Page:United States Statutes at Large Volume 31.djvu/1360

 1308 FIFTY-SIXTH CONGRESS. SnSs. II. Ch. 854. 1901. provisions under section seven hundred and twenty-five, shall be sev erally and individually liable to the creditors of such com any to an amount eqlual to and in addition to the amount of stock helli by them respective y for all debts and contrasts made by such comlpany. msgggeyogleywd up Sec. 735. Sroox ·ro BE PAID Ur IN Monnr oNnY.—- othing but `_ money shall be considered as payment of any dpart of the capital stock, except that in the case of any company now oing business in the District of Columbia in any of the classes herein provided for, or under c0i;g)a¤i_¤;e€:§<;{;=¤&¤;•;_i;Is any act of Congress, or by virtue of the laws of any of the States, and xpdg new charter erm- wh1ch company has actually received full payment in money of at which company desires to obtain a charter under this act, all the assets or property may be received and considered as money at a value to be {mei?. f m _ alplpraised and fixed by the Comptroller of the Currency: Provided, PQEQE °r° m e at all suah assets an property are also transferred to and are thereafter owne by the company organized under this act. N“m"°’ °‘ "““‘°°S· Sec. 736. NUMBER on TRUS'1`EES.—Th8 stock, property, and concerns of such company shall be managed by not less t an nine nor more than thirty directors or trustees, who shall, respectively, be stockholders, and at least one-half residents and citizens of the District of Columbia, and shall, except the first year, be annually elected by the stockholders at such time and place and after such published notice as shall be deter- _ mined by the by-laws of the company, and said directors or trustees shall hold until their successors are elected and qualified. Omcm Sec. 737. Onnron1>.s.—There shall be a resident of the company, who shall be a director, also a secretary ang a treasurer, all of whom {,’;‘;*'g$,'gcewbehe]d shall be chosen by the directors or trustees: Provided, That only one atatime. of the above—named offices shall be held by the same person at the Subordiuaveofficem- same time. Subordinate officers may be appointed by the directors or trustees, and all suchofficers may be required to give such security for the faithful performance of the duties of their offices as the directors or trustees may require. B>'·*°“- Sec. 738. BY-LAWs.—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 subchapter, 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 purposes of such company. Divideime-. Sec. 739. DIVIDENDS.—If the directors or trustees of any company . shall declare or pay any dividend the ayment of which would render ·&}}§l>““Y °“'°¤*°°’· itinsotlvent, or which would create a debt against such company, they ` shall e jointly and severally liable as guarantors for all the debts of the company then existing, and for all that shall be thereafter contracted while they shall, respectively, remain in office. -¢¤€¤=P¤°¤- Sec. 740. If any of the directors or trustees shall object to declaring such dividends or the payment of the same, and shall at any time before the time fixeebfor the payment thereof file a certihcate of their objection in writing with the secretary of the company and with the recorder of deeds of the District, they sha‘ll be exempt from the liability prescribed in the preceding section. · Liabilities exeeed- Sec. 741. Lmmnrrrns nxonnnmo Assm*s.——1f the liabilities of any mg”s°f°` company shall at any time exceed the amount of the fair cash value of the assets, the directors or trustees of such company assenting thereto shall be personally and individually liable for such excess to the creditors of the company, after the additional liability of the stockholders has been enforced. _ · h6'fg§;§§gg,;”· °*°·· Sec. 742. Exnourons, AND so roam, nonnmo s·rooK.—No person z holding stock in such com any as executor, administrator, gpuardian, or trustee shall be personalxiy subject to any liabilit as stock older of •such company, but the estate and funds in the handgi of such executor,
 * 1* me “‘°“°Y· least fifty per centum of the capital stock required by this act, and