New York Non-Par Value Law : Including All Amendments Up to Date of Publication, November 15, 1922

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The liability of the corporation, its ofScers, directors and stockholders for corporate debts contracted or obligations incurred prior to the filing of the certificate of amendment pursuant to section twenty-four of this chapter shall be unaffected thereby, but for the purpose of enforcing and recovering upon such claims creditors shall have the same right of recourse against the corporation, or against its officers, directors and stockholders individually that they would have had if the cer- t...ificate of incorporation had not been amended hereunder, and there shall be especially reserved and saved to such creditors all of the rights and benefits conferred by sections fifty-six to fifty-nine, inclusive, of this chapter, subject to the conditions, limitations and restrictions imposed by those sections.
Except as provided by this section the new shares issued by the corporation shall be deemed fully paid and nonassessable and the holder of such shares shall not be liable to the corporation or to its creditors in respect thereof.


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