The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1851-03-05

f the amount OF capital, ana the proporuOn &c.
tuay paid in, and the amount Of it, existing debts.
which report shall be signed BY the president and
majority Of the directors. and verified BY the
oath Of the president and secretary Of the compa-
ny; and IL any Of said company shall fall so to do.
al the directors Of the company falling so to do,
shall be jointly and severaIly liable for all the debts
Of the company then existing, and for all that
shall be contracted before such report shall be
made
SEC. 10 If the directors Of any snch company
shall declare and pay any dividend when the
companyis insolvent, or any dividend the pay
ment of which would render it insolvent, or
which would reduce the amount Of their capital,
they shall Jointly and severally be liate for all the
debts of the company then existing, and for all
that shall be thereafter contracted so long as they
shall respectively continue in office, Provided,
that [if] any Of the directors sh,ll, at any time
before the tune fixed for the payment of such div
idends. object thereto, and shall within thisty days
the, eafter, file certificate of their objection, in
writing, with the secretary of the company, and
with the recorder of the COUNTY, they shall be ex-
empt from the said liability
SEC. ii. II any certificate, report made, or
public notice given, by the officers of my such
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 aud seve.
rally liable for all the debts of the company
tracted while they are stockholders or officers
thereof
SEC Is The stockholders OF any company Or
ganized under the provisions OF this act, shall be
Jointly, severaIly and individually liable for all
debts that may be due and owing for all debts and
services performed for such corporation.
SEC. rs. No stockholder shall be personally
liable for the payment of any debt contracted by
any company formed under this act. which is not
paid within one year from the time the debts con-
racted unless suit for the collection ofsuch debt
shall be brought against such company within one
year after the debt shall become due; and no suit
shall be brought against any stockh,Ider who shall
cease to be stockholder in any such company,
for any debt so contracted, unless the same shall
be commenced within two years from the time he
shall have ceased to be stockholder in such COM
pany, nor until an execution against the company
shall have been returned unsatsied in whole or in
part.
Sec. II. Any corporation formed under this act
shall have full power to manufacture and sell.
and 10 furnish such quantities of gas as may be
required in the city, town or village where the
same may be located, for lighting the streets, and
public and private buildings, or for other purpos-
es; and such corporation shall have power to lay
conductors for conducting gas through the streets,
lands, alleys, and squares, in such city, town or
village, with the consent Of the municipal author
itles of said city, town CT village. and under such
reasonable regulations as thew NAV prescrbe; and
such municipal authorities shall have power to
exempt any CORPORATION formed under the provis.
ions OF this act from taxation on their personal
property, for city or county purposes, for period
not exceeding three years from the organization
of said corporation
SIC. 1s, Any person wiltuy njuring. or caus-
ing to be injured, any properly of any corpora.
ton created under this act, shall forfeit and pay
10 the said corporation treble the amount of dam.
ages sustained by such injury, to be recovered in
any court having cognizance thereof
SEC. 10. Any company which may be formed
under this ct, nav increase or diminish its capi-
tai stock. by complying with the proviso OF this
act, to any amount which may he deemed sufi.
cient and proper for the purposes ofthe corporation
But before any corporatiun shall be entitled 10 d
mipish the amount of its capital stock, if the
amount of debts and liabilities shall exceed the
amount of capital to which il is proposed to be
reduced. such amount of debts and liabilities shall
be satisfied and reduced so as not to exceed such
diminished amount of capital; and any existing
COMPANY heretofore formed under any special act.
NAV come under and avail itself of the privileges
and provisions OF this act, by complying with the
following provisions, and thereupon such compa-
nv, its officers and stockholders, shall be subject
to all the restrictions, duties and liabilities of this
act
SEC. 90. Whsnever any company shall desire
to call a meeting of the stockholders for the pur.
pdse of availng itself Of the privileges and pro-
visions of this act or for increasing or diminish
ing The amount of its capital stock, for extend.
ing its business il shall be the duty of the direc-
tors to publish notice, signed by at least ma
iority Of them, in newspaper in the county, u
anu sbail he nublished therein at least six sue.
cessive weeks, and 10 deposit written or print.
ed copy thereof in the Post Office addressed to
each stakeholder at his usual place of residence,
at least four weeks previous to the day fixed upon
| for holding such meeting; specifying the object
of tke meeting. the time and place, when and
where such meeting shall be held, and the amount
to which il shall be proposed to increase or d.
muish the capital, and the business of such com.
pany so extended, and vote Of al least two.thirds
of all the shares of stock shall be necessary to ar
increase or diminution of Its capital stock or the
extension of its business as aforesaid, or to enable
company to avail itself of the provisions of this
act.