Page:1862 Territory of Dakota Session Laws.pdf/255

238 scriber for stock in said corporation, and recover judgment for amount due on his subscription, with interest thereon, from the time the same was required to be paid, and have execution therefor.

. 10. The stock of said corporation shall be deemed personal estate, and shall be transferable in such manner as shall be prescribed by the by-laws of the corporation; but no shares shall be transferable until all previous calls thereon shall have been fully paid in, or they shall have been sold, as provided in the preceding section, for the non-payment thereon; and it shall not be lawful for such corporation to use any of their funds for the purchase of any stock in any other corporation.

. 11. The stockholders of any corporation organized under the provisions of this act, shall be jointly and individually liable for all debts that may be due and owing to all their clerks, laborers, and servants, for services performed for such corporation.

. 12. All such stockholders shall be jointly and individually liable for the payment of all other debts of such corporation, to be recovered of the stockholder who is such when the debt is contracted; but he shall not be so liable except as is mentioned in the preceding section, unless suit shall be commenced against such stockholder for such debt, within three years from the time he shall have ceased to be a stockholder in such corporation, or unless an execution, issued against the corporation for the collection of such debt, shall have been returned unsatisfied in whole or in part.

. 13. No person holding stock in such corporation, as executor, administrator, guardian, or trustee; and no person holding such stock as collateral security shall be personally subject to any liability as stockholder of such corporation; but the person pledging such stock shall be considered as holding the same, and shall be liable as a stock holder accordingly, and the estates and funds in the hands of such executor, administrator, guardian, or trustee shall be liable in like manner as the testator or intestate would have been, if he had been living, or the ward competent to act and hold the same stock in his own name.

. 14. Every such executor, administrator, guardian, or trustee shall represent the share of stock in his hands at