Daily national Republican. (Washington City [D.C.]) 1870-1872, 1870-06-15

menus lnhuo lncfcOn, II payment snail not be
made by tho stockholdor within sixty days
after personal demand or nnOtlco rcduiring
such payment shall have been published for
six successive weeks In newspaper In the
District Of Columbia as aforesaid.
The trustees Of such company shall have
power TO make such prudential bylaws as
sneY shall deem proper for the management
and disposition Of the stock and business
affairs OF such company, not inconsistent with
me Jaws OF the District Of Columbia and Con-
stitntion OF the United States, and prescribing
the duties OF officers, artihcors, aud servants
mat may DO employed, for tho appointment
., vi oinceIs ana Tor carrying on all Kinds
such company.
Tho stock Of such company shan he deemed
personal estate, and shall be transferable IN
such manner as shall be prescribed by Tho by-
laws Of said company; but no shares shall Bo
transferable until oil previous calls thereon
shall have been fully paid In, or shall have
been declared forfeited for the non-paymcnt
Of calls thereon; aud Il shall not be lawful for
such company tOusc any Of their funds In the
purchase VI any stock In any other corpora
tlon.
The - 81 any certificate Of incorporation
filed In pursuance Of this oct certified by the
register Of the District Of Columbia 10 he
tfu0 copy and Of tho whole Of such ccrtih-
cato, slfan be received In all courts and places
as prcsuInptlvo legal evidence Of tic facts
therein stated
All the stockholders Of every company In
corporatcd under this net shall be scycrally,
individually, Liable 10 tho creditors Of the COM
pany In which they arc stockholders, TO an
amount equal TO the amount Of stock held by
them respectively, for oil debts and contracts
made by such company, until the whole
amount Of capital stock fixed and limited by
such company shall have been paid in and
certificate thereof shall have been made and
recorded as Is prescribed In the following sec
ton. And the capital stock so fixed and
limited shall be paid In, one half within one
year, and the other half thereof within two
years from the incorporation Of said com
pany, or such corporation shall be dissolved
Tho president and majority OF the trustees,
within thirty days after the payment Of the
last lnstalmcnt Of the capital stock so fixed
and limited by the company, shall make
certificate stating the amount Of capital no
fixed and paid In, which certificate shall be
signed and sworn to by the president and a
majority Of the trustees; and they shall within
the said thirty days record the same In the
Office Of the register Of deeds Of the District Of
Columbia.
Every such company shall annually, within
twenty days from the first Of january, mako
a report, which shall be published In a news
paper IN the District Of Columbia, which shall
state the amount Of capital, and Of the proper
ton actually paid, and the amount Of It's OK
listing debts; which report shall be signed by
the president and majority Of the trustees,
and shall be verified by the oath Of the prcsl-
dent or secretary Of said company, and filed
IN the office Of the register Of deeds ~ the
District Of Columbia; and II any Of tho said
companies shall fall so 10 do, all the trustees
Of the company shall be jointly and scycnlly
liable for the debts Of the company then OK
listing, and for all TINT shall be contracted be-
fore such report shall be made.
II the trustees Of any such company shnll
Ia. II
Of which would render IL lnsolvcnt, or which
would diminish the amount Of Its capital
stock, they shall be Jointly and seycrally liable
for all the debts Of the company then existing
and for all that shall be thereafter contracted
while they shall respectively remain In office:
I'rortcied, That Il any of the trustees shall
object TO tho declaring Of such dividend, or
the payment Of the same, and shall at any
time before the time nxcd 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
Columbia, they shall be exempt from the said
liability.
Nothing but money shall he considered as
payment Of any part Of the capital stock,
and no loan Of money shall be made by nnv
such company TO any stakeholder therein, and
II any such loan shall be made 10 a stock
holder, the officers who shall make II, or who
shall assent thereto, shall he Jointly aud SOW
tcrcst for oil the debts Of the company con-
tracted while they arc stockholders or officers
thereof
II any certificate or report made, or public
notice given, by the officers OF any company
In pursuance Of the provisions u this act,
sa,--iA - Sale L. I,y material representation
all The officers who shall have signed the same,
knowing Il TO be false, shall be Jointly and
scvorally liable for all debts Of the company
contracted while they arc stockholders or
No person holding stock In such COMPANY
asetccutor, administrator, guardian, or trustee,
and no person holding such stock az collateral
security, shall be personally subject 10 any liza
bility as stakeholder Of such company; but
the person plcdging such stock shall DO con-
sldcrcd as holding tho same, and shall be liza
bic as stockholder accordingly; and the es-
tate and funds In the hands Of such executor,
administrator guardian, or trustee, shall be
Liable In like manner and 10 the same extent
Us the testator or intestatc or the ward or
person interested In such trust fund would
have been II he had been living and cOmpe-
tent TO act and held the stock In his own name
Every such executor, administrator, guar
dian, or trustee shall represent the stock In his
hands ut oil meetings Of the company and
may vote accordingly as stOclholdcT; and
every person who shall pledge his stock as
aforesaid may, nevertheless, represent tho
same at all such meetings, and may vote 40
The stockholders of any company organized
under the provisions Of this act shall, Jointly,
bcyeraly and individually DO liable for All
debts that may he duo and owing 10 all their
lab0rcrs, servants, and apprentices, for ser
Vices performed for such corporation, and
shall be individually liable for all debts Of said
corporation to the amount Of the stock Of each
stockholder.
Any corporation or company heretofore
formed by special act or under the general
law and now existing for manufacturing,
agricultural, mining, mercantile, insurance,
transportation, marketing, or mechanical pur.
poses, In the District Of Columbia or any
company which may be formed under this
act, may Increase or diminish Its capital stock,
by complying with the provisions Of this act
to any amount which may be deemed suffi-
cient and proper for the purposes Of the cor
poration, and may also extend Its business To
other manufacturing, mining, or mechanical
business bect to the provisions and liabilities
OF this act. But before any corporation shall
be entitled 10 diminish the amount of Its capi-
tai stock, II the amount Of Its debts and liabil-
tiles shall exceed the amount of calltal 10
which 1t 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; aud
any existing company heretofore formed
may como under and avail itself Of the privi-
leges and provisions Of this act by complying
with the following provisions, and thcreupOn
such company, It's officers and stockholders
shall be subject TO all the restrictions, duties,
and liabilities Of this act, =
Whenever any company shall desire TO call
meeting Of the stockholders for the purpose
Of ayalling itself of the privileges OF this act,
or for increasing or diminishing tho amount
Of Its capital stock, or for extending or chang
Ing It's business, Ii shall DO the duty Of the
trustees or directors to publish notice signed
by majority Of them In q newspaper In the
District Of Columbia ut loast three successive
weeks, and 10 deposit a notice thereof In the
post Office addressed 10 each stakeholder ut
his usual place Of residence at least three
weeks previous TO the day lNed upon for hold
Ing such meeting specifying tho object OF the
meeting and the time and place when and
where such meeting shall DO held; and vote
Of at least twO-thirds Of all the shares Of stock
shall be necessary 10 an increase or dimlnu-
ton OF the amount OF Its capital stock, or the
extension or change OF It's business as afOre-
said or 10 enable company TO avail itself Of
the provisions Of this act.
IT, at any time and place specified In the
notice provided for In tho preceding section,
stockholders shall appear BY proxy or In por.
nj Il, too thtr.la .1a ali