Laws of the State of Illinois 1849-1851
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e * scribed by the by-laws of the company, but no shares shall be transferable till all previous calls thereon shall have been fully paid in, or the said shares shall have been forfeited for the non-payment of calls thereon ; and it shall not be law- ful for such company to use any of their funds in the pur- chase of any stock in their own or in any other corporation.
§ 14. All the stockholders of any such company that stockhoW °™ res non s ilmp shall be hereafter incorporated under this act, s...hall be sev- erally individually liable to the creditors of such company 1849. 22 to an amount equal to the amount of stock held by them, respectively, for all debts and contracts made by such com- pany, until the whole amount of capital stock fixed and limited by the company in manner aforesaid shall have been paid in, and a certificate thereof shall have been made and recorded, as prescribed in the following section ; and shall be jointly and severally liable for all debts that may be due and owing to all their laborers, servants and apprenti- ces, for services performed for such corporation, but not be liable to an action therefor before an execution shall be re- turned satisfied in whole or in part against the corporation, and then the amount due on said execution shall be the [ amount recoverable, with costs, against said stockholders.
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To quickly assess the difficulty of the text, read a short excerpt:
e * scribed by the by-laws of the company, but no shares shall be transferable till all previous calls thereon shall have been fully paid in, or the said shares shall have been forfeited for the non-payment of calls thereon ; and it shall not be law- ful for such company to use any of their funds in the pur- chase of any stock in their own or in any other corporation.
§ 14. All the stockholders of any such company that stockhoW °™ res non s ilmp shall be hereafter incorporated under this act, s...hall be sev- erally individually liable to the creditors of such company 1849. 22 to an amount equal to the amount of stock held by them, respectively, for all debts and contracts made by such com- pany, until the whole amount of capital stock fixed and limited by the company in manner aforesaid shall have been paid in, and a certificate thereof shall have been made and recorded, as prescribed in the following section ; and shall be jointly and severally liable for all debts that may be due and owing to all their laborers, servants and apprenti- ces, for services performed for such corporation, but not be liable to an action therefor before an execution shall be re- turned satisfied in whole or in part against the corporation, and then the amount due on said execution shall be the [ amount recoverable, with costs, against said stockholders.
What to read after Laws of the State of Illinois 1849-1851?
You can find similar books in the "Read Also" column, or choose other free books by Illinois General Assembly to read onlineMoreLess
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