Page:United States Statutes at Large Volume 31.djvu/1338

 1286 rirrrsixrrr conoiusss. sm. 11. cs. ssa. wei. rying on all kinds of business within the objects and purposes of such company. Grills Sec. 613. CALLs.——No company incorporated under this subchapter shall be authorized to transact any business until ten per centum of the capital stock shall have been actually paid in, either in money o1· in property at its actual value; and it shall be lawful for the trustees to call in and demand from the stockholders the residue of their subscriptions in money or property at such times and in such installments as the trustees shall deem proper, under the penalty of forfeiting the shares of stock subscribed for and all previous payments made thereon, if payment shall not be made by the stockholder within sixty days after a personal demand or a notice requiring such payment shall have been published for six successive weeks in a newspaper in the District. S‘°""· Sec. 614. STOCK.——ThB stock of such company shall be deemed personal estate and shall be transferable in such manner as shall be prescribed by the by-laws of the company; but no shares shall be transferable until all revious calls thereon shall have been fully paid _ _ in or the shares shall liave been declared forfeited for nonpayment. bDI;§;§};Q"*' "f “‘""l" Sec. 615. LIABILITY or STOCKHOLDERS.—All the stockholders of every company incorporated under this subchapter shall be severally individually liable to the creditors of the company in which they are stockholders for the unpaid amount due upon the shares of stock held by them, respectively, for all debts and contracts made by such company, until the whole amount of capital stock fixed and limited by such company shall have been paid in, and a certificate thereof shall have been made and recorded, as prescribed in the following section. mfgggrrguir Orr °*rPr· Sec. 616. PAYMENTS ON CAPITAL srooK.——·The president and a “ ‘majority of the trustees, within thirty days after the payment of the last installment of the capital stock so fixed and limited, shall make a certificate stating the amount of the capital so fixed and paid in, which certificate shall be signed and sworn to by the president and a majority of the trustees; and they shall within the said thirty days record the same in the office of the recorder of deeds of the District. Arrrrrrrl r€P°r*»‘· Sec. 617. ANNUAL REroR*rs.—Every such company shall annually, except insurance companies, within twenty days from the first of January, make a report, which shall be published in a newspaper in the District, which shall state the amount of capital and of the proportion actually paid and the amount of existing debts, which report shall be signed by the president and a majority of the trustees, and shall be verified by the oath of the president or secretary of the company, and filed in the office of the recorder of deeds of the District. r€¤·¤r¤>‘r·>r ‘**“‘rr€· Sec. 618. PENALTY Fore FAILURE.-··lf any company fails to comply with the provisions of the preceding section, all the trustees of such company shall be jointly and severally liable for the debts of the company then existing and for all that shall be contracted before such report shall be made. False r€P°r*· Sec. 619. FALSE RE1>0RT.——If any certificate or report made or public notice given by the officers of any company in pursuance of the provisions of this subchapter shall be false in any material representation, all the officers who shall have signed the same, knowing it to be false, shall be jointly and severally liable for all debts of the company contracted while they are stockholders or officers thereof. gg? gfoejrrggcegré Sec. 620. Srocx or ornmz COMPANIES Nor ro BE BoUcHr.—It shall ggugia. not be lawful for any company to use any of their funds in the purchase of any stock in any other corporation. ergcarrrrc **·>¢rrhr>rd· Sec. 621. LoANs ·ro STOCKHOLDERS.—N0 loan of money shall be " made by any company upon the security, in whole or in part. of its own stock; and if any such loan shall be made to a stockholder, the officers who shall make it or who shall assent thereto shall be jointly and severally liable, to the extent of such loan and interest. for all