Page:United States Statutes at Large Volume 18 Part 2a.djvu/74

GEEERAL INCORPORATION. 69 by the president and a majority of the trustees; and they shall within the said thirty days record the same in tho office of the recorder of deeds ot the Distr ict. Sec. 064. The capital stock so iixed and limited shall be paid in, one- When capital h8lf'W1(lllII one year, and the other half thereof within two years from ¥““°* “° Wm *“ the incorporation of the company, or such corporation shall be dissolved. iii1in1I_.' - _ 5 May, 1870, c. 80,s. 4, v. 16, p. 102. Sec. 565. Nothing but money shall be considered as payment of any Money only to be part of the capital stock. payment- Ibid. Sec. 566. Every such company shall annually, within twenty days Annual report or from the iirst of J annary, make a report, which shall be published in a ·=<>f¤P¤¤Y- newspaper in the District, which shall state the amount of capital, and of the proportion actually paid, and the amount of existing debts ; which` ` report shall be signed by the president and a majority of the trustees, and shall be verified by the oath of the president or secretary of the company, and filed in the office of the recorder of deeds of the District. Sec. 567. If any company fails to comply with the provisions of the Linbilityoftruspreceding section, all the trustees of such company shall be jointly and t°°° *`°‘ f”'I“'° ‘° severally liable for the debts of the company then existing, and for all that shall be contracted before such report shall be made. Ibid- Sec. 568. If any certificate or report made, or public notice given, by _ P¤¤¤I*>y fbfmekthe officers of any company in pursuance of the provisions of this chap- mtg f“l“° °°"‘H' ter shall be false in any material representation, all the officers who °.’;_...__.__. shall have signed the same, knowing it to be false, shall he jointly and Ibidseverally liable for all the debts of the company contracted while they are stockholders or officers thereotl Sec. 569. It shall not be lawful for any company to use any of their . F"';;: *3*** °° E funds in the purchase of any stock in any other corporation. f,';-Y,:{°,°,°,:,':,,f’,l;3Q°°s_ Ibid. Sec. 570. No loan of money shall be made by any company to any I~¤¤¤¤ *0 _¤§<><=k- stockholder therein; and if any such loan shall be made to a stock- }l:£'f;,fI"`°b‘b"°‘li holder, the officers who shall make it, or who shall assent thereto, shall mL_. be jointly and severally liable to the extent of such loan and interest, Ibidfor all the debts of the company contracted while they are stockholders or officers thereotl Sec. 571. [f the trustees of any company shall declare and pay any Liability formidividend the payment of which would render it insolvent, or which would I¤W!`¤I diVid¤¤d¤- diminish the amount of its capital stock, they shall be jointly and sev- my erally liable lor all the debts of the company then existing, and for all that shall be hereafter contracted, while they shall respectively remain in office. Sec. 572. If any of the trustees shall object to declaring such divi- 'I’r¤§¢¤¤¤ (Him-: dend, or the payment of the same, and shall at any time before the time iixed for the payment thereof Hle a certificate of their objection in writing Ibid. with the secretary of the company and with the recorder of deeds of the District, they shall be exempt from the liability prescribed in the preceding section. _ SEc. 573. If the indebtedness of any company shall at any time ex- Wbw ¤¤d¤b¤>d- ceed the amount of its capital stock, the trustees of such company as- sentin g thereto shall be personally and individually liable for such excess to the creditors of the company. Ibid., p. 10o.· Sec. 574. The stockholders of any company organized under the pro- t I;_<>¤’¤g¤*;; 1¤¤·b¤i¤· visions of this chapter shall jointly, severally, and individually be liable _Y_‘E"__‘Z__;__ for all debts that may be due and owing to all their laborers, servants, Ibid., pp. 104,105. and apprentices, for services performed for such corporation, and shall be individually liable for all debts of said corporation to the amount of the stock of each stockholder. _ _ _ SEo. 575. No stockholder shall be personally liable for the payment I·¤¤¤W·¤<>¤~ of any debt contrmtcd by any such company which is not paid within Ibid_'p_ my one year lroni the time the debt becomes due, unless at suit lor the col-