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Revised Code of the Public General Laws, 1879
Volume 388, Page 323   View pdf image (33K)
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ART. 40. ] FORMATION, POWERS, AND REGULATION OF CORPORATIONS. 323

one-fourth in three years, and one-fourth, or the balance, in four
years from and after the incorporation of said company, or such
corporation may be dissolved; provided, however, that it shall be

 

lawful for the trustees, directors, or managers of any such corpo-
ration to collect and enforce the payment of all subscriptions to the
capital stock, as other debts are collected, after notice being given,
as required 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 the full amount
of unpaid subscriptions, within four years from the incorporation of

Trustees, direc-
tors, etc, to col-
lect and enforce
payment of
subscriptions

said company, such corporation shall not be dissolved; and provided,
furthermore, that the provisions of this section shall not apply to
any homestead or building association.

Not to apply to
homestead or
building
association

60. The president, and a majority of the trustees, directors, or
managers of such corporation, within thirty days after the payment
of the last instalment of the capital slock, as fixed and limited in
the certificate of incorporation, shall make a certificate stating the
amount of the capital stock so fixed and paid in, and of all property
received in payment for any of said subscriptions, and the extent
to which said payments have been so made in property, which cer-
tificate shall be signed and sworn to by the president, and he shall,
within thirty days thereafter, file the same with the clerk of the court

1868, c 471, s 60
Certificate of
capital stock,
etc.

in which the certificate of incorporation of said corporation was
recorded, to be by said clerk recorded.

To be recorded

6 1. No person holding stock in any such corporation as ex-
ecutor, administrator, guardian, or trustee, and no person holding
such stock as collateral security shall be personally subject to any
liability as stockholders of such corporation; but the person pledg-
ing the stock shall be considered as holding the same, and shall be

Id s 61
When no per-
sonal liability

liable as stockholder accordingly, and the estates and funds in the
bands 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

When trust-
funds, etc.,
liable.

62. If the trustees, managers, or directors of any such corpora-
tion shall declare and pay any dividend when the corporation is
insolvent, or any dividend, the payment of which would render it
insolvent, or would diminish the amount of the capital stock, they

Id s 62.
Dividends

shall be jointly and severally liable for all the debts of the corpora-
tion then existing, and also for all that shall thereafter be con-
tracted, while they shall respectively continue in office, even although
the whole amount of the capital of the said corporation has been
paid in.

When man-
agers, etc, liable
for all debts.

63. If any of the trustees, directors, or managers of such cor-
poration shall object to declaring such dividend, 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,

Id s. 83
When man-
agers, etc, not
liable.



 

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Revised Code of the Public General Laws, 1879
Volume 388, Page 323   View pdf image (33K)
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