Page:United States Statutes at Large Volume 26.djvu/684

 630 FIFTY-FIRST CONGRESS. Sess. I. on. 1246. 1890. pany; but no shares shall be transferable until all previous calls thereon shall have been fully paid, and the said stock shall not be ?N°**-*-******0- taxable, in the hands of individual owners, the tax on the capital stock, gross earnings of the company hereinbefore provided being in lieu of other personal tax. All certificates of the stock of an comcmmemsm show pany organized under this act shall show upon their face the par °°"'°"°‘ value of each share and the amount paid thereon. ofeggictgmld iwbiliw Sno 20. That all stockholders of every company incorporated under ° lim this act, or availing itself of its provisions under section eleven shall be severally and individually liable to the creditors of such com any to an amount equal to and in addition to the amount of stock held by them, respectively, for all debts and contracts made by such company.
 * ¤N<>¤¤ig§tgg¢s¤t;gE¤y Sec. 21. That nothing but money shall be considered as payment

Qgtign as m ,.5,. of any part of the capital stock, except that in the case of any com- °’“'“·‘¥°°'”¥’°***°’—*· pany now doing business in the District of Columbia in any of the classes herein provided for, or under any act of Congress or by virtue of the laws of any of the States, and which company has actually received full payment in money of at least fifty per centum of the capital stock required by this act and which company desires to obtain a charter under this act, all the assets or property may be received Appraisal or assets. and considered as mone, at a value to be appraised and fixed by rrnmso. the Comptroller of the Crurrencyz Provided, That all such assets and mma or mm property are also transferred to and are thereafter owned by the N be and mmm coénpany o1'gan1iia;l updq; this act; d f h .***** *‘ l.- E0. . a e s oc, proper , an concerns o suc com any www of m` shall be managed by not less than rbdne nor more than thirty direldtors or trustees, who shall, respectively, be stockholders and at least one- _ half residents and citizens of the District of Columbia, and shall, . ·*'*****¤' °'°°*i°**¤- except the iirst year, be annually elected by the stockholders at such time and place and after such published notice as shall be determined by the b -laws of the company, and said directors or trustees shall hold until their successors are elected and qualined. ‘°m°°”· Sec. 23. That there shall be a president of the company, who shall be _ a director, also a secretary and a treasurer, all of whom shall be chosen me Omw my by the directors or trustees: Provided, That only one of the aboveim mh named offices shall be held by the same person at the same time. Subordinate officers may be appointed by the directors or trustees, . and all such officers may be required to give such security for the faithful performance of the duties of their office as the directors or trustees may require. -BY·'¤'¤· Sec. 24. That the directors or trustees shall have power to make such by-laws as they deem proper for the management or disposal of the stock and business affairs of such company, not inconsistent with the provisions of this act, and prescribing the duties of officers and servants that may be employed, for the appointment of all officers, and for carrying on all kinds of business within the objects and pur- _ poses of such company. .m?.*,‘f“£ff',§f w';';;; SEC 25. That if the directors or trustees of any compang shall dedatugyé declaring am. clare or pay any dividend, the payment of which woul render it ‘ insolvent, or which would create a debt against such company, they shall be jointly and severally liable as guarantors for all o the debts of the company then existing, and for all that shall be thereafter _ _ contracted, while they shall, respectively, remain in office._ ,,,;°Q,f‘;gP°${’,g;,,§1*"°· Sec. 26. That if an of the directors or trustees shall object to de- " g` Cl3»1’lI1g such dividendy or the pa ment of the same. and shall at any I time before the time fixed for the ayment thereof tile a certificate of_ their objection in writing with the secretary of the company and with the recorder of deeds of the District they shall be exempt from i liability prescribed in the preceding section. s0E;{f;‘{;;*{;,_f'§6}P§;j Sec. 27. That if the liabilities of any company shall at any time csssof liabilities over exceed the amount of the fair cash value of the assets, the directors “”*"S· or trustees of such company assenting thereto shall be personally and