Page:United States Statutes at Large Volume 31.djvu/1339

 FlFTY—SIXTH CONGRESS. Sess. II. (lu. 854. 1901. l287 debts of the company contracted while they are stockholders or officers thereof. Sec. 622. ])IVIDENDS.——If the trustees of any company shall declare ,,£jjj{l§¤0S= ¤‘0**<‘·** and pay any dividend the ayment of which would renderit insolvent, l` or which would diminish dfie amount of its capital stock, they shall be jointly and severally liable for all the debts of the company then existing and for all that shall be thereafter contracted while they shall re%>ectively remain in office. .,1:0. 623. If any of the trustees shall object to declaring such divi- 5y;;j$0*g1jS 0%*0 00· dend or the payment of the same, and shall, at anytime before the g` ` time fixed for the payment thereof, file a certificate of their objection in writing with the secretary of the company and with the recorder of deeds of the District, they shall be exempt from the liability prescribed in the preceding section. Sec. 624. EXECUTORS, AND so FORTH, Nor PERSONALLY LIABLE.- pC§;,*;$jg¤f{a;§•;·· **0* No person holding stock in such company as executor, administrator,` uardian, or trustee shall be personally subject to any liability as stockliolder of such company, but the estate and funds in the hands of such executor, administrator, guardian, or trustee shall be liable in like manner and to the same extent as the testator or intestate or the ward or person interested in such trust fund would have been if he had been living and competent to act and hold the stock in his own name. SEc. 625. Exnctrrons., AND so roarn, MAY VOTE.·—E\’€l`}’ such execu- ,,(§;0°‘“0”·0"‘~·m*’Y tor, administrator, guardian, or trustee shall represent the stock in his hands at all meetings of the company, and may vote accordingly as a stockholder. SEc. 626. PLEDGES or s·rocx.——No person holding stock in such Pledges of 0*0** company as collateral security shall be personally subject to any liability as stockholder of such company, but the person pledging such stock shall be considered as holding the same, and shall be liable as a stockholder accordingly; and every person who shall pledge his stock as collateral security may, nevertheless, represent the same at all meetings and vote as a stockholder. Sec. 627. Srocx BooK.—lt shall be the duty of the trustees of every Steck 000**- corporation formed under this subchapter to cause a book to be kept by the treasurer or secretary thereof, containing the names of all persons alphabetically arranged, who are or shall within six years have been stockholders of such company, and showing their place of residence, the number of shares of stock held by them. respectively, the time when they became owners of such shares, and the amount of stock actually paid in. : Sec. 628. Such book shall, during the usual business hours of the ;gP0“fo“00P0000¤· day, on every business day, be open for inspection of stockholders and ' creditors of the company and their personal representatives, at the oflice or principal place of business of such company in the District where its business operations shall be located, and any stockholder, creditor, or representative shall have a right to make extracts from such books. Sec. 629. TRANSFERS.—.*h person in whose name shares of stock stand Tm0Sfor0- on the books of a company shall be deemed the owner thereof as regards the company, but if any such person shall in good faith sell, pledge, or otherwise dispose of any of his shares of stock to another and deliver to him the certificate for such shares, with written authority for the transfer of the same on the books, the title of the former shall vest in the latter so far as may be necessary to effect the purpose of the sale, pledge, or other disposition, not only as between the parties themselves, but also as against the creditors of and subsequent purchasers from the former, subject to the provisions of section six hundred and fourteen. SEc. 630. Such book shall be presumptive evidence of the facts mjgggpg 0* *>00k as therein stated in favor of the plaintiff in any suit or proceeding against ` such company or against any one or more stockholders.