The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1870-03-26

corporation; ell as ascertained and exhi-
bited at the date of such an annual or
semi.annual meeting.
SEQ. %. II the officers Of any snch cor.
poration violate the provisions of Sec
ton q. or neglect or refuse to perform
tho duties required by Sections 16, II
and %, they shall be jointly and sever
ally liable for all debts of the corpora
tion contracted during the continuance
of euch violation, refusal or neglect.
SEC. 80. When the officers of such cor
poration have failed to perform the du-
ties prescribed in Sections 16, II and %,
the certificates therein mentioned may
be made, filed and published ut any time
after such failure, and such officers shall
not be personally liable for the debts of
the corporation contracted after the re-
quisitions of said Section have been COM
piled with
SEQ. 81. If the Directors of any Com
pany formed under this Act declare and
pay any dividend, when the Company is
insolvent, or the payment of which
would render it insolvsnt, they shall be
jointly and severally liable for all the
debts of the Company, then existing,
and for all thereafter contracted, SO long
as they respectively continue in office:
Propided, That the amount for which
they shall all be so liable shall not exceed
the amount of such dividend, and if any
Of the Directors are absent at the time
of making the dividend, or object there
to, and file their objection in writing with
the Clerk of the Company, they shall be
exempted from such liability.
Sec. 80. No loan of money shall be
made by such Company to stockholders
therein, and if any such loan is made to
stockholder, the officers who make it
or assent thereto, shall be Jointly and
severally liable to the extent of such loan
and interest, for all the debts of the
Company contracted before the repay
ment of the sum so loaned.
SEC. 33. The whole amount of the
debts which any such Company ut any
time owes, shall not exceed the amount
in case of any excess, the Directors um-
der whose administration it occurs, shall
be jointly and severally liable to the ex-
tent of such excess, for nll the debts of
the Company then existing, and for all
that are contracted, so long as they re-
spectirely continue in Office, and until
the debts are reduced to the amount OF
the capital stock: Prouided, That any of
the Directors, who are absent at the time
of contracting any debt contrary to the
foregoing provisions. or who object
thereto, may exempt themselves from
liability, by forthwith giving notice Of
the fact to the stockholders ut tho meet
ing they may call for that purpose.
SEC. 81. If any certificate made or
public notice given by the officers of u
Company, in pursuance of the provis-
ions of this Act, is false in any material
representation, all the officers who signed
the same. knowing it to be false, shall
be, jointly and severally, liable for all
the debts of the Company contracted
whilo they were stockholders or officers
thereof.
SEC. 35. When any of the officers of a
| Company are liable, by the provisions of
this Act, to pay the debts of the Com
pany, or any part thereof, any person TO
whom they are so liable may have an ac-
tion against any one or more of said Of
icers, and the declaration in such action
shall state the claim against the Compa-
ny, and the grounds on which the plain
tiff expects to charge the defendants,
personally; and such action may be
brought, Notwithstanding the pendency
of an action against the Company for
the recovery of the same claim or de-
| LD0QQ, anu DOIu VI Luo hCtlOuS may Oo
prosecuted until the plaintiff obtains the
payment of his debt, and the cost of both
actions.
Sec. 36. When the stockholders OF
such Company are liable, by the pro,
visions of this Act, to pay the debts OF
such Company, or any part thereof, their
property may be taken therefor, on an
order of attachment, or on execution is-
sued against the Company for such debt,
in the same manner as on orders of at
tachment and executions issued against
them for their individual debts
Sec. 81. An officer or stakeholder of a
Company, who voluntarily or by COM
pulsion pays debt of the Company, for
which he is made liable by the provis.
ions of this Act, may recover the amount
so paid, in on action against the Compa-
ny, paid for its use, in which uction the
property of the Company only shall be
liable to be taken, and not the property
of any stockholder.
SEC. 3S. The Secretary of State shall
annually prepare, cause to be printed,
and on the fourth Tuesday of November
submit to the General Assembly true
abstract from the certificates required by
this Act to be deposited with him.
1T