The weekly register. [volume] (Point Pleasant, Va. [W. Va.]) 1862-1909, 1870-11-03

Buch cpmp1Nys -. .3i.
The stock b such company shall be
doomed personal estate, aud shall be trans
.lerable In sush manner as shall be pre-
scribsasby The byZlawsoi said company;
butno shares shallsbe transferable until
all previous calls thsrsdn shall have been
fully paid in, or shall hsyc been declared
forfeited for thenon-pay0ont Of calls there
on; and Il shall not be lawful for such
company 70 use any Of their funds in the
purchase u any stock in any Other corpor-
alton.
The copy Of any coftiacat, Of inccfpcra.
ton tieldin pursuance Of this act. certified
bythe register ofthe District Of Columbia
to be true copy aud Of the whole Of such
certificate, shall be received in all courts
and PLACES as prcsumptiye legal evidence
of.the facts therein stated.
All t6e stockholders of every company
incorporated under this act shall be sever.
ally, Individually, liable to tho creditors
of the company in which they are stock
holders, TO an amount equal to the amount
ofstock held by them respectively, for all
deb@an contracts made by such compa-
ny,.until tho whole amount Of capital stock
Fixed and limited BY such company shall
have boon paid in aud certificate thereof
shall have been made aud recorded rs is
rpresuribsd in the following section. And
the capital stock so fixed and limited shall
be paid in, one half within one year, anl
the other halfthereof within two years from
the incorporation Of said company, or such
corporation shall DO dissolved.
The president aud q majority of the
trustees, within thirty days nfter tho pay.
,nent Of the Inst insialnient Of the capital
stock SO Fixed and limited by the company,
shall make certificate stating the amount
Of tho capital SO fixed aud paid in, which
certificate shall DO signed aud sworn to by
the president and majority Of tho tris-
J tees; and they shall within the said thirty
days record the same in the Office of the
register Of deeds OF the District Of Column
blu.
Every such company shall annually.
within twenty days from the first Of Janu-
ury. make report, which shall be pub,
lished in a newspaper in tho District of
Columbia. which shall state the amount of
capital, and of the proportion actually paid,
aud the amount Of its existing debts; which
report shall DO signed by tho president or
secretary Of said company, and fled in tho
Office Of the registerof deeds Of the District
of Columbia; and if any Of the said COM
spanies shall fail SO to do, oil the trustees Of
the company shall be jointly and seyerally
liable for tue debts of the company then
existing. and for all that shall be con-
'tracted before such report shall DO made.
4 IF the trustees Of any such company shall
declare and pay any dividend the payment
Of which would render it insolvent, or
which would diminish tho amount Of its
capital stock, they shall be jointly aud sew
orally liable for all the debts Of the COM
pany then existing, aud for all that shall
be thereafter contracted, while they shall
respectively remain. in Office: Provided,
That if any of the trustees shall object to
the declaring Of dividend, or the payment
Of the same, and shall at any time before
the time Fixed for the payment thereof, file
certificate of their objection in writing
with the secretary Of the company and with
the register Of deeds Of the District Of Co.
lunbia, they shall be exempt from the
said liability.
Nothing but money shall be considered
as payment Of any part Of the capital ttock,
and 10 loan Of money shall be made by
sany such company to any stockholder
therein; and if any such loan shall be
made to a stakeholder, the officers who
shall mako it, or who shall assent thereto,
shall be jointly and scverally liable to the
extent ofsuch loan aud interest, for all
the debts Of the company contracted while
they are stockholders or officers thereof.
Ifany certificate or report be made, or
public ndticc given, DO the officers of any
company in pursuance Of the provisions OF
this act, should be false in any material
representation, all the officers who shall
have signed the same, knowing it to be
false, shall be jointly and sevcrally liable
for all the debts Of the company contracted
while they, are stockholders or officers
thereof.
No person holding stock in such COM
pany as executor, administrator, guardian,
or trustee, and no person holding such
stock as collateral security shall DO per-
sonally subject to any liability as stock.
holder accordingly; and tho estate aud
funds in the bands Of snch executor, adj
ministrator, guardian, or trustee, shall b.
liable in like manner and to the same ex.
tent as the testator or intestate, or the ware
or person interested in such trust funt
would have been if he bad been living aut
competent to act and held the stock in hi.
own name.
Every such executor, administrator
. l.........i..... L....L... L IL