce the payment
of all subscriptions to the capital stock, as other
debts are collected after notice being given, as re-
quired by the sixty-fifth section of this article; and
if suit shall be brought by the trustees, directors,
or managers of any such corporation, against all
delinquent stockholders for tire full amount of
unpaid, subscriptions -within four years from the in-
corporation of said company, such corporation shall
not be dessolved; and provided, furthermore, that the
provisions of this section shall not apply to any
homestead or building 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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