ART. 26.] CORPORATIONS.

funds in the hands of such executor, administrator,
guardian or trustee, shall be liable in like manner and
to the same extent as the testator or intestate, or ward
or person interested in such trust fund, would have
been if he had been living and competent to act, and
held the same stock in his own name.

47

62. If the trustees, managers or directors of any such
corporation shall declare and pay any dividend when
the corporation is insolvent, or any dividend, the pay-
ment of which would render it insolvent, or would di-

Dividends

minish the amount of the capital stock, they shall be
jointly and severally liable, for all the debts of the cor-
poration then existing, and also for all that shall there-
after be contracted, while they shall respectively con-
tinue in office, even although the whole amount of the
capital of the said corporation has been paid in.

When mana-
gers, &c , liable
for all debts.

63. If any of the trustees, directors or managers of
such corporation shall object to declaring such divi-
dend, or to the payment of the same, and having voted
against the declaration thereof, shall, at any time before
the time 'fixed for the payment of the same, record a

When mana-
gers, &c , not
liable.

certificate of their objection, in writing, with the clerk
of the court in which the original certificate of incorpo-
ration is filed, they shall be exempt from the liability
imposed in 'the last preceding section.

Certificate.

64. No loan of money shall be made by any such
corporation to any stockholder therein, and if any such
loan shall be made to any stockholder, the officer or
officers who shall make it, or who shall assent thereto,

No loans to
stockholder.

shall be jointly and severally liable for all the debts of
the corporation contracted before the making of the
said loan to the extent of double the amount of said

Liability.

loan; this section shall not, however, apply to any
building or homestead association, or any association
for the loan of money on real or personal property, or
to any savings institution.

To what asso-
ciations not
applicable

65. The trustees, directors or managers of any cor-
poration created under this article, and having a capital
stock, may call in and demand from the stockholders,
respectively, all sums of money by them subscribed, at

Demand and
calling in, of
subscriptions.