New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-06-08

consistent with the laws of the District of
Columbia and constitution Of the United
States, and prescribing the duties of
officers, artifcers and servants that may be
employed, for the appointment of all
officers, and for carrying on all kinds of
business within the objects and purposes
of such company.
The stock of such company shall be
deemed personal estate, and shall be
transferable in such manner as shall be
prescribed by the bylaws OF said compa-
ny: but no shares shall be transferable
until all previous calls thereon shall have
beenfully paid in, or shall have been de-
clared forfeited for the non-payment of
calls thereon; and it shall not be lawful
for such company to use any of their funds
in the purchase of any stock in any other
corporation.
The copy of any certificate of incorpora-
ton filed in pursuance of this act, certi-
fed by the register of the District of Co.
lumbia to be true copy and of the whole
of such certificate, shall be received in all
courts and places as presumptive legal
evidence of the facts therein stated.
All the stockholders of every company
Incorporated under this act shall be sew
orally, individually, liable to the creditors
of the company in which they are stock
holders to an amount equal to the amount
of stock held by them respectively, for all
debts and contracts made by such compa-
ny, 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 recorded as is prescribed in the fol-
lowing section. And the capital stock SO
fixed and limited shall be paid in, one-half
within one year, and the other half there
of within two years from the incorporation
of said company, or such corporation
shall be dissolved.
The president and a majority of the
trustees, within thirty days after the pay
ment Of the last instalment of the capital
stock so fixed and limited by the CON-
pany, shall make a certificate stating the
amount of the capital so fixed and paid in.
which certificate shall be signed and
sworn to by the president and 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 Dis.
trict of Columbia.
Every such company shall annually,
within twenty days from the first of
January, make a report, which shall be
published in a newspaper In the District
Of Columbia, which shall state the amount
of capital. and Of the proportion actually
paid, and the amount of its existing
debts; which report shall be signed by the
president and a majority of the trustees,
and shall be verified by the oath of the
president or secretary of said company,
and filed in the Office of the register of
deeds OF the District of Columbia; and if
any of the said companies shall fail so to
do, all the trustees of the company shall
be jointly and severally liable for the
debts of the company then existing, and
for all that shall be contracted before such
report shall be made.
If the trustees of any such company
shall declare and pay any dividend the
payment OF which would render it insol-
vent, or which would diminish the amount
of its capital stock, they shall be Jointly
and severally 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;
provided, That if any Of the trustees shall
object TO the declaring of such dividend,
or the payment of the same, and shall at
any time before the time fixed for the pay
ment thereof, file certificate of their OBJ
lection 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 any such company to any stockholder
therein; and if any such loan shall be
made to stakeholder, the officers who
shall make it, or who shall assent thereto,
shall be jointly and severally liable to the
extent of such loan and interest, for all
the debts of the company contracted while
they are stockholders or officers thereof.
II any certificate or report made, or pub
lie notice given, by the officers of any com
pany. 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 severally liable
for all the debts of the company con-
tracted 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 be per-
sonally subject to any liability as stock
holder of such company; but the person
pledging such stock shall be considered as
holding the same, and shall be liable as
stakeholder accordingly; and the estate
and funds in the hands of such executor,
guardian or trustee, shall
be liable in like manner and to the same
extent as the testator or intestate, or the
ward or person interested in such trust
fund would have been if he had been liv-
ing and competent to act and held the
stock in his own name.
Every such executor, administrator,
guardian or trustee shall represent the
stock in his hands at all meetings Of the
and may vote accordingly as a
and every person who shall
pledge his stock as aforesaid may: never
Iheless, represent the same at all such
and may vote accordingly as
q stockholder.
The stockholders of any company Or
ganized under the provisions of this act
shall, jointly, severally, and individually,
be liable for all debts that may be due and
owing to all their laborers, servants. and
apprentices, for services performed for
such corporation, and shall be individually
liable for all debts of said corporation to
the amount of the stock of each stock
holder.
Any corporation or company heretofore
formed, by special act or under the general
aw, and now existing, for manufacturing,
agricultural, mining, mercantile, insur-
ance, transportation, marketing, or me-
,hanical purposes, in the District of