HARRY W. NICE, GOVERNOR. 1065

be not less than the debts of the corporation plus the amount
of its issued capital stock.

(7) No such corporation shall purchase any shares of its
own stock unless the assets of the corporation remaining im-
mediately after such purchase shall be not less than the debts
of the corporation plus the amount of its issued capital stock,
and no such corporation shall redeem any shares of its own
stock unless the assets of the corporation remaining imme-
diately after such redemption shall be not less than the debts
of the corporation plus the amount of its issued capital stock
(exclusive of the stock so redeemed). If any such purchase or
redemption is made in violation of this paragraph the persons
receiving payments therefor shall severally be and remain
liable to the corporation or its receiver, trustee or other person
winding up its affairs to the extent of the payments to them
respectively for the debts of the corporation existing at the
time of such payments, or, in the case of a purchase out of
surplus created by a reduction of the amount of issued capita]
stock under Section 32, for the debts of the corporation exist-
ing at the time of such reduction as provided in Section 32.

(8) Notwithstanding any provision of this Section, any such
corporation which is organized for the purpose of, and sub-
stantially all the business of which consists of, holding, invest-
ing or reinvesting in stock or securities may redeem or pur-
chase from its stockholders shares of its own stock for not
exceeding their proportionate interests in the properties of the
corporation, or for not exceeding the cash equivalent of such
proportionate interests.

(9) Nothing in this Section shall be taken or construed as
limiting or affecting the liability of stockholders in banking,
safe deposit, trust or loan corporations.

76. Except in the case of any class of corporations for
which special provision is made by law and except as in this Ar-
ticle otherwise provided, no stockholder in any corporation of
this State shall be liable for the debts thereof; and in no case
shall any person holding stock in any corporation of this State
which shall be entered on the books thereof in his name as execu-
tor, administrator, guardian, committee, trustee, receiver or
pledgee, be individually subject to any liability as stockholder,
but the person pledging the stock, and the estates and funds in
the hands of such executor, administrator, guardian, commit-
tee, receiver or trustee, shall be subject to the liability, if any,
imposed upon the holders of the shares.

92. Whenever any corporation of this State, other than a
railroad, shall have been determined by legal proceedings to