The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1867-03-26

and delivering the former certificate be entitled to
new certificate.
SECT. 49, That said corporation may make bylaws,
not repugnant the laws of the state for the regua
ton OF their business, with penalties for the breach
thereof. 49,
% SECT a. That the business of the company shall
be managed and conducted by president, board of
directors secretary treasurer and such other officers
agents and factors as the company may authorize for
that purpose ..s,
SECT. l5 The directors, secretary and treasurer
shall be chosen annually by the stockholders, and
shall hold their offices till Others chosen and quail
fed in their stead the manner of such choice and of
the choice or appointment of all other agents and
officers of the company shall be prescribed by the
SECT 1s The number of directors shall not be less
than three one of whom shall be chosen president as
the bylaws shall direct.
SECT. H. The offices of secretary and treasurer
may be held by the same person, and he may be di-
SECT IS. The corporation may from time to time,
at legal meeting called for the purpose, assess upon
each share of stock such sums of money the COM
pany may think proper not exceeding in the whole
the amount at which each share was originally limit
ed and such sums assessed shall be paid to the treas
at such times and in such instalments as the
company directs. .-. ...... t.H
seer. 49, That if the proprietor of any share neg
lecs pay duly assessed thereon for the space OF
thirty days after the time appointed for payment the
treasurer of the company may sell by public auction
sufficient number of the shares to pay all assessments
then DUE with necessary and incidental charges
thereon. .s....
SECT 90 The treasurer shall give notice of the
time and place appointed for such sale, and of the
due each share, by advertising the same three
weeks successfully before the sale newspaper
published in said county; and deed of the shares
sold signed by the treasurer, and acknowledged be-
fore justice of the peace and recorded by the secre-
tary shall transfer said shares to the purchaser who
shall be entitled to a certificate therefor.
SECT q. The president and directors with the
treasurer and secretary of such company SHALL after
the payment of the last instalment of the capital
stock make a certificate stating the amount of the
captal so fixed and paid n which certificate shall be
signed and to by the persons signing the same;
and they shall the same to be recorded in the
office of the recorder of deeds for said county.
SECT o. If the directors of any company organ
lied under this act shall declare any dividend when
the company is insolvent, the payment of which
would render it insovent they shall be jointly and
severaly liable for all the debts of the company then
existing and for all thereafter contracted so long as
they continue respectively in Offices Provided that the
amount for which they shall be liable shall not ex-
coed the amount of such dividend. -1
SECT 3d. That no loan of money shall be made by
such company to any stakeholder therein and if any
such loan is made to stockholder the officers who
make it, assent thereto shall be jointly and several
ly liable the extent of such loan and interest for
all the debts of the company contracted before the
repayment of the sum so loaned
SECT "a That the whole amount of the debts which
any such company at any time owes shall not exceed
the amount of its capital stock actuary pad m and
ministraton it occurs shall be jointly and severay
liable to the extent of such excess for all the debts OF
the company then existing and for all that are con-
tracted So lang as they respectively continue in Office
and until the debts reduced to the amount OF uhe
capital stock: Provided that any Oh e Sb1s
contrary to the foregoing provisions, OF VINO ooect
thereto, may exempt themselves from LIABILITY by
forthwith giving notice of the facts 10 tle st9ckou
ers, at meeting which they may call for that pur-
pose.
SECT. 25 If any certificate made, or any statement
notice given by the officers of company organized
under the provisions of this act is false in any mate
rial representation, all the officers who signed the
same, knowing it to be false, shall be JOINTLY ana sew
orally liable for all the debts of the company contract
ed while they were officers stockholders thereof
SECT. 2s. Any officer or stakeholder of company
who voluntarily by compulsion pays deDt OF the
flrx biclb ai mad
recover the amount so paid in action against the
company for money paid tor its use in which action
the property of the company only shall be liable to be
taken, and not the property of any stakeholder
SECT. q. Every such corporation shall annually