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

of money due aborers and operatives for ser.
vice rendered six months before demand made upon
this corporation, and its neglect refusal to make
SECT. 80. Any member or stakeholder who pays
on Judgment or otherwise, than his proper
tiona share of any debt against the company, shall
nave claim for contribution against the other
bers stockholders. ee,t .-l- 81, a --t
SECT. 81. No stakeholder or officer in such corpo-
ration shall be held liable for its debts contracts
unless judgment is recovered against it, and the cor
poraon shall neglect for the space of thirty days after
demand made on execution to pay the amount due
with officers fees, exhibit to said officer real
personal estate of the corporation subject be taken
on execution sufficient to satisfy the same, and the
execution returned unsatisfied. E. eaI s.l " p
SECT 81. After the execution shall be so returned
the Judgment creditor any other creditor may file
bill in equity in behalf Of himself, and all other
creditors OF the corporation, against it and all per-
sons who were stockholders therein at the time of the
commencement of the suit in which such Judgment
was recovered, against all the officers liable for its
debts aud contracts for the recovery of the sums due
from said corporation to himself and such other cred
tors, for which the stockholders may be personally
liable by reason of any act omission its part,
that OF its officers as stated in preceding sections of
this act setting forth the Judgment and proceedings
thereon and the grounds upon which it is expected
to charge the officers or stockholders personally
SECT. 30. That such sums as may be decreed to be
paid by the stockholde in such suit in equity shall
be assessed upon them in proportion to the amount of
stock by them respectively held at the time when the
suit in which said judgement was recovered, was be-
gum but stakeholder shall be liable to pay larger
sum than the amount of stock held by him at that
time at its par value. l.ti
SECT. 1t. After q suit in equity to enforce the LA
bites of stockholders officers shall have
menced it shall not be competent for plaintiff to dis
continue the without order of court, and such
notice to other creditors the court may direct.
SECT IS. The stockholders and officers of corpora
tons organized under this act shall not be individually
liable for the debts of said corporation, otherwise
than in this act provided. -sin
SECT. 35. That stakeholder shall be held indi-
viduay liable for any debt from such corportion
less the same shall have been sued for within year
after the time it became due and payable, within
SIX months after Judgment on the same has been re-
covered against the corporation.
SECT. 81. 1t shall be lawful for any company in
coporated under the provisions of this act to borrow
on loan for the prosecution of their legitimate bust
ness, any sum or sums of money not exceeding the
amount of capital stock actually paid in, and issue
bonds therefor at rate of interest not exceeding six
per cent per annum; and for securing the payment
thereof to execute a mortgage of all any part of
their real estate and franchises under the seal of the
corporation to be signed by the president thereof
SECT SO. The loan created shall first be approved
by majority of the stockholders, at meeting called
to consider the proprety Of borrowing the proposed
sum of money.
SECT 80. This act shall take effect when approved
by the governor.
Approved February %, 1861 r.