A Concise Treatise on the Law of Corporations Having Capital Stock; Including Manufacturing Corporations and Business Corporations and the Rights and Liabilities of Stockholders and Officers. New York Cases and Statutes

A Concise Treatise on the Law of Corporations Having Capital Stock; Including Manufacturing Corporations and Business Corporations and the Rights and Liabilities of Stockholders and Officers. New York Cases and Statutes

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1890 edition. Excerpt: ...Stock which has been issued for property purchased, however, is not liable under this section.3 Under this act, also, stockholders are jointly and severally individually liable for all debts that may be due and owing to all their " laborers, servants and apprentices" for services performed for such corporation.4 No person, however, holding stock in any such company as executor, administrator, guardian or trustee, and no person holding such stock as collateral security, is personally subject to any liability as stockholder of such company; but the person pledging such stock is considered as holding the same and is liable as a stockholder accordingly, and the estates and funds in the hands of such executor, administrator, guardian or trustee, are liable in like manner and to the same extent as the testator or intestate or the ward or the person interested in such trust fund would have been if he had been living and competent to act and hold the same stock in his own name.1 No stockholder is personally liable for the payment of any debt contracted by any company formed under this act which is not to be paid within one year from the time the debt is contracted, nor unless a suit for the collection of such debt is brought against the company within one year after the debt becomes due; and no suit may be brought against any stockholder for any debt of such company unless it is commenced within two years from the time he may have ceased to be a stockholder; nor until an execution against the company has been returned unsatisfied in whole or in part." Under the Business Act.--Under this act the corporations are, as we have seen, of two classes, namely: full liability companies, and limited liability companies. In full liability companies...show more

Product details

  • Paperback | 148 pages
  • 189 x 246 x 8mm | 277g
  • Rarebooksclub.com
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 123659276X
  • 9781236592767