Page:United States Statutes at Large Volume 48 Part 1.djvu/1173

 73d CONGRESS. SESS. II. CH. 672. J UNE 19, 1934. 1147 accordingly ; and every person who shall pledge his capital stock as I collateral security may, nevertheless, represent the same at all meet- s and vote as a stockholder. EC. 13 . CAPITAL STOCK PAYMENT CALLS .-NO company incorpo- mep esl ls stork pay. rated under this chapter shall be authorized to transact any business until th e author ized cap ital sto ck shall have bee n actual ly paid in, either in cash or in investments authorized by this Act at market value ; and it shall be lawful for the directors to call in and demand from the stockho lders th e residu e of the ir subscr iptions in money or property at such times and in such installments as the directors shall deem proper, under the penalty of forfeiting the shares of capital mOe nalty, i ailed pay , stock subscribed for and all previous payments made thereon, if p payment shall no t be mad e by the stockho lder with in sixty days af ter a person al deman d or a n otice re quiring such paym ent shal l have b een published once a week for three consecutive weeks in a daily news- ag er in the District. SEC. 14. CAPITAL-STOCK TRANSFERS .-The capital stock of such com- fe au thori zesto ck pany shall be deemed personal estate and shall be transferable in such manner as shall be prescribed by the bylaws of the company ; but pre ditip ~ pen no shares shall be transferable until all previous calls thereon shall have been fully paid in or the shares shall have been declared for- feited for nonpayment. A person in whose name shares of capital stock stand on the books owner ship. of a company shall be deemed the owner thereof as regards the com- pany, but if any such person shall in good faith sell or otherwise dispose of any o f his sh ares of capital stock to another and deli ver to him the certificates 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 or other disposition, not only as between the parties themselves but also as against the creditors of and subsequent purchasers from the former. SEC. 15. CAPITAL-STOCK BOOK .-It shall be the duty of the directors Capital Stock books. of eve ry co mpany forme d und er thi s cha pter to cause a book to be kept by the treasurer or secretary thereof, containing the names of all contents. 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 capital stock held by them, respec- tively, the time when they became owne rs of such share s, an d the amount of capital stock actually paid in. Such book shall, during the usual business hours of the day, on Ins pec tio n. every business day, be open for inspection by policyholders, stock- holders, and cre ditors o f the co mpany an d their p ersonal represen ta- tives at the office or principal place of business of such company in the place where its business operations shall be located, and any policyholder, stockholder, creditor, or representative shall have a right to make extracts from such book. Such book shall be pres umptive evidence of the fa cts therein Force as evidence. stated in favor of the plaintiff in any suit or proceeding against such com pa ny or ag ain st any one or more stockholders. Every officer or agent of any company who shall neglect to make False entry, refusal any proper entry in such book, or shall refuse or neglect to exhibit to ex hibit. the same, or allow the same to be inspected and extracts to be taken therefrom, as herein provided, shall be deemed guilty of a misde- meanor, and the compan y sha ll pay to the party injured a pe nalty Panalty. of $50 for any such neglect or refusal, and all damages resulting therefrom. Ev ery comp any that sha ll n egle ct to ke ep s uch book ope n for for i nspec tion. keep open inspection, as h erein provided, shall forfeit to the District the sum of
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