Litchfield enquirer. [volume] (Litchfield, Conn.) 1829-current, 1852-07-29


Treasurer by sucli association; and any
Treasurer or other officer who shall vio-
late the provisions of this Act, shall upon
conviction be adjudged guilty of mis-
dcmeanor, and shall be punished by a
fine not less than five thousand dollars,
or be imprisoned not less than five years.
or by such fine and imprisonment both.
at the discretion of the court having ju-
riSdicton of the offence. .. - |
Sec. 10. The shares of said association
shall be deemed personal property, and
shall be transferable on the books OF the
association, in such m inner as my be
agreed on IN the articles of association
and every person becoming a sharehol-
der by such transfer, shall in propoi ton
to his shares, succeed to all the rights
aud liabilities OF prior shareholders and
no change shall be made in the articles
Of association by which the rights, rem
edies, or security of its existing creditors
Shall be weakened Or impaired. Such
association or corporation shall not be
dissolved by the death or insanity Of any
Of th3 shareholders therein,
Sec. lG. Contracts made by any such
corporation, and all notes and bills by
tnom issued and put i'll circulation lis
money. shall be signed oy the President
Or Woo President and Cashier thereof;
and no writ, action OF proceeding shall
aOate by reason OF the death, resigna-
ton or removal feom Office of the officers
OF said corporation, but may be continued
and prosecuted according 10 the rules Of
law IN such cases provided.
Sec. II. The shareholders Of associa-
tons formed under this Act. shall be in-
dlvdualIy responsible equally and ratea-
Oly whenever default snail be- made in
the payment OF amy debt or liability
contracted tor banking purposes, issuing
bank notes or any KIND OF paper credits
10 circulate rs money, to the amo2nt o
such debt or liability, with int crest, tt
the extent of their respective shares o
stock, in any such corporation or asso:l'
alton, and to ~ further extent.
Sec. IS. If the capital stock Of any
such corporation shall be Withdrawn and
! refunded to the stockholders, before the
payment oil all debts of the corporation
for which such stock would have been
liable, the stockholders of such corpo>
ration shall be- in llvIdually liable to any
such creditor OF such corporation in an
action founded on this Statue to the
amount OF the sum refunded to them
respectively rs aforesaid And il shall
not be lawful for any such corporation
to make any dividends or profits on the
shares Of the capital stock Of the corpo.
ration, until the deficit of capital Shall
have been made good either by the SUBJ
scription Of the shareholders, or out of
the subsequently accruing profits of the
association. And if it shall appear that
any such dividends have been made, il
shall be the duty Of any judge of the su,
perior court, upon tie fact being proved
to him, to declare the corporation nsol-
vent, and appoint receiver. who shall
proceel as hereinafter provided.
See. 10, Any creditor Of any corpo.
ration formed under this Act, having "a
demand exceeding in amount the sum OF
one hundred dollars arising upon any
debt Or liability Of such corporation, the
payment of which shall have been re-
fused by such corporation, may at any
time after ten days from the time of such
refusal, apply TO u judge of the superior
court for an order declaring such corpo
ration insolvent, and for an I'M JUNCTION a:
hereinafter provided. II, il, the opinio,
Of such judge, upon the facts pres en,ed
it be exped!ent, in order to prevent fraut
or injus ice, he may grant an order for
temporary injunction. restraining sucl
cooperation and its officers from paying
out. or in any way transferring or deliv
erIng to any person any money or assets
Of such corporation or mourning any
debt or obligation. until ouch order be
executed or modified. And such Judge
is authorized. in his discretion, 10 grant
the same proceedings in this case as in
the next sect ion of this ac..
Sec. 90. If at any time an execution
against the property Of any corporation
organized under this Act. shall be return,
ed unsali,fed in whole or pat, or upon
proof satisfactory to any judge Of the
superior court, that any such execution
although not returned. cannot be salts
fed out Of any property OF tho cefend-
ant, he shall At once make an order de
cla'ing the insolvency Of such cooperation
and appoint receiver.
Sec. 81. Every receiver appointed
acco' ding to this Act. after giving srcu,
rity 10 the court Of probate. within WI ose
district the corporations place OF business
is located, that he is to administer upon.
shall take into his possession all the
property. effects. books. papers. accounts
and demands of such corporation. in.
Guiding the securities. il any. which may
have been deposited with the Treasurer
belonging to such corporation or associ
alton. And he shall! Immediately proceed
to settle the affairs Of such corporation