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

II or otherwise, shall be considered as payment
Of any part OF tho capital stock. and 10 loan
of money shall be made by any such compa-
Il nv TO any stakeholder therein and IL any
such loan shall be msde 10 stakeholder, the
II officers who make II, or who shall assent
thereto. shall be jointly and seyerally liable
n to the extent OF such loan and interest, foI
| all the debts OF the company contracted be-
fore the re. payment OF the sum so loaned.
II Sec. B. In case any manufacturing compa-
| ny owning a manufacturing establishment
/ shall obtain a charter of Incorporation, and
| all the members of the corporation shall be
members OF the company or the members oi
the corporation moi members OF the company
| shall own less than one third Of the stock o
the corporation, the manufacturing establish.
ment Including oil the real estate and ma.
chnery conveyed by the company to the cor
poration, shall be appraised by the assessors
Of taxes OF the town wherein such manufac.
tory shall be situated, and the amount Of the
capital stock Of such corporation, represented
BY such real estate and machinery shall not
exceed the sum ut winch the same may be
appraised as aforesaid, either in the whole
under tho provisions of this act, or in any
part which may be exchanged by any mem.
ber of the company for shares in the stock
Of such corporation or IN which he may pay
assessments laid on his shares in the same.
For their services in appraising said real es.
tate and machinery, said assessors shall re.
ceve the sum of ten dollars to be equally di.
vlded between such of them as may act in
the premises not being less than a majority
of the whole number, together with thel'
necessary expenses in making such apprais-
men,, to be paid by the corporation. A GER
iificate of such appralsment signed and sworn
to by the assessors making The same, shall
be first recorded as aforesaid, IN addition to
the certificate required by the second sec.
ilon of the act, before the liability Of the
members Of such corporation for The debts
aud contracts OF the same shnll cease.
/ Sec. o. Every manufacturing company in.
cluded within the provisions of this act sha II
1 file IN The town clerks office Of the town
where the mandatory is established, annu.
ally, certificate signed by the president and
majority of the directors, truly stating the
amount Of all assessments, voted by the con-
pany and actually paid in, and the amount Of
existing debts and If any Of said comps MES
shall fail so to do, all the stockholders of said
company shall be jointly and severally liable
and for all that shall be contracted before
such notice shall be given, unless such com
pany shall have become insolvent and as
signed It's property IN trust for The benefit OF
lis creditors, IN which case the obligations TO
give such notice by the filing of such certifi
cate shall cease.
\ Sec. 10, The whole amount OF the debts
which any such company shall al any time
.l,.n IL NG
tai stock actually paid in ; and in case Of
any excess tho directors under whose admin.
ls,ralIon it shall happen, shall be jointly and
severally liable, to the extent OF such excess,
for all the debts Of the company then exist
ing, and for all that shall be contracted, as
long as they shall respectively continue in
Office, and until the debts shall be reduced TO
tho amount Of the capital stock Of said COM
Pany paid in; provided, that any Of the direc-
tors, who shall be absent at the time OF con-
tracting any debt, contrary to the foregoing
provisions, or who shall object thereto. may
exempt themselves from said liability, by
forthwith giving notice OF the fact 10 the
Stockholders, at q meeting which they may
call Tor that purpose.
Sec. IL. If any manufacturing company
heretofore Incorporated, having capital paid
! IN of thirty thousand dollars, or upwards,
shaIk at any legal meeting called for that
purpose, vote to adopt the provisions contain.
ed IN this Act !, and shall also cause to be re-
corded as provided in the second section of
this Act, a certificate, signed by the PIesi
dent, Treasurer, Clerk, and majority OF the
Directors, stating the amount OF the capital
actually paid in, and if any part thereof has
been divided, or Withdrawn. stating also The
amount Of debts aud credits. and an estimate
OF the value OF the real and personal estate Of
said corporation, for The purpose OF carry.
! ing on The business thereof, at the time
OF making such certificate; aud if the said
officers shall make oath, that they have care
fully examined The records aud accounts Of
SAID corporation, and faithfully estimated the
records and accounts of said corporation, aud
! faithfully estimated the value OF the property
and the funds thereof and that said certlfi-
cate, by them signed, Is true, according TO
their best knowledge and belief then no
stockholder shall be liable for any Of the
debts OF the said company, constructed after
the recording Of such certificates, except for
the causes anC IN the manner herein before
provided.
Sec. IL. The real and personal estate Of
every manufacturing corporation incorpora-
ted under, or which shall vote to adopt the
provisions o! this Act, shall be Liable to be
attached and taken, levied on and sold for the
debts and llablillcs of the company, on any
writ Of attachment or execution issued "a.
galnst the company for such debt or liability,
the writ to be- writ Of summons aud attach
mcnt, IN common FORM and the Courts issu-
IDg executions against such corporations, be.
mg aulhurlsed to CONFORM their executions
so as 10 carry out the provisions Of this Sec
ton
Sec. i3. Ii any certificate made, or any
public notice gwen, by the officers of any
manufacturing company, IN pursuance of the
provisions OF this Act, shall be false IN any
material representation, all the officers who
shall have signed the same, knowing It to be
false, shall be jointly and severally liable for
all the debts OF the company contracted
whilst they were stockholders or officers
thereof.
Sec. II, When any OF The officers Of any
manufacturing COMPANY shall be liable, by
The provisions OF this Act, To pay the debts
ol slch commpany, or any part thereof. any
person to whom they may be SO liable, may
have an action on the case against any one
a.. A ,.,J,o