Herald of the times, and Rhode Islander. [volume] (Newport, R.I.) 1846-1849, 1847-07-15
lams of r. 1slom0.

H. Central .issembty Eate Session, nd. 1917
an ACT in relation to Manufacturing
Corporations.
u is enacted by Tie General assembly as fol
io,cs:
SECTION I. The members Of every Man
uiacluring Company that shall be hereafter
Incorporated, shall be jointly and severaIly
liable for all debts aud contracts made and
entered INTO by such company until the
whole amount of the capital stock fixed and
l'm'ted by the charter of said company or by
vote ct the company IN pursuance OF the
charter, shal! have been paid in, and n Ger
tiiicale thereof shall have been made, and
recorded ~ a book kept Tor that purpose in
the office ot the city or town clerk of the
ciiy or town wherein the nanuiactory is es.
iabI'shrd, and 40 longer, except as is herein.
after provided.
Seq. The president and directors, with
the treasurer and clerk OF SAID companies,
within ten days after thu payment of the
last insalepsai OF the capital stock fixed and
lHntcd ty The charter, or by vote Of The com
Pnny IN pursuance al The charter. shall make
cri'ihratc, stating the nmnont of the capl.
tai so hxcd and paid IN which certificate
shai' be slgncd aud sworn 10 by the presl-
dent, treasurer and clerk, aud by INA nrlty of
the directors. aud they shall, within said ten
days, iodgo The same to be recorded ~ the
SAID 6ook kept rs aforesaid in the office al
tie city or town clerk of the city or town
wherein The manniaciory shall be established
In case ot increase OF the capital stock OF
said companies, like proceedings shall be-
had as 10 the amount added aud paid N.
Sec. 3 II any Of SAID Off GERS shall re-
i'Tc or neglect To perform the duties re.
qrfed OF Them as aforesaid, they shall be
J"inliy and sevcrally liable for all debts Of
Tue company contracted after The expiration
"l sad ten days, aud before such certificate
shall be- recorded as afiresad
See. q. Every such company may, by u
vote ut any meeting called for that purpose :,
reduce its capital stock within the UNITS au
'h"'Iz"d by It's charter and IN such case d
ccllIhed copy of The vote shall within ten
days after the passing thereof, be recorded
as aforesaid; aud ~ default thereof, the dl.
rcciors of the company shall be Jointly aud
stvcraly liable for all debts OF the company
contracted after said ten days, and before
The recording OF The copy OF the vote as
Bloresold.
see. D. II any part of The capital stock
of such company shall bo Withdrawn and re
iunded 10 The Stockholders, before payment
ui all Tic debts of The company. contracted
previously To The recording Of The copy Of the
vote reducing the capital stock as ~ the pre-
cedng section required. all the Stockholders
OF The company shall he jointly and scverally
liable ior The payment of SAID Iust mentioned
debts.
Src. D. u the directors Of any such COM
Ps"y shall declnre aud pay any dividend,
when The company is insoIycnt, or any dvl.
drhd The payment Of which would render u
ln."I' en', they shalt be jo,nily aud scverally
lIehle Tor oil The debts of the company then
EXISTING. and for all that shall be thereafter
contracted, so long as they sI,alI respectively
Continue IN office provided that The amount
Tor which they shall all be ~ lnble, shall not
exceed The amount OF such dividend, and
ths' u any of the directors shall be absent at
'he h'"e ol making tho dividend, or shall oh
jet lhcrein. aud shall file their objection ~
wriiiug vlh the c,cik of the company, they
shsll be- exempted lrum se,d l,sb,liy.
Sec. . M note oi obligation pivep by
81, slockhUllcr whether secured by pedce