A Concise Treatise On the Law of Corporations Having Capital Stock Including Ma

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A Concise Treatise On the Law of Corporations Having Capital Stock Including Ma
Charles Tappan Haviland
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Billiard, 79 id. 404; The Rector, etc. , of Trin. Ch. V. Bruce v. Piatt, %o \A. 2-()\ Bonnellv.
THE LIABILITIES OF OFFICERS AND DIRECTORS. I/I All the attributes of an action to recover a penalty follow it. It must be commenced within three years from the time the cause of action accrues;' it abates upon the death of either party, and cannot be revived by or against their per- sonal representatives; ' it cannot be interposed as a counter- claim in an action ; ' nor can the cause of action be jo
...ined with an action against defendant to charge him with a liabil- ity as a stockholder because of the failure of the corporation to file a certificate of payment of capital stock ; ' and it is no defence that the corporation is indebted to the tru. Stee. " A trustee sued to enforce this liability is entitled to have the action tried in the county where the cause of action arose, irrespective of the convenience of witnesses;'" and he may . Serve an unverified answer to a verified complaint. ' All of the trustees being equally chargeable with the duty of making a report, one trustee, being a creditor, cannot re- cover from his co-trustees under this section, nor can his assign- ees nor a firm with which he is connected.

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