Litchfield enquirer. [volume] (Litchfield, Conn.) 1829-current, 1850-08-08

| lions formed uhueE haS <ASa Sstah uc luuts
vidually responsible, equally and raieably,
whenever default shall be made in the pay
mept Of any debt or liability contracted for
banking purposes. issuing bank notes or
anv kind of paper credits 10 Circulate as
I-money, 10 the amount OF such debt or liza :.
billy with interest, 10 the extent of their res
speclive shares of stock, in any such colpo-
ration or association, a nd 10 no turthel ex-
tent.
Sec. lS. If the capital stock of any
such corporation shall be withdrawn and
refunded 10 the Stockholders, before The
payment OF all The debts of the corporation
| fuf which such stock would have been lia>
Bile, the Stockholders OF such corporation
shall be Individually liable 10 any such
creditor Of such corporation ia an action
founded on This Statute, 10 the amount OF
of The sum refunded to them respectively as
aforesaid.
And il shall no. he lawful for any such
corporation 10 make any dividends or pros
fits on the shares OF The capital stock OF the
CORPORATION, unlilt the deficit of capital shall
have been matie good either by the sub
scIipiion Of the shareholders, or out OF the
subsequently, accIung profits OF The associ-
| alton.
And If il Shall appear that any such div
idendS have been made il shalfbe the duly
Of any judge OF the Superior Court, upon
The fact being proved 10 him 10 declare the
corporal ion insulvent and appoint receiver
who shall proceed as hereinafter provided.
Sec, -. Any creditor Of any corpora
ton or Individual banker formed under
this act. having demand exceeding in
amount the sum of one hundred dollars
arising upon any debt or liability OF such
Curpur arIon Oh Individual banker, the pay
{ iment of which shall have been refused by
| such corporation or banker. may at any
lime after Ten days from the time OF such
refusal, apply 10 a Judge OF the Superior
Court for an order declaring SUCH corpora :
lton or individual banker insotvent, and for
an injunction as hereaf er provided. II, in
the opinion of such Judge, upon Inc facts
presented, it be expedienl. in order TO pre-
vent fraud or injustice, he may grant an
orGer for temporary injunction, restrain
ing such corporation or$individual banker
and lis or his officers, from paying gu! or
| in any way Transferring or delivering TO any
person any money or assert IF such corpo>
falion or banker, or incurrIng any debt OF
obligation unlll such ordef be execuied or
| modified. And such judge is authorized, in
his discretion, TO grant the same procGed'
| ings in This case as in the next section Ut
| this CT.
| Sec. 70. If at any an execution against
the property Of any corporation or Indiyid-
uai banker organized under this Act, sh all
be returned dissatisfied in whole or in part,
or upon proof satisfactory 70 any Judge o
the Superior Court, III al any such exec luton
although rot returned, can not be SATISFIED
out OF any property of The defendant, 1T
shall at Lnce me- Ike an order declaring hi
insolvency Of such corporation or inaivid
ual banker, and appoint receiver.
| Sec. Il. Every receiver appointed ac
cording 10 this .icl, after giving security Il
the Court OF Probate within whose distric
the corporation or intiyidual bankers
place of bust ness is located, that he is tc
administer upon, shall take into his pos
session all the properly, fleets. books, pa
perS, accounts and demands OF such cnrpo,
ration or individual banker, including the
| securities. if any, which may have been de-
posted with The treasurer, belonging 10
such corporation Or association.
And he shall Immediately proceed to set
lie The a fairs of such curporation or indi-
yidual banker, in accordance with the laws
of This State for the settlement Of insovent
estates-aud such orders as the Court OF
Probate may make relative thersto from
Time TO time.
I Sec ~. Ifafler paying and discharging
The debis and liabilities Of such corpora ion
| OF Individual banker, as herein provided,
| and deiiaying all The exposes Of the p:o-
ceedingS, there SHALL remain or come into
the hands Of tho receiver any other assets
or affects of such corporation or Individual
banker, The same shall be converted into
cash, in the way the receiver deems for The
best interest of the shareholders of such
corporation or individual banker, and shall
be paid TO The shareholders upon whom
any such debIs or Liabilities were aprorlion-
ed, in just and equal proportion TO the sum
contributed and-paId by them.
Sec. %. Il shall be lawful for such cor
poration 10 purchase, hold ind convey real
estate for The following purp ,ses:
l. Such as shall be necessary for its i'm.
mediate accommodation 10 the convenient
transaction Of is business or
z. Such as shalt be mortgaged to it in
good faith, by way of security for loans
made by them, or moneys due 10 such cor.
poration; or
8. Such as shall be conveyed 10 it in
satisfaction of debs previously contracted
in The course Of its dealings /; or
4. Such as it shall acquire by DEGREES of
foreclosure, or be set of on execution TO such
corporation.
The said corporation shall not purchase,
hoM or convey real estate in any other case
OF for any other purpose (; and all convey
ances OF such real estate shall be made 10
the president or such other officer as shall
be indicated for thai purpose in the articles
Of associalio and The president or other
officer, and his successors from time to
time, may sell, assign and convey the same
free from ALI nslhereon. against any OF
The shafeholdersoi any person claiming nn.
der them.
Sec. "a, Every corporation or individ>
nal banker organized GRder This Act Shall.
on the fifteenth day Of March, or within ten
days thereaiter, in every year after having