General Courts to be called on Demand of certain SubscribersX. And be it further enacted by the Authority aforesaid, That the Court of Directors of the said Corporation for the Time being shall be obliged, upon Demand made to them by any ten or more Members of the said Corporation, who shall in the Whole, or together, be possessed of not less than five thousand Pounds in the Capital or Joint Stock of the said Corporation, such Demand being made in Writing, and signed by the Members demanding the same, and delivered at a Court of Directors to any one Member of such Court then present, to call a General Court;on Refusal, they may call such Court themselves. and upon such Court of Directors refusing, or, for the Space of ten Days, neglecting so to do, the Members demanding such Court shall be at Liberty to call and hold such General Court, upon the like Notice as should have been given by the said Court of Directors ;General Court may displace Directors, and any General Court, either called by the Court of Directors of the said Corporation, or by any of the Members or Proprietors of the said Corporation, in Manner aforesaid, shall have full Power and Authority, and are hereby fully authorized and impowered, to remove or displace any Director, for Misbehaviour, Breach of Trust, or other just Cause, and to elect a new Director or Directors in his or their Stead, in the same Manner as if he or they was or were dead, or had disqualified himself or themselves, or his or their Office, Trust or Employ, was in any other Manner become void.
No Member liable to any Debt of the Corporation, further than his Share in the Capital.XI. And be it further enacted by the Authority aforesaid, That no Member or Members of the said Corporation, or any Person or Persons having the Conduct or Direction of the said Manufactury, his or their Heirs, Executors or Administrators, Lands or Hereditaments, Goods, Chattles or Effects, other than his or their Share or Shares in the Capital Stock and Effects of the said Corporation, shall be liable or fubject to the Payment of any Debt or Debts contracted by or on account of the said Corporation, or the Manufactury carried on by the said Corporation, in any other Manner than is herein after directed and provided.
If the corporate Debts shall exceed the Value of all the Capital undividedXII. Provided always and be it enacted by the Authority aforesaid, That if the Sum Total of the Capital undivided, Bodies Politick or Corporate, shall exceed the Value of the Principal or Capital Stock and Effects of the said Company or Corporation, which at such Time shall be and remain to the said Corporation undivided ; or if they reduce Capital so that their their Stock shall not be sufficent to pay their Debts; or if the said Corporation, by any Dividend or Dividends whatsoever, either in the Name of Interest or otherwise, to be made amongst themselves, or in their private or personal Capacities, shall reduce or lessen their Joint Stock, Principal or Capital, so that the Value of their Joint Stock, Principal or Capital shall not be sufficient to answer their just Debts then remaining unpaid ;Persons receiving any Dividend by which Capital shall be reduced are to be personally liable to make good such Deficiency so far as the Dividends they shall have received shall extend. in every such case the particular Members of the said Corporation, and every of them respectively, who in their private or personal Capacities shall receive any Share or Dividend of the Capital or Stock of the said Corporation, by which the Capital Stock of the said Corporation shall be so reduced or lessned, shall be severally liable, and they are hereby made liable, so far as their respective Shares so by them respectively received upon such Dividend or Dividends shall extend, to pay and satisfy the Debts which shall remain due and unpaid by the said Company or Corporation ; and the Perfon or Persons, Bodies Politick or Corporate, to whom such Debts shall be due and owing, shall and may sue for and recover the same; any thing in this Act contained to the contrary thereof in any wise notwithstanding.
Members not liable to Bankruptcy,XIII. And be it further enacted by the Authority asorefaid, That no Person being or becoming a Member of, or Subscriber to, the said Corporation, for carrying on the said Manufacture in pursuance of this Act, shall, by Means of becoming a Member of, or Subscriber to, or in recpeit of his Share or Interest in the Capital Stock of the said Corporation be, or be adjudged liable to be, a Bankrupt, within the Intent or Meaning of all or any of the Statutes made against or concerning Bankrupts ;nor the Effects of the Company, or any Member's Share, liable to Foreign Attachment. nor shall the Capital Stock or Effects of the said Corporation, or the Share or Interest of any particular Member therein, be liable to any Foreign Attachment whatsoever ; any Law, Usage or Custom to the contrary notwithstanding.
Shares to be assignable ; but not till seven Years from the Constitution of the Coporation unless in Case of Death or Bankruptcy,XIV. And be it further enacted by the Authority aforesaid, That the particular Share of every Member in the Capital Stock or Fund of the said Corporation ; and all Lands Tenements, Hereditaments, and Estates whatsoever, held by or in Trust for them or their Successors, shall, from time to time, be assignable, transferrable and deviseable ; but no Member or Members of the said Corporation shall be at liberty to sell or assign his or their Share or Interest therein, till after the Expiration of seven Years, from the Time of the Constitution of the said Corporation; but if such Member or Members shall die or become Bankrupt, then the Share and Interest of such Member or Members so dying or becoming Bankrupt, of and in the Capital Stock of the said Corporation, shall and may be assigned and transferred by his or their Executors or Administrators, Assignee or Assignees - , at any Time within the said Term of seven Years, in like Manner as the same might have been done had the said Term of seven Years been fully expired ; Members Shares , &c, to be personal Estates. and all the Right, Title, interest, Claim and Demand, of each and every particular Member of the said Corporation, in or to the Capital Stock and Effects whatsoever of the said Corporation, and the Gains and Increase thereof, shall be, and be adjudged, taken and accepted, in Construction of Law by all Judges, and in all Courts of Law and Justice, and in all Places whatsoever, to be a Personal and not a Real Estate, and shall go to the Executors or Administrators, or other legal Representatives intitled to the Personal Estate of the Person or Persons dying possessed thereof, or intitled thereunto, and not to the Heirs of such Person or Persons ; any Law, Statute, Usage or Custom whatsoever to the contrary notwithstanding.}}
