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Session Laws, 1908 Session
Volume 483, Page 59   View pdf image (33K)
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ACT. 23. ] CORPORATIONS. 59

corporation, if necessary, to pay the debts of such corporation,
and shall be enforceable only by appropriate proceedings by
such corporation or by a receiver, assignee or trustee of such
corporation, acting under the orders of a court of competent
jurisdiction; provided, however, that this section shall not
affect the rights of any creditor under the existing laws of
this State against the stock holders who were liable to such
creditors at the. date of the passage of this Act; and provided
further, that nothing in this section shall be considered as
a construction by the Legislature of the law hereby amended,
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 incorporation of said company, or such corpora-
tion may be dissolved; provided, however, that it shall be law-
ful for the trustees, directors or managers of any such corpora-
tion 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 Section 70 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 in-
corporation of said company, such corporation shall not be dis-
solved; and provided furthermore, that the provisions of this
section shall not apply to any homestead or building associa-
tion.

64A. The exclusive remedy for the enforcement by creditors
against stockholders of all rights existing under the preceding
Section 64, as the same stood prior to the time of the passage
of this Act, and which were declared by said section as amended
by this Act not to be affected by the terms thereof as herein
amended, shall be, as against stockholders residing in the State
of Maryland, by bill in equity in the nature of a creditor's bill
filed against such stockholders by one or more creditors on be-
half of themselves and all other creditors of the corporation
who may come in and make themselves parties thereto, in a
court having jurisdiction within the limits of the county or city
of Baltimore, in which, as the case may be, the principal office of
the corporation is situated at the time of the filing of the bill, or
in case any such corporation has, by reason of having been placed
in the hands of a receiver, or from any other cause, ceased to have
any principal office at the time of the filing of the bill, then the
bill shall be filed in a court having jurisdiction within the
limits of the county or the city of Baltimore in which, as the
case may be, the said corporation had its last principal place of
business; and to any such bill stockholders residing beyond the

 

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Session Laws, 1908 Session
Volume 483, Page 59   View pdf image (33K)
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