Page:United States Statutes at Large Volume 32 Part 1.djvu/1015

 950 F1F·rY-sEv111vr11 ooromcss. sm. II. os. sus. 1903. except those who may have caused their dissent therefrom to be entered at large on the minutes of the board of directors at the time. or were not present when the same did happen, shall, in their individual or private capacities, be jointly and severally liable to the corporation and the creditors thereof, in event of its dissolution, to the full amount I-ggvgizdon on dm so divided or reduced ·or paid out: Provided, That this section shall mustn. not be construed to prevent a division and distri bution of the capital stock of the corporation which shall remain after the payment of all its debts upon the dissolution of the corporation or the expiration of its charter. · m$c¤{¤=i¤¢¤¤¤¤ f<>¤‘ “Sec. 14. That no corporation shall issue any of its stock, except ' in consideration of money, labor, or property estimated at its true Liability or stock- money value. Each and every stockho der shall be personally liable h°m°"“‘ to the creditors of the company for the amount that remains unpaid upon the par value of his stock. eJj¤bi1i*Y°**¤¤*°¤¤» "Smo. 15. That no person holding stock as an executor, adminis- ' trator, guardian, or trustee, or holding it as collateral security, or in pledge, shall be personally subject to any liability as a stockholder of the corporation; ut the person pledging the stock shall be considered as holding the same and s all be iable as a stockholder, and the estate and funds of the owner of stock in the hands of an executor, administrator, guardian, or trustee holding the stock shall be liable in like manner and to the same extent as the testator or intestate, or the ward or person interested in the trust fund would have been if he or she had been living and competent to act and hold the stock in his or her name. B¥·*¤"¤· °°°- "Sec. 16. That every co ration organized under this chapter shall within one month after lhhng articles of incorporation, adopt a code of by-laws for its government, and shall have ICS principal office in the district of Alaska and keep in such office its general and principal books of account, including its stock books and record books, and its principal managin omcer or superintendent shall reside within the district of Alaska. Tvery such corporation shall keep correct and complete books of account of its business, and a correct and complete record of all its pyoceedings, including such as relate to the election of its officers. very suc 1 corporation shall also keep a book containing) the names of its stockholders ever since its organization showing the place of residence, amount of stock held, the amount paid on such stock, and time of transfer of stock. The books of every such corporation shall, at all reasonable times, be open to the inspection of stockholders. G¤pH¤1—¤¤¤¤k “Sec. 17. That any corporation created under this chapter mav, changes. . . . . . . . . · subject to the provisions of the same, increase or diminish 1tS capital stock to any amount within the limits fixed by the articles or amended articles of incorporation; but before any co ration shall be entitled to diminish the amount of its capital stock, iixthe amount of its debts or liabilities shall exceed the sum to which the capital stock is roposed to be diminished. such amount shall be satisfied and reduced) so as not to exceed the diminished amount of capital stock. Amouommknoic- "Sec. 18. That whenever it is desired to increase or diminish the §{§c2’_ °°"“g° °"*"" amount of capital stock, a meeting of the stockholders shall be called by a notice signed by at least a majority of the directors and published weekly at least eicrht consecutive weeks in some newspaper of general circulation published at or nearest the principal place of business of ~ the corporation in the district of Alaska, which notice shall specif · the object of the meeting, the time and place where it is to be helds, and the amount to which It is proposed to raise or diminish the capital stock; and a vote of two—thirds of all the shares of stock shall be necessary to increase or diminish the amount of capital stock.