WILLIAM GRASON, ESQUIRE, GOVERNOR.

I83S.

serve the same upon any of its officers, shall be deem-
ed a good and lawful service upon such company;
provided, that if said company shall contract any debt
or enter into any engagements and liabilities beyond
the amount of the market value of the actual assets
of such company, at the time of contracting such debts,
or entering into such engagements or liabilities, for

all such debts, engagements and liabilities, contracted

and entered into, beyond the said actual assets of the

CHAP. 267.
In case of contract-

ing debts beyond

assets.

said company as aforesaid, the directors thereof who
may be present, and do not express their dissent at the
time of contracting such debts, engagements and lia-

Directors individu-

ally liable.

bilities shall be bound and answerable in his, her or

their person, or persons, and property, in proportion
to his, her or their stock, any may in his, her, or their
said person, and property, be taken in execution on
any judgment against the said company, with the
same effect as if the said debts, engagements and lia-
bilities had been contracted and entered into, in their
individual capacity, or entered into beyond the amount
of the actual assets of said company, and upon any
suit at law, or inequity, arising thereon, in any of the
courts of this State, having jurisdiction of the same,
it shall and may be lawful for the said court upon applica-
tion by any person or persons interested therein to sum-
mon any of the officers of such company to bring into
said court at the trial of said suit, the hooks and papers of

Process authorised.

said company, and on the failure of said officer so to
do, it may in the discretion of the court, be deemed
and taken as a confession by such company, that they
have contracted debts, and entered into engagements
and liabilities beyond the amount, the market value of
their actual assets aforesaid; provided, that such fail-
ure to produce the books of the company shall be with
this knowledge, privity, or consent of the directors.

Failure to appear.

Sec. 15. And be it enacted, That whenever four-fifths
of the capital stock of such company, shall become con-
centrated, by. purchase or otherwise, in the hands of
less than five persons, or more than one half of the
same, shall be, and remain in the hands of one person,

Case of the stock

falling into few

hands.

for more than six months, all the corporate powers and
privileges granted by the act incorporating such com-
pany, shall cease and determine; and if the company
should not be organised by the appointment of a presi-

The incorporation

to cease.