The Massachusetts spy, and Worcester County advertiser. [volume] ([Worcester, Mass.]) 1825-1831, 1827-04-25

AN ACT in addition to the several Acts re.
speeding the general powers and duties of
Manufacturing Corporations.
SEC. 1. BeH enacted 6y The Senate and Housa
Of Representatives. in General Court aese,nbLeJ
and By the authority of the same That nc mem,
Der OF any Manufacturing Corporation and NO
person, who shall have been such member % ~
time when any debt may have been contracted
by such Corporation, or at the time when aDI-
debt so contracted may have accrued shall here.
after be liable in his individual capacity for anv
such debt, unless suit shall have been commence.
ed therefor, and prosecuted against such Corpo-
ration within one year after such debt shall have
become due, and unless suit therefor shall he
commenced against such person having been
member as aforesaid within one vear AFTER he
shall have ceased 10 be member.
See. 2. BE st further. enacted That any
member OF such Corporation, any person hay.
ing been member as aforesaid, whose real ~.
personal estate shall have been levied upon for
the payment of any debt Of such Corporation. or
who shall have paid any such debt on execution.
shall have his action at law in any court proDer TO
try the same, or bill in equity in the Supreme
Judicial Court, tor contribution, against the 9TH
er members of such Corporation, and persons
having been members as aforesaid but The dam.
ages in all such actions for contribution shall be
estimated according to the principles of Courts Of
equity, or such member or person having been
member as aforesaid may, at his election, have
his action at law against such Corporation.
SEC. 5. Be IL further enacted That apv
such Corporation, already established, may, by a
vote at ega4smeeting, adopt the provisions of
this act; which shall thenceforward be deemed
and taken to De part Of its act of incorporation,
any thing In such act of Incorporation, or in the
laws OF this Commonwealth to the contrary not.
wilhstanding ProtTded nl1Oays, that such Corr
Porstion, so adopting this act stall give notice
thereof by publishing an a,tesIed copy # such
vote, together with this act, in one or more Of
the newspapers of the city of Boston in which
the laws of the Commonwealth shall for the time
being be published, and also in one or more Of
the newspapers OF the town or e0Inty where
such Corporation may have its manufacturing es.
Adjustments erected; and. in case no newspSpoe
shall be publishedin such county then the publi-
cation herein last required shall be made in enc
or more newspapers OF the nearest county there
10. in which, at such time, there may be a. news
paper published. And provided also, that such
adoption OF this act shah not be construed to af-
feet any liabilities existing at the time of such
adoption.
SEC. 4. Ne il further enGcted That the pro.
visions OF several acts to which this 10 in addition
shall not be construed TO render personally LA
Bile for the debts of such Cooperation, any per-
sons holding stock therein as executors, admins
traitors, guardians or trustees, nor any persons
holding such stock rs collateral security for any
bona 6de debt, but the persons pIedging such
stock as collateral security shall be subject to the
liabilities 10 which members of such Corporation
may by law be subject, end the person so pledg.
ing such stock shal also be deemed and taken to
he members OF such Corporation, for the purnos.
es Of voting and transactng business at any meet.
ingsaef such Corporation, in like manner as If
such stock had not been so pledged.
Seq S. Be IL further enacted, That the sew
eraI acts to which this is in addition, so far as the
same may he Inconsistent with the provisions Of
this act, shall ceaS and be oil no effect, except in
IL
shall not adopt this act in the manner herein pros
vided.
APPROVED By aS Goysyaor--.Narch 10, 1897.