Laws Relating to Insurance Annotated Also to Corporations for Pecuniary Profit
Laws Relating to Insurance Annotated Also to Corporations for Pecuniary Profit
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] Sec. 1631. Liability of stockholders. Neither anything in this chapter contained, nor any provisions in the articles of incorpora- tion, shall exempt the stockholders from individual liability to the amount of the unpaid installments on the stock owned by them, or transferred by them for the purpose of defrauding creditors ; and execution against the company may, to that extent, be levied upon the private property of any such individual. In none of the cases contemplated in this chapter can t...he private property of the stockholders be levied upon for the payment of corporate debts w^hile corporate property can be found with which to satisfy the same ; but it will be sufficient proof that no property can be found, if an execution has issued on a judgment against the corporation, and a demand has been thereon made of some one of the last acting officers of the body for a property on which to levy, and he neglects to point out any such property. In suits by creditors to recover unpaid installments upon shares of stock against any person who has in any manner obtained such stock of the corporation, the stockholder shall be liable for the difference between the amount paid by him to the corpor- ation for said stock and the face value thereof.
What to read after Laws Relating to Insurance Annotated Also to Corporations for Pecuniary Profit?
You can find similar books in the "Read Also" column, or choose other free books by Statutes Iowa 1907 Laws to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
] Sec. 1631. Liability of stockholders. Neither anything in this chapter contained, nor any provisions in the articles of incorpora- tion, shall exempt the stockholders from individual liability to the amount of the unpaid installments on the stock owned by them, or transferred by them for the purpose of defrauding creditors ; and execution against the company may, to that extent, be levied upon the private property of any such individual. In none of the cases contemplated in this chapter can t...he private property of the stockholders be levied upon for the payment of corporate debts w^hile corporate property can be found with which to satisfy the same ; but it will be sufficient proof that no property can be found, if an execution has issued on a judgment against the corporation, and a demand has been thereon made of some one of the last acting officers of the body for a property on which to levy, and he neglects to point out any such property. In suits by creditors to recover unpaid installments upon shares of stock against any person who has in any manner obtained such stock of the corporation, the stockholder shall be liable for the difference between the amount paid by him to the corpor- ation for said stock and the face value thereof.
What to read after Laws Relating to Insurance Annotated Also to Corporations for Pecuniary Profit?
You can find similar books in the "Read Also" column, or choose other free books by Statutes Iowa 1907 Laws to read onlineMoreLess
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